ENEDO PLC Business Review May 4th, 2023 at 8:00
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Enedo Plc Publishes Business review January 1 – March 31, 2023 - Positive net profit enabled by strong orderbook and improvements in logistics
Business Review figures are unaudited.
January-March 2023 highlights
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Net sales increased by 8% vs same period last year and amounted to EUR 11,3 million (EUR 10,4 million).
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Ebitda was positive with EUR 1,1 million (EUR 0,8 million), an increase of EUR 0,32 million.
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Operating profit was 0,5 MEUR (EUR 0,0 million).
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Net profit was EUR 0,1 million (EUR – 0,3 million).
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Orderbook at the end of Q1 2023 was EUR 38,6 million (EUR 34,1 million).
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The shortage of components delaying certain deliveries.
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Eur 1,3 million shareholder loan raised from Inission AB
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Inission AB owns currently 95,85% of the shares in Enedo
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Enedo's board of directors has decided on March 8, 2023 to apply for the delisting of its shares from the Nasdaq Helsinki stock exchange list.
Key Figures
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| 1-3/23 | 1-3/22 | 1-12/22 |
| MEUR | 3mo | 3mo | 12mo |
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| Net sales | 11,3 | 10,4 | 46,8 |
| Ebitda | 1,1 | 0,8 | 3,2 |
| Operating profit | 0,5 | 0,0 | 0,3 |
| Net profit for the period | 0,1 | -0,3 | -1,1 |
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CEO’s comments
Net sales for the first quarter were EUR 11,3 million growing 8% compared with EUR 10,4 million net sales a year ago. The growth is driven by a high demand for all of our product categories. The order intake continued stable which led to very good orderbook of EUR 38,6 million, a growh of 13% compared to same period last year. The operating profit has been been improving by EUR 0,5 million in the first quarter versus previous year, and EUR 1,8 million versus the first quarter 2021, meaning a significant improvement driven by the global turnaround project, and despite higher R&D costs taken for the development of a new product platform of Power Supplies.
The Power Supplies product category’s net sales increased to EUR 7,0 million with an increase of EUR 0,3 million, 4%, compared to net sales of EUR 6,7 million in Q1 2022.
The net sales for Led Drivers product category's were EUR 2,9 million, an increase of EUR 0,2 million, 7%, compared to Q1 2022.
The net sales of the Power Systems product category increased with EUR 0,3 million and was EUR 1,4 million 34% compared to the net sales of Q1 2022.
Enedo has been actively upgrading the logistics procedures and will execute certain logistical improvements during Q2 and Q3 2023 to better serve our customers. Also we are preparing capacity increases in our Tunis factory to speed up the deliveries and enable the continuous growth of volumes.
Inission has earlier decided to exercise its redemption right in accordance with ch. 18. in the Finnish Companies Act and to redeem all the remaining shares in Enedo. Enedo's board of directors has decided on March 8, 2023 to apply for the delisting of its shares from the Nasdaq Helsinki stock exchange list. At the end of March 2023 Inission AB ownership of Enedo shares was 95,85%.