ANORA GROUP OYJ Comparable EBITDA improved in Q4 due to improved gross margin and tight cost control ̶ Impairments weakened operating result and distributable funds
This release is a summary of
Q4 2023 in brief
- Net sales were
EUR 212.4 (221.6) million, down by 4.2%. -
Comparable EBITDA was
EUR 28.2 (20.9) million, or 13.3% (9.4%) of net sales, up by 35.2%. - EBITDA was 23.1 (18.9) million, or 10.9% (8.5%) of net sales, up by 22.3%.
-
Net cash flow from operating activities was
EUR 100.1 (36.1) million. -
Earnings per share was
EUR -0.64 (0.05).
January-
- Net sales were
EUR 727.6 (702.7) million, growth of 3.5%. -
Comparable EBITDA was
EUR 69.4 (76.1) million, or 9.5% (10.8%) of net sales, down by 8.9%. - EBITDA was 68.7 (67.9) million, or 9.4% (9.7%) of net sales, up by 1.1%.
-
Net cash flow from operating activities was
EUR 135.3 (-0.4) million. -
Earnings per share was
EUR -0.58 (0.26). - Net debt/comparable EBITDA (rolling 12 months) was 2.0x (4.0x).
Dividend proposal
The Board of Directors proposes to the Annual General Meeting that a dividend of
Guidance
In 2024, Anora's comparable EBITDA is expected to be
Key figures
| EUR million | Q4 23 | Q4 22 | Change | 2023 | 2022 | Change |
| Net sales | 212.4 | 221.6 | -4.2% | 727.6 | 702.7 | 3.5% |
| Comparable EBITDA | 28.2 | 20.9 | 35.2% | 69.4 | 76.1 | -8.9% |
| % of net sales | 13.3 | 9.4 | 9.5 | 10.8 | ||
| EBITDA | 23.1 | 18.9 | 22.3% | 68.7 | 67.9 | 1.1% |
| Comparable operating result | 20.1 | 12.2 | 64.7% | 35.9 | 42.9 | -16.3% |
| % of net sales | 9.4 | 5.5 | 4.9 | 6.1 | ||
| Operating result | -50.5 | 10.2 | -30.2 | 34.7 | ||
| Result for the period | -43.3 | 3.7 | -39.0 | 18.1 | ||
| Earnings per share, EUR | -0.64 | 0.05 | -0.58 | 0.26 | ||
| Net cash flow from operating activities | 100.1 | 36.1 | 135.3 | -0.4 | ||
| Net debt/comparable EBITDA, rolling 12 months | 2.0 | 4.0 | 2.0 | 4.0* | ||
| Personnel end of period | 1,219 | 1,251 | -2.6% | 1,219 | 1251 | -2.6% |
* If including Globus Wine LTM figures, net debt/comparable EBITDA (LTM) would have been approx. 3.7 for 2022.
CEO
"Overall, the year 2023 was a challenging one for Anora, marked by multiple market headwinds and weaker financial performance. As communicated before, while remaining highly committed to our long-term growth strategy, we have recently intensified focus on profitability and on reducing net debt leverage, in order also to improve our dividend capacity going forward.
During the year, we executed several actions to renew our operational model and improve margin trajectory. We launched reorganisation related change negotiations in Q4 and a cost savings initiative in Q2. We are now well on track with the targets set out in these initiatives.
We managed to end the year in a more positive territory and saw results from these cost cuts and the most recent price increases, supported by lower raw material prices and more stabilised currencies.
Our Comparable EBITDA in Q4 was higher than last year and amounted to
Net sales in the fourth quarter declined by 4.2% to
For the full year, net sales were
Our efforts to reduce our leverage also progressed well. At the end of the year the cash balance was high, supported by lower working capital due to inventory reduction and the Larsen divestment. Our cash and cash equivalents reached
As a result of our annual impairment testing, we made impairments of
As we close the year 2023, I would like to thank our customers, partners, shareholders and our approximately 1,200 Anorafolks for their contribution during our journey so far. At the end of the year, we left our science-based emission reduction targets to be validated by Science Based Targets initiative. This continues our ambitious sustainability work as the forerunners of the industry. Looking ahead to 2024, we remain committed to our near-term actions to halt profitability decline, strengthen balance sheet and invest in profitable growth. This includes further price adjustments, and a continued focus on reducing net working capital and improving inventory turnover. I am convinced that our continued customer focus combined with enhanced efficiency will enable us to deliver on our targets and strategy."
Outlook and guidance for 2024
Market outlook
In 2024, the volumes in our key markets are expected to be slightly lower than in 2023 due to challenging economic conditions.
Guidance
In 2024, Anora's comparable EBITDA is expected to be
Anora's financial reporting for the year 2024
Anora will publish its interim report for January-
Anora applies a silent period of 30 days before the publication of financial reports.
Further information:
Contacts:
Milena Hæggström, Director, Investor Relations
tel. +358 40 5581 328
milena.haeggstrom@anora.com
Results presentation:
CEO
It is also possible to dial-in to the meeting about 5 minutes earlier at the following numbers:
- FI: +358 9 2310 6678
- NO: +47 21 40 41 04
- SE: +46 8 502 428 54
- DK: +45 32 72 56 80
UK : +44 20 7660 8309- US: +1 917-781-4622
- Conference ID: 347 339 416#
Q&A
Questions to the management can be sent through the Teams chat.
Presentation material and on-demand recording
The presentation material will be shared in the online meeting and it can be downloaded at: www.anora.com/en/investors. Recording of the presentation will also be available on Anora's website.
Distribution:
Nasdaq
Principal media
www.anora.com
Anora is a leading wine and spirits brand house in the Nordic region and a global industry forerunner in sustainability. Our market-leading portfolio consists of our own iconic Nordic brands and a wide range of prominent international partner wines and spirits. We export to over 30 markets globally.
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