Quarterly report 2024
Page 1
CVR: 36440414
Denmark
INTERIM REPORT Q2
2024
Accounting period:
1. January – 30. June 2024
Revenue
(DKKm)
H1: 123.3 (-0.1%)
Q2: 64.3 (+4.3%)
EBIT before special items
(DKKm) *
H1: 10.1 (-3.9%)
Q2: 5.6 (-6.7%)
EBIT margin before special items
H1: 8.2% (-0.3pp)
Q2: 8.7% (-1.0pp)
ROIC
42.2%
(+24.7pp)
Up from 17.5% in Q2 2023
Order backlog
(DKKm)
60.2
(-21.8%)
Down from 77.0 in Q2 2023
* No special items in H1 2024
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 Q2 2024 IN BRIEF 3
2 KEY FIGURES AND FINANCIAL RATIOS 4
3 FINANCIAL REVIEW Q2 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 30 JUNE 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. Q2 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
58.0
(-4.2%)
60.2
(-21.8%)
64.3
(+4.3%)
5.6
(-6.7%)
8.7%
(-1.0pp)
1.11
(-26.5%)
115
(3.6%)
42.2%
(+24.7pp)
Down from 60.6 in Q2 2023 Down from 77.0 in Q2 2023 Up from 61.6 in Q2 2023 Down from 6.0 in Q2 2023 Down from 9.7% in Q2 2023 Down from 1.51 in Q2 2023 Up from 111 in Q2 2023 Up from 17.5% in Q2 2023
Quarterly report 2024
Page 3
After sales
17.8 (mDKK)
Plant sales
46.5 (mDKK)
Revenue split
by plant sales
and aftersales
After sales
17.7 (mDKK)
Plant sales
43.9 (mDKK)
Revenue split
by plant sales
and aftersales
12%
48%
34%
6%
Fastener Minerals
Recycling Other
Revenue split
by segments
Q2 2024
Q2 2023
Q2 2023
Q2 2024
13%
45%
34%
8%
Fastener Minerals
Recycling Other
Revenue split
by segments
72%
28%
29%
71%
* ROIC positive impacted by divestment of Concrete activities
61.6 (mDKK)
Revenue
Revenue
64.3 (mDKK)
Quarterly report 2024
Page 4
2. KEY FIGURES AND FINANCIAL RATIOS
DKK thousands
Q2 2024 Q2 2023 H1 2024 H1 2023 FY 2023
INCOME
STATEMENT
Revenue
64,273 61,640 123,341 123,513
248,159
Gross
profit
17,908 18,748 34,939 36,253
74,734
Operating profit (EBIT) before special items
5,566 5,963 10,144 10,555
24,599
Special items
- - - (1,934)
(1,934)
Operating
profit (EBIT) after special items
5,566 5,963 10,144 8,621
22,662
Net
financial items (859) (616) (645) (1,213)
(3,330)
Profit
before tax 4,707 5,348 9,500 7,408
19,332
Profit for the period before discontinued activities
3,432 3,832 7,062 5,371
13,774
Result of discontinued activities after tax
- - (1,069) -
67,463
Profit
for the period 3,432 3,832 5,992 5,371
81,237
BALANCE
SHEET
Non
-current assets
57,810 55,332 57,810 55,332
55,001
Current
assets
178,723 173,382 178,723 173,382
287,192
Assets
236,534 228,714 236,534 228,714 342,193
Equity
81,245 85,895 81,245 85,895 215,064
Non
-current liabilities 18,403 14,682 18,403 14,682 14,454
Current liabilities
136,886 128,137 136,886 128,137 112,675
Net debt
28,158
46,035
28,158
46,035
(137,478)
Net working capital
78,228
92,817
78,228
92,817
54,684
OTHER KEY
FIGURES
Investment in intangible assets
-
- 1,584 80 561
Investment in tangible assets
515 5,065 1,202 7,578
10,600
Cash flow from operating activities (CFFO) *
(3,638) (9,263) (9,230) (8,078)
12,159
Free cash flow *
(5,770) (11,656) (12,016) (15,536)
174,008
Average number of employees
115 111 115 111
115
