INCOME STATEMENT 2023
Announcement - Results of the year 2023
3rd of April 2024
Income Statement 2023
Highlights
- Positive net income reaches 6.8 million euros, an increase of 22.3%compared to December 2022;
- Turnover reached 129.6 million euros, a reduction of 9.6%compared to the previous year;
- EBITDA of 28.3 million eurosrepresents an increase of 2.6%over the same period last year;
- Results before taxes of 9.1 million eurosrepresents an increase of 40.0%compared to 2022;
- Foreign markets represent 69.2%of turnover;
- The consolidated gross debt decreased by 8.5 million euros in 2023 compared to 2022.
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Vista Alegre Atlantis, SGPS, S.A. * Public company * Head office: Lugar da Vista Alegre, Ílhavo * Registered with the Commercial Registry of Ílhavo * Taxpayer no 500 978 654 * Share capital 134,120,048.00 Euros
Announcement - Results of the year 2023
3rd of April 2024
Activity
Despite the instability of the economic, political and social situation worldwide which has been felt since the beginning of the war in Ukraine, and the consequent increases in the cost of electricity and some raw materials, Grupo Vista Alegre's results showed growth in 2023, compared to the 2022 financial year.
Consolidated sales in December 2023 reached 129.6 million euros, representing a decline of 9.6% compared to the same period of 2022.
The Group's own-brand products, Vista Alegre and Bordallo Pinheiro, performed well in retail (physical and online) and the horeca channel (hotels and restaurants) nationally and internationally, growing by 4.4% compared to the same period of 2022. Thus, with this evolution and continuing the Group's strategy, the weight of its branded products in total annual sales grew by 7.5% compared to 2022.
In terms of segments, the highlight was a 7.4% growth in earthenware revenue and a 2.4% growth in crystal and glass revenue, compared to 2022 revenues.
Segments
Porcelain and related products Earthenware
Stoneware Crystal and Glass
Total
12M 2023
47.0
17.1
49.7
15.7
129.6
12M 2022
49.8
15.9
62.3
15.3
143.3
Var 12M (%)
-5.5% 7.4% -20.2% 2.9%
-9.6%
Due to the continuous strategy of investing in branded products, there was a reduction in the sale of ovenware to the private label channel, resulting in a reduction of 20.2% in sales volume in the stoneware segment compared to the same period of the previous year.
Foreign markets represent 69.2% of Vista Alegre's turnover, with 89.7 million euros of sales.
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Vista Alegre Atlantis, SGPS, S.A. * Public company * Head office: Lugar da Vista Alegre, Ílhavo * Registered with the Commercial Registry of Ílhavo * Taxpayer no 500 978 654 * Share capital 134,120,048.00 Euros
Announcement - Results of the year 2023
3rd of April 2024
Internationally, the European markets of France, Spain, Germany and Italy, as well as Brazil and the USA further afield, represented the main contributors to sales in foreign markets.
Results
The consolidated results of Grupo Vista Alegre in 2023 show a positive performance, compared to the previous year.
EBITDA reached 28.3 million euros, an increase of 2.6% over the same period last year; The EBITDA margin reached a significant 21.8%, an improvement of 2.6 p.p. compared to 2022.
The continuous focus on the efficient management of operations and the positive evolution in the sales of Vista Alegre branded porcelain and crystal products, as well as the artistic earthenware of Bordallo Pinheiro, allowed for an improvement in overall profitability year- on-year.
M€ | ||||
Headings | 12M 2023 | 12M 2022 | Var. 12M | |
Amount | % | |||
Turnover | 129.6 | 143.3 | -13.7 | -9.6% |
E B I T D A | 28.3 | 27.5 | 0.7 | 2.6% |
EBITDA Margin | 21.8% | 19.2% | 2.6 pp | |
Operating Income | 13.9 | 11.3 | 2.6 | 22.9% |
Operating Margin | 10.8% | 7.9% | 2.8 pp | |
Income before taxes | 9.1 | 6.5 | 2.6 | 40.0% |
Income tax | -2.2 | -0.9 | ||
Net income | 6.8 | 5.6 | 1.2 | 22.3% |
Grupo Vista Alegre registered an operating income of 13.9 million euros, an increase of 22.9% compared to the previous year; notable in 2023, is the growth of 40% in the result before taxes, an increase of 2.6 million euros compared to the previous year. Net income for the year grew 22.3% compared to 2022, standing at 6.8 million euros.
