Quarterly report 2024
Page 1
SKAKO A/S
CVR: 36440414
Bygmestervej 2
5600 Faaborg
Denmark
INTERIM REPORT Q1
2024
Accounting period:
1. January – 31. March 2024
Revenue
(DKKm)
59.1
(-4.5%)
Down from 61.9 in Q1 2023
EBIT before special items
(DKKm)
4.6
(0.0%)
Equal to 4.6 in Q1 2023
EBIT margin before special items
7.8%
(+0.4pp)
Up from 7.4% in Q1 2023
ROIC
77.1%
(+60.5pp)
Up from 16.6% in Q1 2023
Order backlog
(DKKm)
66.4
(-14.9%)
Down from 78.0 in Q1 2023
Quarterly report 2024
Page 2
This document contains forward-looking statements. Words such as believe, expect, may, will, plan, strategy, prospect, foresee, estimate, project,
anticipate, can, intend, outlook, guidance, target and other words and terms of similar meaning in connection with any discussion of future operation
of financial performance identify forward-looking statements. Statements regarding the future are subject to risks and uncertainties that may result in
considerable deviations from the outlookset forth. Furthermore, some of these expectations are based on assumptions regarding future events which
may prove incorrect
Important notice about this document
CONTENTS
Quarterly report 2024
Page 2
1 Q1 2024 IN BRIEF 3
2 KEY FIGURES AND FINANCIAL RATIOS 4
3 FINANCIAL REVIEW Q1 2024 8
4 FINANCIAL STATEMENTS 12
4.1 STATEMENT BY MANAGEMENT 13
4.2 CONSOLIDATED INCOME STATEMENT 14
4.3 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 15
4.4 CONSOLIDATED BALANCE SHEET 31 MARCH 16
4.5 CONSOLIDATED CASH FLOW STATEMENT 18
4.6 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 19
4.7 QUARTERLY KEY FIGURES AND FINANCIAL RATIOS 21
Quarterly report 2024
Page 3
1. Q1 2024 IN BRIEF
Order intake
(DKKm)
Order backlog
(DKKm)
Revenue
(DKKm)
EBIT before special items
(DKKm)
EBIT margin
before special items
Earnings per share
(DKKm)
Employees ROIC
63.6
(-5.6%)
66.4
(-14.8%)
59.1
(-4.5%)
4.6
(0.0%)
7.8%
(+0.4pp)
0.83
(+112.8%)
115
(+3.6%)
77.1%
(+60.5pp)
Down from 67.3 in Q1 2023 Down from 78.0 in Q1 2023 Down from 61.9 in Q1 2023 Equal to 4.6 in Q1 2023 Up from 7.4% in Q1 2023 Up from 0.39 in Q1 2023 Up from 111 in Q1 2023 Up from 16.6% in Q1 2023
Quarterly report 2024
Page 3
After sales
18.9 (mDKK)
Plant sales
40.2 (mDKK)
Revenue split
by plant sales
and aftersales
After sales
17.6 (mDKK)
Plant sales
44.2 (mDKK)
Revenue split
by plant sales
and aftersales
15%
42%
35%
8%
Fastener Minerals
Recycling Other
Revenue split
by segments
Q1 2024
Q1 2023
Q1 2023
Q1 2024
20%
41%
34%
5%
Fastener Minerals
Recycling Other
Revenue split
by segments
68%
32%
28%
72%
* ROIC positive impacted by divestment of Concrete activities
Quarterly report 2024
Page 4
2. KEY FIGURES AND FINANCIAL RATIOS
DKK thousands
Q1 2024 Q1 2023 FY 2023
INCOME
STATEMENT
Revenue
59,068 61,873
248,159
Gross
profit
17,031 17,505
74,734
Operating profit (EBIT)
before special items
4,578 4,591
24,599
Special items
- (1,934)
(1,934)
Operating
profit (EBIT) after special items
4,578 2,657
22,662
Net
financial items 215 (598)
(3,330)
Profit
before tax 4,793 2,059
19,332
Profit for the
period before discontinued activities 3,630 1,196
13,774
Result
of discontinued activities after tax (1,069) -
67,463
Profit
for the period 2,561 1,196
81,237
BALANCE
SHEET
Non
-current assets
57,389 54,156
55,001
Current
assets
153,994 169,744
287,192
Assets
211,383 223,900 342,193
Equity
92,828 94,342 215,064
Non
-current liabilities 18,074 18,204 14,454
Current liabilities
100,331 111,354 112,675
Net debt
4,856
18,847
(137,478)
Net working capital
70,824
78,315
54,684
OTHER KEY
FIGURES
Investment in intangible assets
