CORRECTION TO ENEDO PLC’S FINANCIAL STATEMENTS RELEASE 1 JANUARY
-31 DECEMBER 2022
CORRECTION TO ENEDO PLC’S FINANCIAL STATEMENTS RELEASE 1
JANUARY -31 DECEMBER 2022
Enedo PLC corrects the Financial Statements Release
of March 1st, 2023 at 8.00 a.m.
The corrected information for the period of H2 2022 and full
year 2022 in the Key indicators table are the following:
|
7-12/22 |
7-12/21 |
1-12/22 |
1-12/21 |
Key indicators, EUR million |
6 mo |
6 mo |
12 mo |
12 mo |
Profit/loss
before taxes |
0,2 |
-4,2 |
-1,1 |
-4,6 |
Profit/loss
for the period |
0,2 |
-4,1 |
-1,1 |
-4,5 |
Cash flow from
operating activities |
2,1 |
-1,5 |
-1,0 |
-3,3 |
Below the full corrected Financial Statements Release 1 January
– 31 December 2022.
ENEDO PLC’S FINANCIAL STATEMENTS RELEASE 1 JANUARY – 31
DECEMBER 2022
This release is a summary of Enedo’s financial statements report
January -December 2022. The full report is a pdf attachment to this
stock exchange release and is available at company website
at www.enedopower.com
July – December
2022 in brief,
Continuing operations - Net sales EUR 25,9 million (EUR
18,3 million)- Operating profit/loss EUR 0,8 million (EUR -3,7
million)- Adjusted operating profit/loss EUR 0,9 million (EUR -1,9
million)- EBITDA EUR 2,2 million (EUR –2,0 million)- Adjusted
EBITDA EUR 2,4 million (EUR -0,5 million)- Earnings per share EUR
-0,0 (EUR -0,06)
Financial year 2022 in
brief, Continuing operations: - Net sales EUR 46,8 million
(EUR 36,4 million)- Operating profit/loss EUR 0,3 million (EUR -6,6
million)- Adjusted operating profit EUR 0,7 million (EUR -4,2
million)- EBITDA EUR 3,2 million (EUR -3,2 million)- Adjusted
EBITDA EUR 3,6 million (EUR -0,8 million)- Earnings per share EUR
-0,02 (EUR -0,08)
|
7-12/22 |
7-12/21 |
1-12/22 |
1-12/21 |
Key indicators, EUR million |
6 mo |
6 mo |
12 mo |
12 mo |
|
|
|
|
|
Net Sales |
25,9 |
18,3 |
46,8 |
36,4 |
Led Drivers |
6,1 |
4,7 |
11,4 |
9,2 |
Power Supplies |
17,0 |
11,6 |
30,0 |
22,2 |
Systems |
2,8 |
2,1 |
5,4 |
5,1 |
Adjusted
EBITDA |
2,4 |
-0,2 |
3,6 |
-0,8 |
EBITDA |
2,2 |
-2,0 |
3,2 |
-3,2 |
Adjusted
operating profit/loss |
0,9 |
-1,9 |
0,7 |
-4,2 |
Operating
profit/loss |
0,8 |
-3,7 |
0,3 |
-6,6 |
Profit/loss
before taxes |
0,2 |
-4,2 |
-1,1 |
-4,6 |
Profit/loss
for the period |
0,2 |
-4,1 |
-1,1 |
-4,5 |
|
|
|
|
|
Earnings per
share EUR* |
0,00 |
-0,06 |
-0,02 |
-0,08 |
Solvency
ratio |
11,2 |
14,9 |
11,2 |
14,9 |
Net Gearing,
%** |
389 |
173 |
389 |
173 |
Cash flow from
operating activities |
2,1 |
-1,5 |
-1,0 |
-3,3 |
|
|
|
|
|
|
|
|
|
|
Key indicators Half year, EUR million |
H2/2022 |
H1/2022 |
H2/2021 |
H1/2021 |
|
|
|
|
|
Net Sales |
25,9 |
20,9 |
18,3 |
18,1 |
Adjusted
EBITDA |
2,4 |
1,3 |
-0,2 |
-0,6 |
EBITDA |
2,2 |
1,0 |
-2,0 |
-1,2 |
Adjusted
operating profit/loss |
0,9 |
-0,2 |
-1,9 |
-2,3 |
Operating
profit/loss |
0,8 |
-0,5 |
-3,7 |
-2,9 |
|
|
|
|
|
|
7-12/22 |
7-12/21 |
1-12/22 |
1-12/21 |
