08.05.2023 ADVA Optical Networking SE  DE0005103006

EQS-News: ADVA publishes record revenues in Q1 2023


 

EQS-News: ADVA Optical Networking SE / Key word(s): Quarterly / Interim Statement
ADVA publishes record revenues in Q1 2023

08.05.2023 / 23:45 CET/CEST
The issuer is solely responsible for the content of this announcement.


ADVA publishes record revenues in Q1 2023
 

• Quarterly revenues up 5.2% year-over-year to EUR 179.4 million

• Pro forma EBIT increased strongly to EUR 9.7 million (5.4% of revenues)

• Outlook for fiscal year 2023: High single-digit to low double-digit percentage increase in revenues and year-over-year increase in pro forma EBIT


Munich, Germany. May 9, 2023. ADVA (ISIN: DE0005103006, FSE: ADV), a leading provider of open networking solutions for the delivery of cloud and mobile services, reported financial results for Q1 2023 ended on March 31, 2023. The results have been prepared in accordance with International Financial Reporting Standards (IFRS).
 

Q1 2023 financial summary1

(in thousands of EUR) Q1 Q1 Change Q4 Change        
  2023 2022   2022          
         
Revenues 179,358 170,498 5.2% 195,699 -8.4%        
Pro forma gross profit 58,371 53,405 9.3% 71,434 -18.3%        
in % of revenues 32.5% 31.3% 1.2pp 36.5% -4.0pp        
Pro forma EBIT 9,730 7,812 24.6% 24,407 -60.1%        
in % of revenues 5.4% 4.6% 0.8pp 12.5% -7.1pp        
Operating income2 6,227 5,976 4.2% 14,803 -57.9%        
Net income 3,627 6,179 -41.3% 3,781 -4.1%        
         
(in thousands of EUR) Mar. 31
2023
Mar. 31
2022
Change Dec. 31
2022
Change        
Cash and cash equivalents 67,241 73,002 -7.9% 58,447 15.0%        
Net cash (+) / Net debt (-)3 -24,296 763 n/a -19,185 -26.6%        
                   

 1 Potential difference due to rounding

2 Q1 2023 including EUR 1,6 million, Q4 2022 including EUR 3.3 million and Q1 2022 including EUR 0.5 million extraordinary expenses  

3 Including EUR 62.0 million liabilities to Adtran


Q1 2023 IFRS financial results

Revenues in Q1 2023 decreased by 8.4% to EUR 179.4 million from EUR 195.7 million in Q4 2022 and increased by 5.2% compared to EUR 170.5 million in the same quarter last year. The decrease compared to the previous quarter was due to delivery bottlenecks and a lower order intake in the cloud access business. The increase in revenues compared to Q1 2022 is mainly attributable to the optical networking business.

Pro forma gross profit in Q1 2023 decreased 18.3% to EUR 58.4 million (32.5% of revenues) from EUR 71.4 million (36.5% of revenues) in Q4 2022 and increased 9.3% from EUR 53.4 million (31.3% of revenues) in the year-ago quarter. The year-over-year margin increase is due to lower procurement costs related to the recovery of supply bottlenecks. The significant reduction in the margin compared to the previous quarter is due to currency effects and a changed product and customer mix.

Pro forma EBIT in Q1 2023 was EUR 9.7 million (5.4% of revenues), down 60.1% from EUR 24.4 million (12.5% of revenues) in Q4 2022. Compared to the year-ago quarter, pro forma operating income increased significantly by 24.6% from EUR 7.8 million (4.6% of revenues). The quarter-over-quarter decrease is due to lower gross margins. The increase in pro forma EBIT compared to the previous year is mainly due to the improved gross margin.

Operating income decreased significantly by 57.9% from EUR 14.8 million in Q4 2022 to EUR 6.2 million in Q1 2023 and increased by 4.2% compared to EUR 6.0 million in Q1 2022.

Net income was EUR 3.6 million in Q1 2023, down 4.1% compared to EUR 3.8 million in Q4 2022 and down 41.3% compared to EUR 6.2 million in Q1 2022.

The company’s cash and cash equivalents increased by EUR 8.8 million to EUR 67.2 million compared to EUR 58.5 million at the end of Q4 2022 and decreased by EUR 5.8 million compared to EUR 73.0 million in Q1 2022.

The company’s net debt increased by EUR 5.1 million from EUR 19.2 million in Q4 2022 to EUR 24.3 million in Q1 2023 and increased by EUR 25.1 million compared to a net cash position in Q1 2022 of EUR 0.7 million.
 

