FINANCIAL OVERVIEW Challenging market conditions and structural adjustments affect the profit for the year. However, the DLG Group continues to deliver key ratios in terms of gearing and solvency ratios within the Group’s strategic objectives. 2024 was characterised by low activity in the German market, which is the Group’s largest, as well as generally high interest rates and uncertainty in the global markets. Despite challenging market conditions, the DLG Group continues to deliver solid financial ratios with a gearing (NIBD/EBITDA) of 4.2 and a solvency ratio of 31.1%, which is within the Group’s strategic targets. As for earnings, an EBITDA of DKK 2.3 billion was realised compared to a target for the year of at least DKK 2.4 billion, which is not considered satisfactory. To realise the Group’s strategic ambitions, including being the customers’ preferred partner and investing in the solutions of the future, a number of structural adjust- ments are being made. These have resulted in a number of write-downs in 2024, which, combined with a high interest rate level, leads to a negative EAT for the year of DKK -185 million. EARNINGS AND RESULTS Group revenue reached DKK 60.7 billion in 2024, which is DKK 6.7 billion (-9.9%) less than last year. The decrease can be attributed to generally lower prices combined with a smaller harvest affecting revenue in Food, in addition to the general slowdown in the German economy, resulting in lower revenue in the Energy and Housing business areas. The DLG Group’s operating profit before depreciation etc. (EBITDA) in 2024 was DKK 2.3 billion, which is on par with 2021, whereas 2022 and 2023 were affected by exceptionally good market conditions. Food has realised an EBITDA of DKK 1,510 million, which is DKK 52 million lower than in 2023, Energy at DKK 520 million is DKK 289 million lower than in 2023, and Housing at DKK 250 million is DKK 104 million lower than in 2023. Pro t/loss after tax (EAT) -185 million DKK 1500 Gross revenue 60.7 billion DKK 80 4.1 EBITDA margin % 2,280 Operating pro t (EBITDA) million DKK 4000 5 1000 60 3000 4 500 40 2000 3 0 20 1000 2 -500 million 2020 2021 2022 2023 2024 0 billion 2020 2021 2022 2023 2024 0 million 2020 17 Introduction – Results – Business areas – Introduction to ESG – Environment – Social – Governance – Accounting 2021 2022 2023 1 2024 %
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