ADJUSTED OPERATING PROFIT/LOSS, EUR million |
6 mo |
6mo |
12 mo |
12 mo |
Operating
profit/loss |
0,8 |
-3,7 |
0,3 |
-6,6 |
Adjustments in operating profit/loss |
|
|
|
|
Resctructuring
costs related to personnel |
0,2 |
1,3 |
0,2 |
1,6 |
Provision on
bad debt |
0,1 |
|
0,3 |
|
Cloud based
ERP implementation expenses |
0,0 |
0,3 |
0,0 |
0,3 |
Provision
related to a claim |
-0,1 |
|
0,0 |
0,2 |
Sale of a
subsidiary |
0,0 |
0,3 |
0,0 |
0,3 |
Adjustments in operating profit/loss Total |
0,2 |
1,8 |
0,5 |
2,4 |
Adjusted operating profit/loss Total |
0,9 |
-1,9 |
0,7 |
-4,2 |
|
|
|
|
|
|
|
|
|
|
|
7-12/22 |
7-12/21 |
1-12/22 |
1-12/21 |
ADJUSTED EBITDA, EUR million |
6 mo |
6mo |
12 mo |
12 mo |
EBITDA |
2,2 |
-2,0 |
3,2 |
-3,2 |
Adjustments in EBITDA |
|
|
|
|
Resctructuring
costs related to personnel |
0,2 |
1,3 |
0,2 |
1,6 |
Provision on
bad debt |
0,1 |
|
0,3 |
|
Cloud based
ERP implementation expenses |
0,0 |
0,3 |
0,0 |
0,3 |
Provision
related to a claim |
-0,1 |
|
0,0 |
0,2 |
Sale of a
subsidiary |
0,0 |
0,3 |
0,0 |
0,3 |
Adjustments in EBITDA Total |
0,2 |
1,8 |
0,5 |
2,4 |
Adjusted EBITDA Total |
2,4 |
-0,2 |
3,6 |
-0,8 |
Estimate of financial development in
2023
The company has decided to continue its policy not to give an
estimate for its financial development.
Mikael Fryklund, Enedo President and
CEO
Enedo’s net sales in H2 2022 increased with 41% compared with
the same period of 2021 and reached Eur 25,9 million (Eur 18,3
million). The net sales for the whole year 2022 was Eur 46,8
million (Eur 36,8 million). The adjusted operating profit was Eur
0,9 million (Eur -1,9 Million) for the H2 2022 and Eur 0,7 million
(Eur -4,2 million) for the whole year 2022. The order intake
continued strong during the second half of 2022, and was EUR 33.9
million, which is 10% higher than the order intake in the second
half last year. The order book at the end of the year was Eur 40,3
million (Eur 28,7 million) an increase of 40% compared to the
orderbook end of last year.
The groupwide turnaround program has been fully implemented by
the end of Q3 2022 and the positive impacts can be seen on the
financial performance of H2 2022. Enedo will continue
improving operative processes, make capacity investetmens in Tunis
and take actions on identified risks. The global shortage of
components is still prevailing, however with some improvements on
certain commodities.
Net sales in all product gategories increased in H2 2022 more
than 30% compared the comparison period whereas the increase was
strongest in Power supplies product gategory where the net sales
increased 47% over the H2 2021.
Geographically the net sales increased during H2 2022, most in
Asian market where the growth was 110% compared to H2 2021. The
American market increased 22% and EMEA market 44% over H2 2021.
Actions to improve our logistic procedures have continued
through H2 2022, and further actions will be taken during the year
2023.
