(Alliance News) - EuroGroup Laminations Spa reported Thursday that it ended 2023 with a net profit of EUR38.6 million, which compares with EUR43.8 million in the previous year.

In 2023, revenues were EUR835.9 million, down slightly by 1.8 percent from 2022, when they were EUR851.1 million. The result was driven by solid growth in the EV & Automotive segment, which almost completely offset the decline in the Industrial segment.

Adjusted Ebitda, net of nonrecurring costs for the IPO, the acquisition of DS4 and for HR, was EUR116.0 million, up 12 percent from EUR103.9 million in the previous year, with a margin of 13.9 percent, a marked improvement from the 12.2 percent margin recorded in 2022.

Operating income increased 4.1 percent to EUR80.3 million from EUR77.2 million, with a margin of 9.6 percent from 9.1 percent a year earlier.

The EV & Automotive segment's order backlog reached an estimated EUR6.4 billion, thanks in part to the receipt during the year of orders on new platforms for new customers in all geographies, including two Chinese OEMs and one European OEM, plus EUR5.2 billion in the pipeline as of Feb. 29, 2024, up sharply from approximately EUR5 billion and EUR2.5 billion at IPO.

Net financial debt as of December 31, 2023 decreased by EUR148.6 million from EUR259.4 million as of December 31, 2022, to EUR110.8 million, resulting in an improvement in leverage of 1.0 times as of December 31, 2023 compared to 2.5 times as of December 31, 2022.

The trend is mainly due to the effect of proceeds from the listing process completed in February 2023 despite the absorption of working capital and increased operating investments to support capacity growth for the EV & Automotive segment. Excluding the effects of the DS4 acquisition and the buyback, net debt would be about EUR90 million.

The board proposed to shareholders the distribution of a dividend of EUR0.0.42 per share, to be paid on May 22.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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