DUROC AB INTERIM REPORT
JULY 2022 - MARCH 2023
CLEAR RECOVERY AT THE END OF THE QUARTER - CONTINUED REDUCTION OF NET DEBT
Third quarter January 2023 - March 2023
- Griffine Enduction S.A, a part of Cotting Group, filed for restructuring in March 2023 in accordance with French insolvency legislation. The primary objective was to enable another party to take over all or parts of the operation. Because of this Griffine is not consolidated into the group's accounts as of the commencement of the insolvency proceedings.
- Net sales fell by 5 percent to MSEK 947.2 (996.5). Organic growth** for the remaining operations was-9.9 percent.
- Adjusted EBITDA* decreased by 25 percent to total MSEK
- (79.2), equivalent to an adjusted EBITDA* margin of
- percent (7.9). Adjusted EBITDA excluding Griffine was MSEK 61.8 (83.4).
- Adjusted EBIT* totaled MSEK 32.2 (52.6). Adjusted EBIT excluding Griffine was MSEK 37.0 (61.0).
- Operating income (EBIT) totaled MSEK 30.5 (39.5).
- Cash flow from operating activities totaled MSEK 44.2 (62.3).
- Earnings after tax totaled MSEK 11.6 (24.8).
- Adjusted earnings per share totaled SEK 0.34 (0.97).
- Earnings per share totaled SEK 0.30 (0.63).
- Equity totaled MSEK 1,071.5 (1,148.1) and the equity/assets ratio was 57 percent (53).
July 2022 - March 2023
- Net sales were in line with the previous financial year and totaled MSEK 2,686.4 (2,686.8). Organic growth** stood at-7.4 percent.
- Adjusted EBITDA* decreased by 41 percent to total MSEK 83.3 (140.7), equivalent to an adjusted EBITDA* margin of 3.1 percent (5.2). Adjusted EBITDA excluding Griffine totaled MSEK 91.5 (169.8).
- Adjusted EBIT* totaled MSEK-0.6 (64.4). Adjusted EBIT excluding Griffine totaled MSEK 16.7 (105.3).
- Operating income (EBIT) totaled MSEK-202.5 (57.0), whereof MSEK 179.3 is related to write downs on consolidated level regarding Griffine, see further note 8.
- Cash flow from operating activities totaled MSEK 171.4 (40.5).
- Earnings after tax totaled MSEK-210.1 (34.8).
- Adjusted earnings per share totaled SEK-0.21 (1.08).
- Earnings per share totaled SEK-5.39 (0.89).
- Cash and cash equivalents as of March 31 totaled MSEK 26.2 (24.5), and net debt excluding lease liabilities (IFRS 16) totaled MSEK 124.2 (158.2). Unutilized credit facilities totaled MSEK 267.0 (258.7).
- In December 2022, The subsidiary IFG Holdings Ltd's pension fund purchased an annuity insurance from Aviva Life & Pensions UK Ltd by means of abuy-in solution. Which results in an annual reduction in expenditures of MSEK 6 and the cessation of all pension obligations within 12-14 months.
2022/2023 | 2021/2022 | 2022/2023 | 2021/2022 | 2022/2023 | 2021/2022 | |
Group (MSEK) | Q3 | Q3 | Q1-Q3 | Q1-Q3 | R12 MAR | JUL-JUN |
Net sales | 947.2 | 996.5 | 2,686.4 | 2,686.8 | 3,720.2 | 3,720.5 |
EBITDA | 57.7 | 80.5 | 60.8 | 147.6 | 112.5 | 199.4 |
Adjusted EBITDA* | 59.4 | 79.2 | 83.3 | 140.7 | 134.7 | 192.1 |
Adjusted EBITDA*-margin, % | 6.3 | 7.9 | 3.1 | 5.2 | 3.6 | 5.2 |
Operating profit/loss (EBIT) | 30.5 | 39.5 | -202.5 | 57.0 | -176.5 | 83.0 |
Adjusted EBIT* | 32.2 | 52.6 | -0.6 | 64.4 | 25.1 | 90.1 |
Profit/loss after tax | 11.6 | 24.8 | -210.1 | 34.8 | -180.0 | 64.9 |
Profit per share, SEK | 0.30 | 0.63 | -5.39 | 0.89 | -4.61 | 1.67 |
Adjusted profit per share, SEK* | 0.34 | 0.97 | -0.21 | 1.08 | 0.56 | 1.85 |
Cashflow from operating activities | 44.2 | 62.3 | 171.4 | 40.5 | 94.0 | -36.8 |
Net debt excl. lease liability from IFRS 16 | 124.2 | 158.2 | 124.2 | 158.2 | 124.2 | 265.7 |
Net debt incl. lease liability from IFRS 16 | 258.4 | 290.7 | 258.4 | 290.7 | 258.4 | 396.0 |
Net debt/Equity ratio, % | 24 | 25 | 24 | 25 | 24 | 32 |
*Adjusted for items affecting comparability. A reconciliation of amounts can be found on page 18.
