Strong results in a challenging market
22 Novembre 2023 - 11:05AM
Strong results in a challenging market
Report on the first nine months of 2023for ROCKWOOL A/SRelease
no. 13 – 2023to Nasdaq Copenhagen
22 November 2023
Strong results in a challenging market
Highlights
- Sales in the first nine months of 2023 reached 2686 MEUR, a
decrease of six percent in local currencies and nine percent in
reported figures compared to last year, driven by lower sales in
many European markets.
- Sales in Q3 2023 reached 903 MEUR, a decrease of four percent
in local currencies and 11 percent in reported figures compared to
last year.
- EBITDA in the first nine months of 2023 reached 577 MEUR, up 22
percent, yielding a 21.5 percent EBITDA margin. Sales prices were
maintained while energy prices eased, bringing earnings back to a
normalised level.
- EBITDA in Q3 2023 reached 219 MEUR, an increase of 68 percent
compared to the unsatisfactory low result last year. The EBITDA
margin was 24.3 percent.
- EBIT in the first nine months of 2023 increased 27 percent to
383 MEUR, with a 14.3 percent EBIT margin, including the 27 MEUR
donation to the Foundation for Ukrainian Reconstruction*.
- EBIT in Q3 2023 increased 115 percent to 146 MEUR, with a 16.2
percent EBIT margin, up 9.4 percentage points.
- Investments reached 216 MEUR for the first nine months of 2023,
mainly related to electrical melter conversion in Flumroc,
Switzerland and Systems Division capacity.
- Cash flow from operations before financial items and tax
amounted to 581 MEUR for the first nine months of 2023 compared to
339 MEUR in the same period last year.
- Shareholders may from 22 November 2023 until 6 December 2023
request conversion of A shares to B shares. For further information
please refer to
https://www.rockwool.com/group/about-us/investors/conversion-shares/.*)
Of which 100 MDKK was approved at the EGM on 31 August 2022 and the
remaining 100 MDKK at the AGM on 29 March 2023. Together they
constitute the 27 MEUR donation.
Outlook 2023
- Sales decline of 4-5 percent in local currencies, changed from
previously up to eight percent.
- EBIT margin around 14 percent, changed from previously
around 13 percent.
- Investment level around 325 MEUR excluding acquisitions.
CEO commentCommenting on the Group’s
performance, CEO Jens Birgersson says:
“Although sales development varies across regions, with North
America and parts of Asia performing well and most of Europe
remaining sluggish, our overall financial results year-to-date are
strong. Sales are down, but less than expected, while earnings
recovered to more normalised levels, helped along by stable pricing
and lower if still high energy prices. I am pleased with the strong
cash flow, which stems primarily from operational efficiency and
our ability to adapt as market conditions require. Looking ahead,
European construction activity, both residential and commercial, is
likely to remain low, while demand in North America and Asia looks
more positive”.
Further information:Kim Junge Andersen, Chief
Financial OfficerROCKWOOL A/S+45 46 56 03 00
Earnings call:ROCKWOOL Group will host an
earnings call on 23 November 2023 at 11.00 CET. The call will be
transmitted live on www.rockwool.com
Rockwool AS (TG:R90)
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