XCSE:GJ ESEF Report
GLUNZ & JENSEN HOLDING A/S (XCSE:GJ)
ESEF Report
2023-08-31
For: 2023-06-30
View Original
Added on
September 22, 2026
To Nasdaq OMX Copenhagen A/S
Company announcement no. 545
August 30
th
, 2023
Glunz & Jensen
Glunz & Jensen is the world’s leading supplier of innovative, high-quality plate making solutions for the global prepress industry. In addition to developing and producing processors
for the offset and flexo printing industry, we also offer after sales service. Our product portfolio also includes exposure units, dryers, light finishers, mounting tables, plate stackers
and software for monitoring and controlling complete prepress processes.
Glunz & Jensen has been a recognized leader in prepress for more than 50 years. We have long-standing relations with major customers such as Agfa, Asahi, DuPont, Flint, Fuji
Film, Heidelberg, Kodak, MacDermid, Technova and XSYSthe world’s largest suppliers of printing systems. We market our products through a comprehensive and worldwide
network of distributors and dealers, and the Group has approx. 110 employees in our facilities in Denmark, Slovakia, and USA.
Our goal is to be the most innovative hardware and services provider in our product areas, and thereby expanding our market share with global customers. At the same time, we will
strengthen our earnings through optimization of prices, production, logistics and capacity utilization.
The shares of Glunz & Jensen Holding A/S are listed at NASDAQ OMX Copenhagen A/S
Page 1 of 13
Phone: +45 5768 8181, CVR-no. 10239680
www.glunz-jensen.com
INTERIM REPORT JANUARY 1
ST
, 2023 – JUNE 30
TH
, 2023 (H1 2023)
The H1 2023 report of the fiscal year was reviewed and approved at the Board of Directors meeting.
Highlights
• The revenue for H1 2023 amounted to DKK 74,0 million (H1 2022: DKK 70,5 million), which is in line
with expectations.
• The gross profit amounted to DKK 17,9 million in H1 2023 (H1 2022: DKK 18,8 million), the gross profit
margin was 24,2% (H1 2022: 26,7%)
o The margin decline compared to last year relates to higher prices due to inflation on i.e.,
mechanical parts, electronic components, electricity, and gas. The price increases have not
been fully covered by increases in sales prices.
o The challenges of securing especially electronic components and materials on time have
improved, however delays still cause less efficiency within the manufacturing area.
• EBITDA for the period was DKK 8,2 million (H1 2022: DKK 8,6 million).
• Profit before tax for the period H1 2023 was DKK 5,3 million (H1 2022: DKK 5,0 million), corresponding
to a result per share (EPS) at DKK 2,3 (H1 2022: DKK 2,2).
For further information please contact:
CEO Henrik Blegvad Funk: phone +45 21 39 05 32
Chairman of the board Flemming Nyenstad Enevoldsen: phone +45 40 43 13 03
Company announcement for H1 2023
Page 2 of 13
FINANCIAL HIGHLIGHTS
In millions, except per share data
2023
H1
6 months
2022
H1*
6 months
2022
Year
9 months
Income statement
Revenue
74,0
70,5
103,4
Gross profit
17,9
18,8
27,5
Operating profit
7,5
6,2
17,0
Net financials
(2,2)
(1,2)
(1,8)
Profit before tax
5,3
5,0
15,3
Profit for the year
4,1
4,0
12,0
Profit before financial income and expenses, tax, depreciation, amortization, and
impairment of assets (EBITDA)
8,2
8,6
18,2
Balance sheet
Assets
Other non-current assets
156,3
151,9
157,7
Current assets
75,3
67,1
82,8
Total assets
231,6
219,0
240,5
Liabilities
Share capital
102,5
88,3
98,4
Non-current liabilities
76,2
68,2
65,9
Current liabilities
52,9
62,5
76,2
Total Equity and liabilities
231,6
219,0
240,5
Cash flows
Cash flows from operating activities
6,4
7,4
(9,3)
Cash flows from investing activities
1
(0,3)
(4,0)
(1,4)
Free cash flow
6,1
3,4
(10,7)
Cash flows from financing activities
(5,8)
(3,8)
10,6
Change in cash and cash equivalents for the year
0,3
(0,4)
(0,1)
1)
including investments in property, plant and equipment
(0,3)
(0,5)
(1,4)
Financial ratios in %
Operating margin
10,2
8,7
16,5
EBITDA margin
11,1
12,1
17,6
Return on assets (ROIC)
3,2
2,7
7,4
Return on equity (ROE)
4,1
4,3
13,0
Equity ratio
43,9
40,3
40,9
Other information
Credit institutions net interest-bearing debt
79,1
73,6
83,9
Interest coverage
4,0
7,0
9,3
Earnings per share (EPS)
2,3
2,2
6,6
Diluted earnings per share (EPS-D)
2,3
2,2
6,6
Cash flow per share (CFPS)
(0,1)
(2,2)
(5,1)
Book value per share (BVPS)
56,3
48,5
54,1
Share price (KI)
69
84
75
Average number of shares outstanding (in thousands)
1.821
1.821
1.821
Dividend per share
0,0
0,0
0,0
Average number of employees
* Restated.