**Pertains to growth adjusted for currency fluctuations as well as structural changes, such as the deconsolidation of Griffine.
Duroc acquires, develops and manages companies with a focus on trade and industry. Using their profound knowledge of technology and markets, the Group's companies aim to achieve leading positions in their respective industries. As the owner, Duroc actively contributes to their development. Duroc is listed on Nasdaq Stockholm (short name: DURC). www.duroc.se
D UR OC IN T E RIM RE P OR T Q 3 2 0 2 2 /2 02 3 | 2 ( 2 0 ) |
CEO'S COMMENT
The third quarter ended with an adjusted EBIT of around MSEK 20 in March which indicates what Duroc is able to achieve under normal circumstances and without Griffine, whose results from the beginning of March is not consolidated into the group's accounts. In total, the adjusted operating profit for the quarter was MSEK 32, whereof -4.8 pertains to Griffine's result.
Our industrial trading operations showed good growth and entirely satisfactory profitability. These operations tie up a limited amount of capital employed and generate strong cash flows.
Market conditions continue to be difficult to assess, and we must take continued turbulence into consideration in certain markets for some time. Nevertheless, Duroc is well prepared to cope with periods of less favorable circumstances and our strong financial position provides us with good conditions for growing the Group.
Third quarter January 2023 - March 2023
Net sales decreased by 5% to MSEK 947.2 (996.5). Adjusted operating profit totaled MSEK 32.2 (52.6). Excluding Griffine, which is not consolidated into the group's accounts from the beginning of March, the adjusted EBIT totaled MSEK 37.0 (61.0).
The first two months of the quarter were characterized by low volumes and continued cost inflation, especially in the foreign production units. Falling raw materials prices led customers to postpone their orders, which resulted in significant short-term volume losses in the industrial units. Prices stabilized toward the end of the period and customers increased their call offs, based on their own low inventory levels. As this took place in parallel with improved cost developments, it created conditions for a better earnings trend especially in IFG, which also reduced its labor force and raised prices.
Volumes in Drake Extrusion fell by 20 percent, which reflects a weaker market for furniture and other consumer products in which the company's yarns are an input material. The market for staple fibers is more stable and an anticipated recovery for yarns would also have a strong positive effect on earnings.
Cresco and Plastibert noted reduced volume, due inter alia to the cessation of exports to Russia. Statutory salary increases in Belgium to compensate for runaway inflation contributed to poor earnings.
Altogether, adjusted EBIT amounted to MSEK 8.3 (35.3) in the production- and polymer-based units.
DMT and Smaller Company Portfolio (SCP) increased their sales by around 20 percent, which not only indicates a good investment appetite among our customers, but also that our company has an attractive product and service offering. DMT gained market share and begins Q4 with an order book worth around MSEK 230.
Once again, Rail had a strong quarter. Sales increased by 10 percent and the EBIT margin was maintained at a satisfactory level.
Altogether, adjusted EBIT amounted to MSEK 31.3 (30.4) in the industrial trade units.
Griffine SA filed for restructuring in March in accordance with French insolvency legislation, for which reason it is no longer consolidated in the Duroc Group as of the beginning of March. Thus, we are rid of a significant loss factor. As previously announced, all assets and liabilities related to Griffine was fully depreciated during the second quarter 2022-2023.
First nine months July 2022 - March 2023
Sales were in line with the previous year and totaled MSEK 2,686.4 (2,686.8). Adjusted EBIT came to MSEK -0.6 (64.4).
The initial quarters were characterized by weakening volumes in the capital-intensive production operations.
Weak volume trends in combination with skyrocketing costs and delayed price compensation led to a very negative performance, above all in IFG and Drake, in a situation we believe also to have impacted our competitors.
