XCSE:GJ ESEF Report
GLUNZ & JENSEN HOLDING A/S (XCSE:GJ)
ESEF Report
2024-08-28
For: 2024-06-30
View Original
Added on
September 22, 2026
To Nasdaq OMX Copenhagen A/S
Company announcement no. 559
August 21
st
, 2024
Glunz & Jensen
Glunz & Jensen is a supplier of innovative, high-quality plate making equipment and solutions for the global prepress industry. In addition to developing and producing processing
equipment for Offset and Flexo printing technologies, we also offer premier customer support as well as a full range of spare parts, wear parts and consumable products. Our diverse
product portfolio includes inkjet imaging systems, exposure units, wash out units (processors), dryers, light finishers, full-automatic platemaking (inline) systems, mounting tables, plate
stackers & turners.
Our R&D, supply chain, production, testing, and training facilities are in Presov, Slovakia, and our products are based on application know-how and own developed technology. In
addition, we have an R&D and test facility in Odense, Denmark, working on unique applications and technology for our single largest customer.
Glunz & Jensen has been operating in prepress for more than 50 years. We have long-standing relations with major industry leading companies such as Asahi, DuPont, ECO3, Fuji
Film, Heidelberg, KBA, Kodak, MacDermid, Miraclon, TechNova and more. We market our products and solutions globally through a well-established, comprehensive, and worldwide
network of distributors and dealers. We have approx. 100 employees in our facilities in Denmark, Slovakia and the USA.
We are on the path to be the most innovative high-end equipment and services provider, delivering outstanding value for money in our product areas, and thereby growing our market
share with our global partners. We are also set to strengthen our earnings through improved trade profitability and optimized manufacturing including within procurement and supply
chain.
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
, 2024 – JUNE 30
TH
, 2024 (H1 2024)
The H1 2024 report of the fiscal year was reviewed and approved at the Board of Directors meeting.
Highlights
• The revenue for H1 2024 amounted to DKK 64,9 million (H1 2023: DKK 74,0 million), which is in line
with expectations.
• The gross profit amounted to DKK 15,0 million in H1 2024 (H1 2023: DKK 17,9 million), the gross profit
margin was 23,1% (H1 2023: 24,2%).
o The revenue decline in H1 2024 compared to H1 2023 is due to a weaker than expected
revenue in Q1 2024 which was communicated in the company announcement no. 556 on April
18
th
, 2024. The revenue in Q2, 2024 is at DKK 33,8 million compared to DKK 33,5 million in
Q2, 2023.
o The margin declines last year (full year 2023 at 22,2%) were in part been recovered during
H1 2024 and came to 23,1%. The task related to margin improvement is ongoing in H2 2024.
• EBITDA for the period was DKK 4,1 million (H1 2023: DKK 8,2 million).
• Profit before tax for the period H1 2024 was DKK 1,0 million (H1 2023: DKK 5,3 million), corresponding
to a result per share (EPS) at DKK 0,4 (H1 2023: DKK 2,3).
Glunz & Jensen changed the previously communicated outlook for 2024 on Group on August 21
st
, 2024; The
revenue is expected at approximately DKK 135 million (previous outlook: approximately DKK 148 million), the
EBITDA* is expected at approximately DKK 12 million (previous outlook: approximately DKK 18 million) and
the Profit before tax* is expected at approximately DKK 5 million (previous outlook: approximately DKK 10
million).
*The outlook for the EBITDA and the Profit before tax is before potential adjustments on fair value on the
investment property.