1,584
- 561
Investment in tangible assets
687 5,065
10,600
Cash flow from operating activities (CFFO)*
(3,975) 2,381
12,159
Free cash flow*
(6,204) (2,684)
174,008
Average number of employees
115 111
115
* Adjusted cash flow from operating activities (CFFO) and free cash flow adjusted by DKK 14.1m relating to the divestment of Concrete activities
Quarterly report 2024
Page 5
KEY FIGURES AND FINANCIAL RATIOS CONTINUED
DKK thousands
Q1 2024 Q1 2023 FY 2023
FINANCIAL
RATIOS
Gross
profit margin
28.8% 28.3%
30.1%
Profit
margin (EBIT margin) before special items
7.8% 7.4%
9.9%
Liquidity ratio
153.5% 169.7%
254.9%
Equity ratio
44.0% 35.7%
62.8%
Return
on equity
95.5% 20.5%
42.5%
ROIC *
77.1% 16.6% 91.5%
Financial leverage
5.2% 23.6% -69.9%
Net debt to EBITDA
0.2 4.5 -4.7
NWC/Revenue
28.9% 32.0%
22.0%
Earnings per share
0.83 0.39
26.34
Equity value per share
30.15 25.92 69.74
Share price
81.5 81.0 103.0
Price
-book ratio
2.7 3.1 1.4
Market capitalization
253,173 251,620 319,960
Order backlog
66,427
78,034
61,942
Page 5
* ROIC positive impacted by divestment of Concrete activities
Quarterly report 2024
Page 6
KEY FIGURES AND FINANCIAL RATIOS – EUR
EUR thousands
Q1 2024 Q1 2023 FY 2023
INCOME
STATEMENT
Revenue
7,923 8,305
33,305
Gross
profit
2,284 2,350
10,030
Operating
profit (EBIT) before special items
594 616
3,301
Special items
- (260)
(260)
Operating profit (EBIT)
after special items
594 357
3,041
Net
financial items 29 (80)
(447)
Profit
before tax 623 276
2,595
Profit for the
period before discontinued activities 467 161
1,849
Result
of discontinued activities after tax (144) -
9,054
Profit
for the period 323 161
10,903
BALANCE
SHEET
Non
-current assets
7,695 7,269
7,380
Current
assets
20,275 22,784
38,532
Assets
27,970 30,054 45,912
Equity
12,446 12,663 28,855
Non
-current liabilities 2,423 2,443 1,939
Current liabilities
13,100 14,947 15,118
Net debt
651
2,530
(18,446)
Net working capital
9,496
10,512
7,337
OTHER KEY
FIGURES
Investment in intangible assets
213
- 75
Investment in tangible assets
92 680
1,423
Cash flow from operating activities (CFFO)*
(534) 319
2,252
Free cash flow*
(833) (360)
1,632
Average number of employees
115 111
115
* Adjusted cash flow from operating activities (CFFO) and free cash flow adjusted by DKK 14.1m relating to the divestment of Concrete activities
Quarterly report 2024
Page 7
KEY FIGURES AND FINANCIAL RATIOS – EUR CONTINUED
EUR thousands
Q1 2024 Q1 2023 FY 2023
FINANCIAL
RATIOS
Gross
profit margin
28.8% 28.3%
30.1%
Profit
margin (EBIT margin) before special items
7.8% 7.4%
9.9%
Liquidity ratio
153.5% 169.7%
254.9%
Equity ratio
44.0% 35.7%
62.8%
Return
on equity
95.5% 20.5%
42.5%
ROIC
77.1% 16.6% 91.5%
Financial leverage
5.2% 23.6% -69.9%
Net debt to EBITDA
0.2 4.5 -4.7
NWC/Revenue
28.9% 32.0%
22.0%
Earnings per share
0.11 0.05
3.54
Equity value per share
4.05 3.48 9.36
Share price
10.93 10.87 13.82
Price
-book ratio
2.7 3.1 1.4
Market capitalization
33,946 33,775 42,942
Order backlog
8,907
10,474
8,313
* ROIC positive impacted by divestment of Concrete activities
Quarterly report 2024
Page 8
3. FINANCIAL REVIEW Q1 2024
DKK thousands
Q1 2024 Q1 2023 Change
Plant sales revenue
40,201 44,234 -9.1%
Aftersales revenue
18,867 17,633 7.0%
Total revenue
59,068 61,873 -4.5%
Production costs
(42,037) (44,368) -5.3%
Gross profit
17,031 17,505 -2.6%
Gross profit margin
28.8% 28.3% 0.5pp
Distribution costs
(7,294) (7,442) -2.0%
Administrative expenses
(5,309) (5,472) -3.0%
Operating profit (EBIT)
4,578 4,591 0.0%
Operating profit margin (EBIT margin)
7.8% 7.4% 0.4pp
Special items
