(Finance) – Cementir closed the 2023 financial year with revenues of 1,694.2 million euros, down 1.7% compared to 2022; non-GAAP revenues amounted to 1,694.6 million euros (-1.5% on 2022).
The Gross operating margin stands at the historical record of 411.1 million euros, up 22.6% compared to 2022; the non-GAAP EBITDA is equal to 421.9 million euros (+25.4% on 2022).
The Operating income it increased by 36.2% to 278.3 million Euros; the non-GAAP operating result is equal to 299.2 million euros (+39.3% on 2022). The Pre-tax result of 290.7 million Euros is up 23.0% compared to 2022, while the non-GAAP pre-tax result is equal to 315.8 million Euros (+39.3% compared to 2022).
The company reminds you that the complete and definitive annual data relating to the 2023 financial year will be examined and approved by the Board of Directors at the meeting scheduled for March 11th.
The Board of Directors examined and approved the update of The Group’s Industrial Plan for the three-year period 2024-2026 and the 2024 budget. Business Plan Objectives to 2026: revenues of approximately 2 billion euros, gross operating margin of approximately 425 million euros, net cash of approximately 600 million euros. Investments in sustainability in the three-year period amounting to 100 million euros, dividends expected to grow with a payout ratio between 20% and 25%.
For the year 2024 the Group expects to achieve consolidated revenues of approximately 1.8 billion Euros, a gross operating margin of approximately 385 million Euros and a net cash position of approximately 300 million Euros at the end of the period. The planned investments are equal to approximately 135 million Euros (104.2 million Euros in 2023), of which approximately 48 million Euros in sustainability projects.
“Despite an increasingly uncertain macroeconomic scenario due to growing geopolitical tensions and more restrictive monetary conditions, in 2023 the Group demonstrated significant resilience, setting new records thanks also to an increasingly diversified geographic and product mix. The general weakness in volumes, with the exception of Turkey and China, was balanced by the improvement in operational efficiency. The new Industrial Plan to 2026 continues to place sustainable organic growth at the center of our strategy, confirming all medium and long-term objectives and continuing on our path towards decarbonisation” he commented Francesco Caltagirone Jr, President and CEO.