Q3 2019 Norma Group SE Earnings Call Transcript
Yes. So thank you very much for that kind introduction. Ladies and gentlemen, warm welcome also from my side to the Q3 call NORMA Group. And let me start with the presentation on Page 2, highlighting the whole development of the third quarter 2019.
We had sales up by 2.2% going to EUR 274 million sales, Q3. We will have a look on the organic growth development in the following pages. But staying at the overview, out of these EUR 274 million of sales, we made an adjusted EBITA of EUR 38.7 million, which is a margin of 14.1% and a decrease versus last year of 9.5% year-on-year basis to Q3 2018.
The net operating cash flow developed well, going to EUR 37.4 million in Q3 2019 versus EUR 23 million last year. As we announced, we had a further decrease in our factoring program so that we are, let's say, back from EUR 80 million end of last year to EUR 60 million factoring and ABS program this year, end of September.
In terms of balance sheet, we have an equity ratio end of September of 40.9%, while
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