- (1,934) NA
Operating profit (EBIT)
after special items 4,578 2,657 55.9%
Operating profit margin (EBIT margin)
after special items 7.8% 4.7% 3.1pp
Profit for the
period before discontinued activities 3,630 1,196 203.5%
Result
of discontinued activities after tax (1,069) - NA
Profit for the period
2,561 1,196 114.1%
Order backlog beginning of period
61,942 72,551 -14.6%
Order intake
63,553 67,357 -5.6%
Revenue
59,068 61,873 -4.5%
Order backlog end of period
66,427 78,034 -14.9%
0
2
4
6
8
10
12
14
0
10000
20000
30000
40000
50000
60000
70000
80000
Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024
EBIT %
tDKK
SKAKO Group revenue and EBIT margin
Plant revenue Aftersales revenue EBIT margin
Quarterly report 2024
Page 9
The vibration business has for many years delivered stable growth and returns
with an operating profit in 2023 of around 10%. This has been delivered by
selling sorting solutions based on Vibration technology in the three main
customer segments.
We have started the year with a refreshed focus on our strategy and the new
SKAKO runs a more focused business based on vibration technology and sorting
solutions. SKAKO operates in 3 growing customer segments:
• Recycling – with growth driven by macro societal trends and large
investments in key European markets
• Minerals/Mining – with growth driven by the need for a green transition
• Fasteners for the automotive industry and the building industry – with
leading position in key markets holding a large customer base
Operating profit in line with last year despite revenue decline
In Q1 2024 SKAKO experienced a decline in revenue of 4.5% due to
deteriorating markets conditions in the Fasteners customer segment. Despite
this, operating profit remained unchanged at DKK 4.6m driven by shift towards
aftersales and lower capacity cost.
Order intake, backlog and revenue
The year started up with a lower momentum than last year in the fasteners
business which was impacted by destocking and lower activity in especially the
German automotive and the building industry. Easter being placed in Q1 this
year compared to Q2 last year also has a negative impact on revenue in Q1
2024. This led to a decline in total order intake of 5.6% compared to Q1 2023
giving a decline in the order backlog of 14.9% compared to the same time last
year. However, compared to the end of 2023 the backlog increased with 7.2%.
Due to the slow down in the Fasteners business and negative impact from
Easter, total revenue declined with 4.5 % compared to Q1 2023. Revenue from
plant sales declined with 9.1% while revenue from aftersales increased with
7.0% with a positive impact on gross profit and operating profit margins.
The pipeline in all three customer segments is still solid. However, in the
Fasteners segment customers are more hesitant and delaying orders which is
expected to continue for the next 1-2 quarters. The pipeline is still very strong in
Recycling and Minerals with some very large orders in Minerals coming up for
decision in the next two quarters.
Recycling
Recyling continued the strong momentum with an increase in order intake of
20% benefitting from the strong macro and societal trends. Revenue only
increased with 1.7% in Q1 2024 due to the negative impact from Easter.
Minerals
Minerals was also impacted negativily by Easter and showed a more modest
development in Q1. As a consequence revenue showed a slight decline of 0.6%.
Minerals has a strong pipeline and revenue growth is expected to develop in line
with our mid term ambitions in the coming quarters.
