Annual Report 2023
21 Februar 2024 - 5:10PM
UK Regulatory
Annual Report 2023
Company Announcement No. 1 -
2024
to Nasdaq Copenhagen
2024.02.21
Annual Report 2023
In 2023, AO achieved a turnover of DKK 5,261m,
an EBITDA of DKK 405m, and an EBT of DKK 262m. The results were
thus in line with the latest announced expectations. At the Annual
General Meeting, the Board will propose a dividend of DKK 3.75 per
share.
In the second half of 2023, a downturn in the
market was experienced, particularly the market for heat pumps
performed, unexpectedly, negatively. In 2023, AO gained market
shares and has thus performed better than the market in
general.
2024 is expected to be challenging, especially
in the first half, where negative growth rates are anticipated. AO
has taken several initiatives that make us expect to fare better
than the market.
| Financial
Highlights (DKKm) |
|
Q4 2023 |
Q4 2022 |
|
2023 |
2022 |
|
|
|
|
|
|
|
|
| Net
Revenue |
|
1,361.4 |
1,476.2 |
|
5,261.0 |
5,375.0 |
| Gross
Margin |
|
318.2 |
379.8 |
|
1,234.3 |
1,310.3 |
| EBITDA |
|
95.4 |
139.2 |
|
405.3 |
491.6 |
| EBT |
|
57.9 |
109.1 |
|
261.8 |
377.4 |
| |
|
|
|
|
|
|
| Key ratios
(%) |
|
|
|
|
|
|
| Revenue Growth
Rate |
|
(7.8) |
16.5 |
|
(2.1) |
12.0 |
| Gross
Margin |
|
23.4 |
25.7 |
|
23.5 |
24.4 |
| EBITDA
Margin |
|
7.0 |
9.4 |
|
7.7 |
9.1 |
| EBT
Margin |
|
4.3 |
7.4 |
|
5.0 |
7.0 |
Revenue
The growth was characterised by a slowdown in
the market in the second half of the year. The expected growth in
sales of heat pumps after the launch of the heat pump pool did not
materialise. AO gained market shares in the B2B segment, and the
B2C segment returned to positive growth rates in the fourth
quarter. The annual revenue was DKK 5,261m.
EBITDA
EBITDA amounted to DKK 405m, equivalent to an
EBITDA margin of 7.7%. In 2023, there have been no one-time effects
of price increases.
EBT
EBT amounted to DKK 262m, corresponding to a
margin of 5.0%.
Dividend
At the Company's Annual General Meeting on March
20, 2024, a proposal will be made for a dividend payment of DKK
3.75 per 1 DKK share, equivalent to approximately 50% of the year's
profit after tax and 375% of the share capital.
Guidance for 2024
Revenue for 2024 is expected to be in the range
of DKK 5,000 to 5,200m.
EBITDA is expected to be in the range of DKK 340 to 370m.
Profit before tax (EBT) is expected to be in the range of DKK 200
to 230m.
Reference is made to the financial outlook assumptions outlined in
the annual report.
Webcast
The Annual Report for 2023 will be presented in
English via webcast on February 22, 2024, at 13:00 CET. It is
possible to participate in the webcast from the Investor Relations
page on AO.dk or from the link below:
Brødrene A&O Johansen A/S | Offentliggørelse
af Årsrapport 2023 (eventcdn.net)
For further information, please contact:
CEO Niels A. Johansen
CFO/Deputy CEO Per Toelstang
Brødrene A & O Johansen A/S
Rørvang 3
DK- 2620 Albertslund
Denmark
Tlf.: +45 70 28 00 00
- AO_Annual_Report_2023
- 5299004B6ZEGVCR9ZR75-2023-12-31-en
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