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Vista Alegre Atlantis, SGPS, S.A. * Public company * Head office: Lugar da Vista Alegre, Ílhavo * Registered with the Commercial Registry of Ílhavo * Taxpayer no 500 978 654 * Share capital 134,120,048.00 Euros
Announcement - Results of the year 2023
3rd of April 2024
Investment
Cumulative investment in 2023 was 15.6 million euros. Of this investment, 9.3 million euros was directed towards the Cerexport production unit, in order to install a more energy- efficient kiln, as well as giving greater flexibility to production lines, so as to respond more efficiently to the market fluctuations in demand.
Debt
The efficient management of debt led to a reduction in gross debt by more than 8.5 million euros in 2023 due to reduced cash equivalents. Despite the increase in net debt by 2.5 million euros compared to the previous year, Grupo's good operating performance led to the maintenance of the net debt-to-EBITDA LTM ratio (last 12 months) at 2.5x.
M€ | 31-12-2023 | 31-12-2022 | Variation | |||
2023/2022 | ||||||
Financial debt (bank loans, bond and leasing) | 74.6 | 82.7 | -8.1 | |||
Operating debt (export remittances, confirming and factoring) | 6.9 | 7.2 | -0.3 | |||
Operating lease (IFRS 16) | 7.1 | 7.2 | -0.1 | |||
Consolidated debt | 88.6 | 97.1 | -8.5 | |||
Availabilities | -16.8 | -27.7 | 10.9 | |||
Consolidated net debt | 71.8 | 69.4 | 2.4 | |||
EBITDA LTM | 28.3 | 27.5 | 0.8 | |||
Net debt / EBITDA | 2.5x | 2.5x | 0.0x |
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Vista Alegre Atlantis, SGPS, S.A. * Public company * Head office: Lugar da Vista Alegre, Ílhavo * Registered with the Commercial Registry of Ílhavo * Taxpayer no 500 978 654 * Share capital 134,120,048.00 Euros
Announcement - Results of the year 2023
3rd of April 2024
Consolidated Income Statement
31st of December 2023 and 2022
Headings | 12M 2023 | 12M 2022 |
Sales and services provided | 129,599 | 143,326 |
Cost of goods sold and material consumed | -41,785 | -56,852 |
Production variation | 6,200 | 2,528 |
Gross margin | 94,013 | 89,002 |
Works for the company itself | 368 | 0 |
Supplies and external services | -21,498 | -19,544 |
Staff costs | -51,024 | -48,357 |
Amortisations | -14,020 | -13,727 |
Impairments | -95 | -66 |
Provisions for the financial year | 118 | -2,458 |
Other operating expenses and losses | -1,582 | -1,422 |
Impairment of depreciable tangible fixed assets | -322 | 57 |
Other profit and operating income | 7,973 | 7,848 |
Operating income | 13,933 | 11,334 |
Interest and similar expenses incurred | -5,473 | -5,413 |
Interest and similar income obtained | 615 | 563 |
Financial result | -4,858 | -4,850 |
Result before taxes | 9,075 | 6,484 |
Income tax | -2,234 | -889 |
Consolidated income for the financial year | 6,841 | 5,595 |
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Vista Alegre Atlantis, SGPS, S.A. * Public company * Head office: Lugar da Vista Alegre, Ílhavo * Registered with the Commercial Registry of Ílhavo * Taxpayer no 500 978 654 * Share capital 134,120,048.00 Euros
VISTA ALEGRE ATLANTIS, SGPS, S.A.
Investor relations Romas Viesulas romasviesulas@vistaalegre.com
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VAA - Vista Alegre Atlantis SGPS SA published this content on 14 June 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 June 2024 17:00:02 UTC.