(Alliance News) - EuroGroup Laminations Spa reported Monday that it ended 2023 with revenues of EUR835.6 million compared to EUR851.1 million in 2022.

In EV & Automotive, revenues rose 50 percent to UR477.3 million from EUR317.9 million a year earlier while Industrial revenues dropped 33 percent to EUR358.3 million from EUR533.2 million.

Adusted Ebitda -- net of nonrecurring costs for the IPO, acquisition of DS4 and for HR -- increased to EUR116.0 million from EUR103.9 million while operating income rose to EUR80.3 million from EUR77.2 million.

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.

In 2023, net investments totaled EUR95.8 million, up 13 percent from the same period last year, when they were EUR85.1 million, to support the group's expansion plans, mainly related to the EV & Automotive segment, accounting for about 80 percent of total investments made.

Net financial debt as of December 31, 2023 decreased by EUR148.6 million compared to December 31, 2022, when it was EUR259.4 million, to EUR110.8 million, resulting in an improvement in leverage to 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 the 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.

EuroGroup Laminations' stock closed Monday up 4.4 percent to EUR3.44 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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