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Tenaris Announces 2018 Fourth Quarter and Annual Results

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The financial and operational information contained in this press release is based on audited consolidated financial statements presented in U.S. dollars and prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standard Board and adopted by the European Union, or IFRS. Additionally, this press release includes non-IFRS alternative performance measures i.e., EBITDA, Net cash / debt and Free Cash Flow. See exhibit I for more details on these alternative performance measures.

LUXEMBOURG, Feb. 20, 2019 (GLOBE NEWSWIRE) -- Tenaris S.A. (NYSE, Buenos Aires and Mexico: TS and MTA Italy: TEN) (“Tenaris”) today announced its results for the fourth quarter and year ended December 31, 2018 with comparison to its results for the fourth quarter and year ended December 31, 2017.

Summary of 2018 Fourth Quarter Results

(Comparison with third quarter of 2018 and fourth quarter of 2017)

  4Q 2018 3Q 2018 4Q 2017
Net sales ($ million) 2,105 1,899 11% 1,589 32%
Operating income ($ million) 179 258 (31%) 168 6%
Net income ($ million) 225 247 (9%) 162 39%
Shareholders’ net income ($ million) 226 247 (9%) 160 41%
Earnings per ADS ($) 0.38 0.42 (9%) 0.27 41%
Earnings per share ($) 0.19 0.21 (9%) 0.14 41%
EBITDA ($ million) 426 394 8% 319 33%
EBITDA margin (% of net sales) 20.2% 20.7%   20.1%  

In the fourth quarter of 2018, sales rose a further 11% quarter on quarter on higher sales throughout North America and the completion of deliveries for the second Zohr pipeline in the Eastern Mediterranean. EBITDA rose to the highest level of the year but operating income was affected as we accelerated the residual amortization ($109 million) of the value of the customer relationships we recorded in 2006 at the time of the acquisition of Maverick.

During the quarter, cash flow from operations amounted to $239 million, despite an increase in working  capital of $79 million following the increase in sales in the quarter. After capital expenditures of $76 million and dividend payments of $153 million, our net cash position rose to $485 million.

Summary of 2018 Annual Results

  12M 2018 12M 2017 Increase/(Decrease)
Net sales ($ million) 7,659 5,289 45%
Operating income ($ million) 872 335 161%
Net income ($ million) 874 536 63%
Shareholders’ net income ($ million) 876 545 61%
Earnings per ADS ($) 1.48 0.92 61%
Earnings per share ($) 0.74 0.46 61%
EBITDA ($ million) 1,536 943 63%
EBITDA margin (% of net sales) 20.1% 17.8%  

In 2018, our financial results recovered strongly at all levels. Our sales rose 45% year on year, increasing in all regions and also in our non-Tubes profit centers. Highlights of the year include the consolidation of our positioning and Rig Direct® service in USA and Canada, the fast track delivery of the pipes for three East Mediterranean offshore gas pipelines, and our successful positioning for major gas developments in Argentina, Qatar, Indonesia, Mozambique and Australia.

EBITDA rose 63% year on year to $1.5 billion, with margins recovering to the level of 20%. Shareholders net income rose strongly to $876 million, benefitting from substantially higher operating income, and an excellent contribution from our investment in Ternium.

Despite a build up in working capital to support our growth in  sales,  we were able to generate free cash flow of $261 million. After payment of dividends, our net cash position declined during the year to $485 million at December 31, 2018, compared to $647 million at December 31, 2017.

Annual Dividend Proposal

The board of directors proposes, for the approval of the annual general shareholders’ meeting to be held on May 6, 2019, the payment of an annual dividend of $0.41 per share ($0.82 per ADS), or approximately $484 million, which includes the interim dividend of $0.13 per share ($0.26 per ADS), or approximately $153 million, paid in November 2018. If the annual dividend is approved by the shareholders, a dividend of $0.28 per share ($0.56 per ADS), or approximately $331 million will be paid on May 22, 2019, with an ex-dividend date on May 20, 2019 and record date on May 21, 2019.

Market Background and Outlook

Drilling activity in the US shales continued to grow in 2018, following the previous year’s strong recovery, while drilling activity in Canada was affected at the end of the year by the drop in oil prices. For 2019, following the recent reset of oil prices, US drilling activity is expected to be stable while in Canada drilling activity is expected to be well below the level of last year.

