TRESU Q3 2023 Financial Report
Business plan
2024-2026:
P&L & CF
TRESU
CAGR
DKKm
Backlog
Machines & Units
Systems
CC
2019A
150
158
2020A 2021A
241
2022A 2023E 2024F
292
274
233
333
2025F 2026F
390
'20A-'23E 23E-'26F
144
239
210
97
271
326
378
(12%)
57%
68
75
77
98
101
110
121
13%
7%
97
108
127
134
144
167
176
11%
10%
Order intake
Machines & Units
309
422
413
329
516
603
675
2%
27%
136
167
Systems
CC
65
63
99
111
Revenue
389
300
341
Growth (y-o-y)
(23%)
14%
Machines & Units
35
32
Systems
24
28
ཤྰཚཊྛ བཞ
168
232
271
326
7%
25%
83
101
107
117
9%
12%
131
143
165
175
10%
10%
382
476
543
618
8%
17%
6%
24%
14%
14%
22
52
66
87
(14%)
57%
35
41
43
47
14%
11%
CC
54
60
71
80
95
103
10%
13%
CM1
126
113
120
128
173
204
236
4%
23%
CM1 margin
32%
38%
35%
33%
34%
36%
38%
38%
-4ppt
5ppt
IPC, R&D and Product Mgmt.
(7)
(22)
(38)
(36)
(36)
(37)
(41)
5%
CM2
106
99
81
93
137
167
195
(4%)
28%
CM2 margin
35%
29%
23%
24%
29%
31%
32%
7ppt
Total SG&A
(88)
(90)
(99)
(92)
(102)
(107)
(112)
1%
7%
% sales
29%
26%
28%
24%
21%
20%
18%
-6ppt
Adj. EBITDA (GAAP)
15
17
9
(18)
1
35
60
83
n.m.
n.m.
Adj. EBITDA (GAAP) margin
4%
6%
3%
(5%)
0%
7%
11%
13%
13ppt
IFRS adjustment
8
14
12
11
11
12
12
12
Adj. EBITDA (IFRS)
22
32
20
(7)
12
47
71
95
(28%)
Adj. EBITDA (IFRS) margin
6%
11%
6%
(2%)
3%
10%
13%
15%
99%
12ppt
Cash flow statement
Adj. EBITDA (GAAP)
2019A
2020A
2021A
2022A
2023E
2024F
2025F
2026F
(18)
1
35
60
83
(-) NRIS
(-) NWC and other provisions
(12)
(2)
(2)
(2)
(2)
41
(88)
(65)
44
(43)
(-) Capex
(3)
(6)
(12)
(8)
(8)
(-/+) Tax paid/received
12
(7)
10
5
0
Free cash flow before interest payments
20
(102)
(34)
99
31
Interest payments
(28)
(31)
(12)
(11)
(17)
(-) ss RCF interest (incl. Guarantee facility)
(12)
(11)
(9)
(-) Bond interest (cash payments)
(9)
Free cash flow after interest payments
(8)
(133)
(46)
88
14
Note: Reallocations between IPC and SG&A in historical period
40
40View entire presentation