* H1 2024: 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
Page 5
DKK thousands
Q2 2024 Q2 2023 H1 2024 H1 2023 FY 2023
FINANCIAL
RATIOS
Gross
profit margin
27.9% 30.4% 28.3% 29.4%
30.1%
Profit
margin (EBIT margin) before special items
8.7% 9.7% 8.2% 8.5%
9.9%
Liquidity ratio
130.6% 135.3% 130.6% 135.3%
254.9%
Equity ratio
34.3% 37.6% 34.3% 37.6%
62.8%
Return
on equity
77.9% 28.1% 77.9% 28.1%
42.5%
ROIC
42.2% 17.5% 42.2% 17.5% 91.5%
Financial leverage
34.7% 54.5% 34.7% 54.5% -69.9%
Net debt to EBITDA
0.7 1.2 0.7 1.2 -4.7
NWC/Revenue
21.1% 35.9% 21.1% 35.9%
22.0%
Earnings per share
1.11 1.51 1.94 1.89
26.34
Equity value per share
26.35 21.82 26.35 21.82 69.74
Share price
68.2 73.5 68.2 73.5 103.0
Price
-book ratio
2.59 3.4 2.59 3.4 1.4
Market capitalization
211,858 228,322 211,858 228,322 319,960
Order backlog
60,183
76,984 60,183 76,984
61,942
Quarterly report 2024
Page 6
KEY FIGURES AND FINANCIAL RATIOS – EUR
EUR thousands
Q2 2024 Q2 2023 H1 2024 H1 2023 FY 2023
INCOME
STATEMENT
Revenue
8,619 8,266 16,539 16,562
33,277
Gross
profit
2,401 2,514 4,685 4,861
10,021
Operating
profit (EBIT) before special items
746 800 1,360 1,415
3,299
Special items
- - - (259)
(259)
Operating profit (EBIT) after special items
746 800 1,360 1,156
3,039
Net
financial items (115) (83) (86) (163)
(447)
Profit
before tax 631 717 1,274 994
2,592
Profit for the period before discontinued activities
460 514 947 720
1,847
Result of discontinued activities after tax
- - (143) -
9,046
Profit
for the period 460 514 803 720
10,893
BALANCE
SHEET
Non
-current assets
7,750 7,635 7,750 7,635
7,374
Current
assets
23,960 23,265 23,960 23,265
38,502
Assets
31,711 30,900 31,711 30,900 45,876
Equity
10,892 9,256 10,892 9,256 28,832
Non
-current liabilities 2,467 2,462 2,467 2,462 1,938
Current liabilities
18,352 19,182 18,352 19,182 15,106
Net debt
3,775
6,172 3,775 6,172
(18,431)
Net working capital
10,488
10,565 10,488 10,565
7,331
OTHER KEY
FIGURES
Investment in intangible assets
-
- 212 11 75
Investment in tangible assets
69 679 161 1,016
1,421
Cash flow from operating activities (CFFO) *
(488) (1,243) (3,132) (1,084)
1,632
Free cash flow *
(775) (1,564) (3,505) (2,085)
23,357
Average number of employees
115 111 115 111
115
* H1 2024: 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
Q2 2024 Q2 2023 H1 2024 H1 2023 FY 2023
FINANCIAL
RATIOS
Gross
profit margin
27.9% 30.4% 28.3% 29.4%
30.1%
Profit
margin (EBIT margin) before special items
8.7% 9.7% 8.2% 8.5%
9.9%
Liquidity ratio
130.6% 121.3% 130.6% 121.3%
254.9%
Equity ratio
34.3% 30.0% 34.3% 30.0%
62.8%
Return
on equity
77.9% 24.8% 77.9% 24.8%
42.5%
ROIC
42.2% 19.5% 42.2% 19.5% 91.5%
Financial leverage
34.7% 66.7% 34.7% 66.7% -69.9%
Net debt to EBITDA
0.7 1.1 0.7 1.1 -4.7
NWC/Revenue
21.1% 22.0% 21.1% 22.0%
22.0%
Earnings per share
0.15 0.18 0.26 0.23
3.53
Equity value per share
3.53 3.36 3.53 3.36 9.35
Share price
9.14 9.85 9.14 9.85 13.81
Price
-book ratio
2.6 3.3 2.6 3.3 1.4
Market capitalization
28,403 30,610 28,403 30,610 42,895
Order backlog
8,068
10,321 8,068 10,321
