Lower results in the quarter but strong starting position for continued long-term value creation
In the last quarter of the year, four out of six platforms showed stronger margins and earnings in line with or better than in the previous year. As expected, the Communication and S:t Eriks platforms are up against weaker market conditions and performed significantly below the previous year. Overall, this means an EBITA of SEK 134 (179) million for the quarter and SEK 733 (710) million for the full year 2023.
It is pleasing to report two value-creating add-on acquisitions in the fourth quarter of 2023, with total annual sales of approximately SEK 400 million. Cash flow has remained strong, largely driven by reduced capital tied up in inventories, and our net debt/adjusted EBITDA of 2.0x is in the lower part of our target range. The Board recommends an increased dividend of SEK 1.90 (1.8) per ordinary share for 2023.
Andreas Stenbäck, President and CEO
For the full CEO-comment, see the report in its entirety.
Quarter Oct-Dec 2023
- Net sales declined by 6 percent to SEK 1,808 (1,930) million
- EBITA declined by 25 percent to SEK 134 (179) million
- Profit after tax declined by 62 percent to SEK 39 (105) million
- Earnings per ordinary share fell by 74 percent to SEK 0.28 (1.08)
- On 22 November, Volati finalized the acquisition of Silos Metálicos Zaragoza S.L.U. (SIMEZA), a leading European manufacturer of storage solutions for the grain industry, for the Tornum Group platform
- On 14 December, Volati signed an agreement to acquire all shares in the machinery supplier Trejon Försäljnings AB, an add-on acquisition for Salix Group
Period Jan-Dec 2023
- Net sales increased by 1 percent to SEK 7,796 (7,751) million
- EBITA increased by 3 percent to SEK 733 (710) million
- Profit after tax declined by 15 percent to SEK 368 (433) million
- Earnings per ordinary share fell by 17 percent to SEK 3.68 (4.44)
- The Board proposes a dividend of SEK 1.9 (1.8) per ordinary share and SEK 40 per preference share in quarterly payments of SEK 10
Events after the reporting period
- The acquisition of Trejon Försäljnings AB was finalized on 25 January
Conference call
CEO Andreas Stenbäck and CFO Martin Aronsson will present the year-end report in a conference call on 9 February at 09.00 CET. The presentation will be conducted in English.
The conference call (opportunity for oral questions) can be accessed at: Phone number +46 8 5050 0829, Meeting ID 839 8985 4885, *9 to ask a question.
Link to the webcast: https://www.finwire.tv/webcast/volati/year-end-report-2023/
The presentation and webcast will be available on www.volati.se after the conference call.
For further information, please contact:
Andreas Stenbäck, CEO Volati AB, +46 70-889 09 60, andreas.stenback@volati.se
Martin Aronsson, CFO Volati AB, +46 70-741 20 12, martin.aronsson@volati.se
This information is information that Volati AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-02-09 07:45 CET.
Volati AB (publ)
Engelbrektsplan 1, SE-114 34 Stockholm
Tel: +46 8 21 68 40
Email: info@volati.se
Corp. reg. no.: 556555-4317
About Volati
Volati is a Swedish industrial group with the vision to be Sweden's best owner of medium-sized companies. Through value-creating add-on acquisitions and long-term, sustainable company development, Volati has been delivering consistently strong profitable growth since the start in 2003. The Group consists of the business areas Salix Group, Ettiketto Group and Industry, with operations in 22 countries, about 2,000 employees and annual sales of approximately SEK 7.8 billion. Volati's ordinary shares and preference shares are listed on Nasdaq Stockholm. Further information is available at www.volati.se.
