Elanders AB: Quarterly Report January - March 2024
First quarter 2024
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Net sales amounted to MSEK 3,268 (3,589), which corresponded to an organic net sales reduction of nine percent, excluding acquisitions and discontinued operations, and using unchanged exchange rates. The reduction is primarily a result of a weaker market and lower freight rates and volumes in the Group's Air & Sea freight forwarding operations.
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Adjusted EBITA amounted to MSEK 180 (217), which equaled an adjusted EBITA margin of 5.5 (6.0) percent.
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During the period, one-off items of MSEK -26 (-67) where charged to operating result. These mainly referred to acquisition costs.
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Adjusted net result amounted to MSEK 32 (77), corresponding to SEK 0.89 (2.16) per share.
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Operating cash flow adjusted for purchase prices for acquisitions increased to MSEK 641 (512). Operating cash flow including acquisitions amounted to MSEK 121 (512).
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Cash conversion increased to 137 (122) percent, excluding purchase prices for acquisitions.
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In February 2024, Elanders acquired almost 90 percent of the shares in the British company Bishopsgate Newco Ltd. During 2023, Bishopsgate had net sales of MGBP 27 with very good profitability.
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After the balance sheet date, the remaining 20 percent of the shares in the American company Bergen Logistics were acquired for a purchase price of MUSD 47. Since Bergen was acquired in November 2021, the company has had a growth of approximately 60 percent with very good profitability.
Further information can be found on Elanders' website www.elanders.com or requested via e-mail [email protected].
Questions concerning this report can be addressed to:
Magnus Nilsson
President and CEO
Phone: +46 31 750 07 50
Åsa Vilsson
Acting Chief Financial Officer
Phone: +46 31 750 07 50
Elanders AB (publ)
(Company ID 556008-1621)
Flöjelbergsgatan 1 C
431 37 Mölndal, Sweden
Phone: +46 31 750 00 00
This information is information that Elanders 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 10:00 CET on 19 April 2024.
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Elanders AB