Scandinavian Tobacco Group reports first quarter 2024 results and maintains full-year guidance
2024年5月3日 - 12:15AM
Scandinavian Tobacco Group reports first quarter 2024 results and
maintains full-year guidance
Company Announcement No. 24/2024
Copenhagen, 2 May 2024
Interim report, 1 January - 31 March
2024 Scandinavian Tobacco Group reports first
quarter 2024 results and maintains full-year guidance
For the first quarter of 2024 Scandinavian
Tobacco Group delivered a 1% decrease in reported net sales by DKK
1.9 billion with an EBITDA margin before special items at 17.2%.
Net sales decreased 2% organically. Organic net sales growth in
Handmade Cigars and Next Generation Oral was offset by decline in
machine-rolled cigars & smoking tobacco. The EBITDA margin is
impacted by declining volumes in a seasonally small quarter, mix
changes and investments in growth. In the second quarter, the Group
is expected to deliver organic net sales growth and a material
improvement in the EBITDA-margin compared with the first quarter
2024. The full year guidance is maintained.
First Quarter 2024 - Financial Performance
- Net sales of DKK
1,948 million (DKK 1,963 million) with 2% negative organic
growth.
- EBITDA before
special items was DKK 335 million (DKK 474 million) with an EBITDA
margin of 17.2% (24.1%).
- Adjusted Earnings
Per Share (EPS) were DKK 1.8 (DKK 3.2).
- Free cash flow
before acquisitions was DKK -126 million (DKK -179 million).
- Return on Invested
Capital (ROIC) was 10.4% (13.6%).
- Growth Enablers
delivered a high double-digit growth rate and accounted for 11% of
Group net sales.
Key events
- Launch of One
Commercial Organisation.
- Opening of Club
Macanudo concept stores in Jakarta, Tapei and Louisianaville.
CEO Niels Frederiksen: “Despite a slow start to
the year and the first quarter profitability being impacted by mix,
cost inflation and investments in growth, we maintain our
expectations for the full year. Entering the second quarter, we
expect the net sales development to improve and we expect to see a
more normalized mix, which will impact profitability and cash-flows
positively. In the quarter we have continued to execute our
strategy with the opening of three Macanudo concepts stores and
investments in our growth initiatives. Our growth enablers
constituted around 11% of net sales in the quarter”.
Capital Allocation
At the Annual General Meeting on 4 April 2024, the proposal for
an increase in the ordinary dividend of 2% to DKK 8.40 per share
was approved. A proposal to cancel 1.0 million treasury shares was
also approved. When the cancellation has been completed later in
May, the number of issued shares will be 86.0 million.
During the quarter the Group repurchased 1,319,050 treasury
shares at a total value of DKK 164 million as part of the up to 850
million share buy-back programme which was launched November 2023.
By the end of the first quarter Scandinavian Tobacco Group owned a
total of 2,423,951 own treasury shares, corresponding to 2.79% of
the total share capital.
Financial Guidance 2024 The financial guidance
2024 is unchanged.
- Net sales in the range of DKK 8.8-9.1 billion
- EBITDA margin before special items in the range of 22%-24%
- Free cash flow before acquisitions in the range DKK 0.8-1.0
billion
- Adjusted EPS in the range of DKK 12.5-14.5
For further
information, please contact:Torben Sand, Director of IR
& Communication, phone +45 5084 7222 or
torben.sand@st-group.com
A conference call will be held on 3 May 2024 at
10.00 CEST. Dial-in information and an accompanying presentation
will be available at investor.st-group.com/investor around 09:00
CEST.
Scandinavian Tobacco Gro... (TG:8ZI)
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から 9 2023 まで 9 2024