Interim Financial Report for the Period 1 January – 30 September 2023
October 26 2023 - 2:59AM
Interim Financial Report for the Period 1 January – 30 September
2023
Company Announcement No. 9 – 2023 to Nasdaq
Copenhagen
26 October 2023
Interim financial report for the first nine months of
2023
Consolidated revenue for the third quarter of
2023 was DKK 1,229.3 million, which is DKK 99.3 million, or 7.5%,
less than for the third quarter of 2022. Consolidated revenue for
the first nine months of 2023 was DKK 3,899.6 million, which is DKK
0.9 million more than for the same period last year. The gross
profit margin for the first three quarters decreased by 0.4
percentage point compared with the same period of 2022 driven by
one-time effects related to supplier-driven price increases in
2022. In the third quarter, there was one less selling day
relative to the prior year period. The day-to-day sales index saw a
sharp decline in September causing third quarter results to be
lower than expected. Operating profit (EBIT) for the third quarter
of 2023 was DKK 72.1 million, corresponding to a profit margin of
5.9%, against DKK 93.9 million and 7.1% for the third quarter of
2022. Operating profit (EBIT) for the first nine months of 2023 was
DKK 226.4 million, corresponding to a profit margin of 5.8%,
against DKK 271.1 million and 7.0% for the first three quarters of
2022.
Profit before tax (EBT) for the third quarter of
2023 was DKK 63.3 million, which is DKK 28.3 million less than in
the third quarter of last year. Profit before tax for the first
nine months of 2023 amounted to DKK 203.9 million, corresponding to
a decrease of DKK 64.6 million. The Group’s total assets as
at 30 September 2023 amounted to DKK 3,268.0 million, which is DKK
31.9 million less than at the same time in 2022. The Group’s equity
as at 30 September 2023 was DKK 1,423.6 million, which is DKK 100.7
million more than at the same time in 2022. The solvency ratio was
43.6% against 40.1% at 30 September 2022. The solvency ratio is
above the ambition of at least 40%.
Cash flow from operating activities totalled DKK
209.1 million for the third quarter of 2023 and DKK 49.9 million
for the first three quarters of 2023, which is DKK 221.4 million
and DKK 98.6 million more than in the same periods last year. The
development is driven by changes in working capital where inventory
levels were reduced. Investments for the third quarter of 2023
totalled DKK 24.2 million and DKK 93.0 million for the first nine
months of 2023, compared with DKK 21.0 million and DKK 268.6
million in 2022. The Group’s financial leverage, measured as the
ratio between the net interest-bearing debt and the EBITDA of the
last 12 months, was 1.7 as at 30 September 2023, against 1.6 at the
same time last year and 1.1 as at 31 December 2022. The financial
leverage decreased from 2.0 as at 30 June 2023 and is expected to
decrease further in the remainder of 2023.
Expectations for the year
As previously stated in Company Announcement No.
8/2023 dated 12 October 2023, third quarter revenue and earnings
were lower than expected with negative sales indexes in September.
Based on projections from current trading, expectations for the
rest of the year have been adjusted downwards.
Revenue Revenue for 2023 is expected to be in
the region of DKK 5,150-5,300 million. Previous expectations were
in the region of DKK 5,350-5,500 million. Revenue for 2022 was DKK
5,375.0 million.
EBITDA EBITDA for 2023 is expected to be in the
range of DKK 400-430 million, corresponding to an EBITDA margin of
7.5%-8.3%. Previous EBITDA expectations were in the range of DKK
435-465. EBITDA for 2022 was DKK 491.6 million.
EBT EBT is expected to be in the region of DKK
260-290 million, corresponding to an EBT margin of 4.9%-5.6%.
Previous EBT expectations were in the region of DKK 300-330
million. EBT for 2022 was DKK 377.4 million.
A webcast will be held on 26 October 2023, at 1pm. You can
access the webcast through this link: Brødrene A&O Johansen A/S
| Interim Report Q3 2023 (eventcdn.net)
For further information, please
contact:
CEO Niels A.
Johansen
CFO Per Toelstang Brødrene A & O Johansen A/S Rørvang 3 DK-2620
Albertslund Denmark Telephone: +45 70 28 00 00
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