Management commentary

“Our revenues in the first quarter of 2023 were once again at record levels, and despite seasonally lower profitability in the first quarter, the pro forma operating result was also satisfactory,” said Christoph Glingener, CEO of ADVA. “Delivery capabilities and procurement costs are gradually improving. However, shorter delivery times and better availability are also leading to a change in ordering behavior among our customers and a willingness to reduce inventory risk. The adjustment of inventories will probably continue to be a factor in the coming quarters. However, against the background of a very strong order backlog, we expect solid business performance overall and reiterate our guidance for the full year.”


Financial outlook 2023

For the fiscal year 2023, ADVA expects year-on-year revenue growth in the high single-digit to low double-digit percentage range. In addition, the management board expects to further increase pro forma EBIT in 2023 compared to 2022.


The company will publish its financial results for Q2 2023 on August 8, 2023.

The complete quarterly statement 3M 2023 (January – March) is available as a PDF: https://www.adva.com/en/about-us/investors/financial-results/financial-statements

 

Forward-looking statements

The economic projections and forward-looking statements contained in this document relate to future facts. Such projections and forward-looking statements are subject to risks that cannot be foreseen and that are beyond the control of ADVA. ADVA is therefore not in a position to make any representation as to the accuracy of economic projections and forward-looking statements or their impact on the financial situation of ADVA or the market in the shares of ADVA.

 

Use of pro forma financial information

ADVA provides consolidated pro forma financial results in this press release solely as supplemental financial information to help investors and the financial community make meaningful comparisons of ADVA’s operating results from one financial period to another. ADVA believes that these pro forma consolidated financial results are helpful because they exclude non-cash charges related to the stock option programs and amortization and impairment of goodwill and acquisition-related intangible assets, which are not reflective of the company’s operating results for the period presented. Additionally, non-recurring expenses relating to M&A restructuring measures are not included. This pro forma information is not prepared in accordance with IFRS and should not be considered a substitute for the historical information presented in accordance with IFRS.


About ADVA

ADVA is a company founded on innovation and focused on helping our customers succeed. Our technology forms the building blocks of a shared digital future and empowers networks across the globe. We’re continually developing breakthrough hardware and software that leads the networking industry and creates new business opportunities. It’s these open connectivity solutions that enable our customers to deliver the cloud and mobile services that are vital to today’s society and for imagining new tomorrows. Together, we’re building a truly connected and sustainable future. For more information on how we can help you, please visit us at www.adva.com.

 

Published by:

ADVA Optical Networking SE, Munich, Germany

www.adva.com

 

For press:

Gareth Spence

t +44 1904 699 358

[email protected]

 

For investors:

Steven Williams

t +49 89 890 66 59 18

[email protected]



08.05.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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Language: English
Company: ADVA Optical Networking SE
Märzenquelle 1-3
98617 Meiningen-Dreissigacker
Germany
Phone: +49 89 890 665 0
Fax: +49 89 890 665 199
E-mail: [email protected]
Internet: www.advaoptical.com
ISIN: DE0005103006
WKN: 510300
Indices: SDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1626921

 
End of News EQS News Service

1626921  08.05.2023 CET/CEST

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Die wichtigsten Finanzdaten auf einen Blick
  2017 2018 2019 2020 2021 2022 2023e
Umsatzerlöse1 514,47 501,98 556,82 564,96 603,32 712,11 613,67
EBITDA1,2 51,27 64,36 74,19 92,53 115,70 21,86 82,09
EBITDA-Marge3 9,97 12,82 13,32 16,38 19,18 3,07
EBIT1,4 4,40 14,99 12,00 27,47 45,30 18,11 13,30
EBIT-Marge5 0,86 2,99 2,16 4,86 7,51 2,54 2,17
Jahresüberschuss1 -0,19 7,05 7,05 20,31 59,22 18,13 -14,51
Netto-Marge6 -0,04 1,40 1,27 3,59 9,82 2,55 -2,36
Cashflow1,7 27,13 60,36 66,89 97,14 123,25 14,84 37,61
Ergebnis je Aktie8 -0,09 0,19 0,14 0,40 1,15 0,35 -0,28
Dividende8 0,00 0,00 0,00 0,00 0,00 0,52 0,00
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2023 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: PricewaterhouseCoopers

INVESTOR-INFORMATIONEN
©boersengefluester.de
Adtran Networks
WKN Kurs in € Einschätzung Börsenwert in Mio. €
510300 19,800 Halten 1.030,68
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
41,25 20,20 2,04 68,51
KBV KCV KUV EV/EBITDA
2,73 27,41 1,68 13,07
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
Hauptversammlung
0,52 0,52 2,63 28.06.2024
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
07.05.2024 06.08.2024 18.04.2024
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
-0,69% -0,95% -1,00% 0,81%
    
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Telekomausrüster , 510300 , ADV , XETR:ADV