Investor Presentaiton
Reported EBIT margin of 28% in Q3, reflecting mostly inflationary
headwind on input costs. Significant negative currency impact in Q3
Q3 2022/23 EBIT margin development before special items (%)
30.1
-3.3
Reported
EBIT
margin Q3
21/221
0.8
28.4
0.3
-0.2
0.3
27.6
0.4
A Gross
Δ
margin
Δ Admin- A R&D-
Distribution- to-sales to-sales
to-sales
A Other
operating
items
Reported
EBIT
margin
Q3 22/231
1 Before special items income of DKK 28 million in Q3 2022/23 and special items expenses of 20mDKK in Q3 2021/22.
12
Currency EBIT margin
effect Q3 22/23
(Constant
Currencies)1
•
•
Q3 2022/23 highlights
Gross margin was 66%, against 69% in Q3 last year
Negative impact from: raw material price increases, higher energy
costs, double-digit wage inflation in Hungary, and ramp-up costs in
Costa Rica. Electricity price hedges of ~400 EUR/MWh (double
from last year) took effect in January. Positive impact from: Atos
Medical, price increases, country and product mix, operating
leverage and efficiency savings, and transportation costs due to
declining sea freight rates
Significant negative FX impact on the gross margin of 70 bps
Operating expenses in Q3 amounted to DKK 2,337 million. Operating
expenses grew 2% from last year. Atos Medical contributed with DKK
284 million, including DKK 52 million in amortisation costs.
Distribution-to-sales ratio was 31%, on par with last year
Distribution costs were up 3% vs. last year, driven by increased
sales & marketing activities and travel post COVID-19 and
continued commercial investments (Interventional Urology,
consumer and digital, Atos Medical)
The admin-to-sales ratio was 4%, against 5% last year. The R&D-to-
sales ratio was 4%, in line with last year
EBIT before special items was DKK 1,686 million, a 4% decrease from
last year. Reported EBIT margin before special items was 28% against
30% last year (negative FX impact of 80 bps)
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