Quarterly report 2024
Page 1
CVR: 36440414
Denmark
INTERIM REPORT Q3
2024
Accounting period:
1. January – 30. September 2024
Revenue
(DKKm)
Q1-Q3: 176.9 (-2.5%)
Q3: 53.6 (-7.6%)
EBIT before special items
(DKKm)
Q1-Q3: 14.0 (-17.7%)
Q3: 3.9 (-40.1%)
EBIT margin before special items
Q1-Q3: 7.9% (-1.5pp)
Q3: 7.3% (-3.9pp)
ROIC
58.9%
(+42.6pp)
Up from 16.3% in Q3 2023
Order backlog
(DKKm)
212.7
(+195.0%)
Up from 72.1 in Q3 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 outlook set 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 Q3 2024 IN BRIEF 3
2 KEY FIGURES AND FINANCIAL RATIOS 4
3 FINANCIAL REVIEW Q3 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 SEPTEMBER 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. Q3 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
206.1
(+287.9%)
212.7
(+195.0%)
53.6
(-7.6%)
3.9
(-40.1%)
7.3%
(-3.9pp)
0.60
(-55.9%)
133
(3.1%)
58.9%*
(+42.6pp)
Up from 53.1 in Q3 2023 Up from 72.1 in Q3 2023 Down from 58.0 in Q3 2023 Down from 6.5 in Q3 2023 Down from 11.2% in Q3 2023 Down from 1.36 in Q3 2023 Up from 129 in Q3 2023 Up from 16.3% in Q3 2023
Quarterly report 2024
Page 3
After sales
19.4 (mDKK)
Plant sales
34.2 (mDKK)
Revenue split
by plant sales
and aftersales
After sales
15.5 (mDKK)
Plant sales
42.5 (mDKK)
Revenue split
by plant sales
and aftersales
16%
47%
28%
9%
Fastener Minerals
Recycling Other
Revenue split
by segments
Q3 2024
Q3 2023
Q3 2023
Q3 2024
14%
52%
25%
9%
Fastener Minerals
Recycling Other
Revenue split
by segments
64%
36%
26%
74%
* ROIC positive impacted by divestment of Concrete activities
58.0 (mDKK)
Revenue
Revenue
53.6 (mDKK)
Quarterly report 2024
Page 4
2. KEY FIGURES AND FINANCIAL RATIOS
DKK thousands
Q3 2024 Q3 2023 Q1-Q3 2024 Q1-Q3 2023 FY 2023
INCOME
STATEMENT
Revenue
53,591 58,010 176,932 181,523
248,159
Gross
profit
16,328 17,981 51,267 53,861
74,734
Operating profit (EBIT) before special items
3,888 6,492 14,032 17,047
24,599
Special items
- - - (1,934)
(1,934)
Operating
profit (EBIT) after special items
3,888 6,492 14,032 15,113
22,662
Net
financial items (887) (1,024) (1,531) (2,237)
(3,330)
Profit
before tax 3,001 5,468 12,501 12,876
19,332
Profit for the period before discontinued activities
2,379 4,184 9,441 9,555
13,774
Result of discontinued activities after tax
(514) - (1,583) -
67,463
Profit
for the period 1,865 4,184 7,858 9,555
81,237
BALANCE
SHEET
Non
-current assets
62,627 56,041 62,627 56,041
55,001
Current
assets
172,780 164,859 172,780 164,859
287,192
Assets
235,407 220,900 235,407 220,900 342,193
Equity
83,111 89,749 83,111 89,749 215,064
Non
-current liabilities 22,554 17,507 22,554 17,507 14,454
Current liabilities
129,742 113,644 129,742 113,644 112,675
Net debt
33,042
26,438
33,042
26,438
(137,478)
Net working capital
82,287
80,344
82,287
80,344
54,684
OTHER KEY
FIGURES
Investment in intangible assets
-
58 1,584 138 561
Investment in tangible assets
5,664 753 6,866 8,331
10,600
Cash flow from operating activities (CFFO) *
(1,993) 20,637 (23,784) 12,559
12,159
Free cash flow *
(6,423) 19,826 (32,069) 4,090
174,008
Average number of employees
133 129 133 129
129
* Q1-Q3 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
Q3 2024 Q3 2023 Q1-Q3 2024 Q1-Q3 2023 FY 2023
FINANCIAL
RATIOS
Gross
profit margin
30.5% 31.0% 29.0% 29.7%
30.1%
