ROBIT PLC STOCK EXCHANGE RELEASE
In the text, ‘review period’ or ‘last quarter of the year’ refers to 1 October–31 December 2023 (Q4), and ‘January–December’ refers to 1 January–31 December 2023. Figures from the corresponding time period in 2022 are given in parentheses. All the figures presented are in euros. Percentages are calculated from thousands of euros.
1 October–31 December 2023 in brief
- Net sales
EUR 22.9 million (26.2); change -12.6 percent - EBITDA
EUR 2.4 million (0.4); 10.5 percent of net sales (1.4) - Comparable EBITDA
EUR 2.0 million (0.4); 8.6 percent of net sales (1.4) - EBITA
EUR 1.5 million (-0.8); 6.3 percent of net sales (-3.1) - Comparable EBITA
EUR 1.0 million (-0.8); 4.4 percent of net sales (-3.1) - EBIT
EUR 1.2 million (-1.0); 5.2 percent of net sales (-4.0) - Review period net income
EUR -0.3 million (-2.2); -1.4 percent of net sales (-8.3) - Net cash flow for operating activities
EUR 7.0 million (1.6)
1 January–31 December 2023 in brief
- Net sales
EUR 92.9 million (112.0); change -17.0 percent - EBITDA
EUR 5.2 million (8.9); 5.6 percent of net sales (7.9) - Comparable EBITDA
EUR 5.0 million (8.9); 5.4 percent of net sales (7.9) - EBITA
EUR 0.8 million (4.0); 0.9 percent of net sales (3.5) - Comparable EBITA
EUR 0.7 million (4.0); 0.7 percent of net sales (3.5) - EBIT
EUR 0.1 million (3.1); 0.1 percent of net sales (2.7) - Review period net income
EUR -3.0 million (0.9); -3.2 percent of net sales (0.8) - Net cash flow for operating activities
EUR 8.4 million (5.6) - Equity ratio at the end of the review period 48.5 percent (46.5)
Key financials | Q4 2023 | Q4 2022 | Change% | 2023 | 2022 | Change% |
Net sales, | 22 901 | 26 210 | -12.6% | 92 917 | 111 962 | -17.0% |
EBITDA, | 2 409 | 379 | 535.9% | 5 172 | 8 851 | -41.6% |
EBITDA, % of net sales | 10.5% | 1.4% | 5.6% | 7.9% | ||
Comparable EBITDA, | 1 961 | 379 | 417.8% | 5 004 | 8 851 | -43.5% |
Comparable EBITDA, % of net sales | 8.6% | 1.4% | 5.4% | 7.9% | ||
EBITA, | 1 451 | -822 | 276.5% | 829 | 3 959 | -79.1% |
EBITA, % of net sales | 6.3% | -3.1% | 0.9% | 3.5% | ||
Comparable EBITA, | 1 004 | -822 | 222.0% | 660 | 3 959 | -83.3% |
Comparable EBITA, % of net sales | 4.4% | -3.1% | 0.7% | 3.5% | ||
EBIT, | 1 192 | -1 039 | 214.7% | 116 | 3 071 | -96.2% |
EBIT, % of net sales | 5.2% | -4.0% | 0.1% | 2.7% | ||
Result for the period, | -332 | -2 166 | -84.7% | -3 019 | 885 | -441.0% |
Result of the period, % of net sales | -1.4% | -8.3% | -3.2% | 0.8% | ||
Earnings per share (EPS), | -0,01 | -0,09 | -0,14 | 0,04 | ||
Return on equity (ROE), % | -6.3% | 1.6% | ||||
Return on capital employed (ROCE), % | -0.4% | 3.5% |
MARKET OUTLOOK FOR 2024
GUIDANCE FOR 2024
BACKGROUND FOR THE GUIDANCE
The guidance is based on the estimate that the mining industry demand remains at good level and market in the construction sector develops positively in the second half of 2024. The guidance is based on the assumption that there will be no significant changes in the exchange rates from the level at the end of 2023.
In 2024,
CEO
Market demand weakened during 2023, which affected the construction industry in
In the last quarter of the year, the company’s orders totalled
The company’s full-year EBITDA decreased from the 2022 level. Profitability was weak, especially in the early part of the year, but the company managed to improve it with the help of the austerity measures implemented during the year. The impact of the austerity measures was evident particularly in the profitability of the fourth quarter or the year. Comparable EBITDA for the review period improved clearly over the comparison period to
Robit’s net cash inflow from operating activities strengthened significantly during the review period, amounting to
The year 2023 was a year of structural changes for the company. We discontinued manufacturing at the Australian plant at the end of the third quarter, resulting in a positive impact of
Work to achieve the sustainability goals continued. Robit’s sustainability work focuses on four key themes: responsible partnerships, reducing carbon dioxide emissions in the value chain, a happy and healthy workplace, and efficiency throughout the product lifecycle. We made good progress in many areas. The systematic work to enhance occupational safety was reflected, for example, in the record number of proactive occupational safety observations that were made and processed during 2023.
