Q3 2023 Norma Group SE Earnings Call Transcript
Hello, everybody. My name is Guido Grandi, CEO of NORMA Group. In the following minutes, I will take you through some high-level information concerning our quarter 3 results before I hand over to my colleague, Ms. Annette Stieve, our CFO.
Starting on the second page of our presentation. We saw a decrease of net sales of 6.7%, leading to sales of EUR 297.1 million in the third quarter. This represents an organic decline of 1.5%, resulting in an adjusted EBIT of EUR 24.8 million, which relates to a good adjusted EBIT margin of 8.3% given the challenging environment. Based on this performance, we saw a net operating cash flow of EUR 38.6 million. With that, our balance sheet improved to an equity ratio of 46.1%. Our net debt stands at EUR 400.6 million. In the meantime, our improvement program Step Up continued successfully. We now have more than 300 initiatives set up and 20 of them were already completed, which helped us to perform well in a tough market environment.
Let's take a look at our third slide and talk a
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