Business Review Q1 2024,
The figures in this release are unaudited. The figures in brackets refer to the comparison period (the corresponding period of the previous year), unless otherwise stated. All figures and amounts have been rounded off from exact figures, which may result in minor inaccuracies in additions or subtractions.
January-March 2024
- Revenue was
EUR 98.1 (75.0) million, 30.9% year-on-year. -
EBITDA was
EUR 4.5 (0.1) million. The EBITDA margin was 4.6 (0.1)%. -
The operating profit was
EUR 1.7 (-2.3) million. The profit margin 1.8 (-3.1)%. -
Undiluted earnings per share were
EUR -0.34 (-0.23). -
The order backlog stood at
EUR 445 (526) million at the end of the review period. -
On
9 January 2024 ,Enersense announced that it is merging the Power and International Operations business areas into a single business area. At the same time, the Smart Industry business area was renamed Industry. From the beginning of 2024,Enersense will report three business areas: Power, Industry, and Connectivity. In accordance with the planned organizational changes Margus Veensalu, a member of the Group Executive Team, will step down from the Group Executive Team but will continue atEnersense in another role. -
On
29 February 2024 , the Board of Directors ofEnersense decided on the group key employee incentive plan. -
Financiers approved a lower limit for the equity ratio covenant at the time of review at the end of the first quarter.
Enersense is negotiating with financiers to further specify the covenant level for the full year 2024.
After the review period:
- On
9 April 2024 ,Enersense announced thatMikko Jaskari , the company's CFO and a member of the Group Executive Team, will step down from his position.Jyrki Paappa has been appointed new CFO and member of the Group Executive Team from22 July 2024 .
Guidance for the financial period 2024
(issued on 29 February 2024)
- In 2024,
Enersense's revenue is expected to be in the range ofEUR 365-435 million and EBITDA in the range ofEUR 15-25 million . - The revenue is expected to grow in 2024. Outlook especially for the company's growth areas is favourable. The EBITDA is expected to grow. Profitability is expected to improve even if the investments in growth continue.
Key figures
1-3/2024 | 1-3/2023 | 1-12/2023 | |
Revenue, ( | 98,143 | 74,998 | 363,318 |
EBITDA, ( | 4,489 | 58 | 14,704 |
EBITDA, % | 4.6 | 0.1 | 4.0 |
Operating profit, ( | 1,734 | -2,293 | 5,260 |
Operating profit, % | 1.8 | -3.1 | 1.4 |
Result for the period, ( | -5,520 | -3,778 | -9,149 |
Equity ratio, % | 22.8 | 30.6 | 26.0 |
Gearing, % | 84.1 | 57.7 | 70.2 |
Return on equity, % | -10.5 | -6.0 | -16.0 |
Earnings per share, undiluted, EUR | -0.34 | -0.23 | -0.54 |
Earnings per share, diluted, EUR | -0.34 | -0.23 | -0.54 |
President and CEO Jussi Holopainen
"The beginning of 2024, too, has been marked by uncertainties related to the operating environment. However,
Revenue increased significantly in the Power and Industry business areas. The Power business area's revenue includes sales from wind power projects, and revenue from core business operations also increased. This is the first time we are reporting the Power and International Operations business areas together. Very similar projects have been carried out in these business areas for customers in the electricity network and energy sectors, for example. We believe that by combining international projects under one Power business area, we will increase both our competitiveness and our efficiency. In the Industry business area, revenue from core business operations grew markedly, but the most significant portion of the growth came from offshore business operations. Revenue in the Connectivity business area decreased in the first quarter, which is seasonally slower than the rest of the year.
In the first quarter, EBITDA grew considerably year-on-year. Profitability in the core businesses was good, but the loss in the first quarter in the offshore business turned the Industry business area's EBITDA nearly
As a result of the poor performance of the offshore business, with the balance sheet treatment of wind power revenue, the equity ratio was lower than expected at the end of the review period. I am pleased that we reached an agreement with our financiers on lowering the equity ratio covenant limit at the time of review at the end of March. Despite increased uncertainty in the market environment, we believe that the profitability development for the rest of the year will be better, and we reiterate our guidance for 2024 from February.
This release is a summary of
SVP, Communications and Public Affairs
More information:
Tel. +358 44 517 4543
Email: jussi.holopainen@enersense.com
Risto Takkala, acting CFO
Tel.: +358 45 127 4414
Email: risto.takkala@enersense.com
Media contacts:
Tel. +358 40 043 7515
Email: tommi.manninen@enersense.com
Distribution:
Nasdaq
Major media
www.enersense.com
https://news.cision.com/enersense-international-oyj/r/enersense-international-plc-s-business-review-january-march-2024--enersense-s-growth-continued-and-q,c3968722
https://mb.cision.com/Main/17026/3968722/2762915.pdf
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