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• DL Holdings posted KRW 1,249 bn in sales & KRW 78 bn in operating profit, thanks to improved profitability of DL Chemical, DL Energy, and Cariflex.
• Net profit turned positive due to solid results from subsidiaries and appreciation of KRW.

Highlights

Highlights

Stabilize Profit & Drive Growth Steady improvement in operating results:

• Total Revenue (BN)
  • 373.7
    • +8.10%
      Note: Total revenue includes operating income, interest income, fee and commission income
• Net Profit Attributable to Shareholders of the Company (BN)
  • 33.7
    • +14.10%
• Net Profit Attributable to Shareholders of the Company before Non-recurring Gains and Losses (BN)
  • 33.0
    • +15.26%
• Net Operating Cash Flow (BN)
  • 57.9
    • +67.07%

Highlight

In 2023, Haier Smart Home achieved a global revenue of RMB261.428 billion, marking a year-on-year growth of 7.3%. Our net profit attributable to shareholders grew 12.8% to RMB16.597 billion; the net profit attributable to shareholders deducting non-recurring items under PRC GAAP amounted to RMB15.824 billion, a growth of 13.3% year-on-year.

For the financial year ended 31 December, 2023, the net profit attributable to shareholders of the Company was RMB16.597 billion, representing a 12.8% increase from 2022. The net profit attributable to shareholders of the Company after deducting non-recurring items amounted to RMB15.824 billion, representing a growth of 13.3% compared to the same period in 2022.

The Company’s gross profit margin reached 31.5% in 2023, up 0.2 percentage points compared to the same period in 2022. Margin improvement in domestic market was driven by lower commodity prices, digitalisation in procurement and R&D, development of a digitalised production and sales coordination system, and improved product mix. In overseas markets, benefits from better product mix and production capacity utilisation were partly offset by intensified competition in key regions, resulting in a year-on-year decline in gross profit margin.

Jungheinrich AG prepared the consolidated financial statements for the financial year ending on 31 December 2023 in compliance with the International Financial Reporting Standards (IFRS). All standards and interpretations of the IFRS Interpretations Committee endorsed by the EU and effective as at the balance sheet date were applied. Regulations under commercial law pursuant to Section 315e of the German Commercial Code (HGB) were complementarily taken into account.

Starting from a closing price of €26.58 on the last trading day of 2022, the Jungheinrich share began the year under review at €27.04. The Board of Management published an ad hoc announcement on 25 January 2023 regarding the acquisition of the Storage Solutions Group. Following the announcement, the share reached an annual high of €36.76 on 2 February 2023.

Highlights

• Despite an increase in personnel (including through acquisitions), tariff effects, a rise in the cost of materials and a slight decrease in number of units produced in comparison with the previous year, we were able to generate EBIT of €430 million thanks to appropriate measures and thus achieve a figure in the middle of the forecast range of €400 million to €450 million.
• EBIT and negative effects from transaction-related expenses, effects from the purchase price allocation and variable remuneration elements for the management of the Storage Solutions Group.
• EBIT ROS came to 7.8 per cent and was thus at the lower end of the range of between 7.8 per cent and 8.6 per cent.
• At €399 million, EBT was in the middle of the expected range of €370 million to €420 million. EBIT ROS came to 7.2 per cent and was thus at the lower end of the forecast range of between 7.2 per cent and 8.0 per cent.
• ROCE of 15.9 per cent was in the lower half of the forecast range of 15.0 per cent to 18.0 per cent. This was due to the increase in average capital employed in the reporting year as a result of the goodwill recognized for Storage Solutions and Magazino in the amount of €302 million.

