Certain statements contained in this presentation constitute forward-looking statements. These statements may include, without limitation, statements concerning future results of operations, the Company's share of new and existing markets, general industry and macro-economic trends and the Company's performance relative thereto and statements preceded by, followed by or including the words "believes", "expects", "anticipates", "will", "may", "could", "should", "intends", "estimate", "plan", "goal", "target", "aim" or similar expressions. These forward-looking statements rely on a number of assumptions concerning future events and are subject to uncertainties and other factors, many of which are outside the Company's control that could cause actual results to differ materially from such statements.
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1. Business review
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KEY FIGURES
Q2 and HY1 2023
Q2 2023
Q2 2022
delta
Revenue
136.9
126.9
8%
Normalized EBITDA ¹
14.0
13.7
2%
Normalized EBITA ¹
8.2
7.9
4%
Normalized profit before amortization ¹
4.4
5.3
-17%
Net profit
3.7
3.7
0%
Normalized EBITDA as a % of revenue
10.2%
10.8%
HY1 2023
HY1 2022
delta
Revenue
273.7
256.8
7%
Normalized EBITDA ¹
29.7
30.5
-3%
Normalized EBITA ¹
18.1
19.3
-6%
Normalized profit before amortization ¹
10.0
12.9
-22%
Net profit
8.6
8.8
-2%
Normalized EBITDA as a % of revenue
10.9%
11.9%
Normalized EBITA as a % of revenue
6.6%
7.5%
Return on invested capital ¹
14.1%
14.7%
Free cash flow
-12.5
-7.6
Net debt
160.9
145.6
Non-IFRSmeasures adjusted for items generated outside the normal course of business. Invested capital excludes goodwill and intangibles arising from acquisitions.
Q2 revenue increased 9% at constant rates of exchange
Sales price increases contributed with 6% to Q2 revenue
Inflationary margin dilution and sales mix effects put pressure on added value margin
2% increase in normalized EBITDA in Q2 with slight increase in added value and slightly lower operating costs
EUR 0.1 million net operating costs normalized from the Q2 results
Increased Euribor rates and unfavorable currency results drove EUR 2.2 million higher interest expenses in Q2
EUR 5.8 million negative free cash flow in Q2, including EUR 2.5 million payments related to tax audit settlement and restructuring costs
Net debt increase of EUR 13.1 million, mainly due to cash portion of the dividend and free cash flow
Leverage ratio of 2.8 per 30 June 2023, up from 2.6 at the end of Q1
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Kendrion NV published this content on 23 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 August 2023 11:38:06 UTC.
Kendrion N.V. specializes in the design, manufacturing and marketing of intelligent actuators that help advance the global push towards automation, electrification and cleaner forms of energy in a wide range of industrial and automotive applications. These actuators can be found in wind power turbines, robots, warehouse automation, electric vehicles, energy distribution and industrial heating processes. Net sales break down by business segment as follows:
- Automotive (50.5%): electromagnetic systems and components for passenger cars and commercial vehicles;
- Industrial (49.5%): industrial actuators and controls (solutions based on electromagnetic actuators, control technology and fluid technology) and industrial brakes (electromagnetic brakes for electromotors).
Net sales are distributed geographically as follows: Netherlands (2.9%), Germany (59.7%), Europe (18.7%), Americas (10%) and Asia (8.7%).
KENDRION N.V. 
