Company Announcement No. 1 - 2024
to Nasdaq Copenhagen
2024.02.21
Annual Report 2023
In 2023, AO achieved a turnover of DKK 5,261m, an EBITDA of DKK 405m, and an EBT of DKK 262m. The results were thus in line with the latest announced expectations. At the Annual General Meeting, the Board will propose a dividend of DKK 3.75 per share.
In the second half of 2023, a downturn in the market was experienced, particularly the market for heat pumps performed, unexpectedly, negatively. In 2023, AO gained market shares and has thus performed better than the market in general.
2024 is expected to be challenging, especially in the first half, where negative growth rates are anticipated. AO has taken several initiatives that make us expect to fare better than the market.
| Financial Highlights (DKKm) | Q4 2023 | Q4 2022 | 2023 | 2022 | ||
| Net Revenue | 1,361.4 | 1,476.2 | 5,261.0 | 5,375.0 | ||
| Gross Margin | 318.2 | 379.8 | 1,234.3 | 1,310.3 | ||
| EBITDA | 95.4 | 139.2 | 405.3 | 491.6 | ||
| EBT | 57.9 | 109.1 | 261.8 | 377.4 | ||
| Key ratios (%) | ||||||
| Revenue Growth Rate | (7.8) | 16.5 | (2.1) | 12.0 | ||
| Gross Margin | 23.4 | 25.7 | 23.5 | 24.4 | ||
| EBITDA Margin | 7.0 | 9.4 | 7.7 | 9.1 | ||
| EBT Margin | 4.3 | 7.4 | 5.0 | 7.0 |
Revenue
The growth was characterised by a slowdown in the market in the second half of the year. The expected growth in sales of heat pumps after the launch of the heat pump pool did not materialise. AO gained market shares in the B2B segment, and the B2C segment returned to positive growth rates in the fourth quarter. The annual revenue was DKK 5,261m.
EBITDA
EBITDA amounted to DKK 405m, equivalent to an EBITDA margin of 7.7%. In 2023, there have been no one-time effects of price increases.
EBT
EBT amounted to DKK 262m, corresponding to a margin of 5.0%.
Dividend
At the Company's Annual General Meeting on March 20, 2024, a proposal will be made for a dividend payment of DKK 3.75 per 1 DKK share, equivalent to approximately 50% of the year's profit after tax and 375% of the share capital.
Guidance for 2024
Revenue for 2024 is expected to be in the range of DKK 5,000 to 5,200m.
EBITDA is expected to be in the range of DKK 340 to 370m.
Profit before tax (EBT) is expected to be in the range of DKK 200 to 230m.
Reference is made to the financial outlook assumptions outlined in the annual report.
Webcast
The Annual Report for 2023 will be presented in English via webcast on February 22, 2024, at 13:00 CET. It is possible to participate in the webcast from the Investor Relations page on AO.dk or from the link below:
Brødrene A&O Johansen A/S | Offentliggørelse af Årsrapport 2023 (eventcdn.net)
For further information, please contact:
CEO Niels A. Johansen
CFO/Deputy CEO Per Toelstang
Brødrene A & O Johansen A/S
Rørvang 3
DK- 2620 Albertslund
Denmark
Tlf.: +45 70 28 00 00
