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29.05.2024 09:00:51 - dpa-AFX: EQS-News: Novem Group S.A.: Preliminary results 2023/24 driven by weak market environment (english)
Novem Group S.A.: Preliminary results 2023/24 driven by weak market
environment
EQS-News: Novem Group S.A. / Key word(s): Preliminary Results/Annual Results
Novem Group S.A.: Preliminary results 2023/24 driven by weak market
environment
29.05.2024 / 09:00 CET/CEST
The issuer is solely responsible for the content of this announcement.
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Novem Group S.A.: Preliminary results 2023/24 driven by weak market
environment
* FY 2023/24 revenue of EUR635.5 million, -9.3% below FY 2022/23
* Adj. EBIT1 of EUR69.1 million, -15.5% below PY
* Solid order intake supporting medium-term guidance
Luxembourg, 29 May 2024 - Novem Group S.A. today published its preliminary
results for its financial year 2023/24, including the figures for the fourth
quarter. In the past 12 months, the Company generated a total revenue of
EUR635.5 million, thus equalling a decline over prior year by -9.3%. Despite
challenging market conditions, Novem reported a solid Adj. EBIT margin1 of
10.9% for the reporting year.
Contrary development across the regions in Q4 2023/24
While revenue Series of EUR129.4 million in Q4 2023/24 decreased by -20.4% due
to a persistently soft market, revenue Tooling of EUR20.3 million rose by
74.4%. On a segmental basis, revenue decreased both in Europe and Asia,
whereas Americas developed well in the last quarter of FY 2023/24. Revenue
in Europe (EUR-16.7 million y/y) declined due to the underperformance of
certain platforms and the structural weakness of electric vehicles. By
contrast, revenue in Americas (EUR+5.8 million y/y) increased, largely
attributable to Tooling business, while Series moved sideways. Lower revenue
in Asia (EUR-13.4 million y/y) was impaired by several model changes and a
weak launch of new programs.
In Q4 2023/24, the Adj. EBIT of EUR14.4 million recorded below previous year
by EUR-6.7 million and resulted in a profit margin of 9.6% (PY: 12.2%). The
operating result was again impacted by poor revenue development and thus a
weak cost coverage. Initiatives to mitigate this included the restructuring
activities of the plant in Vorbach (Germany) and the already closed Italian
production facility, which should help to improve the utilisation in Europe
further. Reduced input costs and customer compensation payments supported
the operating result.
Excellent future prospects due to strong order intake
The medium-term guidance is supported by a substantial order intake,
including the successful award of Tesla in Europe and Americas. Apart from
the Model Y interior, the acquisition of the aluminium tailgate marks
Novem's entry into the premium exterior trim market and represents a
strategic milestone.
Solid free cash flow
Novem generated a robust free cash flow1 of EUR24.2 million in Q4 2023/24 but
fell short of previous year (EUR39.6 million). The decline was mainly
attributable to lower cash flow from operating activities due to lower
profit and higher taxes paid. For the whole financial year, Novem generated
a free cash flow of EUR53.8 million, down versus prior year by -36.4% (PY:
EUR84.5 million).
In the fourth quarter of 2023/24, capital expenditure1 of EUR3.5 million
decreased (PY: EUR5.7 million). On a full-year basis, overall investments of
EUR16.1 million led to a capex ratio of 2.5%.
Improved net leverage ratio
As of 31 March 2024, total working capital1 of EUR133.3 million was 7.5%
higher than last year (EUR124.0 million). Compared to prior year, the
deviation of EUR-9.3 million was mainly attributable to lower payables and
higher tooling net.
At the end of financial year, gross financial debt1 of EUR306.4 million
increased by EUR17.9 million (PY: EUR288.5 million). Net financial debt1
amounted to EUR164.9 million, representing a deterioration against previous
year (EUR123.0 million). This led to a net leverage ratio1 of 1.6x Adj.
EBITDA1,
which came in at a higher level than last year (1.1x) but improved
sequentially against the preceding quarter (1.7x).
An accompanying presentation on the preliminary FY 2023/24 results can be
found on the Investor Relations website under Reports & Presentation. This
press release contains unaudited financial information, which may be subject
to change. The final figures and the Annual Report for the financial year
2023/24 will be published on 27 June 2024 on our Investor Relations website.
_______________________
1 For the definition/calculation of the used Alternative Performance
Measures (APMs), please refer to the glossary provided in the corresponding
presentation on the preliminary results 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.
