Financial information
Order intake, EUR million
Q3 2024
Revenue, EUR million
Q3 2024
Adjusted operating profit, EUR million
Q3 2024
Earnings per share, EUR
Q3 2024
Employees on average
Q3 2024
Key figures
EUR thousand |
Q3
|
Q3
|
Change
|
Q1-Q3
|
Q1-Q3
|
Change
|
Q1-Q4
|
| Revenue | 24,585 | 20,538 | 19.7 | 74,539 | 74,741 | -0.3 | 96,815 |
| Operating profit | 620 | -655 | 194.6 | 1,224 | -1,187 | 203.1 | -4,863 |
| % of revenue | 2.5 | -3.2 | 1.6 | -1.6 | -5 | ||
| Adjusted operating profit 1) | 707 | -1,206 | 158.6 | 1,526 | -1,136 | 234.4 | -2,446 |
| % of revenue | 2.9 | -5.9 | 2 | -1.5 | -2.5 | ||
| EBITDA | 2,189 | 1,055 | 107.4 | 5,699 | 4,009 | 42.2 | 3,832 |
| Adjusted EBITDA 1) | 2,276 | 504 | 351.7 | 6,001 | 4,060 | 47.8 | 4,059 |
| Profit before tax | -1,769 | -421 | -319.9 | -1,541 | -2,593 | 40.6 | -8,254 |
| Profit for the period | -1,824 | -639 | -185.3 | -1,850 | -3,712 | 50.2 | -9,309 |
| Profit for the period excluding non-controlling interest | -1,730 | -581 | -197.7 | -1,600 | -3,564 | 55.1 | -9,130 |
| % of revenue | -7 | -2.8 | -2.1 | -4.8 | -9.4 | ||
| Shareholders’ equity | 36,726 | 23,578 | 55.8 | 36,726 | 23,578 | 55.8 | 17,687 |
| Interest-bearing liabilities | 31,266 | 50,475 | -38.1 | 31,266 | 50,475 | -38.1 | 43,790 |
| Cash and cash equivalents | 10,697 | 17,823 | -40 | 10,697 | 17,823 | -40 | 10,952 |
| Net interest-bearing liabilities | 20,569 | 32,652 | -37 | 20,569 | 32,652 | -37 | 32,838 |
| Net debt to adjusted EBITDA 2) | 3.4 | 4.8 | -29.2 | 3.4 | 4.8 | -29.2 | 8.1 |
| Capital employed | 67,991 | 74,053 | -8.2 | 67,991 | 74,053 | -8.2 | 61,477 |
| Return on equity, % | -19.7 | -10.7 | -84.3 | -9.1 | -18.3 | 50.6 | -38.7 |
| Return on capital employed, % | 3.7 | -3.3 | 210.3 | 2.9 | -1.9 | 247.4 | -6.8 |
| Equity ratio, % | 39.7 | 23.3 | 70.6 | 39.7 | 23.3 | 70.6 | 20.9 |
| Net gearing, % | 56 | 138.5 | -59.6 | 56 | 138.5 | -59.6 | 185.7 |
| Net cash flow from operating activities | -2,308 | 1,172 | -297 | -1,314 | 3,692 | -135.6 | 4,445 |
| Net cash flow from investing activities | -701 | -614 | 14.3 | -1,557 | -2,211 | -29.6 | -3,076 |
| Capital expenditure | 801 | 633 | 26.6 | 1,616 | 2,708 | -40.3 | 3,523 |
| % of revenue | 3.3 | 3.1 | 2.2 | 3.6 | 3.6 | ||
| Research and development costs | 821 | 813 | 1 | 2,817 | 2,745 | 2.6 | 3,711 |
| % of revenue | 3.3 | 4 | 3.8 | 3.7 | 3.8 | ||
| Order intake | 21,043 | 22,834 | -7.8 | 76,061 | 74,559 | 2 | 98,142 |
| Order backlog | 30,557 | 28,474 | 7.3 | 30,557 | 28,474 | 7.3 | 29,765 |
| Earnings per share, diluted and undiluted, EUR | -0.02 | -0.05 | 66.9 | -0.03 | -0.3 | 89.3 | -0.77 |
| Equity per share, EUR | 0.34 | 1.96 | -82.72 | 0.73 | 1.96 | -62.84 | 1.47 |
| Average share price, EUR | 0.34 | 3.47 | -90.1 | 0.47 | 4.03 | -88.3 | 3.6 |
| Average number of shares, diluted and undiluted, 1,000 shares 3) | 106,470 | 11,854 | 798.2 | 49,507 | 11,854 | 317.6 | 11,854 |
| Employees, average | 616 | 642 | -3.9 | 620 | 679 | -8.7 | 667 |
| Employees, end of period | 616 | 639 | -3.6 | 616 | 639 | -3.6 | 623 |
1) Excluding material items affecting comparability, such as restructuring costs, impairment losses and reversals, and costs related to planned or realized business acquisitions or disposals
2) Last 12 months’ adjusted EBITDA
3) As a result of Exel’s rights issue completed in June 2024, the total number of shares in the company increased by 94,831,552 from 11,896,843 to 106,728,395.
