GlobeNewswire by notified

Nilfisk reports Q3 2022 results: Revenue of 263.0 mEUR, corresponding to organic growth of 5.4% driven by 10.8% organic growth in Branded Professional

Share

Nilfisk, a leading global provider of professional cleaning products and services, reported its Q3 2022 results today. Commenting on the results, Torsten Türling, CEO of Nilfisk said:

“In Q3, Nilfisk managed to continue a positive development from the first two quarters of 2022, despite the current global economic slowdown.

Growth was driven by Branded Professional in all regions and performance was especially strong in the Americas region. This was achieved despite continued manufacturing constraints, particularly in our main US facility. Our Q3 results were also supported by a healthy demand increase in the Asia Pacific region. In Europe, higher revenue from Branded Professional largely stemmed from pricing actions.

Global supply chain challenges continued to constrain growth, but to a lesser extent than in the first half of 2022. Challenges were limited to fewer products and production sites. Demand remained solid for our Professional Business and the order book was marginally higher end-Q3 than in Q2 2022.”

Q3 2022 results

• Revenue amounted to 263 mEUR, corresponding to reported growth of 9.9% from Q3 2021. Organic revenue growth was 5.4%.

• Growth was driven by Branded Professional across regions, while Consumer and Private Label slowed notably in line with their respective markets.

• The gross margin was 39.1% in Q3, compared to 40.7% in Q3 2021. The margin was temporarily challenged by lower capacity utilization and by continued parts availability issues following the US Distribution Center destruction.

• Increased inflationary pressures from raw materials and continued high freight rates were to a large extent offset by determined pricing actions. Overall, the margin level improved over the course of the quarter, and we expect this to carry through into Q4 2022.

• EBITDA before special items decreased by 5.3 mEUR compared to Q3 2021 and came to 29.2 mEUR in the quarter, corresponding to an EBITDA margin before special items of 11.1% compared to 14.4% in Q3 2021.

• Overhead cost landed at 89.1 mEUR in Q3, up 11.7 mEUR versus Q3 2021. The increase included foreign exchange rates effects of 3.6 mEUR; incremental freight costs for outbound deliveries in Americas compared to Q2 2022; and project costs for future material costs savings and modular architecture.

• Total R&D spend increased by 1.5 mEUR compared to Q3 2021 and came to 7.9 mEUR, corresponding to 3.0% of revenue compared to 2.6% in Q3 2021. Investments in strategic R&D projects continued.

• Special items amounted to 3.0 mEUR compared to 0.5 mEUR in Q3 2021. Special items were mainly legal and advisory costs incurred regarding strategic projects such as Business Plan 2026 as well as the ongoing liquidation of Nilfisk Russia.

• Cash flow from operating activities for Q3 2022 amounted to a net inflow of 24.8 mEUR compared to a net inflow of 19.1 mEUR in Q3 2021. The positive development compared to Q3 2021 was driven by changes in working capital and higher financial income.

Key figures

mEUR    Q3 2022       Q3 2021   
Revenue 263.0 239.2
Organic growth 5.4% 17.9%
Gross margin 39.1% 40.7%
Overhead cost ratio 33.9% 32.4%
EBITDA before special items 29.2 34.5
EBITDA margin before special items                11.1% 14.4%
CAPEX ratio 2.2% 1.8%
Free cash flow 17.7 14.6
Financial gearing 2.7 2.4


Outlook for 2022

Full year 2022 outlook was revised on October 26, 2022, with company announcement no. 15/2022.

Based on the first nine months of 2022 and given current visibility, we now expect organic revenue growth of 4.5% to 6.5% (previously 4% to 7%) and an EBITDA margin before special items of around 13% for the full year of 2022 (previously 13.5% to 15.5%).

   9M 2022 results      New FY 2022 outlook      Previous FY 2022 outlook*   
Organic revenue growth 5.8% 4.5% to 6.5% 4 to 7%
EBITDA margin before special items                  12.7% Around 13% 13.5 to 15.5%

*Outlook given with Annual Report 2021

Conference call

Nilfisk will host a conference call today at 9:00 am CET. Presentation materials will be available on the website prior to the conference call.
Please pre-register no later than 8:55 for the call using the link below:

https://services.choruscall.de/DiamondPassRegistration/register?confirmationNumber=8889312&linkSecurityString=134e633200

The video will be available for viewing after the event along with the presentation from the day on: https://investor.nilfisk.com/

Contacts

Investors Media
Elisabeth Klintholm
Head of Investor Relations



T: +45 2555 6337
Allan Jørgensen
Head of Media Relations



T: +45 2849 4465

Forward-looking statements

Statements made about the future in this report reflect the Executive Management Board’s current expectations with regard to future events and financial results. Statements about the future are by their nature subject to uncertainty, and the results achieved may therefore differ from the expectations, due to economic and financial market developments, legislative and regulatory changes in markets that the Nilfisk Group operates in, development in product demand, competitive conditions, energy and raw material prices, and other risk factors. Nilfisk Holding A/S disclaims any liability to update or adjust statements about the future or the possible reasons for differences between actual and anticipated results except where required by legislation or other regulations.