Highlights

• As expected, order intake as of 31 December was slightly below the previous year’s historically high figure.
• In Q4 alone, order intake reached €456.6m, underpinned by an order in the Banknote Solutions business unit received from the United States Bureau of Engraving and Printing in Washington, D.C.
• As planned, the order backlog contracted to €911.5m at the end of the year as a result of the completed deliveries.
• Cumulative Group revenue increased by 11.9% over the previous year. In the fourth quarter of the year, the growth trajectory that had been adopted in the first half of 2023 was thus maintained despite a weaker Q3.
• All told, EBIT improved by €7.9m to €29.9m, translating into an EBIT margin of 2.3%, compared with 1.9% in the previous year.
• In this regard, the final quarter returned to its usual strength, with revenue EBIT coming to €32.0m (previous year: €25.0m). This marks a significant improvement over the same period in the previous year.
• The book-to-bill ratio stood at 1.05 in the fourth quarter, up from the previous year’s figure of 0.8.

Highlights

• Consistent implementation of Service strategy (target: €600 million top line in 2025)
• Further development of existing business as key driver
  • Expansion of service center network (e.g. USA), innovative approaches (e.g. “Technician in a Van”)
• Sale of Torqeedo to Yamaha Motors – as “best owner”
• Important step in ongoing process of repositioning and focusing Green segment
• Basis to focus on more customer-oriented approach towards green drivetrains

FY in numbers

• Elimination of Torqeedo engine sales only with marginal impact on revenue
• Sustainable improvement of the adjusted EBIT due to discontinuation of Torqeedo business

In comparison to previous year:

• New orders below previous year’s high level – book-to-bill ratio 0.85 (2022: 1.05)
• Unit sales growth of 3.2% driven by growth of DEUTZ engines to 186.7k unit
• Orders on hand normalized to a level of €450.4 million as of December 31, 2023 (December
• 31, 2022: €766.5 million)

Improvement in 2023 EBIT before exceptional items to €143.6 million (2022: €103.5 million) due to:

• • Expansion of profitable service business
  • Market-oriented pricing
  • Cost-saving measures
  • Consolidated net income of €81.9 million (2022: €80.2 million)
  • Earnings per share of €0.66 (2022: €0.66)

Highlights

• Krones continued its profitable growth in 2023. Revenue increased by 12.2% year on year to €4,720.7 million.
• After the previous year’s record (€5,782.8 million), order intake remained at a high level in 2023 at €5,376.6 million. In the fourth quarter, order intake increased by 6.8% year on year on year to €1,263.0 million. The order backlog exceeded the €4 billion mark and, at €4,122.3 million at the end of 2023, was 18.9% higher than in the previous year.
• Despite challenging conditions, Krones significantly improved profitability. EBITDA increased by 22.5% in 2023 to €457.3 million. The EBITDA margin rose from 8.9% in the previous year to 9.7%.
• As expected, free cash flow was below the extremely high prior-year figure. Before acquisitions, however, it remained positive at €13.2 million in 2023 (previous year: €398.2 million). Krones improved ROCE (return on capital employed) to 16.3% in 2023 (previous year: 14.1%).
• Due to the good business performance, Krones intends to pay a dividend of €2.20 per share for 2023 (previous year: €1.75).
• The Executive Board is confident for the 2024 financial year and forecasts revenue growth of 9% to 13% with an improved EBITDA margin of 9.8% to 10.3% and ROCE of 17% to 19%. The forecast figures include the effects of the acquisition of Netstal Maschinen AG, which is still to be finalised

Highlights

• FY 2023 adjusted operating profit in line with expectations
• Revenue of £316.3m (2022: £337.9m); 4.4% decline at constant currency
• Adjusted operating profit increased to £43.2m (2022: £25.1m)
• Adjusted operating margin expansion to 13.7% (2022: 7.4%)
• Strong pricing sustained, offsetting inflation
• Pro-active approach to cost management across the Group
• Central corporate costs re-sized, in line with the c.£13m run rate previously guided
• Strategically aligned bolt-on acquisition of BMP TAPPI, completed in October 2023, demonstrating continued momentum of Essentra’s inorganic strategy

