NORMA GROUP FULL YEAR 2023 RESULTS
MAINTAL, MARCH 26, 2024
Table of Contents - FY 2023
00
01
FY 2023 Review
Organic Sales growth in FY 2023 due to pricing and despite challenging environment in 2023
P&L Statement & Segment Reporting
Efficiency measures in EMEA gaining traction and lead to stable adjusted EBIT margin with positive dynamic at year end
05
06
Strategy & Business Model
Strong business model with growth opportunities driven by global mega trends
> Go to chapter
Financial Track Record
Long-term Charts including P&L, Balance Sheet, Cash Flow, Working Capital, CapEx & Factoring Programs
02
03
Balance Sheet & Maturity Profile
Balance Sheet further improved;
Solid maturity profile with long-term financing strategy
Cash Flow & NORMA Value Added
> Go to chapter
07
08
Corporate Responsibility
Key non-financial figures, Sustainability ratings and CR-initiatives
> Go to chapter
Share Information & Others
04
Strong Net Operating Cash Flow; NORMA Value Added influenced by higher WACC and tax rate
Guidance & Step Up Program
> Go to chapter
Shareholder Structure, Analyst Coverage, Contacts & Event Calender
> Go to chapter
Successful implementation of first efficiency and growth measures
> Go to chapter
2
Facts & Figures FY 2023 - Key Figures (I/II)
Sales | Organic Sales | Adjusted EBIT |
Net sales totaled to EUR 1,222.8 | Organic sales growth of 0.7% | Adjusted EBIT levelled at |
million | for the full year 2023 | EUR 97.5 million |
(2022: EUR 1,243.0 million) | (2022: 7.1%) | (2022: EUR 99.0 million) |
Adj. EBIT Margin | EPS | Dividend |
Solid adjusted EBIT margin of 8.0% | Adj. EPS at EUR 1.37 | Dividend proposal of EUR 0.45 for |
(2022: 8.0%) | (2022: EUR 1.75) | FY 2023 to AGM on May 16, 2024 |
Rep. EPS at EUR 0.87 | (2022: EUR 0.55) | |
(2022: EUR 1.23) |
3
Facts & Figures FY 2023 - Key Figures (II/II)
Equity
Improved equity ratio of 46.4%
(2022: 45.2%)
Net Operating
Cashflow
Strong increase in Net Operating Cashflow to EUR 87.3 million*
(2022: EUR 65.3 million)
Net Debt
Net Debt decreased to
EUR 345.4 million
(2022: EUR 349.8 million)
NOVA
NORMA Value Added at EUR -43.6 million
(2022: EUR -27.1 million)
Leverage
Stable Leverage at 2.2x
(Dec 31, 2022: 2.2x)
Corporate
Responsibility
CO2 emissions slightly up by 3.4%
to 5,064 t CO2e** in 2023
(2022: 4,879 t CO2e)
* With factoring programs at EUR 58 million on December 31, 2023 (December 31, 2022 EUR 77 million) | 4 |
** For more details please refer to the CR report |
SEGMENT REPORTING & P&L STATEMENT
FY 2023 Top Line Development
1500.0 | 20.0 | 20.0 | ||||||||||||||||||
-1.6%* | ||||||||||||||||||||
4.0%* | 1.3%* | |||||||||||||||||||
0.7%* | 4.0 | |||||||||||||||||||
1000.0 | 10.0 | 0.0 | ||||||||||||||||||
-6.4 | -16.6 | -10.3 | -29.3 | |||||||||||||||||
2.1%* | ||||||||||||||||||||
-2.0%* | -3.4%* | |||||||||||||||||||
6.5 | 12.6 | 9.0 | -5.2%* | |||||||||||||||||
500.0 | 0.0 | -20.0 | ||||||||||||||||||
3.5%* | 1.9%* | -6.7%* | -5.1%* | -4.8 | -5.3 | |||||||||||||||
-1.5%* | -1.5%* | -2.4%* | ||||||||||||||||||
1243.0 | 315.0 | 324.0 | 297.2 | 286.6 | 1222.8 | |||||||||||||||
0.0 | -10.0 | -40.0 | ||||||||||||||||||
FY 22 | Q1 23 | Q2 23 | Q3 23 | Q4 23 | FY 23 | Q1 23 | Q2 23 | Q3 23 | Q4 23 | FY 23 | Q1 23 | Q2 23 | Q3 23 | Q4 23 | FY 23 | |||||
Top Line
The positive Organic Growth is outweighed by negative Currency Effects. Leading to a Net Sales development of -1.6% to EUR 1,222.8 million in 2023 compared to EUR 1,243.0 million in 2022.
