Earnings Call Q1.24
14 May 2024
Rüdiger Rath, CEO
Thomas Stark, CFO
Earnings Call Q1.24 I 14 May 2024
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LEGAL NOTICE
Earnings Call Q1.24 I 14 May 2024
Significant Events in Q1.24
Revenue
EBITDA
OCF
Expected soft Q1.24 materializes; mid-sized customers delay hardware orders due to uncertainty about development of budgets and economic environment.
Lower trading business especially in Germany goes along with lower marketing fundings by OEMs and lower supplier bonuses; general cost increases.
Significant improvement in OCF to € +56.3m achieved, increase of almost € +100m on Q1.23, driven by lower receivables and inventories; corresponding OWC decline.
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Earnings Call Q1.24 I 14 May 2024
Group: Strong growth through successful M+A.
REVENUE | EBITDA MARGIN | ||||||
€ million | +38.7% | % | |||||
Q1.24 | 440.6 | 6.9% | |||||
Q1.23 | 317.7 | Organic: -6.3% | Q1.23: 7.6% | ||||
EBITDA | |||||||
€ million | +26.1% | Soft Q1.24 in Germany, Austria | |||||
Q1.24 | 30.4 | ||||||
more resilient but also affected. | |||||||
Q1.23 | 24.1 | Organic: -26.2% | |||||
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Earnings Call Q1.24 I 14 May 2024
Segment Germany: A slow Q1.24.
REVENUE | EBITDA MARGIN | ||
€ million | -1.7% | % | |
Q1.24 | 292.9 | 6.2% | |
Q1.23 | 297.9 | Organic: -6.9% | Q1.23: 7.5% |
EBITDA € million
Q1.24 | 18.1 | -18.7% |
Q1.23 | 22.2 | |
Organic: -26.9% |
As expected, soft hardware business hurts topline; lower back ends and general cost increases.
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Earnings Call Q1.24 I 14 May 2024
Segment International: Strong start to the year.
REVENUE | EBITDA MARGIN | ||
€ million | % | ||
Q1.24 | 147.7 | +646.6% | 8.3% |
Q1.23 19.8 | Organic: +2.6% | Q1.23: 9.4% |
EBITDA € million
Q1.24 | 12.3 | +562.2% |
Q1.23 1.9 | Organic: -13.2% |
Austrian market proves more resilient, CANCOM Austria with
8.4 percent EBITDA-margin for Q1.24.
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Earnings Call Q1.24 I 14 May 2024
Operating Cash Flow: Strongest Q1 in CANCOM history.
FY.22: -53.5 | FY.23: +94.7 | Q1.24: +56.3 | NET CASH* | ||||||||
€ million | 116.2 | € million | |||||||||
104.6 | 211.5 | ||||||||||
69.9 | Q1.23: 330.4 | ||||||||||
56.3 | |||||||||||
-49.8 | -43.6 | -43.6 | -36.2 | ||||||||
-76.3 | |||||||||||
Q1.22 | Q2.22 | Q3.22 | Q4.22 | Q1.23 | Q2.23 | Q3.23 | Q4.23 | Q1.24 | Q2.24 | Q3.24 | Q4.24 |
* Cash and cash equivalents - Current liabilities to credit institutions | 8 |
Earnings Call Q1.24 I 14 May 2024
CapEx: On target.
FY.22: 26.5 | FY.23: 25.8 | Q1.24: 6.5 |
€ million
8.0 | 8.9 | 8.5 | 7.7 | ||||||||
6.4 | 6.5 | ||||||||||
5.1 | |||||||||||
4.5 | |||||||||||
3.2 | |||||||||||
Q1.22 | Q2.22 | Q3.22 | Q4.22 | Q1.23 | Q2.23 | Q3.23 | Q4.23 | Q1.24 | Q2.24 | Q3.24 | Q4.24 |
CapEx to be expected on target for the full year.
CAPEX / REVENUE
%
1.5%
Q1.23: 1.4%
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Earnings Call Q1.24 I 14 May 2024
PPA based amortization and EPS effects.
PPA EFFECT ON AMORTIZATION | PPA EFFECT ON EPS | |||
€ million | .26 | € | ||
2027 | 5.3 25 | 2027 | 0.11 | |
2026 | 7.0 | 2026 | ||
2025 | .24 | 8.7 | 2025 | |
2024 | 11.8 | 2024 | ||
2023 | 8.3 | 2023 |
.22 | ||||
.22 | 2023 | 2022 | ||
EARNINGS PER SHARE (€) | ||||
from continued operations (undiluted) | 1.03 | 0.90 | ||
.21 |
0.15
0.18
0.25
0.17
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Earnings Call Q1.24 I 14 May 2024
Share buyback 2023: Completed.
Share buyback 2023 | Status* | ||||||
Start | 3 July 2023 | ||||||
# of shares bought | 3,854,800 | ||||||
Maximum duration | until 30 June 2024 | Volume used | € 102,488,023.78 | ||||
Maximum volume | € 155 million | VWAP per share | € 26.5871 | ||||
Maximum # of shares | 3,854,800 | Programme ended | 8 April 2024 | ||||
(% of share capital) | (9.9%) | ||||||
CANCOM currently holds 1,669,758 treasury shares.
*As per final notification on 8 April 2024 | 11 |
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Cancom SE published this content on 14 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 May 2024 13:39:04 UTC.