- Nachrichtendetail
-
15.02.2024 09:00:33 - dpa-AFX: EQS-News: Novem Group S.A.: Q3 2023/24 figures reflect challenging market conditions (english)
Novem Group S.A.: Q3 2023/24 figures reflect challenging market conditions
EQS-News: Novem Group S.A. / Key word(s): Quarter Results/9 Month figures
Novem Group S.A.: Q3 2023/24 figures reflect challenging market conditions
15.02.2024 / 09:00 CET/CEST
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Novem Group S.A.: Q3 2023/24 figures reflect challenging market conditions
* YTD 2023/24 revenue of EUR485.8 million, -7.7% below YTD 2022/23
* Adj. EBIT1 of EUR54.6 million, -9.8% below PY
* Business environment characterised by continued headwinds
Luxembourg, 15 February 2024 - Novem Group S.A. today published its figures
for the third quarter of its financial year 2023/24. In the first nine
months of financial year 2023/24, Novem generated a total revenue of EUR485.8
million, falling short against previous year by -7.7%.
Robust margin amid lower revenue
Revenue Series of EUR123.1 million declined by -16.5% in Q3 2023/24, primarily
influenced by extended customer plant holidays and weak call-offs. Because
of a different project phasing, revenue Tooling of EUR15.7 million also
recorded lower than last year (EUR19.6 million). At constant foreign exchange
rates, revenue in Q3 2023/24 would have been higher by EUR3.4 million or 2.4%.
The solid order intake in the current financial year supports the mid-term
guidance on revenue growth of 5-6%.
In total, this year's Q3 revenue decreased by EUR-28.2 million in all regions
compared to last year. By segments, the largest decline was reported in
Europe (EUR-23.3 million year-on-year) due to a weak market demand. Americas
showed a slight decrease in revenue (EUR-1.8 million year-on-year) caused by
Tooling, while Series performed well despite the weakness of the US Dollar.
Revenue in Asia (EUR-3.0 million year-on-year) was negatively affected by
several model changes and a slower than expected ramp-up of some platforms.
In Q3 2023/24, the Adj. EBIT of EUR16.6 million fell short of previous year by
EUR-2.4 million, but at the same time resulted in a solid margin of 12.0%
compared to last year (11.4%). Especially the aforementioned inefficiencies
led to a mediocre utilisation of several plants. In response to this
development, the production facility in Italy was closed and all platforms
have been successfully transferred to other European locations. Besides
this, the operating result benefited from lower freight expenses as well as
reduced input costs such as material and leased workers. Agreed customer
compensation payments and the release of accruals also supported the Adj.
EBIT.
Stable capex development
Free cash flow1 turned slightly negative at EUR-3.9 million for the reporting
period and recorded well below last year's figure (EUR24.6 million), mainly
resulting from increased working capital1.
Capital expenditure1 of EUR4.6 million for the third quarter remained almost
flat compared to previous year (EUR4.7 million), with a large portion invested
in China. The overall underlying capex ratio rose to 3.3% (PY: 2.8%) because
of lower revenue.
Increased working capital and net leverage ratio
As of 31 December 2023, total working capital1 of EUR149.2 million recorded
8.8% higher than last year. The deviation of EUR-12.1 million compared to
prior year was mainly attributable to lower trade payables as well as higher
tooling net.
Gross financial debt1 of EUR307.4 million increased by EUR25.0 million compared
to the third quarter of previous year, primarily due to the extension of
existing lease contracts in Querétaro. Compared to last year, net financial
debt1 as of 31 December 2023 rose to EUR182.3 million. This resulted in a net
leverage ratio1 of 1.7x Adj. EBITDA1 (PY: 1.3x).
The quarterly statement for the third quarter of financial year 2023/24 can
be found on the Investor Relations website at Reports & Presentation.
_______________________
1 For the definition/calculation of the used Alternative Performance
Measures (APMs), please refer to the glossary provided in the corresponding
quarterly statement for the third quarter of financial year 2023/24, which
can be found on the Investor Relations website under Reports & Presentation.
About Novem
Luxembourg-headquartered Novem is a globally leading supplier of decorative
interior trim parts for the premium automotive industry. Across the range of
key materials such as genuine wood, aluminium, carbon and premium
synthetics, the Company offers unrivalled quality, technology and innovation
to a growing customer base including all major premium carmakers worldwide.
Founded in Vorbach, Germany, back in 1947, the Company has continuously
expanded its global footprint in Germany, Italy, Czech Republic, Slovenia,
China, USA, Honduras and Mexico. Novem employs about 5,500 people at 12
locations and achieved revenue of around EUR700 million in FY 2022/23.
For more information, please visit www.novem.com.
---------------------------------------------------------------------------
15.02.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
---------------------------------------------------------------------------
End of News EQS News Service
---------------------------------------------------------------------------
1837229 15.02.2024 CET/CEST
EQS-News: Novem Group S.A. / Key word(s): Quarter Results/9 Month figures
Novem Group S.A.: Q3 2023/24 figures reflect challenging market conditions
15.02.2024 / 09:00 CET/CEST
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Novem Group S.A.: Q3 2023/24 figures reflect challenging market conditions
* YTD 2023/24 revenue of EUR485.8 million, -7.7% below YTD 2022/23
* Adj. EBIT1 of EUR54.6 million, -9.8% below PY
* Business environment characterised by continued headwinds
Luxembourg, 15 February 2024 - Novem Group S.A. today published its figures
for the third quarter of its financial year 2023/24. In the first nine
months of financial year 2023/24, Novem generated a total revenue of EUR485.8
million, falling short against previous year by -7.7%.
