The Group's sales revenues in Q1 2024 amounted toNOK 541.6 million which isNOK 95.1 million (14.9 %) lower than for the same period in 2023. The trend in sales revenue in Q1 2024 is positive in the Lighting segments, but lower for other segments compared to the same period in 2023. The Group achieved an EBITDA*) in Q1 2024 ofNOK 61.4 million compared toNOK 114.6 million in the same period last year. The adjusted operating profit in Q1 2024 wasNOK 39.2 million compared toNOK 92.6 million in the same period last year. The operating profit contains non-recurring items, please see reconciliation of adjusted operating profit in Alternative Performance Measures after the notes to the interim report. The adjusted operating profit in Q1 2024 is higher for the Lighting segment, but lower for the other segments compared to the same period in 2023. From9 March 2023 the investment inNorske Skog ASA is classified as an investment in associate and is accounted for using the equity method in accordance with IAS 28. See note 12 for more information. Share of profit from associate wasNOK -67.4 million in Q1 2024. The Group achieved an adjusted profit before tax in Q1 2024 ofNOK 18.1 million compared toNOK 71.2 million in the same period in 2023. YTD Q1 2024, net financials amounted to an expense ofNOK 21.1 million which isNOK 0.2 million weaker compared to the same period in 2023. The main reasons for the increase in net financial expenses are increased interest rates and debt, and that there was a finance income on increased value of interest rate swaps in 2023. Please see note 3 for specification of net financials. The liquidity reserve*) as at31 March 2024 amounted toNOK 197.5 million , a reduction ofNOK 70.1 million from1 January 2024 . The Board of Directors will maintain its focus on capital and cost-efficiency. Net interest-bearing debt*) increased fromNOK 1,375.7 million as of1 January 2024 toNOK 1,393.1 million as of31 March 2024 . During the first quarter of 2024, there were no significant long-term loans acquired. The increase is mainly due to a reduction in cash and cash equivalents and increased withdrawals from overdraft accounts. Investments in tangible fixed assets and intangible assets YTD Q1 2024 totalledNOK 6.4 million which isNOK 15.4 million lower than in 2023. Total assets decreased fromNOK 3,240.6 million as at1 January 2024 toNOK 3,067.6 million as at31 March 2024 . Booked equity as of31 March 2024 wasNOK 1,064.4 million (34.7 %), which is a decrease ofNOK 64.7 million compared to1 January 2024 (34.8 %). The reasons for the change in equity are due to the profit of the year ofNOK -103.8 million , a currency translation difference ofNOK 4.0 million , loss on financial investment booked in other comprehensive income ofNOK 11.0 million share of other comprehensive income from associate ofNOK 35.1 million . *) Definition of EBITDA, adjusted operating profit, liquidity reserve, profit margin and net interest-bearing debt are added after the notes. The definitions have been updated since the last interim report.
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