Resilient performance and lower leverage amidst challenging markets
Responding to demand fluctuations through a flexible business model and diversified portfolio
Significant growth in revenue and profitability for the cables and steel pipes segments, driven by the solid demand, the successful delivery of existing projects and award of new ones
Increase in the operating profitability of the copper segment, driven by an improved product mix, as well as the growing sales and profitability of Sofia Med
The aluminium segment was affected by the global downturn in demand especially in relation to products in the lithographic sector
The steel segment was affected by a contraction in the European construction sector demand, increased energy costs and the rise of imports from low-cost countries, partially offset by growth in the Greek construction market
Continued effort to adapt | Positive performance of the |
product portfolio, | real estate division achieved |
maximise capacity | through redevelopment of |
utilization and increase | existing assets with a |
operational efficiency | continued focus on |
across industrial segments | sustainability and active |
management of existing | |
properties |
Financial Presentation | 2
Financial
Results
Consolidated
Revenue (EUR million)
4,198 3,850 5,375 6,986 6,302
2019 | 2020 | 2021 | 2022 | 2023 |
a-EBITDA (EUR million)
303 294 426 649 537
2019 2020 2021 2022 2023
PBT (EUR million) | 276 | 375 | ||
32 | 59 | 91 | ||
2019 | 2020 | 2021 | 2022 | 2023 |
Consolidated revenue amounted to EUR 6.3 billion compared to EUR
6.9 billion in FY 2022 due to lower volumes and decline in metal prices.
Consolidated operating profitability (a-EBITDA) amounted to EUR 537 million vs. EUR 649 million in 2022. The slowdown of global economic growth, combined with inflationary pressures were partially counterbalanced by the continuing green transition trend and related demand.
Consolidated profit before income tax amounted to EUR 91 million compared to EUR 375 million in FY 2022, due to the drop of the metal prices, which turned metal results negative, and increased finance costs.
Financial Presentation | 3
Viohalco's divisions
Industrial division
Revenue: | ||||
€ 6,264 m | ||||
a-EBITDA: | ||||
€ 519 m | ||||
Aluminium | Copper | Cables | Steel Pipes | Steel |
Revenue: | Revenue: | Revenue: | Revenue: | Revenue: |
€ 1,887 m | € 1,721 m | € 991 m | € 580 m | € 1,014 m |
a-EBITDA: | a-EBITDA: | a-EBITDA: | a-EBITDA: | a-EBITDA: |
€ 153 m | € 107 m | € 152 m | € 66 m | € 42 m |
Real estate division
Revenue:
€ 38 m
a-EBITDA:
€ 18 m
Financial Presentation | 4
Financial
Results Industrial division
Revenue (EUR million)
6,955
6,264
20222023
a-EBITDA (EUR million)
636519
20222023
Revenue of the industrial division amounted to EUR 6,264 million.
The operating profitability (a-EBITDA) of the industrial division amounted to EUR 519 million.
Revenue per segment (EUR million)
Aluminium | Copper |
1,887 m | 1,721 m |
a-EBITDA per segment (EUR million)
Aluminium | Cables |
153m | 152 m |
Steel | Cables |
1,014 m | 991 m |
Steel pipes | Other |
Activities, | |
580 m | |
69 m | |
Copper | Steel |
107 m | pipes |
66 m |
Steel 42 m
Financial Presentation | 5
Financial
Results
Industrial division
FY 2023 Operating performance: a-EBITDA (EUR thousand)
Aluminium | Copper | Cables | Steel pipes | Steel | Other |
@ 153€m | @ 107€m | @ 152€m | @ 66€m | @ 42€m | @ -1 €m |
-70m|-31% | +32m|+43% | +42m|+38% | +41m|+164% | -154m|-79% | -8m|-114% |
€ 636m
€ 519m
Financial Presentation | 6
Financial
Results
Industrial division
The industrial division's capital expenditure for the period amounted to EUR 281 million (FY 2022: EUR 317 million), mainly attributable to new production equipment in the aluminum segment; capacity increase of copper segment's subsidiary, Sofia Med; capacity increase of the offshore cables plant in Corinth and selective investments in onshore cables plants in Greece; capacity improvements at the steel pipes segment in the Thisvi plant ; machinery improvements and IT investments at the steel segment subsidiaries and development of the existing portfolio and new property development in the real estate division.
Net debt decreased significantly to EUR 1,720 million (31 December 2022: EUR 1,923 million).
Capex (EUR million) | Net debt (EUR million) | ||
317 | |||
1,549 | 1,923 | 1,720 | |
1,480 | 1,569 | ||
281 |
2022 | 2023 | 31.12.2019 | 31.12.2020 | 31.12.2021 | 31.12.2022 | 31.12.2023 |
Financial Presentation | 7
Financial
Results
Industrial division
FY 2023 Capex (EUR thousand)
Aluminium | Copper | Steel | Steel pipes | Cables | Other |
@ 69€m | @ 27€m | @ 41€m | @ 17€m | @ 121€m | @ 5€m |
-119m|-63% | +11m|+68% | +12m|+40% | +10m|+125% | +50m|-70% | +1m|+11% |
€ 281 m
Financial Presentation | 8
Financial
Results
Industrial division
FY 2023 Net debt (EUR thousand)
€ 1,923 m
€ 1,720 m
Financial Presentation | 9
01
Aluminium segment at a glance
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Viohalco SA published this content on 19 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 March 2024 11:32:04 UTC.