During the year, we launched new products on the market that enable efficiency throughout the product lifecycle. Robit’s new H-series hammers were introduced on the Nordic well drilling market during the year. The H-series hammers have helped customers save up to 25 percent in fuel consumption, thereby significantly reducing the costs and emissions from drilling. The launch of the H-series hammers will advance to other markets and applications during 2024.
Thanks to the structural changes implemented, we are starting 2024 in a stronger position. A clearer structure and a more cost-competitive supply chain have strengthened, in particular, the competitiveness of the Down the Hole SBU and the prerequisites for profitable growth.
In 2024, we will focus particularly on ensuring profitable growth. The measures to strengthen profitability will continue. The company seeks growth by further strengthening the distributor network and, in the company’s direct sales countries, by focusing especially on increasing mining sales. The Fit for Service programme, which focuses on working capital management, will continue in 2024. However, in 2024, the company’s stock level is not expected to decrease as significantly as in 2023. We will focus on developing operating models and processes for maintaining optimised stock levels and for improving inventory turnover as the company grows.
SUSTAINABILITY
The measures taken to improve work safety bore fruit. The lost-time injury frequency rate decreased during the year, and the company made a record number of safety observations. In terms of emission intensity, the trend improved towards the latter part of the year, yet we fell somewhat short of the comparison year. The number of consultative sales hours increased significantly during the year, and we were able to raise the number of responsible suppliers and distributors.
Emission intensity | Waste | Consultative sales hours per year | LTIF | Sustainable suppliers | Sustainable distributors | |
12/2023 | -25.7% | 88.1% | 1 919 h | 4.7 | 99.3% | 86.0% |
12/2022 | -26.0% | 89.9% | 714 h | 6.4 | 92.0% | 82.0% |
Target | -50.0% | >90.0% | >1 000 h | 0.0 | >90.0% | >90.0% |
Net sales by product area
EUR thousand | Q4 2023 | Q4 2022 | Change% | 2023 | 2022 | Change% |
Top Hammer | 13 544 | 16 748 | -19.1% | 54 406 | 66 834 | -18.6% |
Down the Hole | 4 864 | 5 827 | -16.5% | 20 862 | 24 897 | -16.2% |
Geotechnical | 4 493 | 3 635 | 23.6% | 17 648 | 20 231 | -12.8% |
Total | 22 901 | 26 210 | -12.6% | 92 917 | 111 962 | -17.0% |
The Group’s net sales in the fourth quarter of the year totalled
Top Hammer net sales decreased by 19.1 percent in the last quarter of the year, and net sales for the review period were
Down the Hole net sales decreased by 16.5 percent in the fourth quarter of the year, and net sales for the review period were
Geotechnical net sales grew strongly by 23.6 percent in the fourth quarter of the year, and net sales for the review period were
Net sales by market area
EUR thousand | Q4 2023 | Q4 2022 | Change% | 2023 | 2022 | Change% |
EMEA | 10 820 | 12 546 | -13.8% | 47 279 | 48 651 | -2.8% |
5 433 | 6 156 | -11.7% | 20 840 | 26 349 | -20.9% | |
2 293 | 2 767 | -17.1% | 8 950 | 11 686 | -23.4% | |
4 031 | 3 227 | 24.9% | 14 835 | 13 892 | 6.8% | |
East | 324 | 1 514 | -78.6% | 1 012 | 11 384 | -91.1% |
Total | 22 901 | 26 210 | -12.6% | 92 917 | 111 962 | -17.0% |
PROFITABILITY
Key figures
EUR thousand | Q4 2023 | Q4 2022 | Change% | 2023 | 2022 | Change% |
EBITDA, | 2 409 | 379 | 535.9% | 5 172 | 8 851 | -41.6% |
EBITDA, % of net sales | 10.5% | 1.4% | 5.6% | 7.9% | ||
Comparable EBITDA, | 1 961 | 379 | 417.8% | 5 004 | 8 851 | -43.5% |
Comparable EBITDA, % of net sales | 8.6% | 1.4% | 5.4% | 7.9% | ||
EBIT, | 1 192 | -1 039 | 214.7% | 116 | 3 071 | -79.1% |
EBIT, % of net sales | 5.2% | -4.0% | 0.1% | 2.7% | ||
Result for the period, | -332 | -2 166 | 84.7% | -3 019 | 885 | -441.0% |
Result for the period, % of net sales | -1.4% | -8.3% | -3.2% | 0.8% |
Comparable EBITDA for the fourth quarter was
(-4.0) of the review period net sales.