For definitions of financial ratios please refer to Glunz & Jensen's annual report for 2022 page 63.
Company announcement for H1 2023
Page 3 of 13
THE DEVELOPMENT IN H1 2023
Compared to H1 2022 the period of H1 2023 showed an
increase in revenue to DKK 74,0 million (H1 2022: DKK
70,5 million) equal to an increase of 5,0%.
Commercial efforts are ongoing, including strengthening
the organization, price adjustments, and production cost
reductions.
See note 3 (geographical distribution) for revenue figures
for the different regions.
Gross profit
Gross profit is at DKK 17,9 million in H1 2023 (H1 2022:
DKK 18,8 million). This is due to cost price increases on
i.e. mechanical parts, electronic components, electricity,
and gas which have not been fully covered by increased
sales prices towards the customers.
The gross profit margin was 24,2% in H1 2023 (H1 2022:
26,7%)
Development in EBITDA
Earnings before financial income and expenses, tax,
depreciation, and amortization EBITDA was at DKK 8,2
million in H1 2023 (H1 2022: DKK 8,6 million).
Operating profit (EBIT) was DKK 7,5 million in H1 2023
(H1 2022: DKK 6,2 million).
The net financial items represent a cost of DKK 2,2
million in H1 2023 (H1 2022: DKK 1,2 million). The
increase is mainly caused by the increased interest rates
during the first part of H1, 2023.
In H1 2023 tax for the period was calculated to DKK 1,2
million (H1 2022: DKK 1,0 million).
The profit for the period in H1 2023 was DKK 4,1 million
compared to DKK 4,0 million in H1 2022.
Balance sheet
The balance sheet for the group amounted to DKK 231,6
million by the end of June 2023 compared to DKK 240,5
million by the end of the last financial year on December
31
st
, 2022. The decrease is mainly due to lower trade
receivables.
The equity increased in the period from DKK 98,4 million
to DKK 102,5 million mainly due to the positive result for
the first half year.
On June 30
th
, 2023, the equity ratio was 43,9% which is
an increase of 3,0% percentage points compared to
December 31
st
, 2022, where the equity ratio amounted
to 40,9%.
As in the previous years the activities in the Group have
not significantly been affected by seasonal fluctuations.
However, supply chain challenges during the past 1-2
years have led to challenges in planning of activities
which has continued to cause unusual high levels of
inventories during H1 2023.
Inventories amounted to DKK 55,9 million on June 30
th
,
2023 (2022: DKK 43,7 million). Trade receivables were
DKK 13,2 million on June 30
th
, 2023 (2022: DKK 17,4
million). Trade payables were DKK 10,4 million on June
30
th
, 2023 (2022: DKK 14,0 million).
Net interest-bearing debt amounted to DKK 85,4 million
on June 30
th
, 2023, of which DKK 6,3 million referred to
IFRS 16 lease liabilities. On June 30
th
, 2022, net interest-
bearing debt amounted to DKK 80,6 million of which DKK
8,3 million referred to lease liabilities.
Cash flow
The net cash flow from operating activities came at DKK
6,4 million in H1 2023 (H1 2022: DKK 7,4 million), net
cash flow from investing activities were DKK -0,3 million
(H1 2022: DKK -4,0 million) and the free cash flow was
positive by DKK 0,3 million compared to a positive free
cash flow of DKK 3,4 million in H1 2022.