Fasteners
As mentioned order intake in Fasteners was severly impacted by Easter,
destocking and hesitant decision making of customers leading to a decline in
order intake of 40% and a decline in revenue of 25%. We expect the weakend
demand to continue for the next 1-2 quarters.
Financial performance Q1 2024
Quarterly report 2024
Page 10
Gross profit
Gross proft margin increased with 0.5pp due to the higher share of aftersales
and therby limiting the decline in gross profit to 2.6 %.
Capacity costs
In Q1 2024, capacity costs decreased by DKK 0.4 or 3.0% to DKK 12.5m
compared to Q1 2023 despite the general increase in wages in all countries
following the higher inflation.
Operating profit
Operating Profit (EBIT) before special items is unchanged DKK 4.6m compared to
Q1 2023.
This was driven by improved EBIT margin of 0.4pp to 7.8% and decrease in
revenue of 4.5%.
Net financial items
Net financial items consist of interest income, interest expenses, along with
realized and unrealized foreign exchange gains and losses and amount to an
income of DKK 0.2m for the period compared to an expense of DKK 0.6m in Q1
2023.
Profit for the period
Profit after tax was DKK 2.6m compared to DKK 2.5m last year. Q1 2024 was
impacted negatively by DKK 1.0m regarding adjustment of the final price to
Zefyr.
Divestment of Concrete activities
The SKAKO Concrete activities were sold to Zefyr Invest IV as of December 29,
2023. Therefor the SKAKO Concrete activities are only included in the income
statement as discontinued business. Comparison figures in the income
statement and balance sheet for Q1 2023 therefor only include SKAKO Vibration
activities.
Cash flow developments
Adjusted cash flow from operating activities (CFFO) amounted to DKK (4.0)m
compared to DKK 2.4m for the same period last year. The decline in cash flow
relates to increased inventories and work in progress as well as seasonal
variations.
Adjusted free cash flow amounted to DKK (6.2)m compared to DKK (2.7)m for
the same period last year and is due to the higher net working capital and
investment in intangible and tangible assets.
The adjustment relates to the divestment of Concrete activities where net
working capital end of 2023 included trade payables DKK 14.1m relating to the
divestment of Concrete which by Zefyr Invest was paid through an adjustment
of the purchase price for the Concrete activities.
Financial performance Q1 2024
Quarterly report 2024
Page 11
Equity
Group equity was DKK 93.0m on 31 March 2024 (DKK 94.3m on 31 March 2023)
corresponding to an equity ratio of 44.0% (35.7% on 31 March 2023).
ROIC
As of 31 March 2024, return on invested capital (rolling four quarters) amounted
to 77.1% compared to 16.6% as of 31 March 2023. The increase in return on
invested capital was driven by the successful divestment of the Concrete
activities.
Balance sheet
As of 31 March 2024, Group’s total assets were DKK 211.4m (31 March 2023:
DKK 223.9m) Non-current assets increased by DKK 3.2m and amounted to DKK
57.4m (31 March 2023: DKK 54.2m) while current assets decreased by DKK
15.8m to DKK 154.0m (31 March 2023: DKK 169.8m).
Net debt of DKK 4.9m decreased by DKK 14.0m compared to Q1 2023. The ratio
of net debt to EBITDA amounted to 0.2 compared to 4.5 on 31 March 2023. It is
our ambition to keep the ratio of net debt to EBITDA below 2.5.
With the low gearing we have ample capacity to acquire new compagnies to
support our strategy of growing the Recycling customer segment.
Events after the balance sheet date
There have been no events that materially affect the assessment of this interim
report after the balance sheet date and up to today.
Outlook 2024
We anticipate that market conditions in the fastener business will remain
weaker than expected, resulting in lower revenue for the next 1-2 quarters.
However, this year we expect the Recycling customer segment to exceed our
midterm growth ambition of 10%. Additionally, we expect that the Mineral
customer segment will align with our mid-term growth ambition of 5% for the
full year. Based on these assumptions, we update our revenue guidance while
maintaining our EBIT guidance, due to increased gross profit margin and
decreased capacity costs:
• Revenue is expected to grow organically by 2-5% (previously 5-9%)
• Operating profit(EBIT) before special items is still expected to be DKK 24-
28m
Accounting policies as well as financial estimates and assumptions
The interim report has been prepared in accordance with IAS 34, Interim
financial reporting, as adopted by the EU and further Danish disclosure
requirements in respect of interim reports for listed companies.