Comparable EBITDA for January–December was
The weakened profitability for the financial year was due mainly to lower sales. In addition, the company was not able to fully pass on the increased costs to sales prices. During the last quarter, the company’s cost-savings programme started to bear fruit and profitability improved significantly over the early part of the year. The company will continue investing in developing sales and in managing fixed costs in order to improve profitability.
Financial income and expenses in the fourth quarter of the year totalled
Financial income and expenses in January–December totalled
CASH FLOW AND INVESTMENTS
Consolidated cash flow statement
EUR thousand | Q4 2023 | Q4 2022 | 2023 | 2022 |
Net cash flows from operating activities | ||||
Cash flows before changes in working capital | 2 178 | 1 129 | 4 509 | 10 063 |
Cash flows from operating activities before financial items and taxes | 8 282 | 2 009 | 11 074 | 7 326 |
Net cash inflow (outflow) from operating activities | 7 019 | 1 594 | 8 353 | 5 606 |
Net cash inflow (outflow) from investing activities* | 1 511 | -75 | 1 102 | 743 |
Net cash inflow (outflow) from financing activities | -2 970 | -612 | -4 069 | -6 421 |
Net increase (+)/decrease (-) in cash and cash equivalents | 5 560 | 908 | 5 386 | -72 |
Cash and cash equivalents at the beginning of the financial year | 5 751 | 5 394 | 6 085 | 6 073 |
Exchange gains/losses on cash and cash equivalents | -110 | -216 | -269 | 84 |
Cash and cash equivalents at end of the year | 11 201 | 6 085 | 11 201 | 6 085 |
*The company has adjusted in the comparative period the Other financial assets item from Cash and cash equivalents and its effects also on the cash flow statement. The adjustment from Cash and cash equivalents to Other financial assets was
The Group’s cash flow before changes in working capital during the fourth quarter was
Net cash flow from investing activities in the fourth quarter was
Net cash inflow (outflow) from financing activities for the last quarter of the year was
Depreciation, amortisation and write-downs in the fourth quarter totalled
FINANCIAL POSITION
Cash and cash equivalents, EUR thousand* | 11 201 | 6 085 |
Interest-bearing liabilities, EUR thousand | 32 532 | 36 345 |
of which short-term interest-bearing financial liabilities: | 6 463 | 8 922 |
Net interest-bearing liabilities, EUR thousand | 21 331 | 30 260 |
Undrawn credit facility, EUR thousand | 4 000 | 4 218 |
Gearing,% | 46.7% | 59.5% |
Equity ratio,% | 48.5% | 46.5% |
*The company has adjusted in the comparative period the Other financial assets item from Cash and cash equivalents and its effects also on the cash flow statement. The adjustment from Cash and cash equivalents to Other financial assets was
The Group had
The Group’s equity at the end of the review period was
PERSONNEL AND MANAGEMENT
The number of personnel decreased by 34 from the end of the comparison period, and at the end of the review period it was 225 (259). At the end of the review period, 69 percent of the company’s personnel were located outside
The company’s Management Team at the end of the reporting period was composed of
FINANCIAL TARGETS
Robit’s long-term target is to achieve organic net sales growth of 15 percent annually and comparable EBITDA profitability of 13 percent.
