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Gabriel Holding A/S – first half of the 2021/22 financial year

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Gabriel Holding A/S
Gabriel Holding A/S

Summary:

Gabriel Holding A/S achieves 34% revenue growth and a 48% increase in operating profit (EBIT).

  • The Group’s revenue was DKK 522.8 million (DKK 388.3 million), the equivalent of 34% growth

    • Revenue in the second quarter was DKK 275.8 million (DKK 201.8 million), the equivalent of 37% growth

  • Gross profit fell to 34.1% (37.0%) in the first half-year because price increases on carriage, raw materials, components, energy etc. have not been fully compensated through price adjustments to the Group’s selling prices.

  • Earnings before depreciation, amortisation and impairment losses (EBITDA) increased by 32% to DKK 64.1 million (DKK 48.6 million)

  • Operating profit (EBIT) increased by 48% to DKK 44.0 million (DKK 29.7 million)

    • Operating profit in the second quarter was DKK 23.5 million (DKK 14.5 million), an increase of 62%

  • Profit before tax increased by 60% to DKK 46.6 million (DKK 29.1 million)

    • Profit before tax in the second quarter was DKK 24.9 million (DKK 16.8 million), an increase of 48%

  • Return on invested capital was 19.6% (13.5%)

  • Operating margin was 8.4% (7.6%).

Expectations for the 2021/22 financial year:

After the first half-year, expectations are revenue of the order of DKK 990-1,020 million (DKK 809.7 million in 2020/21) and operating profit (EBIT) of the order of DKK 73-78 million (DKK 58.6 million in 2020/21). This is equivalent to revenue growth of 22-26% and an increase of 25-33% in the operating profit (EBIT).

The expectation for the second half-year is thus revenue of DKK 467-497 million compared to DKK 422 million last year. The second half of the 2020/21 financial year was the first normal period after the pandemic, and growth equivalent to 11-18% is expected.

The Group’s order intake and order book remain strong and, combined with good execution of its growth strategy, form the basis for the expectation of continued growth. Management also notes that the war in Ukraine and the high rate of inflation could negatively affect the development of both revenue and profit.

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