Nordic Lights Group Corporation Company release
Nordic Lights Group Corporation’s Business Review January-
JANUARY -
- Net sales decreased by 8% and totaled
EUR 20.5 million (22.2) -
EBITA decreased by 37% and totaled
EUR 2.1 million (3.3) - EBITA margin was 10.2% (14.8%)
-
Adjusted EBITA decreased by 24% and totaled
EUR 2.6 million (3.4) - Adjusted EBITA margin was 12.7% (15.3%)
-
Operating profit decreased by 49% and totaled
EUR 1.3 million (2.5) - Operating profit margin was 6.2% (11.2%)
-
Net cash flow from operating activities were
EUR 1.1 million (2.4) -
On
28 February 2023 ,Montana BidCo Oy announced a recommended public cash offer for all the shares ofNordic Lights .
The figures in this report are unaudited unless otherwise mentioned. Comparative figures for the corresponding period of the previous year are in brackets.
GUIDANCE FOR 2023 (UNCHANGED)
Following rapid net sales growth in both 2022 (24.3%) and 2021 (51.9%), mostly driven by gains in market share,
The company has on
Nordic Lights net sales is expected to remain at approximately previous year's level (2022:EUR 82.4 million ). Particularly in Q1 2023, and also in Q2 2023, net sales is expected to be below corresponding Q1 and Q2 2022 levels, while H2 2023 net sales is expected to be above H2 2022 levels.- Full year 2023 adjusted EBITA-% is expected to be above previous year.
TOM NORDSTRÖM, CEO:
The year 2023 begun in line with our expectations. Sales improved from year end, but remained below previous year’s levels. As communicated earlier, the first half of 2022 was positively impacted by distributors increasing inventory levels as the supply chain constraints of 2021 gradually levelled off. Overall, in Q1/2023 our net sales decreased by 8 percent from the previous year to
Adjusted EBITA totaled
In recent years,
The market uncertainty remains and, as we have previously guided, we expect net sales to remain below the the previous year in the second quarter as well, against the tough comparison period in 2022. However, we continue to estimate that net sales will resume a growth path in the second half of 2023. Despite the seasonality, the underlying positive development in our business has continued and our customers have maintained a fairly positive short-term outlook.
In February, Methode announced a voluntary recommended public cash tender offer, and currently already owns 99.4 percent of
KEY PERFORMANCE INDICATORS
(EUR million) | 1-3/2023 | 1-3/2022 | Change | 1-12/2022 |
Net sales | 20.5 | 22.2 | -7.8% | 82.4(1 |
Gross margin | 6.6 | 7.0 | -5.2% | 28.7 |
Gross margin, % of net sales | 32.2% | 31.3% | 0.9% | 34.8% |
EBITDA | 2.6 | 3.8 | -32.6% | 14.3 |
EBITDA margin (%) | 12.5% | 17.1% | -4.6% | 17.3% |
Items affecting comparability in other operating expenses | 0.5 | 0.1 |
| 1.2 |
Adjusted EBITDA | 3.1 | 3.9 | -21.6% | 15.5 |
Adjusted EBITDA margin (%) | 15.0% | 17.7% | -2.6% | 18.8% |
EBITA | 2.1 | 3.3 | -36.5% | 12.3 |
EBITA margin (%) | 10.2% | 14.8% | -4.6% | 14.8% |
Adjusted EBITA | 2.6 | 3.4 | -23.7% | 13.4 |
Adjusted EBITA margin (%) | 12.7% | 15.3% | -2.6% | 16.3% |
Operating profit | 1.3 | 2.5 | -49.2% | 9.0(1 |
Operating profit margin (%) | 6.2% | 11.2% | -5.0% | 10.9% |
Adjusted operating profit | 1.8 | 2.6 | -31.9% | 10.2 |
Adjusted operating profit margin (%) | 8.6% | 11.7% | -3.1% | 12.3% |
EPS | 0.03 | 0.09 | -63.6% | 0.23 |
Number of shares on average | 20,957,962 | 17,940,430
|
| 19,449,196
|
Net cashflow from operating activities | 1.1 | 2.4 | -54.6% | 11.3 |
Gross capital expenditure | 0.8 | 0.7 | 17.6% | 1.9 |
Gross capital expenditure, % of net sales | 4.0% | 3.1% | 0.9 | 2.3% |
Net interest-bearing debt/Adjusted EBITDA (ratio) | 0.2 | 2.1 |
| 0.2 |
Personnel, at the end of the period | 260 | 301 | -13.6% | 271 |
Key performance indicators are unaudited, unless otherwise indicated. 1) Audited
TENDER OFFER
On
Montana BidCo currently has a shareholding of 99.4% as a result of the original offer and the subsequent offer. The intention is to acquire all shares and apply for the shares in
FINANClAL CALENDAR IN 2023
31 August 2023 Half Year Financial Review for January-June 2023 30 November 2023 Business Review for January-September 2023
Pietarsaari
Board of Directors
Further enquiries
Tom Nordström, CEO,
Tel. +358 400 909005
tom.nordstrom@nordiclights.com
Ann-Louise Brännback, CFO,
Tel. +358 40 190 1165
ann-louise.brannback@nordiclights.com
Certified Adviser:
Tel. +358 9 612 9670
About
Attachments
- Download announcement as PDF.pdf
- Nordic Lights Group Corporation_EN_Q1-2023_Report.pdf
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