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
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://notified.com

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

Benteler terminates the previously-announced sale to Tenaris of its Shreveport, Louisiana pipe manufacturing plant5.2.2023 19:20:07 CET | Press release

LUXEMBOURG, Feb. 05, 2023 (GLOBE NEWSWIRE) -- Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) announced today that Benteler North America Corporation has exercised its right to unilaterally terminate, effective immediately, the previously-announced agreement for the sale to Tenaris of 100% of the shares of U.S. steel pipe producer Benteler Steel & Tube Manufacturing Corporation. Tenaris is a leading global supplier of steel tubes and related services for the world’s energy industry and certain other industrial applications. Giovanni Sardagna Tenaris 1-888-300-5432 www.tenaris.com

SKEL fjárfestingafélag hf.: Amendment to the financial calendar and previously disclosed information4.2.2023 19:13:54 CET | Press release

The audit of SKEL’s financial statements for the year 2022, which has not been finalized, has resulted in a change of its presentation due to the company‘s transition into an investment company. Shares in subsidiaries were capitalized according to the equity method until year end 2021 but are recognised at fair value through profit or loss from the beginning of 2022. This results in a previously unrealized fair value change from 2021 of ISK 2.6 billion that was formerly accounted for directly through equity, will instead be recognised in the income statement for 2022. This change of presentation has no effect of previously announced equity for year-end 2022 of ISK 33.0-33.5 billion. Further, this does not alter the company’s ability to pay dividend. The company‘s estimated earnings net of tax will, however, increase by ISK 2.6 billion and amount to ISK 17.1-17.6 billion instead of ISK 14.5-15.0 billion as was previously announced on 31 January 2023. The company has decided to change th

City of Vacaville Introduces Next Generation to Biotechnology and Advanced Manufacturing4.2.2023 05:18:05 CET | Press release

Vacaville high school students explore local career opportunities to honor National Career Technical Education Month VACAVILLE, Calif., Feb. 03, 2023 (GLOBE NEWSWIRE) -- February is National Career Technical Education (CTE) Month, and the City of Vacaville joined the celebration by hosting a field trip for 58 Vacaville high school students February 3. The field trip included several locations around Vacaville and Solano County to explore advanced manufacturing and biotechnology. Every February, the Association for Career and Technical Education encourages communities to celebrate CTE Month, to raise awareness of the role that CTE has in readying learners for college and career success. This is also a time when the City of Vacaville recognizes and celebrates the contributions and achievements of community CTE partners including Solano Community College (SCC) and The Workforce Development Board of Solano County. “This field trip is an excellent opportunity for Vacaville’s young people to

Patients with hidradenitis suppurativa experienced sustained efficacy and symptom improvement at one year when treated with Novartis Cosentyx®4.2.2023 00:30:00 CET | Press release

In two of the largest Phase III trials conducted in hidradenitis suppurativa (HS), Cosentyx® (secukinumab) treatment response rates continued to improve beyond the primary endpoint analysis at Week 16 to more than 55% at Week 52, as evaluated by the HS Clinical Response (HiSCR) measure1 Safety findings were consistent with the well-established safety profile of Cosentyx in its approved indications1 HS is a recurrent skin disease affecting one in 100 people worldwide, causing painful, boil-like abscesses that can lead to open wounds and irreversible scarring in the most intimate parts of the body2,3 There is only one approved therapy for HS and many patients, even those on treatment, still experience uncontrolled symptoms4 Basel, February 4, 2023 – Novartis announced today that The Lancet has published long-term data from the pivotal SUNSHINE and SUNRISE trials evaluating Cosentyx® (secukinumab) in moderate-to-severe hidradenitis suppurativa (HS)1. In two of the largest Phase III trials

Maha Energy meddelar reserv- och resursrapport per 31 december 20223.2.2023 21:45:00 CET | Pressemelding

McDaniel & Associates Consultants Ltd. (“McDaniel”) har genomfört sin första utvärdering av Maha Energy AB:s (publ) (”Maha” eller ”Bolaget”) reserver och resurser. Väsentliga förändringar från föregående års reserv- och resurssiffror är hänförliga till: att den tidigare annonserade utfarmningen och Joint Operating Agreement avtalet med Mafraq Energy LLC avseende Block 70 i Oman slutförs. Maha är operatör på Block 70 och Mahas licensandel minskar till 65 procent till följd härav.att den tidigare offentliggjorda transaktionen avseende den förväntade avyttringen av Mahas brasilianska verksamhet och följaktligen bolagets olje- och gastillgångar, där försäljningsavtalet undertecknades den 27 december 2022, resulterar i att inga reserver redovisas för fälten Tie och Tartaruga. Mahas reserver1 per 31 december 2022 2022 Maha Energy AB bruttoreserver före skatt (miljoner fat)KategoriTillgångar i USAMafraqTotalt1P1,340,421,762P2,740,523,263P3,590,624,21 De huvudsakliga förändringarna i årets res