GEVORKYAN|Flash Note
Podniková analýza , 30. Apr
Gevorkyan published its 2024 annual report under IFRS, profitability was maintained. Signed long-term contracts continued to grow
The company published its annual report for 2024, reporting for the first time under IFRS accounting standards (the preliminary results for 2024 were still under Slovak Accounting Standards (SAS)). The new reporting method mainly affected the level of revenues, which amounted to EUR 75.7mn for FY24 (compared to the preliminary EUR 94.2mn) and increased by 24.6% y/y, which is even 1.4 p.p. faster than in the case of SAS. EBITDA and EBT were not significantly affected by the transition, being slightly higher under IFRS than under SAS, with FY24 EBITDA of EUR 26.4mn (+26.9% y/y) and pre-tax profit of EUR 6.0mn (+20.7% y/y). EBITDA adjusted for one-off costs related to the transfer of production and the involvement of technology related to acquisitions was EUR 28.5mn (+20.7% y/y). EAT under IFRS was EUR 3.8mn ( -1.1% y/y), the reason for the decrease was the higher effective tax rate, which reflects the revaluation of deferred tax liabilities following the increase in the income tax rate from 21% to 24% (for companies with taxable income above EUR 5 mn). Lower IFRS sales and a similar EBITDA level imply a significantly higher EBITDA margin, which was 34.8% in 2024 and 37.6% in the case of the adjusted margin.
The company published its annual report for 2024, reporting for the first time under IFRS accounting standards (the preliminary results for 2024 were still under Slovak Accounting Standards (SAS)). The new reporting method mainly affected the level of revenues, which amounted to EUR 75.7mn for FY24 (compared to the preliminary EUR 94.2mn) and increased by 24.6% y/y, which is even 1.4 p.p. faster than in the case of SAS. EBITDA and EBT were not significantly affected by the transition, being slightly higher under IFRS than under SAS, with FY24 EBITDA of EUR 26.4mn (+26.9% y/y) and pre-tax profit of EUR 6.0mn (+20.7% y/y). EBITDA adjusted for one-off costs related to the transfer of production and the involvement of technology related to acquisitions was EUR 28.5mn (+20.7% y/y). EAT under IFRS was EUR 3.8mn ( -1.1% y/y), the reason for the decrease was the higher effective tax rate, which reflects the revaluation of deferred tax liabilities following the increase in the income tax rate from 21% to 24% (for companies with taxable income above EUR 5 mn). Lower IFRS sales and a similar EBITDA level imply a significantly higher EBITDA margin, which was 34.8% in 2024 and 37.6% in the case of the adjusted margin.