Fiven ASA
02.11.2023 - 13:10:03Fiven ASA - 3rd Quarter Results
| Fiven ASA / Key word(s): Quarter Results 02.11.2023 / 13:10 CET/CEST The issuer is solely responsible for the content of this announcement. PRESS RELEASE Oslo, 2nd November 2023 at 12:00 CET Fiven ASA - Third Quarter Results 2023 The total revenues in Q3 2023 reached EUR 34.5m representing a reduction of -23.2% versus Q3 2022. This is sequentially down from the reported EUR 40.7m in Q2 2023. The adjusted EBITDA was EUR 9.7m, versus EUR 14.0m in Q3 2022 (-30.7%). Q2 2023 Adjusted EBITDA was EUR 12.4m. With weaker market conditions for all silicon carbide players, Fiven sales are in line with the market trends for core products but continue to stay above 2022 performance on customized products. EBITDA margins remain healthy. Cash Flow from Operations reached EUR 9.3m compared with EUR 16.4 Q3 LY. The cash balance ended at EUR 27.5m, up from reported EUR 18.9m at year end 2022 and EUR 1.8m higher than last quarter end. The September 30 leverage ratio stood at 0.98. In an environment marked by heightened geopolitical tensions, disruptions in European energy supply chains, and a macroeconomic climate overshadowed by rising interest rates and inflation, Fiven has demonstrated flexibility and determination. The Group's firm use of its two-pillar strategy demonstrates its ability to navigate different economic challenges and underpins its continued success in different markets. With confidence in its strategic execution, Fiven is well positioned to maintain strong financial results even in the current market uncertainties. Fiven ASA - Third Quarter Results 2023 as PDF: http://www.rns-pdf.londonstockexchange.com/rns/2129S_1-2023-11-2.pdf For further information, please contact: Stein Erik Ommundsen, Group CFO and General Manager +47 975 10 481, Stein.E.Ommundsen@Fiven.com Stefan Mokros, IR Manager +49 221 6507 6097, stefan.mokros@fiven.com This information is information that Fiven ASA is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 12:00 CET on 2 November 2023. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com. 02.11.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.eqs-news.com |