In Latin America, a recovery in drilling activity in Mexico is expected as the new government makes more funds available for Pemex and private operators begin implementing their energy reform commitments. In the rest of the regions drilling activity is expected to be relatively stable, with shale drilling activity in Argentina likely to switch from gas to oil.

In the eastern Hemisphere, drilling activity is expected to continue a gradual recovery with a focus on gas developments.

After our strong performance in 2018, we expect to consolidate our sales and margins through the year, with sales and margins in line with those of the second half of 2018. We should benefit from growing sales of premium connection products for offshore projects around the world, and the inclusion of consolidated revenues from our new operation in Saudi Arabia, but we will not repeat the exceptional level of offshore line pipe shipments to the Eastern Mediterranean and will have lower sales in Canada. With a stable level of sales, and limited capital investment requirements, we should be able to generate a strong free cash flow during the year.

Analysis of 2018 Fourth Quarter Results

Tubes Sales volume (thousand metric tons) 4Q 2018 3Q 2018 4Q 2017
Seamless   700   654 7%   593 18%
Welded   247   199 24%   171 45%
Total   947   853 11%   764 24%


Tubes 4Q 2018 3Q 2018 4Q 2017
(Net sales - $ million)          
North America 967 887 9% 707 37%
South America 356 334 7% 296 20%
Europe 148 148 0% 133 11%
Middle East & Africa 436 350 25% 290 51%
Asia Pacific 77 77 0% 51 50%
Total net sales ($ million) 1,984 1,797 10% 1,478 34%
Operating income ($ million) 154 233 -34% 150 2%
Operating margin (% of sales) 7.7% 13.0%   10.1%  

Net sales of tubular products and services increased 10% sequentially and 34% year on year. Sequentially, the increase in sales in North America, reflects higher sales of OCTG products in the United States, Canada and Mexico. In South America, sales increased due to higher sales of OCTG products in the Andean region and higher sales of line pipe in Argentina. In Europe sales remained stable across the region and for the different products. In the Middle East and Africa sales increased significantly as we completed deliveries of Zohr’s offshore line pipe in the East Mediterranean. In Asia Pacific we had stable sales.

Operating income from tubular products and services, amounted to $154 million in the fourth quarter of 2018, compared to $233 million in the previous quarter and $150 million in the fourth quarter of 2017. Operating income during the quarter was negatively affected by a higher customer relationships amortization charge of $109 million, after the full amortization of the residual value of Maverick’s Tubes segment customer relationships. Excluding this one off effect operating income would have increased 13%, mainly thanks to an increase in shipments that improved the utilization of production capacity and therefore the absorption of fixed costs.

Others 4Q 2018 3Q 2018 4Q 2017
Net sales ($ million) 121 102 18% 111 8%
Operating income ($ million) 25 26 (3%)   18 36%
Operating income (% of sales) 20.7% 25.2%   16.5%  

Net sales of other products and services increased 18% sequentially and 8% year on year. The sequential increase in sales is mainly due to higher sales of sucker rods, small diameter pipe for plumbing applications from our facility in Piombino, Italy, and excess energy and raw materials.

Selling, general and administrative expenses, or SG&A, amounted to $487 million, including a higher amortization charge of $109 million, after the full amortization of the residual value of Maverick’s Tubes segment customer relationships. Excluding this one off effect, SG&A amounted to $378 million (18% of sales), compared to $336 million (18%) in the previous quarter and $344 million (22%) in the fourth quarter of 2017. The sequential increase is mostly due to higher selling expenses following an increase in revenues of 11%, while as a percentage of sales SG&A remained stable.

Financial results amounted to a loss of $6 million in the fourth quarter of 2018, compared to a gain of $13 million in the previous quarter and $4 million in the fourth quarter of 2017. The loss during the quarter corresponds mainly to the effect of an 8.6% appreciation of the Argentine peso on net fiscal, trade and financial liabilities denominated in Argentine peso.

Equity in earnings of non-consolidated companies generated a gain of $51 million in the fourth quarter of 2018, compared to a gain of $56 million in the previous quarter and $26 million in the same period of 2017. These results are mainly derived from our equity investment in Ternium (NYSE:TX).

Income tax amounted to a gain of $2 million in the fourth quarter of 2018. This result includes a gain of $48 million derived from a fiscal revaluation in Argentina and a gain of $26 million derived from the reversal of deferred tax liabilities after the amortization of the residual useful life of Maverick’s Tubes segment customer relationships. On the other hand, we recorded a charge of $19 million due to the effect on the tax base used to calculate deferred taxes of the devaluation of the Mexican and Colombian peso and the Canadian dollar, partially offset by the revaluation of the Argentine peso.

