Page 25 - Nemko - Annual performance - 2023
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Annual Report 2023 Nemko Group AS
Nemko Group AS is owned by STIFTELSEN years ahead, and the group’s solid financial
NORGES ELEKTRISKE MATERIELLKONTROLL position. The board believes that the annual
NEMKO, which is a private, independent financial statements present a true and fair
foundation with the purpose of working for view of the company’s and the group’s financial
sustainability, environment, and safety in the performance and position.
production, distribution, and use of electrical Revenue and profitability: The group’s
equipment. Nemko Group has its own operating revenues increased by 25.9 percent
operations in 12 countries in Europe, North from NOK 959.3 million in 2022 to NOK 1,207.5
America, and Asia, and is a world-leading million in 2023. The group’s operating profit
provider of testing and certification services ended at NOK 53.9 million (compared to 16.9 in
within the field of electrical products. The 2022) with an EBITDA margin of 10 percent and
headquarters is located in Bærum municipality. profit before tax of NOK 57.4 million (NOK 9.0
The global network is supplemented by several million). Operating revenues for Nemko Group
strategic alliances and partnerships.
AS, including the representation office in Taiwan,
Nemko Group AS proudly showcases our amounted to NOK 290.2 million (263.8 million).
resilience and growth as we mark our 90th Profit before tax for Nemko Group AS was
anniversary. Since 1933, we’ve been committed NOK 63.3 million (33.3 million). Nemko Group
to excellence in the Testing, Inspection, AS and the group have in 2023 experienced a
Certification, and Compliance (TICC) industry. positive impact on results and equity due to a
weakened Norwegian krone, particularly against
In 2023, key expansions in Korea, India, and
the USA, along with Nemko North America’s USD and EUR. Nemko Group AS and the group
recognition for Korean market testing, were are following initiatives defined in the current
significant milestones. Internationally, our growth strategy. These initiatives have proven
participation in the IECEE CB Scheme has throughout the year to be the right instruments
streamlined global trade standards, with Nemko for business improvement and development,
guiding 16 CB Test Labs. thereby resulting in expected top-line growth.
Securing the highest number of certificates from Research and Development: The company
other National Certification Bodies highlights the has not engaged in activities related to research
success of our international approvals program. and development during the year.
These achievements reflect our ongoing Equity and Liquidity: The group’s net cash
dedication to quality, safety, and innovation in flow from operating activities in 2023 was
the TICC industry. NOK 59.8 million (34.7 million). Cash flow from
operations in the group largely corresponds to
FINANCIAL STATEMENTS: The annual
financial statements are prepared on the operating profit adjusted for depreciation and
assumption of a going concern, which the minor changes in working capital in addition
board confirms to be present. The confirmation to sale of fixed assets. Net cash flow from
is based on result forecasts for 2024 investing activities was NOK -35.6 million,
adjusted for global unrest and uncertainty, the and from financing activities NOK -9million.
company’s long-term strategic plans for the The total investments in property, plant, and
equipment in 2023 amounted to NOK 1.8 million
23