Profit
margin (EBIT margin) before special items
7.3% 11.2% 7.9% 9.4%
9.9%
Liquidity ratio
133.2% 145.1% 133.2% 145.1%
254.9%
Equity ratio
35.3% 40.6% 35.3% 40.6%
62.8%
Return
on equity
92.4% 20.2% 92.4% 20.2%
42.5%
ROIC
58.9% 16.3% 58.9% 16.3% 91.5%
Financial leverage
39.8% 29.5% 39.8% 29.5% -69.9%
Net debt to EBITDA
1.2 0.8 1.2 0.8 -4.7
NWC/Revenue
33.2% 33.5% 33.2% 33.5%
22.0%
Earnings per share
0.60 1.36 2.55 3.10
26.34
Equity value per share
26.95 29.10 26.95 29.10 69.74
Share price
82.8 77.0 82.8 77.0 103.0
Price
-book ratio
3.07 2.65 3.07 2.65 1.4
Market capitalization
257,211 239,194 257,211 239,194 319,960
Order backlog
212,680
72,108 212.680 72,108
61,942
Quarterly report 2024
Page 6
KEY FIGURES AND FINANCIAL RATIOS – EUR
EUR thousands
Q3 2024 Q3 2023 Q1-Q3 2024 Q1-Q3 2023 FY 2023
INCOME
STATEMENT
Revenue
7,178 7,776 23,717 24,333
33,277
Gross
profit
2,187 2,410 6,872 7,220
10,021
Operating
profit (EBIT) before special items
521 870 1,881 2,285
3,299
Special items
- - - (259)
(259)
Operating profit (EBIT) after special items
521 870 1,881 2,026
3,039
Net
financial items (119) (137) (205) (300)
(447)
Profit
before tax 402 733 1,676 1,726
2,592
Profit for the period before discontinued activities
319 561 1,266 1,281
1,847
Result of discontinued activities after tax
(69) - (212) -
9,046
Profit
for the period 250 561 1,053 1,281
10,893
BALANCE
SHEET
Non
-current assets
8,395 7,512 8,395 7,512
7,374
Current
assets
23,161 22,099 23,161 22,099
38,502
Assets
31,556 29,611 31,556 29,611 45,876
Equity
11,141 12,031 11,141 12,031 28,832
Non
-current liabilities 3,023 2,347 3,023 2,347 1,938
Current liabilities
17,392 15,234 17,392 15,234 15,106
Net debt
4,429
3,544 4,429 3,544
(18,431)
Net working capital
11,030
10,770 11,030 10,770
7,331
OTHER KEY
FIGURES
Investment in intangible assets
-
8 212 18 75
Investment in tangible assets
759 101 920 1,117
1,421
Cash flow from operating activities (CFFO) *
(267) 2,766 (3,188) 1,684
1,632
Free cash flow *
(861) 2,658 (4,299) 548
23,357
Average number of employees
133 129 133 129
129
* Q1-Q3 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
Q3 2024 Q3 2023 Q1-Q3 2024 Q1-Q3 2023 FY 2023
FINANCIAL
RATIOS
Gross
profit margin
30.5% 31.0% 29.0% 29.7%
30.1%
Profit
margin (EBIT margin) before special items
7.3% 11.2% 7.9% 9.4%
9.9%
Liquidity ratio
133.2% 145.1% 133.2% 145.1%
254.9%
Equity ratio
35.3% 40.6% 35.3% 40.6%
62.8%
Return
on equity
92.4% 20.2% 92.4% 20.2%
42.5%
ROIC
58.9% 16.3% 58.9% 16.3% 91.5%
Financial leverage
39.8% 29.5% 39.8% 29.5% -69.9%
Net debt to EBITDA
1.2 0.8 1.2 0.8 -4.7
NWC/Revenue
33.2% 33.5% 33.2% 33.5%
22.0%
Earnings per share
0.08 0.18 0.34 0.42
3.53
Equity value per share
3.61 3.90 3.61 3.90 9.35
Share price
11.10 10.32 11.10 10.32 13.81
Price
-book ratio
3.07 2.65 3.07 2.65 1.4
Market capitalization
34,479 32,064 34,479 32,064 42,895
Order backlog
28,509
9,666 28,509 9,666
8,304
Quarterly report 2024
Page 8
3. FINANCIAL REVIEW Q3 2024
DKK thousands
Q3 2024 Q3 2023 Change Q1-Q3 2024 Q1-Q3 2023 Change
Plant sales revenue
34,222 42,465 -19.4% 120,923 130,581 -7.4%
Aftersales revenue
19,369 15,545 24.6% 56,009 50,942 9.9%
Total revenue
53,591 58,010 -7.6% 176,932 181,523 -2.5%
Production costs
(37,263) (40,029) -6.9% (125,665) (127,662) -1.6%
Gross profit
16,328 17,981 -9.2% 51,267 53,861 -4.8%