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29.05.2024 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
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1912661 29.05.2024 CET/CEST
environment
EQS-News: Novem Group S.A. / Key word(s): Preliminary Results/Annual Results
Novem Group S.A.: Preliminary results 2023/24 driven by weak market
environment
29.05.2024 / 09:00 CET/CEST
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Novem Group S.A.: Preliminary results 2023/24 driven by weak market
environment
* FY 2023/24 revenue of EUR635.5 million, -9.3% below FY 2022/23
* Adj. EBIT1 of EUR69.1 million, -15.5% below PY
* Solid order intake supporting medium-term guidance
Luxembourg, 29 May 2024 - Novem Group S.A. today published its preliminary
results for its financial year 2023/24, including the figures for the fourth
quarter. In the past 12 months, the Company generated a total revenue of
EUR635.5 million, thus equalling a decline over prior year by -9.3%. Despite
challenging market conditions, Novem reported a solid Adj. EBIT margin1 of
10.9% for the reporting year.
Contrary development across the regions in Q4 2023/24
While revenue Series of EUR129.4 million in Q4 2023/24 decreased by -20.4% due
to a persistently soft market, revenue Tooling of EUR20.3 million rose by
74.4%. On a segmental basis, revenue decreased both in Europe and Asia,
whereas Americas developed well in the last quarter of FY 2023/24. Revenue
in Europe (EUR-16.7 million y/y) declined due to the underperformance of
certain platforms and the structural weakness of electric vehicles. By
contrast, revenue in Americas (EUR+5.8 million y/y) increased, largely
attributable to Tooling business, while Series moved sideways. Lower revenue
in Asia (EUR-13.4 million y/y) was impaired by several model changes and a
weak launch of new programs.
In Q4 2023/24, the Adj. EBIT of EUR14.4 million recorded below previous year
by EUR-6.7 million and resulted in a profit margin of 9.6% (PY: 12.2%). The
operating result was again impacted by poor revenue development and thus a
weak cost coverage. Initiatives to mitigate this included the restructuring
activities of the plant in Vorbach (Germany) and the already closed Italian
production facility, which should help to improve the utilisation in Europe
further. Reduced input costs and customer compensation payments supported
the operating result.
Excellent future prospects due to strong order intake
The medium-term guidance is supported by a substantial order intake,
including the successful award of Tesla in Europe and Americas. Apart from
the Model Y interior, the acquisition of the aluminium tailgate marks
Novem's entry into the premium exterior trim market and represents a
strategic milestone.
Solid free cash flow
Novem generated a robust free cash flow1 of EUR24.2 million in Q4 2023/24 but
fell short of previous year (EUR39.6 million). The decline was mainly
attributable to lower cash flow from operating activities due to lower
profit and higher taxes paid. For the whole financial year, Novem generated
a free cash flow of EUR53.8 million, down versus prior year by -36.4% (PY:
EUR84.5 million).
In the fourth quarter of 2023/24, capital expenditure1 of EUR3.5 million
decreased (PY: EUR5.7 million). On a full-year basis, overall investments of
EUR16.1 million led to a capex ratio of 2.5%.
Improved net leverage ratio
As of 31 March 2024, total working capital1 of EUR133.3 million was 7.5%
higher than last year (EUR124.0 million). Compared to prior year, the
deviation of EUR-9.3 million was mainly attributable to lower payables and
higher tooling net.
At the end of financial year, gross financial debt1 of EUR306.4 million
increased by EUR17.9 million (PY: EUR288.5 million). Net financial debt1
amounted to EUR164.9 million, representing a deterioration against previous
year (EUR123.0 million). This led to a net leverage ratio1 of 1.6x Adj.
EBITDA1,
which came in at a higher level than last year (1.1x) but improved
sequentially against the preceding quarter (1.7x).
An accompanying presentation on the preliminary FY 2023/24 results can be
found on the Investor Relations website under Reports & Presentation. This
press release contains unaudited financial information, which may be subject
to change. The final figures and the Annual Report for the financial year
2023/24 will be published on 27 June 2024 on our Investor Relations website.
_______________________
1 For the definition/calculation of the used Alternative Performance
Measures (APMs), please refer to the glossary provided in the corresponding
presentation on the preliminary results 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
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29.05.2024 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: 1912661
End of News EQS News Service
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1912661 29.05.2024 CET/CEST
| Name | WKN | Börse | Kurs | Datum/Zeit | Diff. | Diff. % | Geld | Brief | Erster | Schluss | |
|---|---|---|---|---|---|---|---|---|---|---|---|
 |
NOVEM GROUP S.A. EO 1 | A3CSWZ | Xetra | 5,600 | 21.06.24 17:35:55 | -0,060 | -1,06% | 0,000 | 0,000 | 5,600 | 5,660 |