8,304
Quarterly report 2024
Page 8
3. FINANCIAL REVIEW Q2 2024
DKK thousands
Q2 2024 Q2 2023 Change H1 2024 H1 2023 Change
Plant sales revenue
46,500 43,882 6.0% 86,701 88,116 -1.6%
Aftersales revenue
17,773 17,758 0.1% 36,640 35,397 3.5%
Total revenue
64,273 61,640 4.3% 123,341 123,513 -0.1%
Production costs
(46,365) (42,892) 8.1% (88,403) (87,260) 1.3%
Gross profit
17,908 18,748 -4.5% 34,939 36,253 -3.6%
Gross profit margin
27.9% 30.4% -2.5pp 28.3% 29.4% -1.1pp
Distribution costs
(7,250) (7,721) -6.1% (14,544) (15,163) -4.1%
Administrative expenses
(4,942) (5,063) -2.4% (10,251) (10,535) -2.7%
Operating profit (EBIT)
5,566 5,963 -6.7% 10,144 10,555 -3.9%
Operating profit margin (EBIT margin)
8.7% 9.7% -1.0pp 8.2% 8.5% -0.3pp
Special items
- - - - (1,934) NA
Operating profit (EBIT) after special items
5,566 5,963 -6.7% 10,144 8,621 17.7%
Operating profit margin (EBIT margin) after special items
8.7% 9.7% -1.0pp 8.2% 7.0% 1.2pp
Profit for the period before discontinued activities
3,432 3,832 -10.4% 7,062 5,371 31.5%
Result of discontinued activities after tax
- - - (1,069) - NA
Profit for the period
3,432 3,832 -10.4% 5,992 5,371 11.6%
Order backlog beginning of period
66,427 78,034 -14.9% 61,942 72,551 -14.6%
Order intake
58,029 60,590 -4.2% 121,582 127,946 -5.0%
Revenue
64,273 61,640 4.3% 123,341 123,513 -0.1%
Order backlog end of period
60,183 76,984 -21.8% 60,183 76,984 -21.8%
0
2
4
6
8
10
12
14
0
10000
20000
30000
40000
50000
60000
70000
80000
90000
100000
Q4 2019 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 Q2 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, conveying and washing 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
Return to solid growth
After declining revenue in Q1 2024 due to a very depressed market for
Fasteners, we saw a return to solid growth of 4.3% in Q2 2024 compared to the
same period last year.
Revenue growth was driven by growth of 10.6% in Minerals and 4.2% in
Recycling while Fasteners stabilized with a modest growth of 0.1%. However,
growth in revenue did not materialize in an increase in operating profit due to a
higher share of plant sales with lower margins.
A positive development is also seen for profit after tax which increased with
12% in H1 2024 compared to last year.
Order intake, backlog and revenue
Order intake and order backlog in Q2 was at a good level but below the same
period last year which was positively impacted by the pre COVID catch up effect.
In the Fasteners segment we saw an improved order intake despite some
hesitation from costumers still delaying orders.
The pipeline in all three customer segments is solid and especially strong in
Minerals and recycling with some very large orders in Minerals coming up for
decision in the next 1-2 quarters. Thus on 4.8.2014 we announced that we have
been chosen to build four lines of scrubbing equipment for two phosphate
mining plants in Morocco. This is the largest order ever for SKAKO Vibration and
represents a value of more than DKK 150m to be delivered over the next two
years.
