NKT A/S Q1 2024 Interim Report: 27% organic growth and investments in Solutions and Applications
Company Announcement
8 May 2024
Announcement No. 13
NKT A/S Q1 2024 Interim Report: 27% organic growth and investments in Solutions and Applications
NKT CEO Claes Westerlind says:
- We have had a successful start to 2024 with continued growth in revenue and operational EBITDA, driven by satisfactory execution and high utilization of existing and expanded capacity. After another significant project award in Q1, NKT’s leading position in the high-voltage market was once again confirmed and our order backlog reached a new record level. To strengthen our position further, we have initiated additional investments in Solutions and Applications, which are expected to be value accretive to shareholders.
Financial highlights
EURm | Q1 2024 | Q1 2023 |
Revenue* | 534 | 422 |
Organic growth | 27% | 34% |
Operational EBITDA | 75 | 57 |
Operational EBITDA margin* | 14.1% | 13.5% |
* Std. metal prices
2024 financial outlook
The financial outlook is unchanged from Company Announcement No. 3 of 21 February 2024.
Revenue (in std. metal prices) is expected to be approximately EUR 2.21-2.36bn and operational EBITDA is expected to be approximately EUR 285-335m.
The financial outlook is based on several assumptions including:
- Satisfactory execution and development of high-voltage investments and projects without major disruptions
- Stable market conditions in Applications
- Stable development of the global economy
- Stable supply chain with limited disruptions and access to the required labour, materials and services
- Stable development in foreign currency and metal prices
Positive development in revenue and operational EBITDA
In Q1 2024, NKT’s revenue (in std. metal prices) grew by EUR 112m compared to Q1 2023, corresponding to 27% organic growth. Satisfactory execution in Solutions on existing and expanded capacity was responsible for the majority of growth.
Driven by strong growth in revenue, operational EBITDA increased to EUR 75m in Q1 2024, up by EUR 18m from Q1 2023. The higher earnings level came primarily from Solutions, which made up an incrementally higher share of total earnings compared to Q1 2023. This was partially offset by a higher cost base, as NKT continued to expand across business lines.
In Q1 2024, the high-voltage order backlog took another step up to a new record-high level of EUR 11.5bn (EUR 10.1 in std. metal prices). This was driven by the award of two onshore power cable projects by German Transmission System Operator, Amprion. Supported by these awards and a strong high-voltage market outlook, NKT will invest approximately EUR 100m in additional capacity at its existing factory in Cologne, Germany.
To support growing demand for medium-voltage power cables and the ongoing electrification of society, NKT will also invest an additional approximately EUR 100m to expand capacity and capabilities at its medium-voltage factories in Czech Republic, Denmark, and Sweden. The investments in Solutions and Applications will support NKT’s medium-term financial ambitions, including delivering RoCE above 20%.
Teleconference
NKT A/S hosts a teleconference for investors and financial analysts at 10:00am CEST on 8 May 2024. The presentation to be used during the call will be available before the start of the teleconference. To attend, please register and access on investors.nkt.com
Contacts
Investor Relations: Michael Nass Nielsen, Head of Investor Relations, Tel.: +45 2494 1654
Media Relations: Louise Westh Naldal, Head of Group Communications, Tel.: +45 2982 0022
Attachments
To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.
