CONCENTRIC INTERIM REPORT JANUARY – DECEMBER 2023

REDDITCH, England, Feb. 7, 2024 /PRNewswire/ —

FOURTH QUARTER 2023

Net sales: MSEK 945 (1,033), reported sales were down 9% year-on-year with no major foreign exchange movements.
Operating income: MSEK 105 (172), generating an operating margin of 11.1% (16.7). After adjusting for the cost associated with the cost reduction programme of MSEK 10, the operating margin before items affecting comparability was 12.1% (16.7).
Net income for the period: MSEK 87 (111), basic EPS of SEK 2.31 (2.92).
Cash flow from operating activities: Strong cash performance for the quarter, cash flow from operating activities was MSEK 227 (200).

FULL YEAR 2023

Net sales: MSEK 4,205 (4,056), reported sales were up 4% year-on-year. After adjusting for the impact of currency +5%, sales were down 1%.
Operating income: Operating income was MSEK 595 (677), generating an operating margin of 14.2% (16.7). After adjusting for the cost associated with the cost reduction programme of MSEK 10 and the closure of Itasca of MSEK 12, the operating margin before items affecting comparability was 14.7% (16.5).
Net income for the period: MSEK 417 (501), basic EPS of SEK 11.00 (13.20).
Cash flow from operating activities: Cash flow from operating activities was MSEK 615 (529), with a profit to cash conversion ratio of 141%.
Group’s net debt: Group’s net debt reduced to MSEK 617 (925), with an associated gearing ratio of 28% (45).
Dividend: Based on the Group’s earnings and strong financial position, the Board of Directors proposes a dividend of SEK 4.25 (4.00) per share for the financial year 2023 and to renew the current mandate for share buy-backs.

President and CEO, Martin Kunz, comments on the Q4 2023 Interim Report.

Sales impacted by market decline and customer destocking, necessitating further operational cost reductions, while successful execution of electrification and growth agenda continues.

Financial Performance

Trading conditions remained challenging in Q4, with our Hydraulics end-markets declining by …

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