The accounting policies used for the interim report are the same as the
accounting policies used for Annual Report 2023 to which we refer for a full
description, except that the Group now has only one reporting segment. The
Group has adopted all new, amended and revised accounting standards and
interpretations as published by the IASB and adopted by the EU effective for the
accounting period beginning on 1 January 2024. We refer to the notes to the
annual report for a description of material estimates and assumptions.
Compared with the description in Annual Report 2023, there have been no
changes in the accounting estimates and assumptions made by Management in
the preparation of the interim report.
Financial highlight
Quarterly report 2024
Page 12
4. FINANCIAL STATEMENTS
Quarterly report 2023
Page 12
Quarterly report 2024
Page 13
4.1 STATEMENT BY MANAGEMENT
We have considered and approved the interim report of SKAKO A/S for
the period 1 January – 31 March 2024.
The interim report, which has not been audited or reviewed by our
auditors, has been prepared in accordance with IAS 34 Interim financial
reporting, as adopted by the European Union and accounting policies set
out in the annual report for 2021 of SKAKO A/S. Furthermore, the interim
report for the period 1 January – 31 March 2024 has been prepared in
accordance with additional Danish disclosure requirements for interim
reports of listed companies.
In our opinion, the interim financial report gives a true and fair view of
the Group’s assets, liabilities, and financial position on 31 March 2024
and of the results of the Group’s operations and cash flows for the first
three months of 2024.
We also believe that the Management commentary contains a fair review
of the development in the Group’s business and financial position, the
results for the period and the Group’s financial position as well as a
description of the principal risks and uncertainties facing SKAKO.
Faaborg, 22 May 2024
EXECUTIVE BOARD
BOARD OF DIRECTORS
DEPUTY CHAIRMANCHAIRMAN
Jens Wittrup Willumsen
Christian Herskind
Jørgensen
Carsten Krogsgaard
Thomsen
Sophie Louise Knauer
CEO CFO
Lionel Girieud Thomas Pedersen
Quarterly report 2024
Page 14
4.2 CONSOLIDATED INCOME STATEMENT
DKK thousands
Q1 2024 Q1 2023 2023
Revenue from contracts with customers
Production costs
(42,037 ) (44,368 )
(173,425 )
Gross profit
Distribution costs
(7,294 ) (7,442 )
(26,010 )
Administrative expenses
(5,159 ) (5,472 )
(24,126 )
Operating profit (EBIT)
Special items
(1,934 )
Operating profit (EBIT)
after special items
Financial income
Financial expenses
(455 ) (626 ) (5,493 )
Profit before tax
Tax on profit for the period
(1,163 ) (863 )
(5,558 )
Profit for the
period before discontinued activities
Result
of discontinued activities after tax
(1,069 ) -
Profit for the period
Profit for the period attributable to SKAKO A/S shareholders
Earnings per share (EPS), DKK
Diluted earnings per share (EPS), DKK
Earnings
per share continuing activities (EPS), DKK
Diluted
earnings per share continuing activities (EPS), DKK
Quarterly report 2024
Page 15
4.3 CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
DKK thousands
Q1 2024 Q1 2023 2023
Profit for the period
Other comprehensive income:
Items that have been or may subsequently be reclassified to the income statement:
Foreign
currency translation, subsidiaries
(2,743 ) 709
Value
adjustments of hedging instruments
Other comprehensive income
(2,743 ) 715
Comprehensive income
(182 ) 1,911
Comprehensive income attributable to SKAKO A/S shareholders
(182 ) 1,911
Quarterly report 2024
Page 16
4.4 CONSOLIDATED BALANCE SHEET 31 MARCH
DKK thousands
Q1 2024 Q1 2023 2023
Intangible assets
Intangible assets under development
Intangible assets
Leased assets
Land and buildings
Plant and machinery
Operating equipment, fixtures and fittings
Leasehold improvements
Tangible assets under construction
Property, plant and equipment
Other receivables
Deferred tax assets
Other non
-current assets
Total non
-current assets
Inventories
Trade receivables
Contract assets
Income tax
Other receivables
Prepaid expenses
Cash
Current assets
Assets
Quarterly report 2024
Page 17
CONSOLIDATED BALANCE SHEET 31 MARCH CONTINUED
DKK thousands
Q1 2024 Q1 2023 2023
Share capital
Foreign currency translation reserve
Hedging reserve
Proposed dividends
Retained earnings
Equity
Other payables
Leasing
Loans and borrowings
Provisions
Non
-current liabilities
Loans and borrowings
Bank loans and credit facilities
Leasing
Provisions
Contract liabilities
Trade payables
Income tax
Other liabilities
Current liabilities
Liabilities
EQUITY AND LIABILITIES
Quarterly report 2024
Page 18
4.5 CONSOLIDATED CASH FLOW STATEMENT
DKK thousands
Q1 2024 Q1 2023 2023
Profit
before tax including discontinued activities 4,793 2,059 104,391
Adjustments
(1,149 ) 76 (67,073 )
Changes
in receivables, etc.