Robust margin amid lower revenue
Revenue Series of EUR123.1 million declined by -16.5% in Q3 2023/24, primarily
influenced by extended customer plant holidays and weak call-offs. Because
of a different project phasing, revenue Tooling of EUR15.7 million also
recorded lower than last year (EUR19.6 million). At constant foreign exchange
rates, revenue in Q3 2023/24 would have been higher by EUR3.4 million or 2.4%.
The solid order intake in the current financial year supports the mid-term
guidance on revenue growth of 5-6%.
In total, this year's Q3 revenue decreased by EUR-28.2 million in all regions
compared to last year. By segments, the largest decline was reported in
Europe (EUR-23.3 million year-on-year) due to a weak market demand. Americas
showed a slight decrease in revenue (EUR-1.8 million year-on-year) caused by
Tooling, while Series performed well despite the weakness of the US Dollar.
Revenue in Asia (EUR-3.0 million year-on-year) was negatively affected by
several model changes and a slower than expected ramp-up of some platforms.
In Q3 2023/24, the Adj. EBIT of EUR16.6 million fell short of previous year by
EUR-2.4 million, but at the same time resulted in a solid margin of 12.0%
compared to last year (11.4%). Especially the aforementioned inefficiencies
led to a mediocre utilisation of several plants. In response to this
development, the production facility in Italy was closed and all platforms
have been successfully transferred to other European locations. Besides
this, the operating result benefited from lower freight expenses as well as
reduced input costs such as material and leased workers. Agreed customer
compensation payments and the release of accruals also supported the Adj.
EBIT.
Stable capex development
Free cash flow1 turned slightly negative at EUR-3.9 million for the reporting
period and recorded well below last year's figure (EUR24.6 million), mainly
resulting from increased working capital1.
Capital expenditure1 of EUR4.6 million for the third quarter remained almost
flat compared to previous year (EUR4.7 million), with a large portion invested
in China. The overall underlying capex ratio rose to 3.3% (PY: 2.8%) because
of lower revenue.
Increased working capital and net leverage ratio
As of 31 December 2023, total working capital1 of EUR149.2 million recorded
8.8% higher than last year. The deviation of EUR-12.1 million compared to
prior year was mainly attributable to lower trade payables as well as higher
tooling net.
Gross financial debt1 of EUR307.4 million increased by EUR25.0 million compared
to the third quarter of previous year, primarily due to the extension of
existing lease contracts in Querétaro. Compared to last year, net financial
debt1 as of 31 December 2023 rose to EUR182.3 million. This resulted in a net
leverage ratio1 of 1.7x Adj. EBITDA1 (PY: 1.3x).
The quarterly statement for the third quarter of financial year 2023/24 can
be found on the Investor Relations website at Reports & Presentation.
_______________________
1 For the definition/calculation of the used Alternative Performance
Measures (APMs), please refer to the glossary provided in the corresponding
quarterly statement for the third quarter of financial year 2023/24, which
can be found on the Investor Relations website under Reports & Presentation.
About Novem
Luxembourg-headquartered Novem is a globally leading supplier of decorative
interior trim parts for the premium automotive industry. Across the range of
key materials such as genuine wood, aluminium, carbon and premium
synthetics, the Company offers unrivalled quality, technology and innovation
to a growing customer base including all major premium carmakers worldwide.
Founded in Vorbach, Germany, back in 1947, the Company has continuously
expanded its global footprint in Germany, Italy, Czech Republic, Slovenia,
China, USA, Honduras and Mexico. Novem employs about 5,500 people at 12
locations and achieved revenue of around EUR700 million in FY 2022/23.
For more information, please visit www.novem.com.
Contact Investor Relations Press Contact
Mareike Völker Isabel Henninger
Head of Investor Relations Phone: +49 69 506 037 583
Phone: +49 9205 18 1399 E-Mail:
(1)isabel.henninger@kekstcnc.com
1.
mailto:Isabel.henninger@kekstcnc.c
om
E-Mail:
(1)investor.relations@novem.com
1.
mailto:investor.relations@novem.c
om
---------------------------------------------------------------------------
15.02.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
---------------------------------------------------------------------------
Language: English
Company: Novem Group S.A.
19, rue Edmond Reuter
L-5326 Contern
Luxemburg
ISIN: LU2356314745
WKN: A3CSWZ
Listed: Regulated Market in Frankfurt (Prime Standard);
Regulated Unofficial Market in Berlin, Dusseldorf,
Munich, Stuttgart, Tradegate Exchange; Luxembourg Stock
Exchange
EQS News ID: 1837229
End of News EQS News Service
---------------------------------------------------------------------------
1837229 15.02.2024 CET/CEST
| Name | WKN | Börse | Kurs | Datum/Zeit | Diff. | Diff. % | Geld | Brief | Erster | Schluss | |
|---|---|---|---|---|---|---|---|---|---|---|---|
 |
NOVEM GROUP S.A. EO 1 | A3CSWZ | Frankfurt | 5,540 | 07.06.24 08:04:14 | -0,240 | -4,15% | 0,000 | 0,000 | 5,540 | 5,540 |
