Event: 4Q22 financial results released – close to our forecasts.
On Monday, after the market close, Action released 4Q22 financial results.
- Quarterly revenues reached PLN 674.6 million (down 5% yoy) and are in line with the preliminary figures released earlier;
- The gross margin on sales at 9.0% turned to be on line with our forecast and materially higher than the figures published monthly implied (which is 8.1%);
- EBITDA and EBIT at PLN 21.7 million (down 23% yoy) and PLN 19.5 million (down 26% yoy), respectively were lower by 5% and 6%, respectively, than we expected;
- The SG&A costs/ sales ratio stood at 6.1% vs 5.3% in 4Q21;
- 4Q22 EBITDA margin fell to 3.2% from 4.0% a year earlier and was lower than our expectations at 3.4%;
- Gross profit was elevated due to a reversal of a discount from the liabilities under the arrangement procedure (PLN 2.1 million) and reached PLN 22.6 million (down 13% yoy) vs our forecasts at PLN 20.1 million;
- The Company’s NI arrived at PLN 19.0 million (down 18% yoy) vs our expectations at PLN 16.3 million. The effective tax rate stood at 15.9% while we assumed 19.0%;
- Operating cash flows were positive and reached PLN 17.2 million vs PLN 15.4 million in 4Q21.
Expected impact: Neutral; 4Q22 figures are close to our expectations and should not constitute any surprise to investors whose attention will be more focused on the Company’s development outlook in the upcoming quarters.
Analyst
Jakub K. Viscardi
GPW’s Analytical Coverage Support Programme 3.0
This report is prepared for the Warsaw Stock Exchange SA within the framework of the Analytical Coverage Support Program. 3.0.
238/2023/AR April 25, 2023