Long-term target | 2021 | 2022 | 2023 | |
Net sales growth p.a., % | 15 % | 10,0 % | 11,1 % | -17,0 % |
Comparable EBITDA, % of net sales | 13 % | 7,5 % | 7,9 % | 5,4 % |
SHARE-BASED INCENTIVE PROGRAMMES
Share-based incentive scheme 2020–2022
On
Share-based incentive scheme 2021–2023
On
The share scheme covers 11 individuals. The total amount of the share rewards payable on the basis of the 2021 and 2022–2023 earning periods corresponds to a maximum of 155,000
Share-based incentive scheme 2022–2024
On
The share scheme includes earning periods of one year and two years. The first earning period of the share scheme comprises the year 2022 and the second earning period comprises the years 2023–2024. The remuneration that may be paid under the share scheme for the 2022 one-year earning period is based on the company’s predetermined net cash inflow target in the 2022 financial statements. The remuneration that may be paid under the share scheme for the 2023–2024 two-year earning period is based on the company’s predetermined average earnings per share in the financial statements for the years 2023 and 2024. The share scheme’s potential reward for both earning periods will be paid in
The share scheme covers 20 individuals. The total amount of the share rewards payable on the basis of the 2022 and 2023–2024 earning periods corresponds to a maximum of 240,000
Share-based incentive scheme 2023–2025
On
The share scheme covers 18 individuals. The total amount of the share rewards payable on the basis of the 2023 and 2024–2025 earning periods corresponds to a maximum of 240,000
RESOLUTIONS OF THE ANNUAL GENERAL MEETING 2023
Robit Plc’s Annual General Meeting was held in
SHARES AND SHARE TURNOVER
On
The company holds 47,190 treasury shares (0.2 percent of total shares). On
RISKS AND BUSINESS UNCERTAINTIES
The ‘net interest-bearing liabilities/EBITDA’ covenant in the
Escalation of the geopolitical situation poses a risk to the company’s business. The war in
Other uncertainty factors include exchange rate development, the functioning of information systems, risks related to the security of supply and logistics, and IPR risks. Passing on the increase in raw material costs fully to customer prices may pose a financial risk. Changes in export countries’ tax and customs legislation may adversely impact the company’s export trade or its profitability. Risks related to information security and cyber threats may also have a detrimental effect on Robit’s business. Potential changes in the business environment may adversely impact the payment behaviour of the Group’s customers and increase the risk of litigation, legal claims and disputes related to Robit’s products and other operations.
CHANGES IN GROUP STRUCTURE
There were no changes in the Group structure during the review period.
OTHER EVENTS IN OCTOBER–DECEMBER 2023
On
On
The acquisition of treasury shares launched by
At its meeting on
TREATMENT OF RESULT FOR THE FINANCIAL YEAR
The Board of Directors proposes to the Annual General Meeting that the parent company’s loss for the financial year that ended on
DISTRIBUTION OF FUNDS TO SHAREHOLDERS
The Board of Directors proposes to the Annual General Meeting that no dividend be paid for the 2023 financial year.
EVENTS AFTER THE REVIEW PERIOD
On
Lempäälä,
Board of Directors
For more information, contact:
+358 40 028 0717
arto.halonen@robitgroup.com
+358 40 759 9142
ville.peltonen@robitgroup.com
Distribution:
Key media
www.robitgroup.com
CONDENSED FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | |||||
EUR thousand | 10–12/2023 | 10–12/2022 | 2023 | 2022 | |
Net sales | 22 901 | 26 210 | 92 917 | 111 962 | |
Other operating income | 791 | 300 | 1 882 | 4 117 | |
Materials and services* | -14 954 | -17 609 | -61 625 | -73 729 | |
Employee benefit expense | -3 694 | -4 536 | -15 388 | -17 075 | |
Depreciation and amortisation | -1 217 | -1 418 | -5 055 | -5 779 | |
Impairment | 283 | -61 | -205 | -339 | |
Other operating expense* | -2 918 | -3 925 | -12 409 | -16 086 | |
EBIT (Operating profit/loss) | 1 192 | -1 039 | 116 | 3 071 | |
Finance income and costs | |||||
Interest income and finance income | 10 | 5 | 214 | 2 277 | |
Interest cost and finance cost | -772 | -533 | -2 758 | -4 010 | |
Finance income and costs net | -762 | -528 | -2 544 | -1 733 | |
Profit/loss before tax | 430 | -1 568 | -2 427 | 1 338 | |
Taxes | |||||
Income tax | -450 | -375 | -444 | -533 | |
Change in deferred taxes | -311 | -223 | -148 | 80 | |
Income taxes | -762 | -598 | -592 | -453 | |
Result for the period | -332 | -2 166 | -3 019 | 885 | |
Attributable to: | |||||
Parent company shareholders | -225 | -1 968 | -3 048 | 819 | |
Non-controlling interest** | -107 | -198 | 29 | 66 | |
-332 | -2 166 | -3 019 | 885 | ||
Other comprehensive income | |||||
Items that may be reclassified to profit or loss in subsequent periods: | |||||
Cash flow hedges | -298 | 46 | -223 | 633 | |
Translation differences** | -357 | -766 | -1 402 | 41 | |
Other comprehensive income, net of tax | -654 | -720 | -1 624 | 674 | |
Total comprehensive income | -987 | -2 886 | -4 644 | 1 560 | |
Attributable to: | |||||
Parent company shareholders | -972 | -3 084 | -4 630 | 1 501 | |
Non-controlling interest** | -14 | 198 | -14 | 58 | |
Consolidated comprehensive income | -987 | -2 886 | -4 644 | 1 560 | |
Earnings per share | |||||
Basic earnings per share | -0,01 | -0,09 | -0,14 | 0,04 |
*In the condensed income statement, changes in inventories are presented in Materials and services, and manufacture for own use in Other operating expenses.
