14. 3. 2024
Krka Releases 2023 Unaudited Financial Statements
3 min. read
Krka released the 2023 unaudited financial statements of the Krka Group and the controlling company Krka, d. d., Novo mesto today. The report was published on the Ljubljana Stock Exchange website after being discussed by the Company’s Supervisory Board at their meeting yesterday. The Krka Group generated €1,806.4 million in revenue last year, up €88.9 million or 5% on 2022. The unaudited net profit of the Krka Group totalled €313.7 million. The 2023 annual report will be released on Thursday, 11 April 2024.
The President of the Management Board and Chief Executive Jože Colarič explained: ‘As reported in January, the Krka Group performed successfully in 2023 and in line with expectations. We recorded the highest sales and record EBITDA of €504 million. Set side by side with the 2023 preliminary unaudited performance estimate for the Krka Group published in January, sales remained the same, while operating profit and net profit exceeded our estimations by €2.0 million and €2.6 million, respectively. Over the past five years, average annual net profit growth was 12.5%. We are satisfied that we recognised many opportunities and delivered on them owing to our responsiveness and flexibility. Despite all demanding challenges, we continued our long-term stable business and sustainable growth. Over 100 million people in more than 70 countries around the world take Krka’s products. We are confident in our performance going forward as well.’
Financial highlights
| Krka Group | Company | |||||
| € thousand | 2023* | 2022 | Index | 2023* | 2022 | Index |
| Revenue | 1,806,391 | 1,717,453 | 105 | 1,674,572 | 1,553,514 | 108 |
| – Of that revenue from contracts with customers (products and services) | 1,798,969 | 1,708,542 | 105 | 1,449,739 | 1,356,075 | 107 |
| Gross profit | 1,026,709 | 974,393 | 105 | 888,427 | 890,182 | 100 |
| Earnings before interest, tax, depreciation and amortisation (EBITDA) | 504,215 | 488,895 | 103 | 402,547 | 440,086 | 91 |
| Operating profit (EBIT) | 399,621 | 381,211 | 105 | 322,308 | 357,870 | 90 |
| Profit before tax (EBT) | 367,126 | 433,073 | 85 | 329,049 | 412,258 | 80 |
| Net profit | 313,732 | 363,662 | 86 | 294,481 | 348,215 | 85 |
| R&D expenses | 178,582 | 162,580 | 110 | 173,783 | 158,292 | 110 |
| Investments | 131,932 | 105,974 | 124 | 111,751 | 79,540 | 140 |
Performance ratios
| Krka Group | Company | |||
| 2023* | 2022 | 2023* | 2022 | |
| Gross profit margin | 56.8% | 56.7% | 53.1% | 57.3% |
| EBITDA margin | 27.9% | 28.5% | 24.0% | 28.3% |
| EBIT margin | 22.1% | 22.2% | 19.2% | 23.0% |
| EBT margin | 20.3% | 25.2% | 19.6% | 26.5% |
| Net profit margin (ROS) | 17.4% | 21.2% | 17.6% | 22.4% |
| Return on equity (ROE) | 14.5% | 17.9% | 14.0% | 17.7% |
| Return on assets (ROA) | 11.5% | 13.9% | 11.5% | 14.1% |
| Liabilities/Equity | 0.267 | 0.257 | 0.225 | 0.221 |
| R&D expenses/Revenue | 9.9% | 9.5% | 10.4% | 10.2% |
* The 2023 data are unaudited.
Sales
In 2023, the Krka Group generated €1,799.0 million revenue from contracts with customers on sales of products and services, an increase of €90.4 million or 5% on the 2022 results. We recorded sales growth in most sales markets.
Krka Group product and service sales by region
Region Slovenia,6.3
Region South-East Europe,13.9
Region East Europe,33.0
Region Central Europe,22.1
Region West Europe,20.5
Region Overseas Markets,4.2