Adjusted EBIT in the production and polymer-based units amounted to MSEK -41.5 (63.1).
These losses concealed strong developments in DMT, Rail and SCP, who together reported good growth and most satisfactory rates of returns on capital employed in their operations, as well as
a strong, positive cash flow. Adjusted EBIT amounted to MSEK 69.4 (63.1) MSEK in those units.
Signs from the period's last quarter indicate that the challenges for our production units have now abated. As mentioned, volumes have strengthened, and the cost situation is significantly milder.
Price increases to the customer have gradually broken through and cash flow in the operations is once again positive.
Even though consolidated earnings for the nine-month period are unsatisfactory, I perceive Q3 to be the start of the trend toward gradual improvement.
Outlook
We are entering the final quarter with better prospects than at the start of the previous one, and even better than at the beginning of this financial year.
A normalization of raw material and energy prices, together with an improved average order situation and successively raised prices to the customer, has had a positive effect on the capital-intensive operations in IFG, Drake, Cresco and Plastibert. However, the demand situation continues to be irregular and difficult to forecast, which may entail periodically erratic capacity utilization in the production units.
Other parts of the Group, which represent around 30 percent of sales with a significantly lower proportion of capital employed, are expected to continue performing at a consistently high level even during the coming quarter.
Duroc has a strong balance sheet with significant equity and low net debt, with investments mainly in operations and real assets that are expected to generate good cash flows moving forward. This, together with access to our competent management teams within the Group, provides us with the conditions to grow Duroc at low financial risk, both organically and through acquisitions.
John Häger
CEO
D UR OC IN T E RIM RE P OR T Q 3 2 0 2 2 /2 02 3 | 3 ( 2 0 ) |
DEVELOPMENTS IN DUROC PORTFOLIO COMPANIES
Duroc's portfolio companies consist of International Fibres Group (IFG), Drake Extrusion, Cresco, Plastibert (formerly part of Cotting Group), Duroc Machine Tool (DMT), Duroc Rail and Smaller Company Portfolio, which comprises Universal Power Nordic (UPN), Herber and Duroc Laser Coating (DLC). Set forth below are each individual portfolio company's share of net sales and adjusted EBIT for the past 12-month period, April 2022 - March 2023. Read more about developments company-by-company on pages 4-7 and in Duroc's segment report on page 17.
SHARE OF NET SALES (R12) PROFORMA* | ADJUSTED EBIT PER PORTFOLIO COMPANY (R12) |
PROFORMA* |
Duroc Rail | Smaller |
4% | Comp Portf |
6% | |
DMT Group | IFG |
19% | |
38% | |
Plastibert
5%
Cresco
8%Drake
Extrusion
20%
60 | ||||
50 | ||||
40 | ||||
30 | ||||
20 | ||||
10 | ||||
0 | ||||
IFG | Drake | Cresco Plastibert DMT | Duroc Rail Smaller | |
- 10 | Extrusion | Group | Comp | |
Portf | ||||
- 20 | ||||
*Proportion of net sales and adjusted EBIT per portfolio company shown excluding the deconsolidated operation Griffine Enduction S.A.
Third quarter January 2023 - March 2023
Net sales decreased by 5 percent to MSEK 947.2 (996.5). Organic growth stood at -10 percent, where DMT, Duroc Rail Plastibert and Smaller Company Portfolio had increased sales. IFG, Cresco, Plastibert and Drake Extrusion reported lower sales than in the comparison quarter due to lower sales volumes.
Adjusted EBITDA totaled MSEK 59.4 (79.2) and the adjusted EBITDA margin was 6.3 percent (7.9), driven by lower gross earnings, higher energy and personnel costs in the capital- intensive production-based companies in Europe. Drake in the USA, together with DMT, Duroc Rail and Smaller Company Portfolio improved their profitability due to increased sales and good cost control.
Adjusted EBIT totaled MSEK 32.2 (52.6) and operating income MSEK 30.5 (39.5).
Earnings after tax totaled MSEK 11.6 (24.8).