**Founded in 2015 by
*** The Group has internal loans that are treated as net investments in foreign entities in accordance with IAS 21 The Effects of Changes in Foreign Exchange Rates.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION | |||
EUR thousand | Restated | Restated | |
ASSETS | |||
Non-current assets | |||
5 308 | 5 203 | 5 487 | |
Other intangible assets | 817 | 1 498 | 2 695 |
Property, plant and equipment | 19 561 | 24 929 | 27 396 |
Loan receivables | 276 | 248 | 287 |
Other receivables | 0 | 6 | 0 |
Derivatives | 569 | 848 | 56 |
Deferred tax assets | 1 417 | 1 859 | 1 926 |
Total non-current assets | 27 948 | 34 590 | 37 847 |
Current assets | |||
Inventories | 36 054 | 44 311 | 43 538 |
Account and other receivables | 16 820 | 22 342 | 25 337 |
Loan receivables | 70 | 80 | 100 |
Current tax assets | 323 | 108 | 57 |
Other financial assets* | 1 628 | 1 603 | 3 452 |
Cash and cash equivalents | 11 201 | 6 085 | 6 073 |
Total current assets | 66 096 | 74 529 | 78 557 |
Total assets | 94 043 | 109 119 | 116 403 |
EQUITY AND LIABILITIES | |||
Equity | |||
Share capital | 705 | 705 | 705 |
Share premium | 202 | 202 | 202 |
Reserve for invested unrestricted equity | 82 147 | 82 570 | 82 570 |
Translation differences | -3 103 | -1 744 | -1 793 |
Fair value reserve | 455 | 678 | 45 |
Retained earnings | -32 054 | -32 748 | -33 738 |
Profit/loss for the year | -3 048 | 819 | 843 |
Equity attributable to parent company shareholders in total | 45 304 | 50 482 | 48 833 |
Non-controlling interests* | 325 | 339 | 281 |
Capital and reserves in total | 45 629 | 50 822 | 49 114 |
Liabilities | |||
Non-current liabilities | |||
Borrowings | 22 123 | 22 085 | 25 209 |
Lease liabilities | 3 946 | 5 338 | 5 813 |
Deferred tax liabilities | 389 | 690 | 694 |
Employee benefit obligations | 504 | 732 | 725 |
Total non-current liabilities | 26 962 | 28 846 | 32 441 |
Current liabilities | |||
Borrowings | 5 180 | 7 278 | 8 619 |
Lease liabilities | 1 283 | 1 644 | 1 881 |
Advances received | 22 | 145 | 771 |
Income tax liabilities | 130 | 321 | 259 |
Account payables and other liabilities | 14 742 | 19 916 | 23 278 |
Other provisions | 97 | 147 | 40 |
Total current liabilities | 21 453 | 29 451 | 34 848 |
Total liabilities | 48 415 | 58 297 | 67 289 |
Total equity and liabilities | 94 043 | 109 119 | 116 403 |
* Company has restated the Other financial assets from Cash and cash equivalents
** Founded in 2015 by
CONSOLIDATED CASH FLOW STATEMENT | ||||
EUR thousand | Q4 2023 | Restated Q4 2022 | 2023 | Restated 2022 |
Cash flows from operating activities | ||||
Profit before tax | 430 | -1 568 | -2 427 | 1 338 |
Adjustments: | ||||
Depreciation, amortisation, and impairment | 1 217 | 1 418 | 5 055 | 5 779 |
Finance income and costs | 829 | 528 | 2 610 | 1 733 |
Share-based payments to employees | -72 | 22 | -139 | 115 |
Loss (+)/Gain (-) on sale of property, plant and equipment | -699 | -50 | -959 | -74 |
Other non-cash transactions | 473 | 778 | 369 | 1 171 |
Cash flows before changes in working capital | 2 178 | 1 129 | 4 509 | 10 063 |
Change in working capital | ||||
Increase (-) in account and other receivables | 4 492 | -479 | 3 629 | 2 975 |
Increase (-)/decrease (+) in inventories | 3 893 | 740 | 6 836 | -606 |
Increase (+) in account and other payables | -2 282 | 639 | -3 900 | -5 107 |
Cash flows from operating activities before financial items and taxes | 8 282 | 2 029 | 11 074 | 7 326 |
Interest and other finance expenses paid | -1 034 | -529 | -2 200 | -1 250 |
Interest and other finance income received | 52 | 16 | 100 | 20 |
Income taxes paid | -280 | 78 | -621 | -490 |
Net cash inflow (outflow) from operating activities | 7 019 | 1 594 | 8 353 | 5 606 |
Cash flows from investing activities | ||||
Other financial assets increase (-) / decrease (+) | 0 | 0 | 0 | 1 800 |
Purchases of property, plant and equipment | 71 | -185 | -379 | -1 194 |
