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29.04.2024 07:43:45 - dpa-AFX: EQS-News: Deufol SE: Annual Results 2023 (english)
Deufol SE: Annual Results 2023
EQS-Media / 29.04.2024 / 07:43 CET/CEST
PRESS RELEASE
Annual Results 2023
Deufol SE: Solid organic growth and profitable global expansion continues
* Sales EUR 294.0 M (prior year EUR 271.6 M)
* EBITDA EUR 46.1 M (prior year EUR 34.0 M)
* EBIT EUR16.6 M (prior year EUR 13.2 M)
* Net income EUR 11.3 M (prior year EUR 10.4 M)
* EAT EUR 7.2 M (prior year EUR 7.0 M)
* Operating Cashflow EUR 35.5 M (prior year EUR 35.1 M)
Hofheim / Taunus, 29 April 2024
Sales grow by over 8%
The Deufol Group is pleased to announce a successful fiscal year 2023 with
impressive sales growth of 8.2% to EUR 294.0 million (previous year: EUR 271.6
million). We have thus achieved the upper end of the sales forecast
published in the 2022 Annual Report, which was in a corridor between EUR 270
million and EUR 295 million. Thanks to our go-to-market strategy, we were able
to expand our market presence and strengthen customer loyalty. The expansion
of the functionalities of our digital supply chain management software
(DSCS) has further strengthened our position as a leading end-2-end
logistics provider in the project and heavy goods industry. New locations in
Poland and the USA as well as new joint ventures in Southeast Asia that
expand our business model underline our global expansion.
Operating result exceeds expectations
The growth in sales was accompanied by an increase in earnings before
interest, taxes, depreciation and amortization (EBITDA) to EUR 46.1 million,
an increase of 35.6% compared to the previous year (EUR 34.0 million). The
conclusion of a settlement agreement with former managers resulted in income
of EUR 10.3 million after deduction of the corresponding expenses, which
contributed to EBITDA. The EBITDA margin amounted to 14.8% (previous year:
12.3%). Despite increased costs in various areas over the course of the
year, EBIT increased to EUR 16.6 million (previous year EUR 13.2 million) thanks
to comprehensive measures to improve earnings and their consistent
implementation. This exceeded the forecast range of between EUR 10.0 million
and EUR 15.0 million. The EBIT margin increased further and amounted to 5.3%
in the 2023 financial year (previous year: 4.8%). Depreciation and
amortization increased from EUR 20.8 million in the previous year to EUR 29.5
million in the reporting year. This is mainly due to an impairment loss of EUR
8.1 million on goodwill as part of more conservative planning assumptions
for Germany, which does not result in a cash outflow.
Capital expenditures and operating cash flow at solid previous year's level
At EUR 5.8 million, the capital expenditures in the past financial year were
slightly below the previous year's figure (EUR 6.4 million). Investments
focused mainly on property, plant and equipment and in particular on land
and buildings as well as plant, operating and office equipment. Net
financial liabilities increased slightly by EUR 1.5 million to EUR 72.5 million
at the end of the reporting year. While the balance of liabilities to banks
and sight deposits with banks was significantly reduced from EUR 36.8 million
in the previous year to EUR 27.7 million, other financial liabilities
increased from EUR 34.3 million to EUR 44.9 million, primarily due to the
recognition of rental and leasing liabilities. On the one hand, exposed
locations were secured in the long term and, on the other, the Deufol Group
was able to increase the necessary scope for investments in growth
initiatives thanks to the improved liquidity position in conjunction with
the long-term securing of Group financing.
At EUR 35.5 million, operating cash flow in the reporting period was slightly
higher than the previous year's figure (EUR 35.1 million). The above-mentioned
settlement agreement had a net effect of EUR 3.0 million on cash inflows in
the reporting year. In working capital, the positive effects from the
reduction in inventories in the amount of EUR 1.8 million (previous year:
increase of EUR -0.2 million) more than compensated for the liquidity burden
from the increase in trade receivables with a simultaneous decrease in trade
payables of EUR -1.1 million (previous year: positive effect of EUR 0.5
million).
Proposal for the appropriation of profits
The Managing Directors and the Board of Directors propose that net retained
earnings of Deufol SE for fiscal year 2023 in the amount of EUR 16.4 million
be used to distribute a dividend of EUR 0.06 and an additional special
dividend of EUR 0.04 per dividend-bearing share, i.e. a total of EUR 0.10 per
dividend-bearing share; this corresponds to a total appropriation of profits
of EUR 4.3 million. The remaining amount of EUR 12.1 million is to be carried
forward.
Annual General Meeting
This year's Annual General Meeting will be held as an attendance event on 27
June 2024 at 10:00 a.m. (CEST) in the Stadthalle in Hofheim / Taunus,
Chinonplatz 4, 1st floor (Malersaal).