DEVELOPMENT OF DUROC'S NET SALES PROFORMA*
MSEK
1 000 | |||||||||||
900 | |||||||||||
800 | |||||||||||
700 | |||||||||||
600 | |||||||||||
500 | |||||||||||
400 | |||||||||||
300 | |||||||||||
200 | |||||||||||
100 | |||||||||||
0 | |||||||||||
Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 |
2019/2020 | 2020/2021 | 2021/2022 | 2022/2023 |
*Duroc Group development excluding Griffine Enduction S.A.
July 2022 - March 2023
Net sales were in line with the previous period and totaled MSEK 2,686.4 (2,686.8). Organic growth stood at -7 percent, mainly due to lower sales volumes in IFG, Drake and Cresco, which was partly offset by increased sales in other companies.
Adjusted EBITDA totaled MSEK 83.3 (140.7) and the adjusted EBITDA margin was 3.1 percent (5.2), driven by higher energy, rent and labor costs. EBITDA increased in DMT, Rail and Small Company Portfolio in comparison with the same period in the previous year.
Adjusted EBIT totaled MSEK -0.6 (64.4) and operating income totaled MSEK -202.5 (57.0).
Earnings after tax totaled MSEK -210.1 (34.8).
DEVELOPMENT OF DUROC'S OPERATING PROFIT/LOSS (EBIT) PROFORMA*
MSEK 70
20
Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 |
- 30 | |||||||||||
2019/2020 | 2020/2021 | 2021/2022 | 2022/2023 | ||||||||
- 80 |
- 130
- 180
Q3 2020/2021 was affected by restructuring costs totaling MSEK 35.5. Q2 2022/2023 was affected by impairments of assets on consolidated level totaling MSEK 179.3 related to Griffine Enduction S.A.
D UR O C IN T E RIM RE P O R T Q 3 2 02 2 / 20 2 3
International Fibres Group (IFG) is one of Europe's leading manufacturers of polypropylene-based staple fibers, an input product with reinforcing, insulating, separating or draining properties. The fiber is used in the production of e.g., flooring, rugs, furniture, filters, foodstuff packaging, car interiors and nonwoven fabrics, which means a diversified customer portfolio. IFG has production facilities in Belgium, the United Kingdom and Austria.
4 ( 2 0 )
Share of Duroc's sales (R12)
38%
- Net sales decreased by 10 percent compared to the third quarter of the previous year, mainly due to lower prices for input goods*. Volumes increased by 3 percentyear-over-year and a degree of normalization was discernible in the market. The geotextiles and automotive segments continued to enjoy high order intakes.
- EBITDA totaled MSEK 17.3 (29.8), mainly due to decreased sales. The cost base was on par with the comparison quarter mainly due to a reduction in energy costs that kept them level with theyear-over-year costs. Compulsory salary increases in Belgium and Austria were partially offset by layoffs and reduced labor forces.
- Net debt remained low at MSEK 11.3 (31.2) excluding IFRS 16 effects.
- The change management program initiated during previous years with a specialist product offering that focuses on niche products continues and is having a positive impact on EBIT margins.
2022/ | 2021/ | 2022/ | 2021/ | 2022/ | |
2023 | 2022 | 2023 | 2022 | 2023 | |
Amounts in MSEK | Q3 | Q3 | Q1-Q3 | Q1-Q3 | R12 MAR |
Net Sales | 334.8 | 371.4 | 896.2 | 1,003.9 | 1,277.2 |
Growth, Net Sales % | -9.9 | 23.9 | -10.7 | 26.3 | -6.4 |
Organic growth % | -14.5 | 19.1 | -15.5 | 24.5 | -10.8 |
EBITDA | 17.3 | 29.8 | 1.3 | 68.6 | 33.6 |
EBITDA margin % | 5.2 | 8.0 | 0.1 | 6.8 | 2.6 |
Adjusted EBITDA | 17.3 | 26.8 | 1.3 | 60.0 | 33.2 |
Adjusted EBITDA-margin, % | 5.2 | 7.2 | 0.1 | 6.0 | 2.6 |
EBIT | 10.2 | 23.6 | -19.6 | 49.7 | 7.5 |
EBIT margin % | 3.0 | 6.3 | -2.2 | 5.0 | 0.6 |
Net Debt/Net Cash (-) | 87.4 | 98.6 | 87.4 | 98.6 | 87.4 |
of which from leasing IFRS 16 | 76.1 | 67.4 | 76.1 | 67.4 | 76.1 |
Capital employed | 446.7 | 470.4 | 446.7 | 470.4 | 446.7 |
ROCE % | 1.6 | 17.9 | 1.6 | 17.9 | 1.6 |
Adjusted ROCE % | 1.5 | 15.7 | 1.5 | 15.7 | 1.5 |
*Price mechanisms in customer agreements for polypropylene mean that sales increase as raw material prices rise, and decrease as prices fall. Because raw materials prices affect both the sales price and raw materials costs, gross profit remains unchanged, but with a certain lag.