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 2024
Page 2 of 13
FINANCIAL HIGHLIGHTS
In millions, except per share data
2024
H1
2023
H1
2023
Year
Income statement
Revenue
64,9
74,0
143,3
Gross profit
15,0
17,9
31,9
Operating profit
3,3
7,5
8,6
Net financials
(2,3)
(2,2)
(4,9)
Profit before tax
1,0
5,3
3,5
Profit for the year
0,8
4,1
2,9
Profit before financial income and expenses, tax, depreciation, amortization, and
impairment of assets (EBITDA)
4,1
8,2
10,8
Balance sheet
Assets
Intangible assets
0,4
0,0
0,0
Other non-current assets
158,5
156,3
154,1
Current assets
60,6
75,3
64,2
Total assets
219,5
231,6
218,3
Liabilities
Share capital
102,2
102,5
101,2
Non-current liabilities
75,0
76,2
72,1
Current liabilities
42,3
52,9
45,0
Total Equity and liabilities
219,5
231,6
218,3
Cash flows
Cash flows from operating activities
0,9
6,4
13,9
Cash flows from investing activities
1
(1,3)
(0,3)
(0,6)
Free cash flow
(0,4)
6,1
13,3
Cash flows from financing activities
0,2
(5,8)
(13,0)
Change in cash and cash equivalents for the year
(0,2)
0,3
0,3
1)
including investments in property, plant and equipment
(0,9)
(0,3)
(0,8)
Financial ratios in %
Operating margin
5,1
10,2
6,0
EBITDA margin
6,4
11,1
7,5
Return on assets
1,5
3,2
3,8
Return on equity (ROE)
0,8
4,1
2,9
Equity ratio
46,6
43,9
46,4
Other information
Mortgage loan, Credit institutions net interest-bearing debt
74,8
79,1
73,4
Interest coverage
1,6
4,0
2,0
Earnings per share (EPS)
0,4
2,3
1,6
Diluted earnings per share (EPS-D)
0,4
2,3
1,6
Cash flow per share (CFPS)
0,5
3,5
7,7
Book value per share (BVPS)
56,1
56,3
55,6
Share price (KI)
74
69
72
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
108
113
113
For definitions of financial ratios please refer to Glunz & Jensen's annual report for 2023 page 64.
Company announcement for H1 2024
Page 3 of 13
THE DEVELOPMENT IN H1 2024
Compared to H1 2023 the period of H1 2024 showed a
decrease in revenue to DKK 64,9 million (H1 2023: DKK
74,0 million) equal to a decrease of 12,3%. The decrease
was entirely in Q1 2024 compared to Q1 2023 and Q2
2024 has showed higher revenue than Q2, 2023.
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 15,0 million in H1 2024 (H1 2023:
DKK 17,9 million). This is due to historical cost price
increases on i.e. mechanical parts, and electronic
components. As we have utilized previously purchased
parts and components – and recently purchased at a
lower cost price, our gross profit margin during 2024 has
improved compared to full year 2023. Full year 2023
gross profit margin was at 22,2%.
The gross profit margin was 23,1% in H1 2024 (H1 2023:
24,2%).
Development in EBITDA
Earnings before financial income and expenses, tax,
depreciation, and amortization EBITDA was at DKK 4,1
million in H1 2024 (H1 2023: DKK 8,2 million).
Operating profit (EBIT) was DKK 3,3 million in H1 2024
(H1 2023: DKK 7,5 million).
The net financial items represent a cost of DKK 2,3
million in H1 2024 (H1 2023: DKK 2,2 million). The
increase is mainly caused by the increased interest rates.
In H1 2024 tax for the period was calculated to a cost of
DKK 0,2 million (H1 2023: cost of DKK 1,2 million).
The profit for the period in H1 2024 was DKK 0,8 million
compared to DKK 4,1 million in H1 2023.
Balance sheet
The balance sheet for the group amounted to DKK 219,5
million by the end of June 2024 compared to DKK 218,3
million by the end of the last financial year on December
31
st
, 2023.
The non-current other receivables have increased due to
a rebuilding of rental property on behalf of a new tenant,
an increase in trade receivables and at the same time
inventories were reduced. The inventories have
decreased due to improved inventory management.
Inventories amounted to DKK 40,3 million on June 30
th
,
2024 (H1 2023: DKK 55,9 million). Trade receivables
were DKK 15,2 million on June 30
th
, 2024 (H1 2023: DKK
13,2 million).
Trade payables were DKK 9,9 million on June 30
th
, 2024
(2023: DKK 10,4 million).
Net interest-bearing debt amounted to DKK 76,0 million
on June 30
th
, 2024, of which DKK 1,2 million referred to
IFRS 16 lease liabilities. On June 30
th
, 2023, net interest-
bearing debt amounted to DKK 85,4 million of which DKK
5,1 million referred to lease liabilities. Long-term
financing mortgage loans have increased due to the
rebuilding of the rental property.