Gross profit margin
30.5% 31.0% -0.5pp 29.0% 29.7% -0.7pp
Distribution costs
(7,032) (6,307) 11.5% (21,726) (21,397) 1.5%
Administrative expenses
(5,408) (5,182) 4.4% (15,509) (15,417) 0.6%
Operating profit (EBIT)
3,888 6,492 -40.1% 14,032 17,047 -17.7%
Operating profit margin (EBIT margin)
7.3% 11.2% -3.9pp 7.9% 9.4% -1.5pp
Special items
- - NA - (1,934) NA
Operating profit (EBIT) after special items
3,888 6,492 -40.1% 14,032 15,113 -7.2%
Operating profit margin (EBIT margin) after special items
7.3% 11.2% -3.9pp 7.9% 8.3% -0.4pp
Profit for the period before discontinued activities
2,379 4,184 -43.1% 9,441 9,555 -1.2%
Result of discontinued activities after tax
(514) - NA (1,583) - NA
Profit for the period
1,865 4,184 -55.4% 7,858 9,555 -17.8%
Order backlog beginning of period
60,183 76,984 -21.8% 61,942 72,551 -14.6%
Order intake
206,092 53,133 287.9% 327,674 181,079 81.0%
Revenue
53,595 58,010 -7.6% 176,936 181,523 -2.5%
Order backlog end of period
212,680 72,107 195.0% 212,680 72,107 195.0%
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 Q2 2024 Q3 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.
After divesting the SKAKO Concrete activities we have refreshed 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
Largest order ever of DKK 150m secures strong growth in 2025 and 2026
The activity in the European automotive and construction industries was very low in
the third quarter and is expected to remain low in the fourth quarter.
Therefore, in Q3, SKAKO had a strong focus on winning and preparing for the
completion of the large order of DKK 150m to OCP in Morocco, OMX 8/2024, which
will ensure very strong growth in revenue and operating profit (EBIT) in 2025 and
2026 compared to 2024. For more project information see page 12.
Together, this contributed to a temporary decline in revenue and operating profit
(EBIT) in Q3 driven by the Minerals customer segment, while the important
Recycling customer segment continued its strong momentum with a revenue
growth of 7.0% in Q3 and 6.1% year to date.
Order intake, backlog and revenue
Order intake and order backlog in Q3 was extremely high due to the large order of
DKK 150m from Morocco. As a consequence the total order backlog has increased
by 195% compared to the same time last year. In the Fasteners segment we saw an
improved order intake despite some hesitation from costumers still delaying
orders.
Recycling
Recycling continued the strong momentum with revenue growth of 7.0% in Q3
2024 and 6.1% year to date benefitting from the strong macro and societal trends.
With a strong order backlog, revenue is expected to increase in the last quarter of
2024.
Minerals
As mentioned Minerals received the largest order ever and represents a value of
DKK 150m to be delivered over the next two years. We expect revenue to pick up
already in last quarter of 2024. Revenue in Minerals decreased with 16.3% due to
hesitant decision making of customers and slow economic growth in Europe.
Fasteners
Fasteners realized a revenue growth of 6.5% in Q3. However, there is still
uncertainty regarding Q4 due to the automotive and building/construction
industries which are still impacted by low car-sales as well as high costs and interest
rates in the building/construction industry.