Cash Flow and Liquidity of 2018 Fourth Quarter

Net cash provided by operations during the fourth quarter of 2018 was $239 million, compared with $50 million in the previous quarter and a use of cash of $13 million in the fourth quarter of 2017. Working capital increased by $79 million during the fourth quarter of 2018, in line with the increase in trade receivables on higher sales, while a reduction in inventories of $120 million was offset by other items.

Capital expenditures amounted to $76 million for the fourth quarter of 2018, compared to $78 million in the previous quarter and $121 million in the fourth quarter of 2017.

During the quarter, our net cash position increased by $77 million to $485 million at the end of the year, following the payment of an interim dividend of $153 million in November 2018.

Analysis of 2018 Annual Results  

Tubes Sales volume (thousand metric tons) 12M 2018 12M 2017 Increase/(Decrease)
Seamless   2,694   2,157 25%
Welded   877   461 90%
Total   3,571   2,618 36%


Tubes 12M 2018 12M 2017 Increase/(Decrease)
(Net sales - $ million)      
North America 3,488 2,362 48%
South America 1,284 982 31%
Europe 628 497 26%
Middle East & Africa 1,541 921 67%
Asia Pacific 292 204 43%
Total net sales ($ million) 7,233 4,966 46%
Operating income ($ million) 777 292 166%
Operating income (% of sales) 10.7% 5.9%  

Net sales of tubular products and services increased 46% to $7,233 million in 2018, compared to $4,966 million in 2017, reflecting a 36% increase in volumes and a 7% increase in average selling prices. Sales increased mainly due to a strong increase in demand in the United States and Canada and higher sales of line pipe for complex projects, including shipments for the second Zohr offshore welded pipeline in Egypt. In North America sales increased mainly due to higher demand of OCTG and line pipe and the consolidation of our market position throughout the region. In South America, sales increased mainly due to higher demand of OCTG and line pipe in Argentina, associated with increased investments in Vaca Muerta shale and higher demand for OCTG in the Andean region, including sales to the Liza development in Guyana, partially offset by lower sales of OCTG in Brazil, reflecting transition to new contracts with Petrobras. In Europe, sales increased reflecting higher demand for industrial products and for OCTG products in the North Sea and continental Europe. In the Middle East and Africa sales increased significantly, thanks to an exceptional level of sales for offshore line pipe for East Mediterranean gas development projects and higher sales of OCTG in the Middle East and Caspian areas. In Asia Pacific sales increased following a recovery in Indonesia and China from very low levels in 2017.

Operating income from tubular products and services, amounted to $777 million in 2018, compared to $292 million in 2017. Operating income during 2018 was negatively affected by a higher customer relationships amortization charge of $109 million, after the full amortization of the residual value of Maverick’s Tubes segment customer relationships. Excluding this one off effect operating income would amount to $886 million, 12% of sales. The significant improvement in Tubes operating income reflects a better operating environment, where a 46% increase in sales improved the utilization of production capacity and therefore the absorption of fixed costs.

Others 12M 2018 12M 2017 Increase/(Decrease)
Net sales ($ million) 426 323 32%
Operating income ($ million) 95 43 122%
Operating margin (% of sales) 22.2% 13.2%  

Net sales of other products and services increased 32% to $426 million in 2018, compared to $323 million in 2017, mainly due to higher sales of energy related products e.g., sucker rods and coiled tubing.

Operating income from other products and services  increased from $43 million in 2017 to $95 million in 2018. While all the profit centers improved their results, the main contributors were the energy related businesses, mainly sucker rods and coiled tubing.

Selling, general and administrative expenses, or SG&A, increased by $240 million (19%) in 2018 from $1,270 million in 2017 to $1,510 million in 2018. SG&A during 2018 includes a higher amortization charge of $109 million, after the full amortization of the residual value of Maverick’s Tubes segment customer relationships. Excluding this one off effect, SG&A amounted to $1,401 million (18% of sales), compared to $1,270 million (24%) in 2017. The decline of SG&A as a percentage of net sales reflects the containment of fixed and semi-fixed expenses in a higher volumes environment.