Drake Extrusion is North America's leading producer of polypropylene-based colored filament yarn and staple fiber. Filament yarn is used mostly by customers who produce fabrics for the furniture industry. Staple fiber is used for production in a variety of areas including flooring, rugs, furniture, technical filters, car interiors and nonwoven fabrics. The business is located in Virginia, USA.
Share of Duroc's sales (R12)
20%
- Net sales decreased by 16 percentyear-over-year for the quarter and organic growth was -25 percent. This was mainly due to a drop in volumes by 19 percent and because price mechanisms in contracts led to a reduction in sales prices.
- Demand for staple fibers remained good and sales increased by 19 percent compared to the previous year. We note a certain nervousness in the market due to the banking crisis, and in theshort-term customers drew down on their inventories, which affected the order intake. Filament yarn sales remained weak. The macroeconomic situation affects the industry and end consumers.
- EBITDA increased by 28 percent and the EBITDA margin by 2.9 percentage points. This was mainly due to higher gross profit margins. Increased energy costs and higher personnel costs arising from an increased number of employees, burdened earnings.
- Net debt excluding IFRS 16 effects decreased by 33 percent to total MSEK 21.8 (32.9).
2022/ | 2021/ | 2022/ | 2021/ | 2022/ | |
2023 | 2022 | 2023 | 2022 | 2023 | |
Amounts in MSEK | Q3 | Q3 | Q1-Q3 | Q1-Q3 | R12 MAR |
Net Sales | 160.6 | 190.5 | 479.2 | 543.2 | 682.2 |
Growth, Net Sales % | -15.7 | 19.0 | -11.8 | 22.7 | -5.6 |
Organic growth % | -24.6 | 6.2 | -25.3 | 14.2 | -19.4 |
EBITDA | 13.0 | 10.0 | -4.8 | 13.7 | 7.9 |
EBITDA margin % | 8.1 | 5.2 | -1.0 | 2.5 | 1.2 |
Adjusted EBITDA | 12.8 | 10.0 | 15.8 | 13.7 | 28.6 |
Adjusted EBITDA-margin, % | 8.0 | 5.2 | 3.3 | 2.5 | 4.2 |
EBIT | 4.5 | 1.7 | -32.2 | -8.0 | -28.0 |
EBIT margin % | 2.8 | 0.9 | -6.7 | -1.5 | -4.1 |
Net Debt/Net Cash (-) | 29.9 | 43.9 | 29.9 | 43.9 | 29.9 |
of which from leasing IFRS 16 | 8.1 | 11.1 | 8.1 | 11.1 | 8.1 |
Capital employed | 301.6 | 307.4 | 301.6 | 307.4 | 301.6 |
ROCE % | -8.7 | -0.5 | -8.7 | -0.5 | -8.7 |
Adjusted ROCE % | -2.3 | -0.6 | -2.3 | -0.6 | -2.3 |
D UR O C IN T E RIM RE P O R T Q 3 2 02 2 / 20 2 3
Cresco develops, produces and sells textile- based solutions for the professional cultivation of crops and is one of the leading players on the global market. The products contribute to favorable environments in greenhouses, mushroom farms and composting installations. The most important product is a climate screen for greenhouses that controls the cultivation climate, contributing to a more efficient process with lower energy consumption. Cresco's production facility is in Belgium.
5 ( 2 0 )
Share of Duroc's sales (R12)
8%
- Net sales decreased by 13 percent during the third quarter. Organic growth was-19 percent. The year-over-year reduction is mainly due to a large order amounting to MEUR 1.1 to Russia in the comparation quarter. As a consequence of the war, all sales to Russia are halted for the time being.
- Positive currency effects from a strong Euro and Dollar mitigated the negative growth somewhat.
- The market continues to be impacted negatively by the energy crisis with margins under pressure from inflation, and the statutoryinflation-based salary increases in Belgium.