Recycling
Recycling continued the strong momentum with revenue growth of 4.2% in Q2
2024 benefitting from the strong macro and societal trends. With a strong order
backlog and pipeline growth is expected to increase in the second half of the
year.
Minerals
Minerals increased revenue with 10.6% and is expected to show solid growth in
the second half of the year in line with our midterm ambitions. In 2025 and
2026 revenue is expected to exceed our mid term ambitions significantly due to
the large order from Marocco.
Fasteners
After the negative development in Q1 we have seen a stabilization of revenue
and order intake at the same level as in Q2 2023. However, there is still some
uncertainty regarding the next two quarters as the car and house building
industries are still impacted by low car-sales as well as high costs and interests in
the housing/building industry.
Financial performance Q2 2024
Revenue Q2 2024 Q2 2023 Change FY2023
Fasteners 7,908 7,899 +0.1% 38,077
Minerals 30,584 27,642 +10.6% 99,187
Recycling 21,954 21,071 +4.2% 86,619
Other 3,827 5,028 -23.9% 24,277
Total 64,273 61,640 +4.3% 248,160
Quarterly report 2024
Page 10
Production cost
Production cost increased by DKK 8.1% to DKK 46.4m compared to DKK 42.9m in
Q2 2023. This is due to the higher share of plant sales with lower gross profit
margin and also due to the split between the three customers segment where
Minerals has lower margins than the other customer segments.
Gross profit
Gross profit decreased by DKK 0.8m to DKK 17.9m compared to DKK 18.7m in
Q1 2023 even though revenue increased but at lower gross profit margins.
Gross profit margin decreased with 2.5pp due to the higher share of plant sales.
Capacity costs
In Q2 2024, capacity costs decreased by DKK 0.6 or 4.6% to DKK 12.2m
compared to Q2 2023 despite the general increase in wages in all countries
following the higher inflation.
EBITDA
EBITDA was DKK 6.6m compared to DKK 6.8m in Q2 2023. Depreciations
amounted to DKK 1.1m compared to DKK 0.9m in Q2 2023.
Operating profit (EBIT)
Despite an increase in revenue of 4.3% oprating profit (EBIT) decreased with
6.7% to DKK 5.6m compared with Q2 2023. This was driven by a decline of 2.5pp
in gross profit margin due to a higher share of plant sales with lower margins
partly countered by lower capacity costs.
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
expense of DKK 0.9m for the period compared to an expense of DKK 0.6m in Q2
2023.
Profit for the period
Profit after tax was DKK 3.4m compared to DKK 3.8m last year.
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 2023 therefor only include SKAKO Vibration
activities.
Cash flow developments
Cash flow from operating activities (CFFO) amounted to negative DKK 3.6m
compared to negative DKK 9.3m in Q2 2023 which was impacted by some
delayed payments that were collected in Q3 2023. The negative cash flow from
operations in Q2 2024 is due to an increase in net working capital impacted by
inventories, trade receivables and construction contracts.
Cash flow in Q1 2024 was also negative due to adjustments related to the
divestment of the Concrete activities where net working capital end of 2023
included trade payables of DKK 14.1m which were paid by SKAKO in Q1 2024.
SKAKO was compensated for this through an adjustment of the purchase price.
The negative cash flow development in H1 2024 is expected to be reversed in
H2 2024 giving a positive cash flow for the full year.
Financial performance Q2 2024
Quarterly report 2024
Page 11
Equity
Group equity was DKK 81.2m on 30 June 2024 (DKK 85.9m on 30 June 2023)
corresponding to an equity ratio of 34.3% (37.6% on 30 June 2023).
ROIC
As of 30 June 2024, return on invested capital (rolling four quarters) amounted
to 42.2% compared to 17.5% as of 30 June 2023. The increase in return on
invested capital was driven by the successful divestment of the Concrete
activities.