(7,736 ) (3,941 )
Change
in inventories
(3,923 ) (2,659 )
(4,378 )
Change
in trade payables and other liabilities, etc.
(8,311 ) 6,767
(61,364 )
Cash flow from operating activities before financial items and tax
(16,366 ) 2,302
Financial
items received and paid
Interest
paid
(455 ) (626 )
(5,493 )
Taxes
paid and received
(1,494 ) (519 )
(1,294 )
Cash
flow from operating activities (18,075 ) 1,185 12,159
Investment
in intangible assets (1,584 ) - (561 )
Investment
in tangible assets
(687 ) (5,065 )
(10,600 )
Disposals
Proceeds from sale of Concrete activities
Cash
flow from investing activities
(2,271 ) (5,065 ) 161,849
Change in
borrowings
(1,514 ) 8,680 573
Repayments
Paid
dividends
(121,989 ) - (15,532 )
Change
in short-term bank facilities
(1,007 )
(28,841 )
(34,841 )
Cash flow from financing activities
(124,510 )
(20,061 )
(63,123 )
Change in cash and cash equivalents
(144,856 ) (23,941 ) 110,885
Cash and cash equivalents beginning of the period
Foreign exchange adjustment, cash and cash
Cash and cash equivalents at the end of the period
Breakdown of cash and cash equivalents at the end of the period:
Cash and other investments
Cash
and cash equivalents at the end of the period:
Quarterly report 2024
Page 19
4.6 CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY
Shared capital
Foreign currency
translation reserve
Hedging reserve
Retained
earnings
Proposed
dividends
Equity
Equity 1 January 2024
Extraordinary dividends
(121,989 ) 121,989 -
Paid dividends
(121,989 ) (121,989 )
Comprehensive
income in Q1 2023:
Profit for the period
Other comprehensive income:
Foreign currency translation
(2,743 ) (2,743 )
adjustments, subsidiaries
Value adjustments of hedging instruments
Other
comprehensive income
(2,743 )
Comprehensive income, period
Share
-based payment, warrants
Equity 31 March 2024
Quarterly report 2024
Page 20
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY CONTINUED
Shared capital
Foreign currency
translation reserve
Hedging reserve
Retained
earnings
Proposed
Dividends
Equity
Equity 1 January 2023
Paid dividends
(15,532 ) (15,532 )
Comprehensive
income in 2022:
Profit for the period*
Other comprehensive income:
Foreign currency translation adjustments, subsidiaries
Value adjustments of hedging instruments
Other
comprehensive income 2,661 49 2,710
Comprehensive income, period
Share
-based payment, warrants
Equity 31 December 2023
Quarterly report 2024
Page 21
4.7 QUARTERLY KEY FIGURES AND FINANCIAL RATIOS
DKK thousands
Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Full year 2023
INCOME STATEMENT
Revenue
59,068 70,897 58,010 61,640 61,873 248,159
Gross profit
17,031 20,873 13,347 18,748 17,505 74,734
Operating profit (EBIT) before special items
4,578 7,548 6,497 5,963 4,591 24,599
Operating profit (EBIT)
after special items 4,578 7,548 6,497 5,963 2,654 22,662
Net financial items
215 (1,094) (1,022) (616) (598) (3,330)
Profit before tax
4,793 6,531 7,611 3,131 2,059 19,332
Profit for the
period before discontinued activities 3,630 4,557 3,374 4,647 1,196 13,774
Result
of discontinued activities after tax (1,069) 67,463 - - - 67,463
Profit for the year