Financial performance Q3 2024
Revenue Q3 2024 Q3 2023 Change FY2023
Fasteners 8,314 7,807 +6.5% 38,077
Minerals 24,941 30,838 -19.1% 99,187
Recycling 15,229 14,239 +7.0% 86,619
Other 5,107 5,126 -0.4% 24,277
Total 53,591 58,010 -7.6% 248,160
Revenue Q1-
Q3
2024
Q1-
Q3
2023
Change FY2023
Fasteners 25,785 27,653 -6.8% 38,077
Minerals 80,461 85,608 -6.0% 99,187
Recycling 58,650 55,303 6.1% 86,619
Other 12,036 12,959 -7.1% 24,277
Total 176,932 181,523 -2.5% 248,160
Quarterly report 2024
Page 10
Gross profit
Gross profit decreased by DKK 1.7m to DKK 16.3m compared to DKK 18.0m in
Q3 2023 impacted by the decline in revenue and a decline in gross profit with
0.5pp.
Capacity costs
In Q3 2024, capacity costs increased by DKK 0.9m to DKK 12.4m compared to Q3
2023 mainly driven by salesforce investment to enable future growth.
Operating profit
Operating profit (EBIT) decreased by 2.6m DKK to 3.9m DKK.
This was driven by a decrease in revenue of 7.6% and decrease of 0.5pp in gross
profit margin as well as investment in salesforce to enable future growth.
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 1.0m in Q3
2023.
Profit for the period
Profit after tax was DKK 1.9m compared to DKK 4.2m 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 Q3 2024 therefor only include SKAKO Vibration
activities.
Cash flow developments
Cash flow from operating activities (CFFO) amounted to negative DKK 2.0m
compared to DKK 20.6m in Q3 2023. The negative cash flow from operations in
Q3 2024 is due to an increase in net working capital impacted by inventories
and trade receivables.
Cash flow in year to date 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.
A significiant positiv cash flow is expected in Q4 2024 given prepayment from
the large OCP order i Morocco.
Financial performance Q3 2024
Quarterly report 2024
Page 11
Equity
Group equity was DKK 83.1m on 30 September 2024 (DKK 89.7m on 30
September 2023) corresponding to an equity ratio of 35.3% (40.6% on 30
September 2023).
ROIC
As of 30 September 2024, return on invested capital (rolling four quarters)
amounted to 92.4% compared to 3.7% as of 30 September 2023. The increase in
return on invested capital was driven by the successful divestment of the
Concrete activities.
Balance sheet
As of 30 September 2024, Group’s total assets were DKK 235.7m (30 September
2023: DKK 220.9m) Non-current assets increased by DKK 6.6m and amounted to
DKK 62.6m (30 September 2023: DKK 56.0m) and current assets increased by
DKK 7.9m to DKK 172.8m (30 September 2023: DKK 164.9m).
Net debt of DKK 33.0m increased by DKK 6.6m compared to Q3 2023 (30
September 2023: DKK 26.4). The ratio of net debt to EBITDA amounted to 1.2
compared to 0.8 on 30 September 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 invest in growth to support our
strategy of growing the Recycling business.
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 [TBD)
Guidance for 2024 was changed in company announcement 10/2024 and is as
follows:
• Revenue is expected to develop organically by -2 to 1% (previously 2-5%)
• Operating profit(EBIT) before special items is still expected to be DKK 24-
28m but in the lower part of the interval
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 quarter
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 Q3 2024
Quarterly report 2024
Page 12
Morocco, a main market for SKAKO Vibration
SKAKO Vibration has been present on the Moroccan market since the early
2000s and has had a local subsidiary there for over 10 years.
Morocco, one of the most developed countries in Africa with an average annual
GDP growth rate of 5.1% over the last decade, owns 70% of world phosphate
rock reserves. These phosphate reserves are managed by the OCP Group
(formerly « Office Chérifien des Phosphates »), which launched a 5-years
investment plan of billions 13 $ in 2023.
Transporting of raw material is a key challenge of mining companies
Transporting very large volumes of raw materials to processing plants and
export ports is a challenge for all mining companies, particularly when mines are
located inland like in Morocco.