Highlights

• Metsä Group’s sales in January-December 2023 were EUR 6,110.4 million (1-12/2022: 6,980.2).
• The comparable operating result was EUR 487.9 million (1,276.4), or 8.0% (18.3) of sales. Reasons for the weaker operating result include the decline in delivery volumes and the increase in variable costs.
• After hedging, exchange rate fluctuations had a positive impact of approximately EUR 153 million on the operating result for the period compared to the previous year.
• Items affecting the comparability of the operating result in January- December totalled EUR 10.2 million (25.6).
  • Of the most significant items, EUR 12.5 million is related to the sale of the land area in Konstancin in Poland, EUR 10.3 million to terminated lease agreements related to the discontinuation of operations in Russia, EUR -2.5 million to write-downs and closure cost provisions of the Future tissue paper mill programme, EUR 2.7 mil-lion to the sale of a land area unrelated to business operations, EUR -10.1 million to items related to the closure of the old mill in Kemi, EUR -6.2 million to the loss on sales of property, plant and equipment, and EUR 3.9 million to the gains on the sale of a property in Grangemouth.
• Metsä Group’s operating result (IFRS) was EUR 498.1 million (1,301.9).
• The share of the results of associated companies and joint ventures was EUR -1.2 million (-4.8), financial income was EUR 50.4 million (7.3), exchange rate differences in financing were EUR -1.1 million (-4.6), and financial expenses totaled EUR 58.4 million (30.1).
• The result before taxes was EUR 487.8 million (1,269.8), and taxes including changes in deferred tax liabilities totaled EUR 104.2 million (271.1). The Group’s effective tax rate was 21.4% (21.4).
• The result for the review period was EUR 383.6 million (998.7).
• The return on capital employed was 7.3% (19.9), and the return on equity was 6.8% (19.0). The comparable return on capital employed was 7.2% (19.5), and the comparable return on equity was 6.7% (18.9).

“After almost five years of executing our plan, we saw our efforts start to come to fruition in 2023, delivering year-over-year improvements in gross profit and Operational EBITDA and building a strong foundation for growth,” said Jim Continenza, Kodak’s Executive Chairman and CEO.

Highlights

• Consolidated revenues of $1.117 billion, compared with $1.205 billion for the full year 2022, a decrease of $88 million or 7 percent (decreased by $89 million on a constant currency basis, or 7 percent)
• Gross profit of $210 million, compared with $170 million for full year 2022, an increase of $40 million or 24 percent
• Gross profit percentage of 19 percent, compared to 14 percent in the prior year, an increase of 5 percentage points
• GAAP net income of $75 million, compared with $26 million for 2022, an increase of $49 million or 188 percent
• Operational EBITDA of $45 million, compared with $18 million for 2022, an increase of $27 million or 150 percent
• A year-end cash balance of $255 million, compared with $217 million on December 31, 2022, an increase of $38 million; cash flow from operations improved by $154 million from the prior period

Highlights

• Consolidated net revenues of 785.0 million euros (-4.6% compared to 2022 and -5.8% compared to 2021)
• EBITDA of 77.0 million euros (-14.9% compared to 2022), 9.8% of revenues (11% in 2022)
• EBIT before non-recurring events of 40.4 million euros (47.6 million euros in 2022), 5.1% of revenues (5.8% in 2022)
• EBIT after non-recurring events of 24.2 million euros (50.7 million euros in 2022) 3.1% of revenues (6.2% in 2022)
• Net profit of 12.5 million euros (30.3 million euros in 2022), 1.6% of revenues – EPS (net profit per share) 0.46 euros
• Tax rate 39.0% (27.2% in 2022)

CEO Leonhard Birnbaum affirmed at today’s annual press conference: “We again defied challenging circumstances in the financial year 2023. And we again delivered very good results that exceeded our expectations. For this, we owe our employees a big thank you. This result is proof of our operating performance and the success of our investment and growth strategy. It also shows that we increasingly benefit from our consistent strategic focus on energy networks sustainable energy infrastructure and customer solutions. This makes E.ON one of the leading companies for the energy transition in Europe.”

