Fiven ASA releases fourth quarter results of 2023

2024-03-14

Mar. 14, 2024 - Fiven ASA has released the fourth quarter results 2023 as below:

1. The total revenues in Q4 2023 reached EUR 35.7m, a sequential improvement from Q3-2023 of 3.3% and a reduction of -22.8% versus Q4 2022. Excluding exceptional one-off sales in Q4 2022, organic variation of sales amounts to -15.5%. Vs Q4 2021, organic variation from revenues amounts to -3.7%.

2. The adjusted EBITDA was EUR 9.6m, in line with the reported Q3 2023 result of EUR 9.7m and compared to EUR 20.3m in Q4 2022. Excluding exceptional one-offs in Q4 2022, organic variation amounts to -33.5%. Versus Q4 2021, the organic EBITDA improvement amounts to +37.3%.

3. In a market displaying a general slowdown for core products, the customized sales are showing more resilience. The adjusted EBITDA margin remains at a sustainable high level.

4. Cash Flow from Operations reached EUR 9.8m compared with EUR 19.9m Q4 LY. The cash impact from the sales of power was EUR 7.7m higher in Q4 2022 in comparison to Q4 2023.

5. The cash balance ended at EUR 33.4m, up from reported EUR 18.9m at year end 2022 and EUR 5.9m higher than last quarter end.

6. Long term financing through a new bond of EUR 110m completed in December.

7. The December 31 leverage ratio stood at 1.99.