Comparable EBITDA improved in Q1 due to higher gross margin and cost reduction
This release is a summary of
Q1 2024 in brief
- Net sales were
EUR 146.9 (159.5) million, down by 7.9%. -
Comparable EBITDA was
EUR 8.9 (7.9) million, or 6.1% (5.0%) of net sales, up by 12.1%. - EBITDA was 7.8 (6.9) million, or 5.3% (4.3%) of net sales, up by 12.9%.
-
Net cash flow from operating activities was
EUR -44.6 (3.6) million. -
Earnings per share was
EUR-0.03 (-0.08).
Guidance
In 2024, Anora's comparable EBITDA is expected to be
Key figures
EUR million | Q1 24 | Q1 23 | Change | 2023 |
Net sales | 146.9 | 159.5 | -7.9% | 726.5 |
Comparable EBITDA | 8.9 | 7.9 | 12.1% | 68.2 |
% of net sales | 6.1 | 5.0 | 9.4 | |
EBITDA | 7.8 | 6.9 | 12.9% | 67.5 |
Comparable operating result | 2.0 | -0.7 | 34.8 | |
% of net sales | 1.3 | -0.4 | 4.8 | |
Operating result | 0.8 | -1.7 | -31.3 | |
Result for the period | -2.2 | -5.6 | -39.9 | |
Earnings per share, EUR | -0.03 | -0.08 | -0.59 | |
Net cash flow from operating activities | -44.6 | 3.6 | 135.3 | |
Net working capital | -31.7 | 53.7 | -79.2 | |
Net debt/comparable EBITDA, rolling 12 months | 2.6 | 4.0 | 2.0 | |
Personnel end of period | 1,220 | 1,284 | -5.0% | 1,219 |
CEO
"During the first quarter, we continued with our intensified focus on improving the profitability of our
As a result, our comparable EBITDA grew by 12.1 percent, and amounted to
Net sales in the first quarter declined by 7.9 percent to
Overall, the monopoly markets showed a stable environment, albeit shoppers are still trading down and volumes are eroding slowly. Against this backdrop, our lower-mainstream wine and spirit offerings saw good growth in sales, demonstrating the breadth and flexibility of our product portfolio. Also, our own wine brands continue gaining momentum following the actions taken in the second half of 2023. In this market environment, our gross margin improved, while our gross profit was
Our efforts to reduce leverage also progressed well. At the end of the quarter our cash balance was high, supported by lower working capital due to inventory reduction and the Larsen divestment. Our cash and cash equivalents reached
At the end of last year, we left our science-based emission reduction targets to be validated by the Science Based Targets initiative. This continues our ambitious sustainability work as the forerunners of the industry.
Looking ahead to the balance of 2024, we remain committed to our near-term actions to halt profitability decline through active mix and revenue management and to strengthen our cash position and balance sheet via reduced working capital and improved inventory turns. We are also intensifying our efforts to restore organic net sales growth in the
I am convinced that our current effective measures to markedly strengthen the Group's financial fundamentals will allow us to get back on track in delivering on Anora's long-term targets and strategy."
Outlook and guidance for 2024
Market outlook
In 2024, the volumes in our key markets are expected to be slightly lower than in 2023 due to challenging economic conditions.
Guidance
In 2024, Anora's comparable EBITDA is expected to be
Anora's financial reporting for the year 2024
Anora will publish its half-year report for January-
Anora applies a silent period of 30 days before the publication of financial reports.
Further information:
Contacts:
Milena Hæggström, Director, Investor Relations
tel. +358 40 5581 328
milena.haeggstrom@anora.com
Results presentation:
CEO
It is also possible to dial-in to the meeting about 5 minutes earlier at the following numbers:
FI: +358 9 2310 6678
NO: +47 21 40 41 04
SE: +46 8 502 428 54
DK: + 45 32 72 56 80
US: +1 917-781-4622
Conference ID 727 749 663#
Q&A
Questions to the management can be sent through the Teams chat.
Presentation material and on-demand recording
The presentation material will be shared in the online meeting and it can be downloaded at: www.anora.com/en/investors. Recording of the presentation will also be available on Anora's website.
Distribution:
Nasdaq
Principal media
www.anora.com
Anora is a leading wine and spirits brand house in the Nordic region and a global industry forerunner in sustainability. Our market-leading portfolio consists of our own iconic Nordic brands and a wide range of prominent international partner wines and spirits. We export to over 30 markets globally.
https://news.cision.com/anora/r/anora-group-plc-s-interim-report-for-1-january---31-march-2024,c3974241
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