Financial results amounted to a gain of $37 million in 2018, compared to a loss of $23 million in 2017. The 2018 gain corresponds mainly to an FX gain of $29 million; $24 million related to the Argentine peso devaluation on Peso denominated financial, trade, social and fiscal payables at Argentine subsidiaries which functional currency is the U.S. dollar, $17 million related to the Euro depreciation on Euro denominated intercompany liabilities (offset in the currency translation reserve in equity), partially offset by a loss of $8 million due to the devaluation of the Canadian dollar. Additionally, we gained $7 million on derivatives, mainly covering net receivables in Canadian dollar and $3 million net interest on our net cash position.

Equity in earnings of non-consolidated companies generated a gain of $194 million in 2018, compared to $116 million in 2017. These results were mainly derived from our equity investment in Ternium (NYSE:TX).

Income tax charge amounted to $229 million in 2018 (25% over income before tax), compared to a gain of $17 million in 2017. In 2017 we recorded a gain of $63 million due to the reduction in income tax rates in Argentina, the United States and Colombia over deferred tax liabilities. Additionally, during 2017 we recorded an income tax charge of $29 million corresponding to a settlement agreement between Dalmine, our Italian subsidiary, and the Italian tax authorities in connection with all withholding tax claims on 2007 and 2008 dividend payments. Under such settlement agreement, Dalmine paid to the Italian tax administration an aggregate amount of EUR42.9 million (approximately $51 million), net of EUR3.2 million (approximately $4 million) corresponding to the amount previously paid during the litigation proceeding.

Net income for continuing operations amounted to $874 million in 2018, compared with $536 million in 2017. The improvement in results reflects a better operating environment, where a 45% increase in sales improved the utilization of production capacity and therefore the absorption of fixed costs, better financial results and better results from our investment in Ternium.

Cash Flow and Liquidity of 2018

Cash flow provided by operating activities amounted to $611 million during 2018 (net of an increase in working capital of $738 million). Following dividend payments of $484 million during the year, and capital expenditures of $349 million, we maintained a positive net cash position of $485 million at December 31, 2018.

Conference call

Tenaris will hold a conference call to discuss the above reported results, on February 21, 2019, at 09:00 a.m. (Eastern Time). Following a brief summary, the conference call will be opened to questions. To access the conference call dial in +1 877 730.0732 within North America or +1 530 379.4676 Internationally. The access number is “5687985”. Please dial in 10 minutes before the scheduled start time. The conference call will be also available by webcast at www.tenaris.com/investors.

A replay of the conference call will be available on our webpage http://ir.tenaris.com/ or by phone from 12:00 pm ET on February 21 through 11:59 pm on March 1, 2019. To access the replay by phone, please dial +1 855 859.2056 or +1 404 537.3406 and enter passcode “5687985” when prompted.

Some of the statements contained in this press release are “forward-looking statements”. Forward-looking statements are based on management’s current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements. These risks include but are not limited to risks arising from uncertainties as to future oil and gas prices and their impact on investment programs by oil and gas companies.

Consolidated Income Statement

(all amounts in thousands of U.S. dollars) Three-month period ended December 31, Twelve-month period ended December 31,
  2018 2017 2018 2017
Continuing operations    
Net sales 2,104,977 1,588,916 7,658,588 5,288,504
Cost of sales (1,442,005) (1,077,134) (5,279,300) (3,685,057)
Gross profit 662,972 511,782 2,379,288 1,603,447
Selling, general and administrative expenses (487,054) (343,730) (1,509,976) (1,270,016)
Other operating income (expense), net 2,765 (23) 2,501 1,157
Operating income 178,683 168,029 871,813 334,588
Finance Income 10,070 11,843 39,856 47,605
Finance Cost (7,760) (8,613) (36,942) (27,072)
Other financial results (8,770) 1,081 34,386 (43,550)
Income before equity in earnings of non-consolidated companies and income tax 172,223 172,340 909,113 311,571
Equity in earnings of non-consolidated companies 51,118 25,987 193,994 116,140
Income before income tax 223,341 198,327 1,103,107 427,711
Income tax 1,724 (36,159) (229,207) 17,136
Income for continuing operations 225,065 162,168 873,900 444,847
         
Discontinued operations        
Result for discontinued operations  -   -   -  91,542
Income for the period 225,065 162,168 873,900 536,389
         
Attributable to:        
Owners of the parent 225,825 160,232 876,063 544,737
Non-controlling interests (760) 1,936 (2,163) (8,348)
  225,065 162,168 873,900 536,389



Consolidated Statement of Financial Position

(all amounts in thousands of U.S. dollars) At December 31, 2018   At December 31, 2017
       
