Q1 2024 Results - Investor Presentation
Financial Review - Gross Margin Bridge
THOM
Q1 2024 Results - Investor presentation March 15, 2024
GM Rate limited decrease by -0.4pp mainly due to the inflation
impact on our cost of goods sold (not yet passed through to the
customer), partly offset by the positive effect of the development
of Agatha (with higher GM rates).
Gross margin bridge - Gross margin Q1 2024 vs. Q1 2023
69.7%
(0.3%)
(0.4%)
(0.2%)
BtoC: (0.7)%
0.4%
69.3%
Gross Margin
Sales of precious
rate Q1 2023
metal
Other mix price
effect
B2B margin
effect
Agatha margin effect
Gross Margin
rate Q1 2024
In Q1 2024, the decrease of 0.4% from 69.7% in Q1 2023 to 69.3% in Q1 2024 is mainly due to the
impact on our cost of goods sold increases in manufacturing costs and in the price of gold (which
were not passed through to the customer), partly offset by a positive effect from the sales of
precious metal and a positive effect of the Agatha business, which has higher margin.
The negative impact of the sales of precious metal is 0.2% on the gross margin.
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