Group
Group Key Figures
| NOK million | Q3 2023 | Q3 2022 | YTD 2023 | YTD 2022 | 2022 |
|---|---|---|---|---|---|
| Sales revenues | 470.2 | 565.2 | 1,651.6 | 1,948.7 | 2,508.2 |
| EBITDA *) | 47.4 | 136.7 | 237.4 | 348.5 | 406.6 |
| Operating profit | 25.4 | 116.6 | 171.3 | 286.8 | 324.6 |
| Share of profit from associate | 53.9 | - | 46.6 | - | - |
| Net financials | (23.1) | (1.2) | (60.8) | 0.4 | (25.4) |
| Profit/loss before tax | 56.2 | 115.5 | 157.0 | 287.2 | 299.1 |
| Taxes | (0.5) | (8.3) | (22.2) | (45.8) | (48.9) |
| Profit/loss after tax | 55.7 | 107.2 | 134.8 | 241.4 | 250.2 |
| NOK million | Q3 2023 | Q3 2022 | YTD 2023 | YTD 2022 | 2022 |
|---|---|---|---|---|---|
| Reported operating profit | 25.4 | 116.6 | 171.3 | 286.8 | 324.6 |
| Gain on forward contract on share purchase | - | (80.6) | - | (76.5) | (76.5) |
| Write down of investment property | - | 20.0 | - | 20.0 | 20.0 |
| Adjusted operating profit *) | 25.4 | 56.0 | 171.3 | 230.2 | 268.0 |
The Group’s sales revenues in Q3 2023 amounted to NOK 470.2 million which is NOK 95.1 million (16.8 %) lower than for the same period in 2022. The trend in sales revenue in Q3 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 1,651.6 million compared to NOK 1,948.7 million YTD 2022.
The Group achieved an EBITDA in Q3 2023 of NOK 47.4 million compared to NOK 136.7 million in the same period last year.
The operating profit in Q3 2023 was NOK 25.4 million compared to NOK 116.6 million in the same period last year. The operating profit YTD Q3 2023 was NOK 171.3 million compared to NOK 286.8 million YTD Q3 2022. The operating profit in Q3 2022 contains non-recurring items, see reconciliation of adjusted operating profit in the table above. The operating profit in Q3 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 53.9 million in Q3 2023.
The Group achieved a profit before tax in Q3 2023 of NOK 56.2 million compared to NOK 115.5 million in the same period in 2022. Profit before tax YTD Q3 2023 was NOK 157.0 million compared to NOK 287.2 million YTD 3. kvartal 2022.
YTD Q3 2023, net financials amounted to an expense of NOK 60.8 million which is NOK 61.2 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 Q3 2023 was NOK 4.6 million compared to a gain of NOK 19.9 million YTD Q3 2022. YTD net interest expenses (incl. payment for interest rate swaps) amounted to NOK 66.5 million YTD Q3 2023 which is NOK 53.5 million higher than for the same period in 2022. Interest on lease obligations amounted to NOK 2.5 million YTD Q3 2023 which is NOK 0.2 million lower than for the same period in 2022.
The liquidity reserve*) as at 30 September 2023 amounted to NOK 208.5 million, a reduction of NOK 100.1 million from 1 January 2023 and a reduction of NOK 84.6 million from 30 September 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 1,447.0 million as at 30 September 2023. YTD Q3 2023 long-term borrowings of NOK 14.9 million as carried out, of which 14.3 million are due to new lease agreements.
Investments in tangible fixed assets and intangible assets YTD Q3 2023 totalled NOK 56.9 million which is NOK 41.5 million lower than in 2022. Of the investments made, capitalised lease agreements amounted to NOK 14.3 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 3,047.8 million as at 30 September 2023.
Booked equity as at 30 September 2023 was NOK 963.8 million (31.6 %), which is an increase of NOK 131.1 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 134.8 million, a currency translation difference of NOK 1.1 million, loss on financial investment booked in other comprehensive income of NOK 11.0 million share of other comprehensive income from associate of NOK 8.4 million.
*) Definition of EBITDA, adjusted operating profit, liquidity reserve, profit margin and net interest-bearing debt are added after the notes.