Concejo (CNCJO) Q4 2023 earnings summary

Executive summary

• FY 2023 revenue rose 44% YoY to 535.2 MSEK; EBIT was 7.5 MSEK versus -79.4 MSEK, and net income was 13.2 MSEK versus -191.6 MSEK.

• Q4 revenue reached 157.3 MSEK; reported EBIT was 14.8 MSEK and net income 24.6 MSEK, including a 12.0 MSEK Dracoon disposal gain.

Financial highlights

• FY revenue was 535.2 MSEK versus 371.7 MSEK; gross profit was 223.9 MSEK versus 165.4 MSEK.

• FY EBT was 13.9 MSEK versus -190.5 MSEK; EPS was 1.39 SEK versus -16.19 SEK.

• FY EBIT before comparison-distorting items was -25.4 MSEK; reported EBIT included 32.9 MSEK of such items, mainly Firenor wind-down reversals and Middle East compensation.

• Operating cash flow was positive at 16.1 MSEK, versus -34.8 MSEK in 2022.

Outlook and guidance

• Management described 2024 prospects cautiously amid continuing uncertainty; priorities include building resilience and pursuing profitable growth, with substantial work still ahead.

• Firenor entered 2024 with a 5.5% FY operating margin and a position in offshore wind safety projects; Optronics had received the approvals and certifications needed to address global markets.