ASSETS          
Non-current assets          
  Property, plant and equipment, net 6,063,908     6,229,143  
  Intangible assets, net 1,465,965     1,660,859  
  Investments in non-consolidated companies 805,568     640,294  
  Other equity investments  -      21,572  
  Other investments 118,155     128,335  
  Deferred tax assets 181,606     153,532  
  Receivables, net 151,905 8,787,107   183,329 9,017,064
Current assets          
  Inventories, net 2,524,341     2,368,304  
  Receivables and prepayments, net 155,885     135,699  
  Current tax assets 121,332     132,334  
  Trade receivables, net 1,737,366     1,214,060  
  Derivative financial instruments 9,173     8,230  
  Other investments 487,734     1,192,306  
  Cash and cash equivalents 428,361 5,464,192   330,221 5,381,154
Total assets   14,251,299     14,398,218
EQUITY           
Capital and reserves attributable to owners of the parent   11,782,882     11,482,185
Non-controlling interests   92,610     98,785
Total equity   11,875,492     11,580,970
LIABILITIES          
Non-current liabilities          
  Borrowings 29,187     34,645  
  Deferred tax liabilities 379,039     457,970  
  Other liabilities 213,129     217,296  
  Provisions 36,089 657,444   36,438 746,349
Current liabilities          
  Borrowings 509,820     931,214  
  Derivative financial instruments 11,978     39,799  
  Current tax liabilities 250,233     102,405  
  Other liabilities 165,693     157,705  
  Provisions 24,283     32,330  
  Customer advances 62,683     56,707  
  Trade payables 693,673 1,718,363   750,739 2,070,899
Total liabilities   2,375,807     2,817,248
Total equity and liabilities   14,251,299     14,398,218



Consolidated Statement of Cash Flows

    Three-month period ended December 31, Twelve-month period ended December 31,
(all amounts in thousands of U.S. dollars)   2018 2017 2018 2017
Cash flows from operating activities      
           
Income for the period   225,065 162,168 873,900 536,389
Adjustments for:          
Depreciation and amortization   247,110 151,281 664,357 608,640
Income tax accruals less payments   (46,344) (33,367) 58,494 (193,989)
Equity in earnings of non-consolidated companies   (51,118) (25,987) (193,994) (116,140)
Interest accruals less payments, net   187 3,978 6,151 11,550
Changes in provisions   2,419 4,723 (8,396) (17,245)
Income from the sale of Conduit business    -   -   -  (89,694)
Changes in working capital   (78,991) (321,460) (737,952) (853,184)
Derivatives, currency translation adjustment and others   (59,046) 45,765 (51,758) 91,648
Net cash provided by (used in) operating activities   239,282 (12,899) 610,802 (22,025)
           
Cash flows from investing activities          
Capital expenditures   (75,804) (121,074) (349,473) (558,236)
Changes in advance to suppliers of property, plant and equipment   (86) 868 4,851 7,077
Proceeds from disposal of Conduit business    -   -   -  327,631
Acquisition of subsidiaries    -   -   -  (10,418)
Investment in companies under cost method    -   -   -  (3,681)
Loan to non-consolidated companies    -   -  (14,740) (10,956)
Repayment of loan by non-consolidated companies     -   -  9,370 3,900
Proceeds from disposal of property, plant and equipment and intangible assets   1,811 1,045 6,010 5,443
Dividends received from non-consolidated companies    -   -  25,722 22,971
Changes in investments in securities   368,945 53,341 717,368 565,387
Net cash provided by investing activities   294,866 (65,820) 399,108 349,118
           
Cash flows from financing activities          
Dividends paid   (153,470) (153,470) (484,020) (484,020)
Dividends paid to non-controlling interest in subsidiaries   (1,800) (4,800) (3,498) (24,000)
Changes in non-controlling interests   (28) (15) (24) (49)
Proceeds from borrowings   295,999 334,818 1,019,302 1,196,781
Repayments of borrowings   (483,766) (201,614) (1,432,202) (1,090,129)
Net cash (used in) financing activities   (343,065) (25,081) (900,442) (401,417)
           
(Decrease) increase in cash and cash equivalents   191,083 (103,800) 109,468 (74,324)
Movement in cash and cash equivalents          
At the beginning of the period   236,030 434,778 330,090 398,580
Effect of exchange rate changes   (396) (888) (12,841) 5,834
(Decrease) increase in cash and cash equivalents   191,083 (103,800) 109,468 (74,324)
At December 31,   426,717 330,090 426,717 330,090

Exhibit I – Alternative performance measures

EBITDA, Earnings before interest, tax, depreciation and amortization.