Highlights

• E.ON increases planned investments across Europe from €33 billion to €42 billion for the years 2024 to 2028, focusing on energy networks and energy infrastructure solutions
• The company continues its successful growth path and surpasses forecast for the financial year 2023: Adjusted Group EBITDA increased to €9.4 billion, adjusted Group net income to €3.1 billion
• CEO Leonhard Birnbaum: “This strong result is proof of our operating performance and the success of our investment and growth strategy.”
• About 3,000 additional employees hired
• Outlook: Adjusted Group EBITDA of €8.8 to €9.0 billion and adjusted Group net income of €2.8 to €3.0 billion expected for the financial year 2024
• Increased dividend of €0.53 per share proposed for 2023

Highlights

• Segment operating profit of $5,900 million, adjusted segment operating profit of $6,244 million
• Trailing four-quarter average adjusted return on invested capital (ROIC) of 12.2%

In the words of the C.E.O. Fabio de’ Longhi: “In 2023, the Group once again demonstrated its ability to seize market opportunities, achieving organic growth at a high single-digit rate in the second half of the year, supported by its ongoing expansion of the coffee machines category and the path back to growth of the nutrition and food preparation sector.

• revenues of € 3,075.9 million, down by -2.6% (-0.2% at constant fx);
• adjusted Ebitda of € 444.2 million, equal to 14.4% of revenues (compared to 11.5% in 2022);
• net profit (attributable to the Group) of €250.4 million, up by 41.1%;
• positive net financial position of € 662.6 million, a marked improvement of €363.8 million compared to the end of 2022.

Highlights

• Prolonged period of lower demand and destocking – volumes 9.9% lower than 2022
• £2.0bn revenue (2022: £2.3bn)
• Significant impact on EBITDA, despite the margin resilience of our specialty businesses
• £142.1m continuing EBITDA (2022: £253.8m), 7.2% margin (2022: 10.9%)
• EPS losses also reflect higher interest costs
• Net debt halved in year
• £85.7m Free Cash Flow (2022: £69.2m)
  • £18m cost savings
  • £46m inventory reduction
  • – 97% conversion of EBITDA to Operating Cash Flow
• £208m strategic divestment proceeds
• £276m rights issue
• Further covenant relaxation agreed in March 2024

RESULTS HIGHLIGHTS & STRATEGY UPDATE

Cepsa reports Clean CCS EBITDA of €1.4bn in 2023 as it accelerates its transformation

• In 2023, Cepsa accelerated its ambitious Positive Motion strategy to transform from a traditional oil and gas company to become a European leader in the production of green molecules this decade with the sale of 50% of its Upstream portfolio, and posted a Clean CCS EBITDA of €1,402m
• 2023 CCS Net Income was €278m, also reflecting the sale of the Company’s Upstream assets in Abu Dhabi
• Cepsa’s cash flow from operations of €1,126m for 2023 showed the resilience of its cash generation even with lower Upstream production and the impact of Spain’s extraordinary tax on energy companies, as the Energy and Chemicals segments performed within expectations in the period
• Cepsa’s total tax contribution in the year reached €5,529m, of which 75% or €4,150m was paid in Spain. This figure includes the payment of €323m corresponding to the extraordinary tax imposed on energy companies based on 2022 revenues
• Cepsa ended the year with net debt of €2,291m, a meaningful reduction compared with 2022, on the back of a strong Free Cash Flow generation. The Company retains a significant liquidity position of €4,359m, allowing sufficient headroom to fund its Positive Motion strategy and covering debt maturities until the end of 2028
• Capex spend for 2023 was €732m, with sustainable capex accounting for almost 40% of the total as the Company continued to deliver on its Positive Motion strategy
• In February 2024, a key Positive Motion milestone was reached when Cepsa broke ground on the construction of the largest second-generation biofuels plant in southern Europe, kicking off the start of a new chapter for the Company. The plant, due to begin production in 2026, will be built with joint venture partner Bio-Oils, entailing a total 1.2-billion-euro investment and the ability to flexibly produce 500,000 tons of sustainable aviation fuel and renewable diesel annually, helping to position Spain as a leading provider of decarbonization solutions for land, sea and air transport
• Cepsa made significant progress on its ESG commitments, including achieving a 28% reduction in Scope 1 and 2 and a 21% reduction of freshwater withdrawal, both vs. 2019 baseline, and reached 28.9% of women in leadership positions

