Sales decreased by 19% y-o-y, and with a modest decline of 3.5% on Q1
B2C sales remained weak in the quarter, increasing the relative share of B2B sales.
Gross margin improvement on Q1, up from 18.5% to 20.0%
Production capacity adjusted to reflect current market situation
Continued demand uncertainty in the market
Number of branded stores was 91 (94)
Strategic acquisition of AUBO announced
Strong shareholder support through rights issue providing DKK 77m in new equity
2
Q2 Revenue development in line with our expectations
Revenue
264 mDKK
(325 mDKK)
Cash conversion
19%
56.1%
revenue decline
(49.5%)
y-o-y
NWC ratio
Adjusted EBIT
-1.1%
22 mDKK
(-2.6%)
(39 mDKK)
Adjusted
EBIT margin
8.4%
(12.0%)
3
Q2: Revenue development
2023
2022
2023
2022
Apr-Jun
Apr-Jun
Jan-Jun
Jan-Jun
Net revenue (mDKK)
264
325
538
606
- Revenue decline
-18.7%
-11.3%
Q2 comments:
Reported revenue in Denmark decreased by 16.8% y-o-y
Revenue outside Denmark decreased by 34.3%. Measured in local currency sales to Norway decreased by 28.7%.
4
Income statement highlights
2023
2022
2023
2022
Apr-Jun
Apr-Jun
Jan-Jun
Jan-Jun
Net revenue (mDKK)
264
325
538
606
- Gross Margin
20.0%
21.3%
19.3%
21.3%
Adjusted EBIT (mDKK)
22
39
35
65
- Adjusted EBIT margin
8.4%
12.0%
6.6%
10.7%
Q2 comments:
Increasing share of low margin B2B project sales dilutes the gross margin y-o-y.
Negative impact from higher input cost, which despite being mitigated by sales price increases dilutes the margin.
Continued negative impact from increasing energy and transportation cost.
Margin improvement compared to Q1 as result of higher average prices and cost reduction initiatives.
Flat operating expenses despite cost for dealership restructurings of DKK 2.4 million.
5
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TCM Group A/S published this content on 18 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 August 2023 06:24:03 UTC.
TCM Group A/S is a Denmark-based kitchen manufacturer. The product offering includes kitchen, bathroom and storage solutions. The Company pursues a multi-brand strategy, under which the main brand is Svane Kokkenet and the secondary brands are Tvis Kokkener, Nettoline, kitchn.dk and private label. Products are mainly marketed through a network of franchise stores and independent kitchen retailers.
TCM GROUP A/S 