Key Data 2023
Outlook
Uncertainties in Deufol's market environment are also expected to persist in
fiscal year 2024. The Deufol Group faces economic challenges, a shortage of
skilled labor, rising personnel costs and persistently high interest rates.
Contrary to the trend towards stagnating or even falling market prices, the
prices for wood and wood-based materials in industrial goods packaging are
currently moving upwards again.
To counteract this development, Deufol can draw on a variety of measures
such as a network of strategic suppliers, rolling price and quantity
agreements and Group-wide purchasing, which have already proven effective in
times of highly volatile prices and are now firmly established process
components in the procurement of goods.
After the Deufol Group was once again able to grow its business beyond
expectations at the beginning of the year in a complex market environment in
2023, the Group is continuing to strive for geographical expansion. Most
recently, new locations were opened in Charleston (USA) and Opole (Poland)
and a joint venture company for project logistics with a focus on the Asian
region was founded. In conjunction with the established inland locations and
the increasing range of services offered as part of the hub system,
supplemented by the ongoing development of innovative and digital solutions
to increase efficiency and sustainability in our customers' value chains, we
expect to steadily expand our market share.
Despite the challenges, the Deufol Group therefore believes it is well
positioned for 2024 and anticipates continued successful corporate
development, in particular continued sales and earnings growth. For 2024,
sales are expected to be in a corridor of around EUR 295 million to EUR 320
million and EBIT from operating activities between EUR 12 million and EUR 18
million.
The Annual Report is available online at:
https://www.deufol.com/en/investor-relation/financial-publications/
For further information, please contact:
Deufol SE
Investor Relations
Phone: +49 (6122) 50 1127
E-Mail: investors@deufol.com
ISIN: DE000A1R1EE6
End of Media Release
---------------------------------------------------------------------------
Issuer: Deufol SE
Key word(s): Finance
29.04.2024 CET/CEST Dissemination of a Press Release, transmitted by EQS
News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
---------------------------------------------------------------------------
1891173 29.04.2024 CET/CEST
EQS-Media / 29.04.2024 / 07:43 CET/CEST
PRESS RELEASE
Annual Results 2023
Deufol SE: Solid organic growth and profitable global expansion continues
* Sales EUR 294.0 M (prior year EUR 271.6 M)
* EBITDA EUR 46.1 M (prior year EUR 34.0 M)
* EBIT EUR16.6 M (prior year EUR 13.2 M)
* Net income EUR 11.3 M (prior year EUR 10.4 M)
* EAT EUR 7.2 M (prior year EUR 7.0 M)
* Operating Cashflow EUR 35.5 M (prior year EUR 35.1 M)
Hofheim / Taunus, 29 April 2024
Sales grow by over 8%
The Deufol Group is pleased to announce a successful fiscal year 2023 with
impressive sales growth of 8.2% to EUR 294.0 million (previous year: EUR 271.6
million). We have thus achieved the upper end of the sales forecast
published in the 2022 Annual Report, which was in a corridor between EUR 270
million and EUR 295 million. Thanks to our go-to-market strategy, we were able
to expand our market presence and strengthen customer loyalty. The expansion
of the functionalities of our digital supply chain management software
(DSCS) has further strengthened our position as a leading end-2-end
logistics provider in the project and heavy goods industry. New locations in
Poland and the USA as well as new joint ventures in Southeast Asia that
expand our business model underline our global expansion.
Operating result exceeds expectations
The growth in sales was accompanied by an increase in earnings before
interest, taxes, depreciation and amortization (EBITDA) to EUR 46.1 million,
an increase of 35.6% compared to the previous year (EUR 34.0 million). The
conclusion of a settlement agreement with former managers resulted in income
of EUR 10.3 million after deduction of the corresponding expenses, which
contributed to EBITDA. The EBITDA margin amounted to 14.8% (previous year:
12.3%). Despite increased costs in various areas over the course of the
year, EBIT increased to EUR 16.6 million (previous year EUR 13.2 million) thanks
to comprehensive measures to improve earnings and their consistent
implementation. This exceeded the forecast range of between EUR 10.0 million
and EUR 15.0 million. The EBIT margin increased further and amounted to 5.3%
in the 2023 financial year (previous year: 4.8%). Depreciation and
amortization increased from EUR 20.8 million in the previous year to EUR 29.5
million in the reporting year. This is mainly due to an impairment loss of EUR
8.1 million on goodwill as part of more conservative planning assumptions
for Germany, which does not result in a cash outflow.
Capital expenditures and operating cash flow at solid previous year's level
At EUR 5.8 million, the capital expenditures in the past financial year were
slightly below the previous year's figure (EUR 6.4 million). Investments
focused mainly on property, plant and equipment and in particular on land
and buildings as well as plant, operating and office equipment. Net
financial liabilities increased slightly by EUR 1.5 million to EUR 72.5 million
at the end of the reporting year. While the balance of liabilities to banks
and sight deposits with banks was significantly reduced from EUR 36.8 million
in the previous year to EUR 27.7 million, other financial liabilities
increased from EUR 34.3 million to EUR 44.9 million, primarily due to the
recognition of rental and leasing liabilities. On the one hand, exposed
locations were secured in the long term and, on the other, the Deufol Group
was able to increase the necessary scope for investments in growth
initiatives thanks to the improved liquidity position in conjunction with
the long-term securing of Group financing.