Purchases of intangible assets | -5 | -52 | -64 | -131 |
Proceeds from the sale of property, plant and equipment | 1 341 | 69 | 1 571 | 150 |
Proceeds from loan receivables | 103 | 93 | -26 | 119 |
Net cash inflow (outflow) from investing activities | 1 511 | -75 | 1 102 | 743 |
Cash flows from financing activities | ||||
Acquisition of own shares | -140 | 0 | -150 | 0 |
Dividend payment | -48 | -30 | -441 | -30 |
Drawdowns of non-current loans | 0 | 0 | 3 500 | 0 |
Amortizations of non-current loans | -1 636 | -1 771 | -3 352 | -3 187 |
Change in bank overdrafts | -112 | 1 588 | -1 782 | -1 480 |
Payment of leasing liabilities | -1 032 | -398 | -1 844 | -1 723 |
Net cash inflow (outflow) from financing activities | -2 970 | -611 | -4 069 | -6 421 |
Net increase (+)/decrease (-) in cash and cash equivalents | 5 560 | 908 | 5 386 | -72 |
Cash and cash equivalents at the beginning of the financial year | 5 751 | 5 394 | 6 085 | 6 073 |
Exchange gains/losses on cash and cash equivalents | -110 | -216 | -269 | 84 |
Cash and cash equivalents at end of the year | 11 201 | 6 085 | 11 201 | 6 085 |
*Company has restated Other financial assets from Cash and cash equivalents
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | ||||||||||
A = Share capital | ||||||||||
B = Share premium | ||||||||||
C = Reserve for invested unrestricted equity | ||||||||||
D = Cumulative translation difference | ||||||||||
E = Fair value reserve | ||||||||||
F = Retained earnings | ||||||||||
G = Equity attributable to parent company shareholders | ||||||||||
H = Non-controlling interests | ||||||||||
I = Capital and reserves in total | ||||||||||
EUR thousand | A | B | C | D | E | F | G | H | I | |
Equity as at | 705 | 202 | 82 570 | -1 793 | 45 | -32 896 | 48 833 | 281 | 49 114 | |
Profit for the period | 820 | 820 | 66 | 885 | ||||||
Other comprehensive income | ||||||||||
Cash flow hedges | 633 | 633 | 633 | |||||||
Translation differences | 49 | 49 | -8 | 41 | ||||||
Total comprehensive changes | 49 | 633 | 820 | 1 502 | 58 | 1 559 | ||||
Other adjustments | 51 | 51 | 51 | |||||||
Share-based payments to employees | 46 | 46 | 46 | |||||||
Use of treasury shares in the remuneration of the Board of Directors | 80 | 80 | 80 | |||||||
Dividend distribution | -30 | -30 | -30 | |||||||
Total transactions with owners, recognised directly in equity | 147 | 147 | 147 | |||||||
Equity as at | 705 | 202 | 82 570 | -1 744 | 678 | -31 928 | 50 483 | 339 | 50 822 | |
EUR thousand | A | B | C | D | E | F | G | H | I | |
Equity as at | 705 | 202 | 82 570 | -1 744 | 678 | -31 928 | 50 483 | 339 | 50 822 | |
Profit for the period | -3 048 | -3 048 | 29 | -3 109 | ||||||
Other comprehensive income | ||||||||||
Cash flow hedges | -223 | -223 | -223 | |||||||
Translation differences | -1 359 | -1 359 | -43 | -1 402 | ||||||
Total comprehensive changes | -1 359 | -223 | -3 048 | -4 630 | -14 | -4 644 | ||||
Share-based payments to employees | -46 | -46 | -46 | |||||||
Acquisition of treasury shares | -150 | -150 | -150 | |||||||
Use of treasury shares in the remuneration of the Board of Directors | 88 | 88 | 88 | |||||||
Dividend distribution | -423 | -17 | -441 | -441 | ||||||
Total transactions with owners, recognised directly in equity | -423 | -125 | -548 | -548 | ||||||
Equity as at | 705 | 202 | 82 147 | -3 103 | 455 | -35 102 | 45 304 | 325 | 45 629 |
NOTES
Contents
- Scope and principles of the interim report
- Key figures and calculation
- Breakdown of net sales
- Financing arrangements
- Changes to property, plant and equipment
- Given guarantees
Goodwill impairment testing- Derivatives
1. SCOPE AND PRINCIPLES OF THE INTERIM REPORT
This financial statement release has been prepared in accordance with the IAS 34 ‘Interim Financial Reporting’ standard using the same principles as are used in the annual financial statements. The financial statement release and interim reports have not been audited.