+0.7% | thereof | ||
Organic | +3.6% | -2.8% | |
Growth | Price | Volume | |
Organic Growth
- Organic Growth of 0.7% in FY 2023 especially due to good development in the EMEA region and positive pricing effects.
- EJT sales showing organic growth of 3.8% leading to sales of EUR 709.6 million, mainly due to growth in the EMEA region.
- SJT sales showing slight decrease of -2.8% leading to sales of EUR 506.7 million, mainly due to weaker industrial demand in the Americas and APAC region.
Currency Effects
- Translation effects of EUR -29.3 million.
- Thus, currency effects reflect -2.4% of Group Net Sales development.
- Currency effects mostly related to USD and APAC region.
* In % of prior year sales
6
FY 2023 - Sales Development by Regions (I/II)
14% | |
(14%) | |
Regional | 44% |
Split | (46%) |
(in % actual vs. | 42% |
prev. year) | |
(39%) |
Americas
EMEA
APAC
AMERICAS Sales | EMEA Sales | APAC Sales |
-3.3%
-6.9% | 5.2% |
574 | 535 | 489 | 515 | 180 | 174 | ||||
2022 | 2023 | 2022 | 2023 | 2022 | 2023 | ||||
7
FY 2023 - Sales Development by Regions (II/II)
Americas
- SJT: Weaker demand in IA and a soft H1 in WM lead to organic growth of -4.0% with Water Management showing positive growth in H2
- EJT: Extraordinary effects in H2 (esp. strikes) lead to organic growth of -4.3% in FY 2023
Sales Development
750
574
535
500 | -26 | -14 |
250
0
Sales FY 22 | Organic | Currency | Sales FY 23 |
EMEA
- SJT: Improved product availability lead to organic growth of 1.5%.
- EJT: Higher demand at mobility customers leads to high single-digit organic growth of 7.1% in FY 2023
Sales Development
750
489 | 28 | 515 | ||
500 | ||||
-2 | ||||
250 | ||||
0 | ||||
Sales FY 22 | Organic | Currency | Sales FY 23 | |
APAC
- SJT: Weaker demand leads to an organic growth of -4.1% in FY 2023
- EJT: Strong organic growth of 8.0% in FY 2023 driven especially by Chinese automotive customers
Sales Development | ||
200 | 180 | 7 |
174 | ||
-13 | ||
100 | ||
0 | ||
Sales FY 22 | Organic Currency Sales FY 23 | |
* In % of prior year sales
8
FY 2023 Balanced Sales Mix
Mobility & New Energy
Engineered Joining Technology (EJT) | Standardized Joining Technology (SJT) |
Industrial Suppliers | Water Management |
24% | 24% |
(25%) | |
(25%) | |
58% | 42% |
(56%) | (44%) |
Heavy Vehicles OEM | 14% | ||
(11%) | 18% | ||
(19%) | Industry Applications | ||
20%
(20%)
Light Vehicles OEM
* FY 2023 (2022 in brackets) | 9 |
FY 2023 (Adjusted) Profit & Loss Development
Material Costs | Gross Profit | |||
(in EUR million and % of sales) | (in EUR million and % of sales) | |||
48.0% | ||||
45.0% | 53.5% | 54.6% | ||
-597.0 | -549.6 | 664.4 | 668.0 | |
2022 | 2023 | 2022 | 2023 |
Material Cost ratio significantly decreased by 300 BPs due to cost reductions in purchasing while Gross Profit ratio
increased by 110 BPs mainly due to inventory reduction of EUR 8.2 million (2022: inventory built up by EUR 15.6 million)
Personnel Expenses
(in EUR million and % of sales)
26.3%
24.9%
-309.4-321.8
20222023
Personnel Expense ratio up by 140 BPs due to
Inflation-related wage increases but also inefficiencies especially in the EMEA region
Net Expenses from adj. other oper.
Income and Expenses
(in EUR million and % of sales)
15.9%15.7%
-197.8-192.0
20222023
OPEX ratio decreased by 20 BPs due to lower
freight and IT costs
Adjusted EBITDA | Adjusted EBIT | |||
(in EUR million and % of sales) | (in EUR million and % of sales) | |||
12.6% | 12.6% | 8.0% | 8.0% | |
157.2 | 154.2 | 99.0 | 97.5 | |
2022 | 2023 | 2022 | 2023 |
Adjusted EBITDA and adjusted EBIT margins stable but with positive dynamics in Q4
10
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Norma Group SE published this content on 05 July 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 July 2024 09:57:10 UTC.