Covenants
The main bank has linked the credit lines to financial
covenants based on solvency, EBITDA and loan to value
for the prepress segment in Glunz & Jensen. The
covenants were calculated by June 30
th
, 2023. The
company is complying with the financial covenants by
June 30
th
, 2023.
Events after the balance sheet date
No significant events, which are deemed to have a
significant impact on the Group’s financial position, have
occurred since June 30
th
, 2023.
Outlook for 2023
For fiscal 2023, Glunz & Jensen maintains the previously
communicated outlook for 2023; the Group revenue is
expected to come in at the DKK 135-140 million level,
while operating profit (EBITDA) is expected at a level of
DKK 13-16 million. The profit before tax is expected at a
level of the DKK 9-12 million.
It is the Group’s intention to use the free cash flow to
the greatest possible benefit of its shareholders. This
includes investment in business development and
technology as well as reduction of debt.
Forward-looking statements
The forward-looking statements in this announcement
reflect the company’s current expectation for future
events and financial results. Such statements are
inherently subject to uncertainty, and actual results may
differ from expectations. Factors which may cause the
actual result to deviate from expectations include general
economic developments and developments in the
financial market, changes or amendments to legislation
Company announcement for H1 2023
Page 4 of 13
and regulation in our market, changes in demand for
products, competition and the prices and supply of
materials. Please refer to the risk section in Glunz &
Jensen's annual report 2022 page 13.
- - - o o O o o - - -
The annual reporting for 2023 covering the period
January 1
st
, 2023 – December 31
st
, 2023, is expected to
be announced on March 19
th
, 2024.
Company announcement for H1 2023
Page 5 of 13
MANAGEMENT’S REVIEW
Ringsted, August 30
th
, 2023
Executive Management
Henrik Blegvad Funk Robert Popik
CEO COO
Board of Directors
*Elected by the employees
Company announcement for H1 2023
Page 6 of 13
INCOME STATEMENT
(DKK millions)
Note
2023
H1
2022
H1*
2022
Year
6 months
6 months
9 months
Revenue
3
Production costs
(56,1 )
(51,7 )
(75,9 )
Gross margin
Sales and distribution costs
(5,6 )
(6,4 )
(8,4 )
Development costs
(0,5 )
(1,0 )
(1,0 )
Administrative expenses
(4,3 )
(5,2 )
(7,1 )
Fair value gains on investment property
-
Operating profit
Profit/(loss) after tax in associates
Financial income
Financial expenses
(2,6 )
(1,8 )
(2,5 )
Profit before tax
Income taxes
(1,2 )
(1,0 )
(3,3 )
Profit for the year
Attributable to:
Equity holders of Glunz & Jensen Holding A/S
Total
Earnings per share
Basic earnings per share (DKK)
Diluted earnings per share (DKK)
STATEMENT OF COMPREHENSIVE INCOME
(DKK ’000)
Note
2023
H1
6 months
2022
H1*
6 months
2022
Year
9 months
Profit for the year
Other comprehensive income:
Items that may be reclassified to the income statement:
Other comprehensive income after tax in associates
Exchange rate adjustments of investments in subsidiaries
Total other comprehensive income
Total comprehensive income
Attributable to:
6,0
Equity holders of Glunz & Jensen Holding A/S
Total
* Restated.
Company announcement for H1 2023
Page 7 of 13
BALANCE SHEET
(DKK millions)
Note
30
th
Jun.
2023
30
th
Jun.
2022*
31
st
Dec.
2022
ASSETS
Non-current assets
Property, plant, and equipment
Property, plant, and equipment
Leased assets
Investment properties
Other non-current assets
Investments in associates
Deferred tax
Other receivables
Total non-current assets
Current assets
Inventories
Trade receivables
Other receivables
Income tax
Prepayments
Cash
Total current assets
TOTAL ASSETS
* Restated.
Company announcement for H1 2023
Page 8 of 13
BALANCE SHEET
(DKK millions)
Note
30
th
Jun.
2023
30
th
Jun.
2022*
31
st
Dec.