Balance sheet
As of 30 June 2024, Group’s total assets were DKK 236.5m (30 June 2023: DKK
228.7m) Non-current assets increased by DKK 2.5m and amounted to DKK
57.8m (30 June 2023: DKK 55.3m) and current assets increased by DKK 5.3m to
DKK 178.7m (30 June 2023: DKK 173.4m).
Net debt of DKK 28.2m decreased by DKK 18.2m compared to Q2 2024 (30 June
2023: DKK 46.0). The ratio of net debt to EBITDA amounted to 0.7 compared to
1.2 on 30 June 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 companies to
support our strategy of growing the Recycling customer segment.
Events after the balance sheet date
SKAKO Vibration announced on 4th of August in OMX 08/2024 the largest order
ever of more than DKK 150m for scrubbing equipment for two phosphate
mining plants in Morocco.
Besides this 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
Guidance for 2024 is still the same as in company announcement 5/2024 and is
as follows:
• 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
We expect to deliver the project of more than DKK 150m in Morocco over the
coming two years with a limited impact on 2024.
The outlook is based on the assumption that no events with a material negative
impact on the global economy and SKAKO's markets will occur in the last two
quarters of 2024.
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 performance Q2 2024
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 – 30 June 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 – 30 June 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 30 June 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, 21 August 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
Q2 2024 Q2 2023 H1 2024 H1 2023 2023
Revenue from contracts with customers
Production costs
(46,365 ) (42,892 ) (88,403 ) (87,260 )
(173,425 )
Gross profit
Distribution costs
(7,400 ) (7,721 ) (14,544 ) (15,163 )
(26,010 )
Administrative expenses
(4,942 ) (5,063 ) (10,251 ) (10,535 )
(24,126 )
Operating profit (EBIT)
Special items
(1,934 )
Operating profit (EBIT) after special items
Financial income
Financial expenses
(1,270 ) (1,990 ) (1,725 ) (2,616 ) (5,493 )
Profit before tax
Tax on profit for the period
(1,275 ) (1,516 ) (2,438 ) (2,037 )
(5,558 )
Profit for the period before discontinued activities
Result of discontinued activities after tax
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
Q2 2024 Q2 2023 H1 2024 H1 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 )
Value
adjustments of hedging instruments
Other comprehensive income
Comprehensive income
Comprehensive income attributable to SKAKO A/S shareholders
Quarterly report 2024
Page 16
4.4 CONSOLIDATED BALANCE SHEET 30 JUNE
DKK thousands
30 June 2024 30 June 2023 31 December 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 30 JUNE CONTINUED
DKK thousands
30 June 2024 30 June 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
Q2 2024 Q2 2023 H1 2024 H1 2023 2023
Profit
before tax 4,707 5,348 9,500 7,408 104,391
Adjustments
Changes
in receivables, etc.
(11,628 ) 334 (19,364 ) (3,607 )
Change
in inventories
(1,943 ) (1,917 ) (5,866 ) (4,576 )
(4,378 )
Change
in trade payables and other liabilities, etc.