The equity increased in the period from DKK 101,2
million to DKK 102,2 million mainly due to the positive
result for the first half year.
On June 30
th
, 2024, the equity ratio was 46,6% which is
an increase of 0,2% percentage points compared to
December 31
st
, 2023, where the equity ratio amounted
to 46,4%.
As in previous years the activities in the Group have not
significantly been affected by seasonal fluctuations.
Cash flow
The net cash flow from operating activities came at DKK
0,9 million in H1 2024 (H1 2023: DKK 6,4 million), net
cash flow from investing activities were DKK -1,3 million
(H1 2023: DKK -0,3 million) and the free cash flow was
negative by DKK 0,4 million compared to a positive free
cash flow of DKK 6,1 million in H1 2023.
Covenants
The main bank has linked the credit lines to financial
covenants based on solvency, EBITDA/revenue and
debt leverage compared to EBITDA in Glunz & Jensen.
The covenants were calculated by June 30
th
, 2024. The
company is in breach with 2 out of 3 financial covenants
by June 30
th
, 2024 and is working on resolving the
matter.
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
, 2024.
Outlook for 2024
Glunz & Jensen changed the previously communicated
outlook for 2024 on Group on August 21
st
, 2024; The
revenue is expected at approximately DKK 135 million
(previous outlook: approximately DKK 148 million), the
EBITDA* is expected at approximately DKK 12 million
(previous outlook: approximately DKK 18 million) and the
Profit before tax* is expected at approximately DKK 5
million (previous outlook: approximately DKK 10 million).
*The outlook for the EBITDA and the Profit before tax is
before potential adjustments on fair value on the
investment property.
Company announcement for H1 2024
Page 4 of 13
(Glunz & Jensen continuously assesses the financial
performance of the company and will notify the market
when or if there may be significant deviations in the
current outlook.
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
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 2023 page 13.
- - - o o O o o - - -
The annual reporting for 2024 covering the period
January 1
st
, 2024 – December 31
st
, 2024, is expected to
be announced on March 18
th
, 2025.
Company announcement for H1 2024
Page 5 of 13
MANAGEMENT’S REVIEW
Ringsted, August 21
st
, 2024
Executive Management
Board of Directors
*Elected by the employees
Company announcement for H1 2024
Page 6 of 13
INCOME STATEMENT
(DKK millions)
Note
2024
H1
2023
H1
2023
Year
Revenue
3
Production costs
(49,9 )
(56,1 )
(111,4 )
Gross margin
Sales and distribution costs
(7,0 )
(5,6 )
(11,9 )
Development costs
(0,4 )
(0,5 )
(1,2 )
Administrative expenses
(4,3 )
(4,3 )
(10,2 )
Fair value gains on investment property
-
Operating profit
Profit/(loss) after tax in associates
(0,2 )
Financial income
Financial expenses
(2,4 )
(2,6 )
(5,5 )
Profit before tax
Income taxes
(0,2 )
(1,2 )
(0,6 )
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
2024
H1
2023
H1
2023
Year
Profit for the year
Other comprehensive income:
Items that may be reclassified to the income statement:
Exchange rate adjustments of investments in subsidiaries
(0,1 )
Total other comprehensive income
(0,1 )
Total comprehensive income
Attributable to:
,1
,1
6,0
Equity holders of Glunz & Jensen Holding A/S
Total
Company announcement for H1 2024
Page 7 of 13
BALANCE SHEET
(DKK millions)
Note
30
th
Jun.
2024
30
th
Jun.
2023
31
st
Dec.
2024
ASSETS
Non-current assets
Intangible assets
Development projects in progress
0,4
0,0
0,0
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
Company announcement for H1 2024
Page 8 of 13
BALANCE SHEET
(DKK millions)
Note
30
th
Jun.
2024
30
th
Jun.
2023
31
st
Dec.
