Brief: Verallia FY Adjusted Ebitda EUR 1.11 Bln, Up 28% Vs Yr Ago

Verallia SA

14/02/2024 16:27

Feb 14 (Reuters) - Verallia SA  VRLA.PA :
    * VERALLIA RECORDS AN EXCELLENT FINANCIAL PERFORMANCE AMID
WEAKER
MARKET CONDITIONS AND AIMS TO GENERATE AN EBITDA OF AROUND €1BN
IN 2024
    * FY GROUP REVENUE EUR 3.90 BILLION, UP +16.5% VERSUS EUR
3.35
BILLION Y/Y
    * PROPOSED DIVIDEND PER SHARE OF €2.15
    * ADJUSTED EBITDA MARGIN 28.4% IN 2023 COMPARED WITH 25.8%
IN 
2022
    * END-2023 DECREASE IN NET DEBT RATIO TO 1.2X 2023 ADJUSTED
EBITDA
COMPARED WITH 1.6X AT 31 DECEMBER 2022
    * OUTLOOK: A TARGET TO GENERATE ADJUSTED EBITDA OF AROUND €1
BILLION IN 2024, WITH SUCH EBITDA DOWN YEAR-ON-YEAR IN H1 BUT UP
YEAR-ON-YEAR IN H2
    * FY NET PROFIT AT €475 MILLION COMPARED WITH €356 MILLION
IN 2022
    * OBJECTIVE WILL BE ACHIEVED THANKS TO THE EXPECTED GROWTH
IN
ACTIVITY COMBINED WITH ANOTHER ANNUAL REDUCTION IN CASH
PRODUCTION COSTS (PAP) OF 2%
    * FY ADJUSTED EBITDA €1,108 MILLION IN 2023, 28.0% HIGHER
THAN IN
2022
    * OUTLOOK: FORESEE A GRADUAL RECOVERY IN ACTIVITY OVER THE
COURSE
OF 2024
    * REGARDING PLANNED CAPACITY ADDITIONS SCHEDULED IN SPAIN IN
2025
(MONTBLANC) AND AGAIN IN ITALY IN 2026, THE GROUP HAS DECIDED TO
POSTPONE THEIR COMMISSIONING BEYOND 2026
    * IS MOVING FORWARD WITH THE CONSTRUCTION OF TWO NEW
FURNACES IN
BRAZIL (CAMPO  BOM) AND ITALY (PESCIA)
    * GROUP HAD €866 MILLION OF LIQUIDITY AT 31 DECEMBER 2023
AND DOES
NOT FACE ANY SIGNIFICANT MATURITIES UNTIL 2027
    * STARTUP OF TWO FURNACES IS SCHEDULED IN THE THIRD  QUARTER
OF
2024 FOR CAMPO BOM AND IN THE SECOND QUARTER OF 2025 FOR PESCIA

Further company coverage:  VRLA.PA 

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