EBITDA provides an analysis of the operating results excluding depreciation and amortization and impairments, as they are non-cash variables which can vary substantially from company to company depending on accounting policies and the accounting value of the assets. EBITDA is an approximation to pre-tax operating cash flow and reflects cash generation before working capital variation. EBITDA is widely used by investors when evaluating businesses (multiples valuation), as well as by rating agencies and creditors to evaluate the level of debt, comparing EBITDA with net debt.

EBITDA is calculated in the following manner:

EBITDA= Operating results + Depreciation and amortization + Impairment charges/(reversals).

(all amounts in thousands of U.S. dollars) Three-month period ended December 31, Twelve-month period ended December 31,
  2018 2017 2018 2017
Operating income 178,683 168,029 871,813 334,588
Depreciation and amortization 247,110 151,281 664,357 608,640
EBITDA 425,793 319,310 1,536,170 943,228

Net Cash / (Debt)

This is the net balance of cash and cash equivalents, other current investments and fixed income investments held to maturity less total borrowings. It provides a summary of the financial solvency and liquidity of the company. Net cash / (debt) is widely used by investors and rating agencies and creditors to assess the company’s leverage, financial strength, flexibility and risks.

Net cash/ debt  is calculated in the following manner:

Net cash= Cash and cash equivalents + Other investments (Current and Non-Current)+/-Derivatives hedging borrowings and investments–Borrowings(Current and Non-Current)

(all amounts in thousands of U.S. dollars) At December 31,
  2018 2017
Cash and cash equivalents 428,361 330,221
Other current investments 487,734 1,192,306
Non-current Investments 113,829 123,498
Derivatives hedging borrowings and investments (6,063) (32,734)
Borrowings – current and non-current (539,007) (965,859)
Net cash / (debt) 484,854 647,432

Free Cash Flow

Free cash flow is a measure of financial performance, calculated as operating cash flow less capital expenditures. FCF represents the cash that a company is able to generate after spending the money required to maintain or expand its asset base.

Free cash flow is calculated in the following manner:

Free cash flow= Net cash (used in) provided by operating activities – Capital expenditures.

(all amounts in thousands of U.S. dollars) Three-month period ended December 31, Twelve-month period ended December 31,
  2018 2017 2018 2017
Net cash provided by (used in) operating activities 239,282 (12,899) 610,802 (22,025)
Capital expenditures (75,804) (121,074) (349,473) (558,236)
Free cash flow 163,478 (133,973) 261,329 (580,261)

Giovanni Sardagna        
Tenaris
1-888-300-5432
www.tenaris.com


 

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To Nasdaq OMX Copenhagen A/S Public announcement no. 553 March 19th, 2024 ANNUAL REPORT FOR GLUNZ & JENSEN HOLDING A/S FOR THE FISCAL YEAR 2023 The annual report for the fiscal year 2023 was reviewed and approved at the Board of Directors meeting today. The Board of Directors announces the following consolidated financial statements for 2023 set for approval at the Annual General Meeting on April 10th, 2024. Please observe that the 2023 figures cover a 12-month period, whereas the 2022 figures cover a 9-month period. The annual report 2023 has the following key figures: The Group realized a revenue of DKK 143,3 million (2022: DKK 103,4 million). Gross profit totalled DKK 31,9 million (2022: DKK 27,5 million), equal to a gross profit margin of 22,2% (2022: 26,6%). EBITDA was DKK 10,8 million (2022: DKK 18,2 million). Profit before tax for the year totalled DKK 3,5 million (2022: DKK 15,3 million). The result is in line with the guidance to the market. The financial statements for 2023 a

CONDITIONS FOR SALE OF RIKSBANK CERTIFICATES19.3.2024 09:30:00 CET | Press release

Bid date, 2024-03-19Auction date2024-03-19Settlement date2024-03-20Maturity Date2024-03-27Nominal amount956 billion SEKInterest rate4.00 %Bid times09.30-10.00 (CET/CEST) on the Bid dateBids are made to phone number08-696 69 70Confirmation of bids to e-mailrbcert@riksbank.seThe lowest accepted bid volume1 million SEKThe highest accepted bid volume956 billion SEKAllocation Time10.15 (CET/CEST) on the Bid dateProjected minimum liquidity surplus during the term956 billion SEKExpected excess liquidity at full allotment0 billion SEK Stockholm, 2024-03-19

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