Key figures
EUR thousand |
2023 |
2022 |
2021 |
2020 |
2019 |
2018 |
| Revenue | 96,815 | 136,988 | 134,365 | 108,595 | 103,784 | 96,608 |
| Operating profit | -4,863 | 3,002 | 3,744 | 9,417 | 5,087 | 2,217 |
| % of revenue | -5.0 | 2.2 | 2.8 | 8.7 | 4.9 | 2.3 |
| Adjusted operating profit 1) | -2,446 | 8,029 | 6,029 | 9,708 | 7,160 | 5,018 |
| % of revenue | -2.5 | 5.9 | 4.5 | 8.9 | 6.9 | 5.2 |
| EBITDA | 3,832 | 10,123 | ||||
| Adjusted EBITDA 1) | 4,059 | 15,149 | ||||
| Profit for the period | -9,309 | 2,145 | 1,656 | 5,368 | 2,397 | 386 |
| Profit for the period excluding non-controlling interest | -9,130 | 2,293 | 1,693 | 5,368 | 2,397 | 386 |
| % of revenue | -9.4 | 1.7 | 1.3 | 4.9 | 2.3 | 0.4 |
| Net debt to adjusted EBITDA 2) | 8.1 | 2.1 | ||||
| Return on equity, % | -38.7 | 7.0 | 5.5 | 19.5 | 9.2 | 1.4 |
| Return on capital employed, % | -6.8 | 3.7 | 4.8 | 14.1 | 8.6 | 4.4 |
| Equity ratio, % | 20.9 | 26.9 | 26.8 | 30.2 | 30.9 | 34.7 |
| Net gearing, % | 185.7 | 102.4 | 119.9 | 107.9 | 114.9 | 96.3 |
| Net cash flow from operating activities 3) | 4,445 | 6,767 | 6,275 | 14,006 | 9,030 | 868 |
| Net cash flow from investing activities | -3,076 | 2,018 | -11,877 | -12,849 | -6,087 | -12,779 |
| Order intake | 98,142 | 124,735 | 140,557 | 115,373 | 110,693 | 100,757 |
| Order backlog 4) | 29,765 | 29,110 | 41,578 | 36,544 | 30,391 | 23,685 |
| Earnings per share, diluted and undiluted, EUR | -0.77 | 0.19 | 0.14 | 0.45 | 0.20 | 0.03 |
| Equity per share, EUR | 1.47 | 2.53 | 2.58 | 2.44 | 2.23 | 2.18 |
| Dividend/share, EUR | 0.00 | 0.20 | 0.20 | 0.20 | 0.18 | 0.18 |
| Price/earnings (P/E) | 29.95 | 57.87 | 16.26 | 32.00 | 122.40 | |
| Price/book value, (P/B) | 2.11 | 3.07 | 3.02 | 2.91 | 1.83 | |
| Employees, average | 667 | 732 | 715 | 665 | 659 | 647 |
1) Excluding material items affecting comparability, such as restructuring costs, impairment losses and reversals, and costs related to planned or realized business acquisitions or disposals.
2) Last 12 months’ adjusted EBITDA
3) Exel Composites Plc has applied the IFRS16 -standard since 1.1.2019 according to the model where the comparative information of previous periods is not adjusted.
4) At the end of the reporting period
Financial targets
| ORGANIC GROWTH | PROFITABILITY | FINANCIAL POSITION |
| Over 200 MEUR annual revenue by 2028 | Adjusted operating profit margin >10% by 2028 | Net debt / adjusted EBITDA* <3x by 2028 |
*) Last 12 months’ adjusted EBITDA
Financial targets are considered over a business cycle. Potential acquisitions may impact the long-term financial targets. According to the company’s dividend policy, Exel Composites’ ambition is to distribute a minimum of 40% of net income in dividends, when permitted by the financial structure and growth opportunities.