- EBIT and EBITDA continue to be affected negatively by lower production volumes and inventory level adjustments, which led to negative production deviations.
- Price increases and structural cost adjustments were carried out, but these have not yet had a full effect on the earnings level due to natural economic lag.
- The market showed initial signs of recovery where the EU gas price cap contributed to a degree of market stabilization. The demand forenergy-saving climate screens for greenhouses and recyclable ground cover fabric made from PLA (a biodegradablecorn-basedpolymer)increased during the quarter as well as accumulated for the first nine months of the year.
2022/ | 2021/ | 2022/ | 2021/ | 2022/ | |
2023 | 2022 | 2023 | 2022 | 2023 | |
Amounts in MSEK | Q3 | Q3 | Q1-Q3 | Q1-Q3 | R12 MAR |
Net Sales | 62.6 | 72.1 | 209.1 | 212.1 | 273.4 |
Growth, Net Sales % | -13.1 | -2.8 | -1.4 | 0.9 | -8.5 |
Organic growth % | -19.2 | -6.0 | -7.4 | 0.8 | -13.5 |
EBITDA | -3.7 | 14.0 | 2.8 | 28.4 | 10.0 |
EBITDA margin % | -5.9 | 19.4 | 1.3 | 13.4 | 3.6 |
EBIT | -5.1 | 12.7 | -1.4 | 24.3 | 4.3 |
EBIT margin % | -8.1 | 17.6 | -0.7 | 11.5 | 1.6 |
Net Debt/Net Cash (-) | 30.2 | 28.1 | 30.2 | 28.1 | 30.2 |
of which from leasing IFRS 16 | 4.7 | 5.1 | 4.7 | 5.1 | 4.7 |
Capital employed | 218.0 | 198.3 | 218.0 | 198.3 | 218.0 |
ROCE % | 2.0 | 24.9 | 2.0 | 24.9 | 2.0 |
Plastibert has been established in the international coated textiles market for more than 60 years. Its products comprise PVC and PU coated fabrics that are used in a variety of areas, including rainwear and protective clothing, PPE, furniture for public spaces, wall coverings and vehicle interiors. Plastibert's production facility is in Belgium
*Plastibert was previously a part of Cotting Group together with French Griffine Enduction SA, but now that Griffine has initiated restructuring, it reports as its own business area.
Share of Duroc's sales (R12)
5%
- Net sales increased by 4 percent during the quarter, and organic growth decreased by 3 percent mainly due to lower volumes that were partially offset by price rises, which began to effect the gross profit margin this quarter.
- During the quarter, EBIT totaled MSEK-1.0 (0.4) which was mainly due to an increase in cost for input goods and a lag in the effect of price increases.
- Increased pay costs arising from compulsory salary increases in Belgium burdened earnings, while lower energy prices helped to mitigate the losses.
- A project was launched aiming to improve capacity utilization in production. The EBIT margins are expected to improve moving forward as the price increases take effect.
2022/ | 2021/ | 2022/ | 2021/ | 2022/ | |
2023 | 2022 | 2023 | 2022 | 2023 | |
Amounts in MSEK | Q3 | Q3 | Q1-Q3 | Q1-Q3 | R12 MAR |
Net Sales | 48.0 | 46.1 | 131.3 | 124.5 | 175.5 |
Growth, Net Sales % | 4.1 | 4.3 | 5.4 | 2.6 | 5.0 |
Organic growth % | -2.6 | 1.2 | -0.9 | 2.5 | -0.4 |
EBITDA | 0.0 | 1.4 | -7.2 | 2.9 | -8.0 |
EBITDA margin % | 0.0 | 3.1 | -5.5 | 2.3 | -4.6 |
EBIT | -1.0 | 0.4 | -10.4 | -0.2 | -12.3 |
EBIT margin % | -2.2 | 0.9 | -8.0 | -0.1 | -7.0 |
Net Debt/Net Cash (-) | 10.0 | -0.7 | 10.0 | -0.7 | 10.0 |
of which from leasing IFRS 16 | 0.3 | 0.5 | 0.3 | 0.5 | 0.3 |
Capital employed | 72.5 | 68.5 | 72.5 | 68.5 | 72.5 |
ROCE % | -16.8 | 4.9 | -16.8 | 4.9 | -16.8 |
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Duroc AB published this content on 05 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 May 2023 07:18:10 UTC.