OCP has chosen a pipeline solution to achieve this: raw phosphate is diluted in
water and then propelled by pumps into a large conduit that crosses Moroccan
land, to be recovered and dehydrated a few hundred kilometers further to
return to a solid form.
It is in the upstream part of this innovative solution that SKAKO vibration
products are successfully used to dilute the phosphate before pumping.
SKAKO's long experience in phosphate scrubbing
SKAKO Vibration's long experience in this dilution process has enabled it to win
two orders for two scrubbing lines, for a total amount of more than DKK 150
million.
Each line is mainly composed of a very large washing drum, which dilute
phosphate into the water, and one large vibrating screen which removes the
stone from the phosphate slurry. This two big equipment are equipped with
many electronic components to control their capacities.
These four scrubbing lines will have to be similar to a first scrubbing line already
delivered by Skako in previous years.
The project is scheduled to be carried out over the next two years, with limited
impact on 2024.
Skako secured an order worth over DKK 150m in Q3-2024
Quarterly report 2024
Page 13
4. FINANCIAL STATEMENTS
Quarterly report 2023
Page 13
Quarterly report 2024
Page 14
4.1 STATEMENT BY MANAGEMENT
We have considered and approved the interim report of SKAKO A/S for
the period 1 January – 30 September 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 2023 of SKAKO A/S. Furthermore, the interim
report for the period 1 January – 30 September 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 September
2024 and of the results of the Group’s operations and cash flows for the
nine 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, 13 November 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 15
4.2 CONSOLIDATED INCOME STATEMENT
DKK thousands
Q3 2024 Q3 2023 Q1-Q3 2024 Q1-Q3 2023 2023
Revenue from contracts with customers
Production costs
(37,263 ) (40,029 ) (125,665 ) (127,662 )
(173,425 )
Gross profit
Distribution costs
(7,032 ) (6,307 ) (21,726 ) (21,397 )
(26,010 )
Administrative expenses
(5,408 ) (5,182 ) (15,509 ) (15,417 )
(24,126 )
Operating profit (EBIT)
Special items
(1,934 )
Operating profit (EBIT) after special items
Financial income
Financial expenses
(992 ) (1,281 ) (2,717 ) (3,897 ) (5,493 )
Profit before tax
Tax on profit for the period
(622 ) (1,284 ) (3,060 ) (3,321 )
(5,558 )
Profit for the period before discontinued activities
Result of discontinued activities after tax
(514 ) - (1,583 ) -
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 16
4.3 CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
DKK thousands
Q3 2024 Q3 2023 Q1-Q3 2024 Q1-Q3 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 17
4.4 CONSOLIDATED BALANCE SHEET 30 SEPTEMBER
DKK thousands
30 September 2024 30 September 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 18
CONSOLIDATED BALANCE SHEET 30 SEPTEMBER CONTINUED
DKK thousands
30 September 2024 30 September 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 19
4.5 CONSOLIDATED CASH FLOW STATEMENT
DKK thousands
Q3 2024 Q3 2023 Q1-Q3 2024 Q1-Q3 2023 2023
Profit
before tax 3,001 5,468 12,501 12,876 104,391
Adjustments
Changes
in receivables, etc.
Change
in inventories
(1,447 ) (1,221 ) (7,313 ) (5,797 )
(4,378 )
Change
in trade payables and other liabilities, etc.
