Investor Presentaiton
Metal Markets
Increased results from sourcing and trading activities, and
positive inventory valuation and currency effects, partly
offset by lower results from recyclers
Key figures
Recycling production, kmt
Metal products sales, kmt 1)
Q4 2023 Q4 2022
Q3 2023
LE
166
115
176
645
614
652
Adjusted EBITDA Recycling (NOK million)
58
342
274
Adjusted EBITDA Commercial (NOK million)
-97
-434
294
Adjusted EBITDA Metal Markets (NOK million)
-38
-91
568
Adjusted EBITDA excl. currency and inventory valuation effects
-36
160
566
Adjusted EBIT (NOK million)
-229
-134
482
Results Q4 23 vs Q4 22
Adjusted RoaCE, % LTM²)
10.7 %
31.0 %
13.6 %
•
Increased results from sourcing and trading activities
Adjusted EBITDA
NOK million
525
705
534
-91
669
568
334
-38
1 673
2022
1 533
2023
1) Includes external and internal sales from primary casthouse operations, remelters and third-party metal sources
2) Adjusted RoaCE calculated as Adjusted EBIT last 4 quarters less 25% tax / Average capital employed last 4 quarters
Positive inventory valuation and currency effects
Lower results from recyclers on lower margins and Cassopolis ramp-up
Outlook Q1 24 vs Q4 23
.
Increased results from sourcing and trading activities
Positive currency effects
Continued margin pressure in the recyclers
Cassopolis ramp up
20
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