FINANCIAL OVERVIEW 2023 marked a steady return to normal after a few extraordinary years. Strong risk and capital management minimised the effects of significant price falls and rising interest rates. The group’s financial targets for 2023 were more than realised. In terms of earnings, EBITDA reached DKK 2.7 billion compared to the target for the year of at least DKK 2.4 billion and an EAT at DKK 760 million compared to the target for the year of DKK 700 million. The strong earnings enabled an NIBD/EBITDA (gearing) ratio of 3.7 compared to a target of no more than 4.5. In addition, the group achieved a solvency ratio of 32.2 %, which is significantly higher than the target for the year of at least 30 %. EARNINGS AND RESULTS The group posted revenue of DKK 67.4 billion in 2023, which is DKK 12.6 billion (-16 %) less than last year. This reflects a stabilisation of the prices of crops, raw materials and energy in 2023, following marked declines in several commodity groups at the beginning of the year. In Germany, construction slowed down during 2022, and the trend continued in 2023. The slowdown led to a sizeable decline in new construction in particular, as well as increased competition and lower margins in the industry. In 2023, the group’s operating profit before depreciati- on and amortisation etc. (EBITDA) was DKK 2.7 billion, which is the second-best result in the group’s history, surpassed only by EBITDA of DKK 3.0 billion in 2022. Food realised EBITDA of DKK 1,562 million, down DKK 48 million from 2022, while Energy at DKK 809 million was down DKK 155 million from 2022, and Housing at DKK 354 million was DKK 109 million down from 2022. Continuous cost adjustments were made by the group to accommodate the high inflation seen in 2022 and 2023. Furthermore, there has been a continued focus on optimising working capital in order to reduce the impact of interest rate increases. Depreciation, amortisation and impairment losses amounted to DKK 901 million, which is slightly below the year’s investments in property, plant and equipment of DKK 941 million, and cash flow from investing activities totalled DKK 1,530 million. Operating profit (EBIT) excluding special items came to DKK 1,602 million, which Pro t after tax (EAT) 760 DKK million 1,200 1,000 800 600 400 200 0 Million 2023 2022 2021 2020 2019 Gross revenue 67.4 DKK billion 80 60 40 20 0 Billion 2023 2022 2021 2020 18 DLG ANNUAL REPORT 2023 2019 4.4 EBITDA margin % 2,725 Operating pro t (EBITDA) DKK million 4,000 5 3,000 4 2,000 3 1,000 2 0 Million 2023 2022 2021 2020 1 2019 %
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