(9,452 ) 3,135 (13,734 ) (5,055 )
(61,364 )
Cash flow from operating activities before financial items and tax
(2,152 ) 20,846 (20,530 ) 16,016
Financial
items received and paid
Interest
paid
(5,493 )
Taxes
paid and received
(291 ) (1,233 ) (3,060 ) (3,268 )
(1,294 )
Cash
flow from operating activities (1,993 ) 20,637 (23,784 ) 12,559 12,159
Investment
in intangible assets - (58 ) (1,584 ) (138 ) (561 )
Investment
in tangible assets
(5,664 ) (753 ) (6,866 ) (8,331 )
(10,600 )
Disposals
Proceeds from sale of Concrete activities
(514 ) - (1,583 ) -
Cash
flow from investing activities
(4,430 ) (811 ) (8,285 ) (8,469 ) 161,849
Change in
borrowings
Repayments
Paid
dividends
Change
in short-term bank facilities
(2,592 )
(18,978 ) 31,688 14,224
(34,841 )
Cash flow from financing activities
(17,689 ) (102,787 ) 7,040
(63,123 )
Change in cash and cash equivalents
(1,639 ) 2,137 (134,856 ) 11,130 110,885
Cash and cash equivalents beginning of the period
Foreign exchange adjustment, cash and cash
(461 )
(229 ) (931 ) (29 ) -
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 20
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 Q1-Q3 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 )
(2,743 )
Comprehensive income, period
Share
-based payment, warrants
Equity 30 September 2024
Quarterly report 2024
Page 21
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 22
4.7 QUARTERLY KEY FIGURES AND FINANCIAL RATIOS
DKK thousands
Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Full year 2023
INCOME STATEMENT
Revenue
53,591 64,273 59,068 66,636 56,955 248,159
Gross profit
16,328 17,908 17,031 16,576 17,981 74,734
Operating profit (EBIT) before special items
3,888 5,566 4,578 3,331 6,492 24,599
Operating profit (EBIT)
after special items 3,888 5,566 4,578 3,331 6,492 22,662
Net financial items
(887) (859) 215 (1,093) (1,024) (3,330)
Profit before tax
3,001 4,707 4,793 2,235 5,468 19,332
Profit for the period before discontinued activities
2,379 3,432 3,630 604 4,184 13,774
Result of discontinued activities after tax
(514) - (1,069) 67,463 - 67,463
Profit for the year
1,865 3,432 2,561 68,067 4,184 81,237
BALANCE SHEET
Non
-current assets
62,627 57,810 57,389 55,001 56,041 55,001
Current assets
172,780 178,723 153,994 287,192 164,859 287,192
Assets
235,407 236,534 211,383 342,193 220,900 342,193
Equity
83,111 81,245 92,982 215,064 89,749 215,064
Non
-current liabilities
22,554 18,403 18,074 14,454 17,507 14,454
Current liabilities
129,742 136,886 100,331 112,675 113,644 112,675
Net debt
33,042 28,158 4,856 (137,478) 26,438 (137,478)
Net working capital
82,287 78,228 70,824 54,684 80,344 54,684
OTHER KEY FIGURES
Investment in intangible and tangible assets
5,664 515 2,271 363 811 11,161
Cash flow from operating activities (CFFO)
(1,993) (3,121) (16,366) n/a 20,637 16,783
Free cash flow
(6,423) (5,255) (18,075) n/a 19,826 12,159
Average number of employees
117 115 115 115 111 115
Quarterly report 2024
Page 23
QUARTERLY KEY FIGURES AND FINANCIAL RATIOS CONTINUED
DKK thousands
Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Full year 2023
FINANCIAL
RATIOS
Gross
profit margin 30.5% 27.9% 28.8% 24.9% 31.6% 30.1%
Profit
margin (EBIT margin) before special items 7.3% 8.7% 7.8% 5.0% 11.4% 9.9%
Profit margin (EBIT margin) after special items
7.3% 8.7% 7.8% 5.0% 11.4% 9.1%
Liquidity ratio
133.2% 130.6% 153.5% 254.9% 145.1% 254.9%
Equity ratio
35.3% 34.3% 44.0% 62.8% 40.6% 62.8%
Return
on equity 92.4% 77.9% 95.5% 54.8% 3.7% 42.5%
ROIC
58.9% 42.2% 77.1% 114.9% 16.3% 91.5%
Financial
leverage 39.8% 34.7% 5.2% -69.9% 29.5% -69.9%
Net
debt to EBITDA 1.2 0.7 0.2 -4.6 0.8 -4.7
NWC/revenue
33.2% 21.1% 28.9% 22.0% 34.2% 22.0%
Earnings per share
0.60 1.11 0.83 22.07 1.36 26.34
Equity value per share
26.95 26.35 30.15 69.74 29.10 69.74
Share price
82.8 68.2 81.5 103.0 77.0 103.0
Price
-book ratio 3.1 2.6 2.7 1.4 2.7 1.4
Market capitalization
257,211 211,858 253,173 319,960 239,194 319,960
Quarterly report 2024
Page 24
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 25
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