2,561 72,020 3,374 4,647 1,196 81,237
BALANCE SHEET
Non
-current assets
57,389 55,001 53,600 55,332 54,156 55,001
Current assets
153,994 287,192 164,910 173,382 169,744 287,192
Assets
211,383 342,193 218,510 228,714 223,900 342,193
Equity
92,982 215,064 84,333 85,895 94,342 215,064
Non
-current liabilities
18,074 14,454 13,641 14,682 18,204 14,454
Current liabilities
100,331 112,675 120,536 128,137 111,354 112,675
Net debt
4,856 (137,478) 26,440 36,689 18,847 (137,478)
Net working capital
70,824 54,684 80,343 86,420 78,315 54,684
OTHER KEY FIGURES
Investment in intangible and tangible assets
2,271 927 247 4,922 5,065 11,161
Cash flow from operating activities (CFFO)
(16,366) 2,302 n/a n/a n/a 16,783
Free cash flow
(18,075) 2,381 n/a n/a n/a 12,159
Average number of employees
115 115 111 111 111 115
Quarterly report 2024
Page 22
QUARTERLY KEY FIGURES AND FINANCIAL RATIOS CONTINUED
DKK thousands
Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Full year 2023
FINANCIAL
RATIOS
Gross
profit margin 28.8% 29.4% 23.0% 30.4% 28.3% 30.1%
Profit
margin (EBIT margin) before special items 7.8% 10.6% 11.2% 9.7% 7.4% 9.9%
Profit margin (EBIT margin) after special items
7.8% 10.6% 11.2% 9.7% 4.6% 9.1%
Liquidity ratio
153.5% 254.9% 136.8% 135.3% 169.7% 254.9%
Equity ratio
44.0% 62.8% 38.6% 37.6% 35.7% 62.8%
Return
on equity 95.5% 54.8% 26.3% 28.1% 20.5% 42.5%
ROIC
77.1% 114.9% 17.8% 17.5% 16.6% 91.5%
Financial
leverage 5.2% -69.9% 41.4% 54.5% 23.6% -69.9%
Net
debt to EBITDA 0.2 -4.6 0.9 1.2 4.5 -4.7
NWC/revenue
28.9% 22.0% 33.5% 35.9% 32.0% 22.0%
Earnings per share
0.83 23.35 1.09 1.51 0.39 26.34
Equity value per share
30.15 69.74 20.69 21.82 25.92 69.74
Share price
81.5 103.0 77.0 73.5 81.0 103.0
Price
-book ratio 2.7 1.5 3.7 3.4 3.1 1.4
Market capitalization
253,173 319,961 239,194 228,322 251,620 319,960
Quarterly report 2024
Page 23
FINANCIAL RATIO
• Financial ratios are calculated as follows:
• Gross profit margin = Gross profit x 100 / Revenue
• Profit margin = EBIT x 100 / Revenue
• EBIT margin before special items = EBIT before special items x 100
/ Revenue
• EBIT after special items = EBIT after special items x 100 / Revenue
• Liquidity ratio = Total current assets x 100 / Total current liabilities
• Equity ratio = Total equity x 100 / Total assets
• Return on equity = Profit for the period x 100 / (Equity this year +
equity prior year) / 2*
• Financial leverage = Net interest-bearing debt x 100 / Equity
• Net debt to EBITDA = Net debt / EBITDA (EBIT less depreciations)*
• NWC/Revenue = Net working capital x 100 / Revenue*
• Earnings per share = Profit for the period / Shares in free flow
• Equity value per share = Equity / Total shares
• Share price = Share price at end of period
• Price-book ratio = Share price / Equity per share
• Market capitalization = Total number of share x Share price
• ROIC = NOPAT / (Invested capital this year + invested capital prior
year) / 2*
• NOPAT = Profit for the period +/- net financial income*
• Invested capital = Total assets - net cash and credits - deferred tax
* Measured over a 12-month period
Quarterly report 2024
Page 24
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