All figures in the condensed financial statements and in the notes are rounded, which is why the sum of individual figures may deviate from the sum presented.
2.1
Consolidated key figures | Q4 2023 | Q4 2022 | 2023 | 2022 |
Net sales, | 22 901 | 26 210 | 92 917 | 111 962 |
EBIT, | 1 192 | -1 039 | 116 | 3 071 |
EBIT, per cent of sales | 5,2 % | -4,0 % | 0,1 % | 2,7 % |
Earnings per share (EPS), EUR | -0,01 | -0,09 | -0,14 | 0,04 |
Return on equity (ROE), % | -6,3 % | 1,6 % | ||
Return on capital employed (ROCE), % | -0,4 % | 3,5 % | ||
Equity ratio, % | 48,5 % | 46,5 % | ||
Net gearing, % | 46,7 % | 56,4 % | ||
Gross investments, | 67 | 237 | 443 | 1 326 |
Gross investments, % of net sales | 0,3 % | 0,9 % | 0,5 % | 1,2 % |
Number of shares (outstanding shares) | 21 132 710 | 21 127 592 | ||
47 190 | 52 308 | |||
Percentage of votes/shares | 0,22 % | 0,24 % |
2.2 CONSOLIDATING ALTERNATIVE
The alternative key figures should not be examined separate from the IFRS key figures or as replacing the IFRS key figures. Not all companies calculate their alternative key figures in u uniform manner and, therefore, Robit’s alternative figures may not be directly comparable to those presented by other companies, even if they carry the same headings.
The following events affect comparability: costs relating to being listed on the stock exchange and share issue, acquisition costs and business restructuring costs.
Comparable EBITDA ja EBITA | |||||
EUR thousand | Q4 2023 | Q4 2022 | 2023 | 2022 | |
EBIT (Operating profit) | 1 192 | -1 039 | 116 | 3 071 | |
Depreciation, amortization and impairment | 1 217 | 1 418 | 5 055 | 5 779 | |
EBITDA | 2 409 | 379 | 5 172 | 8 851 | |
Items affecting comparability | -448 | 0 | -168 | 0 | |
Comparable EBITDA | 1 961 | 379 | 5 004 | 8 851 | |
EBIT (Operating profit) | 1 192 | -1 039 | 116 | 3 071 | |
Amortisation of acquisitions | 34 | 217 | 487 | 888 | |
Impairments | 225 | 0 | 225 | ||
EBITA | 1 451 | -822 | 829 | 3 959 | |
Items affecting comparability | -448 | 0 | -168 | 0 | |
Comparable EBITA | 1 004 | -822 | 660 | 3 959 | |
2.3 CALCULATION OF
EBITDA: | |
EBIT + Depreciation, amortization and impairment | |
EBITA | |
EBIT + Amortisation of customer relationships | |
Net working capital | |
Inventory + Accounts receivables and other receivables – Accounts payables and other liabilities | |
Earnings per share (EPS), EUR | |
Profit (loss) for the financial year | |
Amount of shares adjusted with the share issue (average during the financial year) | |
Return on equity (ROE), % | |
Profit (loss) for the financial year | x 100 |
Equity (average during the financial year) | |
Return on capital employed (ROCE), % | |
Profit before taxes + Interest expenses and other financing expenses | x 100 |
Equity (average during the financial year) + Interest-bearing financial liabilities (long-term and short-term loans from financial institutions, average during the financial year) | |
Net interest-bearing financial liabilities | |
Long-term and short-term loans from financial institutions – Cash and cash equivalents – Short-term financial securities | |
Equity ratio, % | |
Equity | x 100 |
Balance sheet total – Advances received | |
Gearing, % | |
Net interest-bearing financial liabilities | x 100 |
Equity |
3. BREAKDOWN OF
The IFRS 15 recognition of entries as revenue is identical within each business unit and market area.