(61,364 )
Cash flow from operating activities before financial items and tax
(1,504 ) (7,132 ) (19,917 ) (4,830 )
Financial
items received and paid
Interest
paid
(1,270 ) (1,990 ) (1,725 ) (2,616 )
(5,493 )
Taxes
paid and received
(1,275 ) (1,516 ) (2,769 ) (2,035 )
(1,294 )
Cash
flow from operating activities (3,638 ) (9,263 ) (23,330 ) (8,078 ) 12,159
Investment
in intangible assets - - (1,584 ) - (561 )
Investment
in tangible assets
(515 ) (2,393 ) (1,202 ) (7,458 )
(10,600 )
Disposals
Proceeds from sale of Concrete activities
(1,617 ) - - -
Cash
flow from investing activities
(2,132 ) (2,393 ) (2,786 ) (7,458 ) 161,849
Change in
borrowings
(2,816 ) (1,721 ) (4,330 ) 7,059 573
Repayments
Paid
dividends
(15,532 ) (15,532 ) (137,521 ) (15,532 ) (15,532 )
Change
in short-term bank facilities
(34,841 )
Cash flow from financing activities
(63,123 )
Change in cash and cash equivalents
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
(137,521 ) (137,521 )
Comprehensive
income in H1 2024
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 )
(115,997 ) - (134,272 )
Comprehensive income, period
Share
-based payment, warrants
Equity 30 June 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
Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Full year 2023
INCOME STATEMENT
Revenue
64,273 59,068 70,897 58,010 61,640 248,159
Gross profit
17,908 17,031 20,873 13,347 18,748 74,734
Operating profit (EBIT) before special items
5,566 4,578 7,548 6,497 5,963 24,599
Operating profit (EBIT)
after special items 5,566 4,578 7,548 6,497 5,963 22,662
Net financial items
(859) 215 (1,094) (1,022) (616) (3,330)
Profit before tax
4,707 4,793 6,454 5,475 5,348 19,332
Profit for the period before discontinued activities
3,432 3,630 4,557 4,130 3,832 13,774
Result of discontinued activities after tax
- (1,069) 67,463 - - 67,463
Profit for the year
3,432 2,561 72,020 4,130 3,832 81,237
BALANCE SHEET
Non
-current assets
57,810 57,389 55,001 53,600 55,332 55,001
Current assets
178,723 153,994 287,192 164,910 173,382 287,192
Assets
236,534 211,383 342,193 218,510 228,714 342,193
Equity
81,245 92,982 215,064 84,333 85,895 215,064
Non
-current liabilities
18,403 18,074 14,454 13,641 14,682 14,454
Current liabilities
136,886 100,331 112,675 120,536 128,137 112,675
Net debt
28,158 4,856 (137,478) 26,440 36,689 (137,478)
Net working capital
78,228 70,824 54,684 80,343 86,420 54,684
OTHER KEY FIGURES
Investment in intangible and tangible assets
515 2,271 927 247 4,922 11,161
Cash flow from operating activities (CFFO)
(3,121) (16,366) 2,302 n/a n/a 16,783
Free cash flow
(5,255) (18,075) 2,381 n/a n/a 12,159
Average number of employees
115 115 111 111 115
Quarterly report 2024
Page 22
QUARTERLY KEY FIGURES AND FINANCIAL RATIOS CONTINUED
DKK thousands
Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Full year 2023
FINANCIAL
RATIOS
Gross
profit margin 27.9% 28.8% 29.4% 23.0% 30.4% 30.1%
Profit
margin (EBIT margin) before special items 8.7% 7.8% 10.6% 11.2% 9.7% 9.9%
Profit margin (EBIT margin) after special items
8.7% 7.8% 10.6% 11.2% 9.7% 9.1%
Liquidity ratio
130.6% 153.5% 254.9% 136.8% 135.3% 254.9%
Equity ratio
34.3% 44.0% 62.8% 38.6% 37.6% 62.8%
Return
on equity 77.9% 95.5% 54.8% 26.3% 28.1% 42.5%
ROIC
42.2% 77.1% 114.9% 17.8% 17.5% 91.5%
Financial
leverage 34.7% 5.2% -69.9% 41.4% 54.5% -69.9%
Net
debt to EBITDA 0.7 0.2 -4.6 0.9 1.2 -4.7
NWC/revenue
21.1% 28.9% 22.0% 33.5% 35.9% 22.0%
Earnings per share
1.11 0.83 23.35 1.09 1.51 26.34
Equity value per share
26.35 30.15 69.74 20.69 21.82 69.74
Share price
68.2 81.5 103.0 77.0 73.5 103.0
Price
-book ratio 2.6 2.7 1.5 3.7 3.4 1.4
Market capitalization
211,858 253,173 319,961 239,194 228,322 319,960
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
Bygmestervej 2
DK-5600 Faaborg
Denmark
Tel.: +45 6311 3860
skako.dk@skako.com
www.skako.com
CVR No. 36440414