On 29 February 2024, Secop Group Holding GmbH announced its financial results for the forth quarter 2023.
While Net Sales remained - as expected - below the respective quarter of 2022, Secop gained a significantly higher Contribution Margin in % of Net Sales. However, this higher Contribution Margin could not fully compensate the lower demand, which led - together with other circumstances - to a lower Internal Adjusted EBITDA and Net Income compared to the last quarter of 2022.
The Net Sales of Q4-2023 reached EUR 52,2m, which undercut previous year's period by EUR 12,3m (PY*: EUR 64,5m) due to a lower demand in several regions following challenging political and economic circumstances in these areas. However, the domestic market in China showed a higher demand in the last quarter compared the reference period of 2022. The Contribution Margin in % of Net Sales improved significantly and increased from 18,8%* in Q4-2022 to 25,6% in Q4-2023 due to a better product and customer mix and stabilized raw material, energy and transportation cost. The Internal Adjusted EBITDA amounted to EUR 4,3m in Q4-2023 and fell short of previous year's period by EUR 2,5m (PY*: EUR 6,8m). The improved Contribution Margin could not fully compensate the lower demand and missing year-end-closing effects of Q4-2022. With EUR -9,5m, the Net Income of Q4-2023 remained below previous year, which was positively affected by the settlement of the arbitration proceedings with Secop's former shareholder Nidec (PY*: EUR 3,2m).
* Note: The quarterly 2022 figures have been adjusted to properly reflect the application of IFRS 15 also in the interim reporting.
For more details, please refer to the Interim Report Q4-2023 on www.sg-holding.net.
For additional information, please contact:
Secop Group Holding GmbH
Lise-Meitner-Straße 29
24941 Flensburg
Germany
Tel: +49 461 4941 0
e-mail: IR@secop.com
About Secop:
Since September 2019, Secop Group has belonged to the ESSVP IV fund, advised by Orlando Management AG, a leading investor in industrial businesses. Since its acquisition, the company re-focused its strategy to the core business: design and manufacturing of hermetic compressors and electronic controls for refrigeration solutions used in light commercial and DC-powered applications.