Quanex reported net sales of $239.2 million during the three months ended January 31, 2024, which represents a decrease of 8.7% compared to $261.9 million for the same period of 2023. The decrease was largely attributable to softer market demand and lower pricing in North America.

Quanex reported a 3.3% decline in net sales for the first quarter of 2024 in its North American Fenestration segment. In its North American Cabinet Components segment, Quanex reported a decline of 21.1% in net sales for the first quarter. Excluding foreign exchange impact, the Company realized a decrease in net sales of 8.4% for the first quarter in its European Fenestration segment.

The increase in earnings for the three months ended January 31, 2024, was mostly attributable to a decline in raw material costs, a decrease in stock-based compensation expense, and lower interest expense.

• As of January 31, 2024, Quanex had a total debt of $65.2 million ($13.5 million excluding real-estate leases that are considered “finance” leases under U.S. GAAP) and the Company’s leverage ratio of Net Debt to LTM Adjusted EBITDA was unchanged at 0.1x (Net Debt free excluding these real-estate leases).
• As of January 31, 2024, Quanex’s LTM Adjusted EBITDA was $158.4 million and LTM Net Income, the most directly comparable GAAP measure, was $86.8 million.

Highlights

In 2023, the TRATON GROUP recorded tremendous progress in the field of electric mobility and at the same time further implemented its TRATON Way Forward strategy, which charts a course for the Company’s future success.

The Company’s Supervisory Board made key decisions in mid-March aimed at implementing its corporate strategy even more systematically. To this end, the contract with Christian Levin, Chief Executive Officer and Chairman of the Executive Board, was extended by five years until January 2029, and the contract with TRATON Executive Board member Antonio Roberto Cortes, Chief Executive Officer of Volkswagen Truck & Bus, was extended by three years until January 2027.

In addition, the newly created Global Product Management area of responsibility at the Executive Board level has been designed to safeguard the heart of the TRATON GROUP’s business model.

The TRATON GROUP made an important step on its journey to establishing a global captive and integrated financial services business at the mid-year point. It signed a framework agreement on the gradual acquisition of key aspects of the global MAN and Volkswagen Truck & Bus (VWTB) Financial Services businesses.

The scope of the transaction includes the sale and transfer of rights to provide financial solutions to MAN and VWTB customers.

Highlights

• EBIT declined 30.3% to €186 million (previous year: €267 million). The EBIT margin retreated to 1.3% (previous year: 1.5%).
• EBITDA decreased 33.2% year-over-year in the full-year period, declining to €1,080 million (previous year: €1,617 million).
• This was mainly attributable to the 39.4% fall in EBITDA, to €576 million (previous year: €951 million), in the Performance Materials segment.
• EBITDA was down 1.0% to €817 million (previous year: €825 million).
• In the fiscal year under review, the financial result stood at €-113 million (previous year: €-137 million) and largely consisted of net interest expense of €90 million (previous year: €61 million).
• In view of the financial result, income before income taxes went down to €73 million (previous year: €130 million).
• Income tax expense amounted to €275 million (previous year: €411 million).
• It includes impairment losses of €42 million (previous year: €64 million) on deferred tax assets arising from loss carryforwards and temporary differences.