0RNT Broedrene A & O Johansen A/s

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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