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H1, 2022

Written by Customer Service on . Posted in Earnings Releases And Operating Results.

To Nasdaq OMX Copenhagen A/S

Company announcement no. 533
November 22nd, 2022

INTERIM REPORT APRIL 1ST, 2022 – SEPTEMBER 30TH, 2022 (H1 2022)

The H1 2022 report of the fiscal year was reviewed and approved at the Board of Directors meeting.

Highlights

  • The revenue for H1 2022 amounted to DKK 69,5 million (2021/22: DKK 67,5 million), which is in line with expectations.
  • The gross profit amounted to DKK 18,7 million in H1 2022 (2021/22: DKK 20,5 million), the gross profit margin was 26,9% (2021/22: 30,4%)
    • The margin decline compared to last year relates to higher prices due to inflation on i.e. mechanical parts, electronic components, electricity, and gas. The price increases have not been fully covered by increases in sales prices.
    • The challenges of securing especially electronic components and materials on time have increased, which has caused less efficiency within the manufacturing area.
  • The guidance includes a positive fair value adjustment on the investment property in Selandia Park at DKK 6 million. The adjustment is based on the renewed rental agreements and the significant rent increase driven by the higher inflation.
  • EBITDA for the period was DKK 8,3 million (2021/22: DKK 11,3 million.)
  • Profit before tax for the period H1 2022 was DKK 6,5 million (2021/22: DKK 6,7 million), corresponding to a result per share (EPS) at 2,8 DKK (2021/22: 2,9 DKK).

Guidance for full year 2022
The supply chain challenges – as mentioned above – on mechanical parts and electronic components have led to a postponement in recognized revenue. In view of this development – and due to the fair value impact of the investment property in Selandia Park – the company has reassessed the guidance for the full year 2022 (9 months).

Glunz & Jensen revises its full year guidance for 2022 to DKK 100-105 million in revenue (previous guidance 112-117), and the profit before financial income and expenses, tax, depreciation, and amortization EBITDA to approx. 17-20 (previously DKK 13-18 million). The profit before tax is expected at approx. DKK 15-17 million (previously DKK 10-14 million level).

Management underlines that the guidance for the fiscal year 2022 is associated with a substantial uncertainty as the economy hence industrial supply and demand is heavily impacted by supply shortages, high inflation, and general financial instability. This outlook assumes that demand and delivery is not significantly affected by another wave of COVID-19 outbreak.

For further information please contact:

CEO Martin Overgaard Hansen: phone +45 22 60 84 05

Chairman of the board Flemming Nyenstad Enevoldsen: phone +45 40 43 13 03

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