October-
- Net sales
EUR 240.2 million (224.0). Total growth 7.2% and organic growth1) in segments 10.9% -
Adjusted EBITDA
EUR 10.2 million (3.3) - Adjusted EBITA2) EUR 2.8 million (-4.0) and adjusted EBITA margin 1.2% (-1.8)
-
Adjusted EBITA2) in segments
EUR 5.0 million (-1.8) and adjusted EBITA margin in segments 2.3% (-0.9) -
Items affecting comparability
EUR 0.1 million (0.0) -
Operating result (EBIT)
EUR 2.9 million (-4.0) and EBIT margin 1.2% (-1.8) -
Net result
EUR 10.3 million (-7.7) -
Earnings per share
EUR 0.06 (-0.05), basic and diluted -
Cash flow from operating activities
EUR 39.8 million (47.0)
January-
- Net sales
EUR 850.1 million (823.6). Total growth 3.2% and organic growth1) in segments 8.8% -
Adjusted EBITDA
EUR 31.8 million (27.8) - Adjusted EBITA2) EUR 1.7 million (-1.9) and adjusted EBITA margin 0.2% (-0.2)
-
Adjusted EBITA2) in segments
EUR 11.8 million (9.9) and adjusted EBITA margin in segments 1.5% (1.4) -
Items affecting comparability
EUR -7.0 million (0.0) -
Operating result (EBIT)
EUR -5.3 million (-2.0) and EBIT margin -0.6% (-0.2) -
Net result
EUR -7.6 million (-14.9) -
Earnings per share
EUR -0.07 (-0.10), basic and diluted -
Cash flow from operating activities
EUR 34.0 million (16.4) -
Net debt
EUR 100.6 million (125.5)
Significant events during and after the reporting period
- On
14 November 2023 , it was announced thatCaroline Lindgren was appointed as the new General Counsel and Head of Sourcing atEltel and member of the Group Management Team as of1 February 2024 . Caroline replacesHenrik Sundell , who has decided to leaveEltel for a position outside the company. -
On
27 November 2023 , it was announced that Eltel Norway andEquinor have signed a frame agreement regarding telecom-specific upgrade and modification services. Estimated value of the four-year agreement isNOK 235 million , aboutEUR 20 million . -
On
12 December 2023 , it was announced thatElin Otter , Director of Communications and IR and member of the Group Management Team has decided to leaveEltel for a position outside the company. A recruitment for her successor has been initiated. -
On
22 January 2024 , it was announced that Eltel Denmark and TDC Net,Denmark's largest telecommunications provider have extended their frame agreement by two years. The estimated order value is aboutDKK 170 million , aboutEUR 23 million . -
On
7 February 2024 , it was announced that Eltel Finland has signed a renewal of an existing frame agreement with the Finnish telecommunications provider DNA. The one-year agreement is worth aboutEUR 12.5 million .
Key figures | ||||
EUR million | Oct- | Oct- | Jan- | Jan- |
Net sales | 240.2 | 224.0 | 850.1 | 823.6 |
Net sales growth, % | 7.2% | -1.0% | 3.2% | 1.4% |
Adjusted EBITDA | 10.2 | 3.3 | 31.8 | 27.8 |
Adjusted EBITA2) | 2.8 | -4.0 | 1.7 | -1.9 |
Adjusted EBITA margin, % | 1.2% | -1.8% | 0.2% | -0.2% |
Adjusted EBITA2), segments | 5.0 | -1.8 | 11.8 | 9.9 |
Adjusted EBITA margin, %, segments | 2.3% | -0.9% | 1.5% | 1.4% |
Operating result (EBIT) | 2.9 | -4.0 | -5.3 | -2.0 |
Return on operative capital employed (ROCE), % | 5.3% | -3.5% | 5.3% | -3.5% |
Net working capital | -49.8 | -21.0 | -49.8 | -21.0 |
Net debt | 100.6 | 125.5 | 100.6 | 125.5 |
Number of employees, average | 4,948 | 5,079 | 5,024 | 5.053 |
1) Organic growth is adjusted for currency effects.
2)
Comments by the CEO
2023 started with strong headwinds and ended with a solid recovery. In the fourth quarter, we achieved a good top-line growth of 7.2%, contributing to an 3.2% increase for the full year, successfully meeting our annual growth targets despite unfavorable currency effects. Our intensified sales efforts have consistently driven volumes. Throughout the year, we signed new contracts valued at about
In the comparative period, the adjusted EBITA in the quarter improved by
2023 ended with an improved financial position, with good cash flow and an all-time low net debt, following a strong focus on both. Furthermore, we expanded our customer base and we have been successful in entering into new and adjacent markets such as solar PV and e-Mobility.
In
Eltel Sweden concluded the year with a positive adjusted EBITA margin of 1.5%, a first positive year in recent history. A key driver was the revenue growth of 10.7% in local currency, mainly thanks to
Eltel Norway has spent the year reshaping for the future. Restructuring and cost savings have been made to align the organization with the demand as well as new business opportunities. Focused sales investments have expanded the customer base and it is rewarding to see that Eltel Norway secured significant frame agreements with new customers.
2023 marked a strong comeback for Eltel Denmark achieving a net sales growth of 25.3% and an adjusted EBITA margin of 5.2% for the full year. Capitalizing on the active power market,
In Other business,
To conclude 2023, we launched and started executing on our new strategy, which involves developing both our classic and new businesses in parallel. We have taken the first steps in creating a foundation to build on in the coming years, as we strive toward sustainable and profitable growth. For 2024 this means we will continue to work hard to improve our profitability, expand our customer base and enter into new and adjacent markets.
I would like to thank our customers, owners and investors for continuing to put their confidence and trust in
Håkan Dahlström, President & CEO
For further information, please contact:
Phone: +358 40 730 77 62, tarja.leikas@eltelnetworks.com
Phone: +46 72 595 46 92, elin.otter@eltelnetworks.com
This information is information that
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