2022
LIABILITIES
Equity
5
Share capital
Other reserves
Revaluation reserve
Retained earnings
Total equity
Non-current liabilities
Deferred tax
Provisions
Credit institutions
Other payables
Prepayments from customers
Lease liabilities
Total non-current liabilities
Current liabilities
Credit institutions
Trade payables
Lease liabilities
Provisions
Prepayments from customers
Income tax
Other payables
Total current liabilities
Total liabilities
TOTAL EQUITY AND LIABILITIES
* Restated.
Company announcement for H1 2023
Page 9 of 13
STATEMENT OF CASH FLOW
(DKK millions)
Note
2023
H1
6 months
2022
H1*
6 months
2022
Year
9 months
Operating activities
Profit for the year
Adjustment for non-cash items etc.:
Amortization, depreciation, and impairment losses
Gain and loss on sale of non-current assets
Fair value gain on investment properties
(6,0 )
Profit/(loss) after tax in associates
(0,1 )
Other non-cash items, net
(0,2 )
Provisions
(0,6 )
Financial income
(0,4 )
(0,6 )
(0,7 )
Financial expenses
Tax on operating profit
Cash flow from operating activities before changes in working
capital
Changes in working capital:
Changes in inventories
(5,2 )
(15,8 )
Changes in receivables
Changes in trade and other payables
(9,5 )
(2,7 )
(4,4 )
Changes in working capital
(18,0 )
Financial income received
Financial expenses paid
(2,4 )
(1,5 )
(2,0 )
Income taxes paid
(1,1 )
(1,7 )
Net cash flow from operating activities
(9,3 )
Acquisition of items of property, plant, and equipment
4
(0,3 )
(0,5 )
(1,4 )
Acquisition of investment properties
(3,5 )
Net cash flow from investing activities
(0,3 )
(4,0 )
(1,4 )
Free cash flow
(10,7 )
Change in net interest-bearing debt
(4,5 )
(2,4 )
Repayment of lease liabilities
(1,3 )
(1,4 )
(2,1 )
Net cash flow from financing activities
(5,8 )
(3,8 )
Net cash flow generated from operations
(0,4 )
(0,1 )
Cash and cash equivalents at the beginning of the year
Exchange gains/(losses) rate on cash and cash equivalents
Cash and cash equivalents at the end of the year
* Restated.
Company announcement for H1 2023
Page 10 of 13
STATEMENT OF CHANGES IN EQUITY
(DKK millions)
Share
capital
Retained
earnings
Revaluation
reserve
Translation
reserve
Total
Equity December 31
st
, 2021*
Changes in equity in H1 2022
Profit for the year
Other comprehensive income:
Exchange rate adjustments of investments in
subsidiaries
Total other comprehensive income
Total comprehensive income for the year
Equity June 30
th
, 2022*
Equity December 31
st
, 2022
Changes in equity in H1 2023
Profit for the year
Other comprehensive income:
Exchange rate adjustments of investments in
subsidiaries
Total other comprehensive income
Total comprehensive income for the year
Equity June 30
th
, 2023
* Restated.
Company announcement for H1 2023
Page 11 of 13
NOTES
Note 1 Accounting policies
The interim report of the Group for the period January 1
st
, 2023 – June 30
th
, 2023, is presented in accordance with IAS 34”
Presentation of financial statements” as approved by the EU and additional Danish disclosure requirements regarding
interim reporting by listed companies.
The accounting policies applied in the interim report are consistent with the accounting policies applied in the annual report
2022. The accounting policies are described in note 31 on page 57 to which reference are made.
Note 2 Significant accounting estimates and judgements
When preparing the interim report in accordance with the Group’s accounting policies, it is necessary that Management
makes estimates and lays down assumptions that affect the recognized assets, liabilities, revenues, and expenses.
On the Annual General Meeting in June 2022 the Shareholder, Heliograph Holding GmbH proposed to change Glunz &
Jensen’s financial year. The submitted proposal was adopted unanimously and with all votes present. Consequently Glunz
& Jensen Holding A/S changed the accounting period from April 1
st
- March 31
st
to January 1
st
- December 31
st
. As a result,
the annual report for 2022 consists of 9 months.
The comparative figures for H1 2022 have been restated for easy reference which means that H1 2022 cover the period
January 1
st
, 2022 – June 30
th
, 2022.
