Q1 2024 in brief
- Order intake increased by 8.7% to
EUR 28.6 million (Q1 2023: 26.3) -
Revenue decreased by 18.9% to
EUR 23.4 million (28.8) -
Operating profit declined to
EUR -0.6 million (-0.3), operating profit margin -2.4% (-1.0%) -
Adjusted operating profit declined to
EUR -0.6 million (0.0), operating profit margin -2.4% (0.0%) -
Earnings per share amounted to
EUR -0.05 (-0.18)
Guidance for the full year 2024
President and CEO, Paul Sohlberg
Encouraging improvements in order intake and profitability during the quarter
We opened the year with clear improvement in our market-facing activities. Our order intake for the first quarter amounted to
Revenue in the first quarter was
As a result of our focus on efficiency, our adjusted operating loss more than halved to
New strategy getting traction with customers and within Exel
An important pillar of our new transformative strategy is to seek organic growth from the large and fast-growing applications driven by the energy transition and decarbonization. In full alignment with this target, we had the pleasure of announcing two new customer agreements in the quarter. The first one is in our Transportation customer industry where a new multi-year agreement was signed with Foton Bus and Coach company for the delivery of pultruded composite profiles for Foton's electric buses. Following intensive preparations and development work together with the customer, this agreement offers significant business potential to Exel going forward. The other new customer engagement is in our Energy customer industry where we signed a multi-year agreement through our joint venture Kineco Exel Composites India (KECI), for the supply of pultruded carbon fiber planks for spar caps to a major wind turbine manufacturer in
We continued to decisively progress the implementation of our new transformative strategy also within Exel. During the first quarter, we started the second strategic factory review, this time concerning our
In line with our strategy and following extensive analysis and preparations, we have announced today that Exel will be proposing to its shareholders a rights issue of Exel shares. We are convinced this is the right accelerator for our future growth and transformation. We are pleased to do it in a way that offers every Exel shareholder equal opportunity to participate.
Outlook for 2024
The progress made during this first quarter is pleasing, albeit not yet satisfactory. We will continue working hard according to our strategic plan. The proposed rights issue is an important accelerator of our strategy, and we hope that all of our shareholders will continue to support our journey.
Consolidated key figures
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EUR thousand | Q1 2024 | Q1 2023 | Change % | |||
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Revenue | 23,365 | 28,803 | -18.9 | |||
Operating profit | -555 | -283 | -96.0 | |||
% of revenue | -2.4 | -1.0 |
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Adjusted operating profit 1) | -555 | 6 | -9788.5 | |||
% of revenue | -2.4 | 0.0 |
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EBITDA | 905 | 1,479 | -38.8 | |||
Adjusted EBITDA 1) | 905 | 1,768 | -48.8 | |||
Profit before tax | -607 | -1,475 | 58.8 | |||
Profit for the period | -598 | -2,138 | 72.0 | |||
Profit for the period excluding non-controlling interest | -539 | -2,090 | 74.2 | |||
% of revenue | -2.3 | -7.3 |
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Shareholders' equity | 16,725 | 28,029 | -40.3 | |||
Interest-bearing liabilities | 46,148 | 49,255 | -6.3 | |||
Cash and cash equivalents | 10,207 | 14,746 | -30.8 | |||
Net interest-bearing liabilities | 35,941 | 34,509 | 4.1 | |||
Net debt to adjusted EBITDA 2) | 11.2 | 2.7 | 314.8 | |||
Capital employed | 62,873 | 77,284 | -18.6 | |||
Return on equity, % | -13.9 | -29.3 | 52.5 | |||
Return on capital employed, % | -3.4 | -1.4 | -141.0 | |||
Equity ratio, % | 19.4 | 26.4 | -26.4 | |||
Net gearing, % | 214.9 | 123.1 | 74.5 | |||
Net cash flow from operating activities | -2,611 | -2,790 | -6.4 | |||
Net cash flow from investing activities | -432 | -479 | -9.8 | |||
Capital expenditure | 441 | 761 | -42.1 | |||
% of revenue | 1.9 | 2.6 |
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Research and development costs | 1,077 | 948 | 13.6 | |||
% of revenue | 4.6 | 3.3 |
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Order intake | 28,615 | 26,331 | 8.7 | |||
Order backlog | 34,893 | 26,488 | 31.7 | |||
Earnings per share, diluted and undiluted, EUR | -0.05 | -0.18 | 74.2 | |||
Equity per share, EUR | 1.39 | 2.33 | -40.20 | |||
Average share price, EUR | 2.34 | 5.08 | -53.9 | |||
Average number of shares, diluted and undiluted, 1,000 shares | 11,854 | 11,854 | 0.0 | |||
Employees, average | 623 | 723 | -13.8 | |||
Employees, end of period | 626 | 728 | -14.0 | |||
1) Excluding material items affecting comparability, such as restructuring costs, impairment losses and reversals, and costs related to planned or realized business acquisitions or disposals
2) Last 12 months' adjusted EBITDA
Revenue by customer industry
| Q1 | Q1 | Change |
EUR thousand | 2024 | 2023 | % |
Buildings and infrastructure | 4,801 | 5,654 | -15.1 |
Industrial | 3,357 | 5,490 | -38.9 |
Energy | 5,315 | 6,226 | -14.6 |
Transportation | 3,937 | 4,356 | -9.6 |
Other | 5,955 | 7,077 | -15.9 |
Total | 23,365 | 28,803 | -18.9 |
Revenue by region1)
| Q1 | Q1 | Change |
EUR thousand | 2024 | 2023 | % |
14,337 | 20,315 | -29.4 | |
5,927 | 5,116 | 15.8 | |
2,602 | 3,207 | -18.9 | |
Rest of the world | 499 | 165 | 203.0 |
Total | 23,365 | 28,803 | -18.9 |
1) Revenue by customer location
Vantaa,
Board of Directors
Financial results briefing
Q1/2023:
For further information, please contact:
Mikko Rummukainen, CFO
tel. +358 20 754 1335
mikko.rummukainen@exelcomposites.com
Exel Composites in brief
Our R&D expertise, collaborative approach and global footprint set us apart from our competition. Our composite solutions help customers save resources, reduce products' weight, improve performance and energy efficiency, and decrease total lifetime costs. We want to be the first choice for sustainable composite solutions globally.
Headquartered in
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