On July 1, 2022 Inission AB increased ownership
in Enedo to 80,43 % and has during H2 2022 decided to
exercise its redemption right and to redeem all the remaining
shares in Enedo. According to the ecurrent estimate Enedo
shalle be delisted from Nasdaq Helsinki Ltd by the end of April
2023. At the end of the year 2022 Inission ownership in Enedo was
95,85%
Becoming a business area of Inission has strengthened our
financial capabilities and possibilities to gain synergies with
Inission, which is indeed promising for the future. The company
will continue operating under Enedo Brand.
Business environment
The overall demand in the power supply services market continued
good despite the war in Ukraine and continued lock-downs
in China and other countries. This has affected
electronics industry globally. The rising inflation and cost of
manufacturing as well as shortages in component availability has
continued through the reporting period.
Enedo is working in close co-operation with the suppliers
and customers to keep adequate inventory levels to mitigate the
risks regarding the global component shortage.
Short-term risks and uncertainties
General economic developments may affect the company's business
environment. The war in Ukraine has led to increasing risks on
economic growth which if continued may effect the demand for
Enedo’s products. Covid-19 is still effecting to uncertainty in the
industry and, depending on the development of the pandemic, may
have potential effects on our customers' ability to operate.
Certain business risk are related to the success of key
customers' products in the market. The progress
of Enedo's product development projects depends in part
on the schedules of customers' own projects. In addition, the
fluctuations in demand typical of the market cause rapid changes
in Enedo's business.
A substantial risk is the required improvements of production
planning and procurement procedures in Tunis and capacity
constraints in respect of machine capacity, which in a growing
market with shortage of components makes the situation even more
challenging. Improvement actions are taken place in this respect,
both investments and competence.
Due to the nature of the business, Enedo is subject to
claims, of which the final solution cannot be predicted. Based on
current information, there are no claims that are expected to have
a material impact on the Group's financial position.
The delivery times of the components required by the company are
partly long and there may be difficulties in obtaining certain
components from time to time, which may affect the delivery
capacity. The war in Ukraine and Covid-19 have increased the level
of uncertainty in each country, which may affect our delivery
capacity.
Enedo is carefully managing the short and long-term cash
position by updating the cash forecasts on a weekly and monthly
basis. Enedo aims to sign a new long-term loan to cover the short
term loan amortization of Eur 3,9 million on 30th September 2023.
At the balance sheet date there is not yet an agreement in place to
sign a new loan but management believes the company is able to
agree on funding with support from the parent company Inission
AB.
Board of Directors’ proposal for the distribution of
dividend
The Board of Directors will propose to the Annual General
Meeting on May 4th, 2023 that no dividend will be distributed.
Events after the end of the financial
year
Enedo has signed a shareholder loan with Inission AB for the
amount of Eur 0,82 million during January and February 2023. There
has been no other material events after the end of the financial
year.
ENEDO PLC Board of Directors For further information please
contact Mr. Mikael Fryklund, CEO, tel. +358 40 500 6864 on 1st
March 2023 at 12:00-13:00.
DISTRIBUTION Nasdaq Helsinki
OyPrincipal mediaEnedo Enedo is a European designer and producer of
high-quality electronic power supplies and systems for critical
equipment even in the most demanding environments. Enedo´s mission
is to make electricity better – more reliable, more secure, more
energy efficient – and just right to fit its purpose. Enedo´s three
main product categories are Led Drivers, Power supplies and Power
Systems. In 2022 the group´s revenue was EUR 46,8 million. Enedo
has 357 employees and its main functions are located in Finland,
Italy, Tunisia and USA. The group´s head office is in Finland and
parent company Enedo Oyj is listed on Nasdaq Helsinki Oy. Enedo is
apart of Inission Group since 1st July 2022.www.enedopower.com
- Enedo PLC's Financial Statements Release 2022_corrected
Enedo (LSE:0E96)
Historical Stock Chart
From Aug 2024 to Sep 2024
Enedo (LSE:0E96)
Historical Stock Chart
From Sep 2023 to Sep 2024