At EUR 35.5 million, operating cash flow in the reporting period was slightly
higher than the previous year's figure (EUR 35.1 million). The above-mentioned
settlement agreement had a net effect of EUR 3.0 million on cash inflows in
the reporting year. In working capital, the positive effects from the
reduction in inventories in the amount of EUR 1.8 million (previous year:
increase of EUR -0.2 million) more than compensated for the liquidity burden
from the increase in trade receivables with a simultaneous decrease in trade
payables of EUR -1.1 million (previous year: positive effect of EUR 0.5
million).
Proposal for the appropriation of profits
The Managing Directors and the Board of Directors propose that net retained
earnings of Deufol SE for fiscal year 2023 in the amount of EUR 16.4 million
be used to distribute a dividend of EUR 0.06 and an additional special
dividend of EUR 0.04 per dividend-bearing share, i.e. a total of EUR 0.10 per
dividend-bearing share; this corresponds to a total appropriation of profits
of EUR 4.3 million. The remaining amount of EUR 12.1 million is to be carried
forward.
Annual General Meeting
This year's Annual General Meeting will be held as an attendance event on 27
June 2024 at 10:00 a.m. (CEST) in the Stadthalle in Hofheim / Taunus,
Chinonplatz 4, 1st floor (Malersaal).
Key Data 2023
Figures in EUR M 2023 2022 Change (%)
Sales 294.0 271.6 8.2
EBITDA 46.1 34.0 35.6
EBIT 16.6 13.2 25.8
EBT 11.3 10.4 8.7
EAT 7.2 7.0 2.9
Thereof Non-Controlling Interests 0.6 0.5 20.0
Thereof Shareholders Deufol SE 6.5 6.5 0.0
Earnings per share (EUR) 0.153 0.151 1.3
Operating Cashflow 35.5 35.1 1.1
Investments in Tangible Assets (without Leasing) 4.6 5.5 -15.7
Net Debt 72.5 71.0 2.1
Liabilities to banks minus sight deposits 27.7 36.8 -24.7
Equity Ratio (%) 47.4 46.0 3.0
Employess (Average) 2,203 2,079 6.0
Outlook
Uncertainties in Deufol's market environment are also expected to persist in
fiscal year 2024. The Deufol Group faces economic challenges, a shortage of
skilled labor, rising personnel costs and persistently high interest rates.
Contrary to the trend towards stagnating or even falling market prices, the
prices for wood and wood-based materials in industrial goods packaging are
currently moving upwards again.
To counteract this development, Deufol can draw on a variety of measures
such as a network of strategic suppliers, rolling price and quantity
agreements and Group-wide purchasing, which have already proven effective in
times of highly volatile prices and are now firmly established process
components in the procurement of goods.
After the Deufol Group was once again able to grow its business beyond
expectations at the beginning of the year in a complex market environment in
2023, the Group is continuing to strive for geographical expansion. Most
recently, new locations were opened in Charleston (USA) and Opole (Poland)
and a joint venture company for project logistics with a focus on the Asian
region was founded. In conjunction with the established inland locations and
the increasing range of services offered as part of the hub system,
supplemented by the ongoing development of innovative and digital solutions
to increase efficiency and sustainability in our customers' value chains, we
expect to steadily expand our market share.
Despite the challenges, the Deufol Group therefore believes it is well
positioned for 2024 and anticipates continued successful corporate
development, in particular continued sales and earnings growth. For 2024,
sales are expected to be in a corridor of around EUR 295 million to EUR 320
million and EBIT from operating activities between EUR 12 million and EUR 18
million.
The Annual Report is available online at:
https://www.deufol.com/en/investor-relation/financial-publications/
For further information, please contact:
Deufol SE
Investor Relations
Phone: +49 (6122) 50 1127
E-Mail: investors@deufol.com
ISIN: DE000A1R1EE6
End of Media Release
---------------------------------------------------------------------------
Issuer: Deufol SE
Key word(s): Finance
29.04.2024 CET/CEST Dissemination of a Press Release, transmitted by EQS
News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
---------------------------------------------------------------------------
1891173 29.04.2024 CET/CEST
| Name | WKN | Börse | Kurs | Datum/Zeit | Diff. | Diff. % | Geld | Brief | Erster | Schluss | |
|---|---|---|---|---|---|---|---|---|---|---|---|
 |
DEUFOL SE NA O.N. | A1R1EE | Hamburg | 1,620 | 15.05.24 18:37:10 | +0,150 | +10,20% | 1,460 | 1,630 | 1,450 | 1,470 |
