Group
Group Key Figures
| NOK million | Q2 2023 | Q2 2022 | YTD 2023 | YTD 2022 | 2022 |
|---|---|---|---|---|---|
| Sales revenues | 544.7 | 683.2 | 1,181.4 | 1,383.5 | 2,508.2 |
| EBITDA *) | 75.6 | 109.9 | 190.1 | 211.7 | 406.6 |
| Operating profit | 53.5 | 88.5 | 145.9 | 170.1 | 324.6 |
| Share of profit from associate | 8.3 | - | (7.3) | - | - |
| Net financials | (16.3) | (3.6) | (37.8) | 1.6 | (25.4) |
| Profit/loss before tax | 45.4 | 84.9 | 100.8 | 171.8 | 299.1 |
| Taxes | (17.4) | (18.6) | (33.0) | (37.5) | (48.9) |
| Profit/loss after tax | 28.0 | 66.3 | 67.9 | 134.3 | 250.2 |
The Group’s sales revenues in Q2 2023 amounted to NOK 544.7 million which is NOK 138.4 million lower than for the same period in 2022. The trend in sales revenue in Q2 2023 is positive in the Lighting segment, but lower for other segments compared to the same period in 2022. Year to date (YTD) 2023 sales revenues were NOK 1,181.4 million compared to NOK 1,383.5 million YTD 2022.
The Group achieved an EBITDA in Q2 2023 of NOK 75.6 million compared to NOK 109.9 million in the same period last year.
The operating profit in Q2 2023 was NOK 53.5 million compared to NOK 88.5 million in the same period last year. The operating profit YTD Q2 2023 was NOK 145.9 million compared to NOK 170.1 million YTD Q2 2022. The operating profit in Q2 2023 is higher for the Lighting segment, but lower for the other segments compared to the same period in 2022.
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 8.3 million in Q2 2023.
The Group achieved a profit before tax in Q2 2023 of NOK 45.4 million compared to NOK 84.9 million in the same period in 2022. Profit before tax YTD Q2 2023 was NOK 100.8 million compared to NOK 171.8 million YTD Q2 2022.
In Q2 2023, net financials amounted to an expense of NOK 37,8 million which is NOK 39,4 million weaker compared to the same period in 2022. The main reason for the increase in net financial expenses is increased interest rates and debt, and that there was a finance income on increased value of interest rate swaps in 2022. The gain on change in market value of interest rate swaps YTD Q2 2023 was NOK 4.6 million compared to a gain of NOK 12.5 million YTD Q2 2022. YTD, net interest expenses (incl. payment for interest rate swaps) amounted to NOK 42.9 million YTD Q2 2023 which is NOK 33.2 million higher than for the same period in 2022. Interest on lease obligations amounted to NOK 1.7 million YTD Q2 2023 which is NOK 0.1 million lower than for the same period in 2022.
The liquidity reserve*) as at 30 June 2023 amounted to NOK 191.8 million, a reduction of NOK 116.8 million from 1 January 2023 and a reduction of NOK 322.8 million from 30 June 2022. The Board of Directors will maintain its focus on capital and cost-efficiency.
Net interest-bearing debt*) increased from NOK 1,425.4 million as at 1 January 2023 to NOK 1,478.6 million as at 30 June 2023. YTD Q2 2023 long-term borrowings of NOK 9.2 million as carried out, of which 8.8 million are due to new lease agreements.
Investments in tangible fixed assets and intangible assets YTD Q2 2023 totalled NOK 40.6 million which is NOK 10.7 million lower than in 2022. Of the investments made, capitalised lease agreements amounted to NOK 8.8 million.
The financial accounts for 2022 have been restated following a change in financial statement principle for Byggma Eiendom Lyngdal to investment property in accordance with IAS 40. See note 32 in Byggma ASA’s annual report for 2022 for more information.
Total assets increased from NOK 2,945.7 million as at 1 January 2023 to NOK 3,030.9 million as at 30 June 2023.
Booked equity as at 30 June 2023 was NOK 931.3 million (30.7 %), which is an increase of NOK 98.6 million compared to 1 January 2023 (28.3%). The reasons for the change in equity are due to the profit of the year of NOK 67.8 million, a currency translation difference of NOK -1.5 million, loss on financial investment booked in other comprehensive income of NOK 11.0 million share of other comprehensive income from associate of NOK 43.4 million.
*) Definition of EBITDA, liquidity reserve, profit margin and net interest-bearing debt are added after the notes.