Management bases its estimates on historical experience and other assumptions considering relevant at the time in
question. These estimates and assumption form the basis of the recognized carrying amounts of assets and liabilities and
the derived effect on the income statement. The actual results may deviate over time. Reference is made to note 1,
significant accounting estimates and judgements on page 37 in the annual report 2022 for further details.
Note 3 Segment information
The Glunz & Jensen Group consists of two reportable segments: the prepress market and the Selandia Park properties.
(DKK millions)
January 1
st
, 2023 – June 30
th
, 2023
Prepress
market
Selandia
Park
Total
segments
Eliminations
Consolidated
External revenue
67,7
6,3
74,0
-
74,0
Inter-segment
-
0,1
0,1
(0,1)
-
Total revenue
67,7
6,4
74,1
(0,1)
74,0
Depreciation and impairment of property, plant, and
equipment
0,4
-
0,4
-
0,4
Depreciation of leased assets
0,3
-
0,3
-
0,3
Operating profit
1,9
5,6
7,5
-
7,5
Financial income
0,5
0,0
0,5
(0,1)
0,4
Financial expenses
(1,2)
(1,5)
(2,7)
0,1
(2,6)
Segment profit before tax
1,2
4,1
5,3
-
5,3
Segment assets
85,0
146,6
231,6
-
231,6
Capital expenditure
0,3
-
0,3
-
0,3
Segment liabilities
41,2
87,9
129,1
-
129,1
Company announcement for H1 2023
Page 12 of 13
(DKK millions)
January 1
st
, 2022 – June 30
th
, 2022*
Prepress
market
Selandia
Park
Total
segments
Eliminations
Consolidated
External revenue
64,4
6,1
70,5
-
70,5
Inter-segment
-
0,1
0,1
(0,1)
-
Total revenue
64,4
6,2
70,6
(0,1)
70,5
Depreciation and impairment of property, plant, and
equipment
1,7
-
1,7
-
1,7
Depreciation of leased assets
0,5
-
0,5
-
0,5
Impairment of leased assets
0,2
-
0,2
-
0,2
Operating profit
1,0
5,2
6,2
-
6,2
Financial income
0,9
0,0
0,9
(0,3)
0,6
Financial expenses
(1,0)
(1,1)
(2,1)
0,3
(1,8)
Segment profit before tax
0,9
4,1
5,0
-
5,0
Segment assets
78,3
140,7
219,0
-
219,0
Capital expenditure
0,5
3,5
4,0
-
4,0
Segment liabilities
37,5
93,2
130,7
-
130,7
* Restated.
Sales and purchases between the segments are made on terms equivalent to those that prevail in arm’s length
transactions.
For further information regarding the investment properties in Selandia Park please refer to page 47 in the Annual report
2022.
Geographical distribution
(DKK millions)
2023
H1
6 months
2022
H1*
6 months
2021/22
Year
9 months
EMEA (Europe, Middle East, Africa)
47,3
46,1
67,7
Americas
16,2
16,5
24,4
Asia and the Pacific
10,5
7,9
11,3
Total
74,0
70,5
103,4
* Restated.
Selandia Park is included in EMEA.
Note 4 Acquisition and sale of tangible assets
In H1 2023 the Group acquired tangible assets for DKK 0,3 million (H1 2022: DKK 0,5 million). The acquisition in 2023
primarily relates to test facilities (H1 2022: IT equipment).
In H1 2023 the Group did not sell tangible assets (H1 2022: DKK 0).
Company announcement for H1 2023
Page 13 of 13
Note 5 Share capital and treasury shares
As of June 30
th
, 2023, and on June 30
th
, 2022, the share capital consists of 1.821.309 shares representing a nominal value
of DKK 20 each. No shares carry any special rights.
By June 30
th
, 2023, and by June 30
th
, 2022, Glunz & Jensen Holding A/S held no treasury shares.
Further information regarding share capital and treasury shares, including movements in the share capital, can be found
in the annual report 2022 on page 51.
Note 6 Related parties
Companies with a controlling interest in the Group consist of Heliograph Holding GmbH, owned by MRB Holding GmbH,
which is the immediate majority owner, and MRB Holding GmbH, which is the ultimate majority owner.
The Group’s related parties also comprise the members of the board of directors and the executive board as well as these
persons’ family members. Apart from contracts of employment, no transactions were entered into between the Group and
the Executive Management.