About GlobeNewswire by notified
GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire by notified
Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire by notified
Udstedelse af RSU program18.5.2024 11:34:18 CEST | pressemeddelelse
I overensstemmelse med bemyndigelsen fra generalforsamlingen den 18. april 2024 har bestyrelsen i dag indført et incitamentsprogram for selskabets bestyrelse. Incitamentetprogrammet er designet og struktureret omkring konceptet med at fastholde medlemmer af bestyrelsen samtidig med at der skabes incitament til en positiv aktiekursudvikling og virksomhedens resultater til gavn for selskabets aktionærer. Incitamentsprogrammet inkluderer Restricted Share Units ("RSU'er"), som giver ret til at deltagerne tildeles et antal aktier svarende til antallet af optjente RSU'er mod betaling af udnyttelseskursen. Programmet er underlagt en række betingelser som deltagerne skal overholde og som betyder at selskabet maksimalt vil skulle udstede 2.025 aktier til kurs 1.056 DKK forudsat at alle betingelser overholdes samt at den enkelte vælger at udnytte sine RSUér. Den beregnede værdi af programmet til den samlede bestyrelse ved brug af Black & Scholes er opgjort til DKK 350.146. Vestingkursen er bereg
Constellation Brands Announces Updated Time of Presentation at the Bernstein 40th Annual Strategic Decisions Conference on Wednesday, May 29, 202418.5.2024 01:05:50 CEST | Press release
VICTOR, N.Y., May 17, 2024 (GLOBE NEWSWIRE) -- Constellation Brands, Inc. (NYSE: STZ), a leading beverage alcohol company, announces an updated time that Bill Newlands, President and Chief Executive Officer, and Garth Hankinson, Executive Vice President and Chief Financial Officer, will participate in a previously announced fireside chat at the Bernstein 40th Annual Strategic Decisions Conference on Wednesday, May 29, 2024 in New York, NY. The presentation is scheduled to begin at 4:30 p.m. EDT and is expected to cover the company’s strategic business initiatives, financial metrics, and operating performance, as well as outlook for the future. A live, listen-only webcast of the presentation will be available on the company’s investor relations website at ir.cbrands.com under the News&Events section. When the presentation begins, financial information discussed in the presentation, and a reconciliation of reported GAAP financial measures with comparable and other non- GAAP financial mea
DBV Technologies Announces Plan to Implement ADS Ratio Change17.5.2024 22:30:00 CEST | Press release
Châtillon, France, May 17, 2024 DBV Technologies Announces Plan to Implement ADS Ratio Change DBV Technologies (Euronext: DBV – ISIN: FR0010417345 – Nasdaq Stock Market: DBVT—CUSIP: 23306J101), a clinical-stage biopharmaceutical company focused on treatment options for food allergies and other immunologic conditions with significant unmet medical need, today announced plans to change the ratio of its American Depositary Shares (“ADSs”) to its ordinary shares (the “ADS Ratio”), nominal value €0.10 (ten cents) per share, from the current ADS Ratio of one (1) ADS to one-half (1/2) of one (1) ordinary share to a new ADS Ratio of one (1) ADS to one (1) ordinary share (the “ADS Ratio Change”). The Company anticipates that the ADS Ratio Change will be effective on or about June 3rd, 2024 (the “Effective Date”). For the Company’s ADS holders, the change in the ADS Ratio will have the same effect as a one-for-two reverse ADS split and is intended to enable the Company to regain compliance with
Oculis updates share capital for its existing at-the-market offering program17.5.2024 22:30:00 CEST | Press release
ZUG, May 17, 2024 (GLOBE NEWSWIRE) -- Oculis Holding AG (Nasdaq: OCS; XICE: OCS) (“Oculis” or the “Company”), a global biopharmaceutical company, has issued registered ordinary shares of the Company, each with a nominal value of CHF 0.01, issued out of existing capital band (Kapitalband), for an aggregate of 1,000,000 ordinary shares of the Company (the "New Shares"), recorded as treasury shares. The number of registered shares issued by the Company as per its Articles of Association is 46,443,700, of which 41.7 million shares are outstanding. The New Shares were issued following the Company and Leerink Partners LLC (”Leerink Partners”) entering into a sales agreement (the "Sales Agreement") with respect to an at-the-market offering program on May 8, 2024 under which the Company may offer and sell, from time to time at its sole discretion, ordinary shares of the Company having an aggregate offering price of up to $100 million through Leerink Partners as its sales agent. The Company is
Metasphere Labs Unveils Decentralized Identity System at Consensus 2024 and Announces Carbon Aware Routing Protocol17.5.2024 22:05:00 CEST | Press release
VANCOUVER, British Columbia, May 17, 2024 (GLOBE NEWSWIRE) -- Metasphere Labs Inc. (formerly Looking Glass Labs Ltd., "Metasphere" or the "Company") (Cboe Canada: LABZ) (OTC: LABZF) (FRA: H1N) is thrilled to announce its participation in Consensus 2024 alongside Bot Ventures Inc. (“Bot Ventures”), where they will unveil an early demonstration of their innovative decentralized identity and domain name system. This platform utilizes Bitcoin blockchain technology to enhance online security and trust through decentralized digital identity solutions. Parties interested in seeing a demonstration of the prototype can book a meeting at Metasphere's private suite by contacting Natasha Ingram at info@metasphere.earth. New Carbon Aware Routing Protocol Initiative In addition to the demonstration, the Company is excited to announce a pioneering initiative to develop a carbon aware routing protocol for computer networks and the Internet. This protocol will enable Internet Service Providers (ISPs) a