2023
LIABILITIES
Equity
5
Share capital
Other reserves
Revaluation reserve
Retained earnings
Total equity
Non-current liabilities
Deferred tax
Provisions
Mortgage loan
Other payables
Prepayments from customers
Lease liabilities
Total non-current liabilities
Current liabilities
Credit institutions
Mortgage loan
Trade payables
Lease liabilities
Provisions
Prepayments from customers
Income tax
Other payables
Total current liabilities
Total liabilities
TOTAL EQUITY AND LIABILITIES
Company announcement for H1 2024
Page 9 of 13
STATEMENT OF CASH FLOW
(DKK millions)
Note
2024
H1
2023
H1
2023
Year
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
Profit/(loss) after tax in associates
Other non-cash items, net
Provisions
(0,3 )
Financial income
(0,1 )
(0,4 )
(0,6 )
Financial expenses
Tax on operating profit
Cash flow from operating activities before changes in working
capital
Changes in working capital:
Changes in inventories
Changes in receivables
(2,9 )
Changes in trade and other payables
(0,5 )
(9,5 )
(12,7 )
Changes in working capital
(0,6 )
Financial income received
Financial expenses paid
(2,4 )
(2,4 )
(5,3 )
Income taxes paid
Net cash flow from operating activities
Acquisition of intangible assets
(0,4 )
Acquisition of items of property, plant, and equipment
4
(0,9 )
(0,3 )
(0,7 )
Sale of associates
Net cash flow from investing activities
(1,3 )
(0,3 )
(0,6 )
Free cash flow
(0,4 )
Change in net interest-bearing debt
(4,5 )
(10,2 )
Repayment of lease liabilities
(1,0 )
(1,3 )
(2,8 )
Net cash flow from financing activities
(5,8 )
(13,0 )
Net cash flow generated from operations
(0,2 )
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
Company announcement for H1 2024
Page 10 of 13
STATEMENT OF CHANGES IN EQUITY
(DKK millions)
Share
capital
Retained
earnings
Revaluation
reserve
Translation
reserve
Total
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
Equity December 31
st
, 2023
Changes in equity in H1 2024
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
, 2024
Company announcement for H1 2024
Page 11 of 13
NOTES
Note 1 Accounting policies
The interim report of the Group for the period January 1
st
, 2024 – June 30
th
, 2024, 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
2023. The accounting policies are described in note 30 on page 58 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.
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 39 in the annual report 2023 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 2024
Page 12 of 13
(DKK millions)
January 1
st
, 2024 – June 30
th
, 2024
Prepress
market
Selandia
Park
Total
segments
Eliminations
Consolidated
External revenue
59,2
5,7
64,9
-
64,9
Inter-segment
-
0,1
0,1
(0,1)
-
Total revenue
59,2
5,8
65,0
(0,1)
64,9
Depreciation and impairment of property, plant, and
equipment
0,5
-
0,5
-
0,5
Depreciation of leased assets
0,3
-
0,3
-
0,3
Operating profit
(1,7)
5,0
3,3
-
3,3
Financial income
0,2
0,1
0,3
(0,2)
0,1
Financial expenses
(0,6)
(2,0)
(2,6)
0,2
(2,4)
Segment profit before tax
(2,1)
3,1
1,0
-
1,0
Segment assets
68,5
151,0
219,5
-
219,5
Capital expenditure
0,9
0,0
0,9
-
0,9
Segment liabilities
29,1
88,2
117,3
-
117,3
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 48 in the Annual report
2023.
Geographical distribution
(DKK millions)
2024
H1
2023
H1
2023
Year
EMEA (Europe, Middle East, Africa)
38,2
47,3
90,6
Americas
19,0
16,2
32,7
Asia and the Pacific
7,7
10,5
20,0
Total
64,9
74,0
143,3
Selandia Park is included in EMEA.
Note 4 Acquisition and sale of tangible assets
In H1 2024 the Group acquired tangible assets for DKK 0,9 million (H1 2023: DKK 0,3 million). The acquisition in 2024
primarily relates to (Photovoltic) solar roof panels, test facilities and IT (H1 2023: test facilities).
In H1 2024 the Group did not sell tangible assets (H1 2023: DKK 0).
Company announcement for H1 2024
Page 13 of 13
Note 5 Share capital and treasury shares
As of June 30
th
, 2024, and on June 30
th
, 2023, 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
, 2024, and by June 30
th
, 2023, Glunz & Jensen Holding A/S held no treasury shares.
During the last five years there have been no movements in the share capital.
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.