Group
Group Key Figures
| NOK million | Q3 2024 | Q3 2023* | Pr. Q3 2024 | Pr. Q3 2023* | 2023 |
|---|---|---|---|---|---|
| Sales revenues | 503.1 | 470.2 | 1,593.0 | 1,651.6 | 2,223.0 |
| EBITDA *) | 58.5 | 47.4 | 163.6 | 237.5 | 293.3 |
| Adjusted operating profit*) | 38.2 | 25.4 | 98.9 | 171.4 | 203.1 |
| Adjusted profit before tax*) | 10.1 | 2.3 | 28.4 | 110.5 | 109.9 |
| * Q3 2023 is adjusted | |||||
The Group’s sales revenues in Q3 2024 amounted to NOK 503.1 million which is a NOK 33.0 million (7.0 %) increase from Q3 2023. Sales revenue for YTD Q3 2024 amounted to NOK 1,593.0 million which is NOK 58.6 million (3.5 %) lower than for the same period in 2023.
The Group achieved an EBITDA*) YTD Q3 2024 of NOK 163.6 million compared to NOK 237.5 million in the same period last year.
The adjusted operating profit in Q3 2024 was NOK 38.2 million compared to NOK 25.4 million in the same period last year. For YTD 2024, the adjusted operating profit was NOK 98.9 million, compared to NOK 171.4 million 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.
From 9 March 2023 the investment in Norske 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 was NOK -48.7 million YTD Q3 2024.
The Group achieved an adjusted profit before tax in Q3 2024 of NOK 10.1 million, compared to NOK 2.3 million last year. Adjusted profit before tax YTD Q3 was NOK 28.4 million compared to NOK 110.5 million in the same period in 2023.
YTD Q3 2024, net financials amounted to an expense of NOK 70.5 million which is NOK 9.5 million increase in cost 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 of 30 September 2024 amounted to NOK 150.1 million, a reduction of NOK 117.4 million from 1 January 2024. The Board of Directors will maintain its focus on capital and cost-efficiency.
Net interest-bearing debt is increased from NOK 1,375.7 million as of 1 January 2024 to NOK 1,399.9 million as of 30 September 2024. As of the third quarter of 2024, there were acquired loans of NOK 0.6 million.
Investments in tangible fixed assets and intangible assets YTD Q3 2024 totaled NOK 27.3 million which is NOK 29.7 million lower than in 2023.
Total assets decreased from NOK 3,240.6 million as at 1 January 2024 to NOK 3,100.4 million as at 30 September 2024.
Booked equity as of 30 September 2024 was NOK 1,101.0 million (35.5 %), which is a decrease of NOK 28.1 million compared to 1 January 2024 (34.8 %). The reasons for the change in equity are due to the profit of the year of NOK -75.2 million, a currency translation difference of NOK 5.2 million and share of other comprehensive income from associate of NOK 42.7 million.
1EBITDA and adjusted operating profit in the graphs above are restated for 2023 and 2022.