Net sales by business unit | |||||||||||
EUR thousand | Q4 2023 | Q4 2022 | Change % | 2023 | 2022 | Change % | |||||
Top Hammer | 13 544 | 16 748 | -19,1 % | 54 406 | 66 834 | -18,6 % | |||||
Down the Hole | 4 864 | 5 827 | -16,5 % | 20 862 | 24 897 | -16,2 % | |||||
Geotechnical | 4 493 | 3 635 | 23,6 % | 17 648 | 20 231 | -12,8 % | |||||
Total | 22 901 | 26 210 | -12,6 % | 92 917 | 111 962 | -17,0 % | |||||
Net sales by market area | |||||||||||
EUR thousand | Q4 2023 | Q4 2022 | Change % | 2023 | 2022 | Change % | |||||
EMEA | 10 820 | 12 546 | -13,8 % | 47 279 | 48 651 | -2,8 % | |||||
5 433 | 6 156 | -11,7 % | 20 840 | 26 349 | -20,9 % | ||||||
2 293 | 2 767 | -17,1 % | 8 950 | 11 686 | -23,4 % | ||||||
4 031 | 3 227 | 24,9 % | 14 835 | 13 892 | 6,8 % | ||||||
East | 324 | 1 514 | -78,6 % | 1 012 | 11 384 | -91,1 % | |||||
Total | 22 901 | 26 210 | -12,6 % | 92 917 | 111 962 | -17,0 % |
4. FINANCING ARRANGEMENTS
The company’s cash and cash equivalents totalled
The covenants of the parent company’s loans are based on the company’s net liabilities/EBITDA ratio and the company’s equity ratio. The covenants are tested on a quarterly basis. According to the financing agreement, the ratio of net liabilities to EBITDA at the rime of review of the covenant condition on
The ‘net interest-bearing liabilities/EBITDA’ covenant of Robit Plc’s financing agreement did not meet the terms of the financing agreement on
INTEREST-BEARING LOANS | ||
EUR thousand | ||
Non-current borrowings | ||
Loans from credit institutions | 22 111 | 22 073 |
Other loans | 12 | 11 |
Lease liabilities | 3 946 | 5 338 |
Total non-current borrowings | 26 069 | 27 423 |
Current borrowings | ||
Loans from credit institutions | 5 179 | 5 462 |
Other loans | 0 | 10 |
Bank overdrafts | 0 | 1 782 |
Lease liabilities | 1 284 | 1 669 |
Total current borrowings | 6 463 | 8 922 |
Total borrowings | 32 532 | 36 345 |
5. CHANGES TO PROPERTY, PLANT AND EQUIPMENT | ||
EUR thousand | ||
Cost at the beginning of period | 55 562 | 53 794 |
*Other changes | -1 188 | |
Additions | 903 | 2 251 |
Disposals | -6 356 | -195 |
Reclassification | -969 | 0 |
Exchange differences | -1 469 | -288 |
Cost at the end of period | 46 483 | 55 562 |
Accumulated depreciation and impairment at the beginning of period | -30 634 | -26 398 |
*Other changes | 1 000 | |
Depreciation | -4 082 | -4 477 |
Disposals | 5 128 | 131 |
Reclassification | 969 | 0 |
Exchange differences | 697 | 110 |
Accumulated depreciation and impairment at the end of period | -26 922 | -30 634 |
Net book amount at the beginning of period | 24 928 | 27 396 |
Net book amount at the end of period | 19 561 | 24 928 |
*Adjustments resulting from corrections to IFRS 16 calculations | ||
6. GIVEN GUARANTEES | |||
EUR thousand | |||
Guarantees and mortgages given on own behalf | 49 505 | 48 425 | |
Other guarantee liabilities | 48 | 49 | |
Total | 49 553 | 48 474 |
7. GOODWILL IMPAIRMENT TESTING
The amount of goodwill is reviewed at least annually in accordance with the IFRS provisions. The values of the goodwill testing variables are also revised if there have been material changes in business, competition, the market or other goodwill testing assumptions.
The company reorganised its Down the Hole business, dividing it into two separate business units, from the start of 2023: Down the Hole business, and Geotechnical business. In the situation at
8. DERIVATIVES
The company hedges the most significant net currency positions that can be forecast for time, volume and interest rate risk.
There were no open currency derivatives at the end of the review period.
On
The company’s main interest rate risk arises from long-term loans with floating interest rates that expose the Group’s cash flow to interest rate risk. The Group’s policy is to use, if necessary, a floating to fixed interest rate swap.
Interest derivatives | |||
EUR thousand | |||
Interest rate swaps | |||
Nominal value | 10 000 | 10 000 | |
Fair value | 569 | 848 |
Attachment
- Robit Plc Financial Statements Release 1 January -
31 December 2023
© OMX, source