Slide 1: TCM Group A/S Interim Report October - December 2023
TCM Group A/S Interim Report October - December 2023 February 28, 2024
Slide 2: Business update Q4 2023
Business update Q4 2023 Revenue in Q4 of DKK 316 million vs. DKK 275 million last year. Organic revenue decline of 7.6% in the quarter. Order-intake in Denmark flat, with positive trends in B2C Gross margin improvement on LY Q2, up from 19.9% to 22.0% Continued demand uncertainty in the ma
Slide 3: Q4 Revenue development better than expected
Q4 Revenue development better than than expected Revenue 316 mDKK (275 mDKK) Cash conversion 15% 37.6% revenue increase (53.3%) y-o-y NWC ratio Adjusted EBIT -1.4% 18 mDKK (-4.2%) (18 mDKK) Adjusted EBIT margin 5.6% (6.5%) 3
Slide 4: Q4: Revenue development
Q4: Revenue development 2023 2022 2023 2022 Oct-Dec Oct-Dec Full year Full year Net revenue (mDKK) 316 275 1,111 1,146 - Revenue decline +15.0% -3.0% Q4 comments: Organically revenue declined by 7.6% y-o-y. Reported revenue in Denmark increased by 0.6% y-o-y. Revenue outside Denmark increased
Slide 5: Income statement highlights
Income statement highlights 2023 2022 2023 2022 Oct-Dec Oct-Dec Full year Full year Net revenue (mDKK) 316 275 1,111 1,146 - Gross Margin 22.0% 19.9% 19.6% 20.1% Adjusted EBIT (mDKK) 18 18 56 103 - Adjusted EBIT margin 5.6% 6.5% 5.0% 9.0% Q4 comments: Gross margin of 22.0% up from 19.9% in Q4 LY,
Slide 6: Net working capital and NIBD
Net working capital and NIBD 2023 2022 Dec Dec Net working capital (mDKK) -16 -48 NWC ratio -1.4% -4.2% NIBD (mDKK) 349 288 Leverage (incl. IFRS 16) 4.08 2.35 Q4 comments: Increase in NWC compared to Q4 LY due to the inclusion of AUBO Production A/S. AUBO carries a higher NWC than the remaining
Slide 7: Cash flow
Cash flow 2023 2022 2023 2022 Oct-Dec Oct-Dec Full year Full year Operating profit (mDKK) 13 18 46 97 Depreciation and amortization (mDKK) 13 4 31 18 Other non-cash operating items 0 2 0 2 Change in NWC (mDKK) 53 44 22 -36 Tax a.o (mDKK) -7 -2 -18 -9 Capex excl. acquisitions, net (mDKK) -14 -14 -43
Slide 8: Financial outlook 2024
Financial outlook 2024 TCM Group Financial outlook on earnings: Net revenue: DKK 1,000-1,150 EBIT: DKK 55-85m (EBIT excluding non-recurring items) Revenue development Adjusted EBIT development DKKm DKKm 140 138 1,000 - 1,150 1,146 1,111 1,108 103 55-85 1,025 56 2020 2021 2022 2023 2024 2020 2021
Slide 9: Financial outlook 2024: Key drivers
Financial outlook 2024 Key drivers for outlook 2024 Sales mix B2C / B2B: Improvement in B2C sales compared to 2023, weaker B2B sales NOK Development Input cost development Raw materials and components Direct wages Logistics cost Cost for dealer restructurings 9
Slide 10: Q&A
Q&A