Lecta Full-Year Report 2023

Revenue

For the fourth quarter ended 31 December 2023, Lecta PIF Group earned revenue of €305.3 million versus €380.8 million in the fourth quarter ended 31 December 2022, which represents a decrease of €75.5 million or -19.8%. This decrease was primarily attributable to:

• Lower sales of CWF paper, Specialties and Purchased Products of €54.8 million or -15.6%, from €350.2 million in 402022 to €295.48 million in 4Q2023, resulting from higher sales volumes of 12,000 metric tonnes or +5.8%, with 219,100 metric tonnes in 4Q2023 vs 207,100 metric tonnes in 4Q2022, and a decrease in average net sales price of 343€/t or -20%, with 1,348€/t in 4Q2023 vs 1.691€/t in 4Q2022; and
• Lower sales of energy of €20.7 million or -68%, from €30.6 million in 4Q2022 to €9.9 million in 4Q2023, resulting from higher sales volumes of 4,000 MWh or +3%, with 136,400 MWh in 4Q2023 vs 132,400 MWh in 402022, and a decrease in average net sales price of 158€/MWh or -69%, with 73€/MWh in 4Q2023 vs 231€/ MWh in 402022.

Raw Materials and Consumables Used

The costs of raw materials and consumables used decreased by €18 million, or -11.1%, from €161.6 million in 402022 to €143.7 million in 4Q2023, and as a percentage of revenue, these costs increase from 42% in 402022 to 47% in 402023. The absolute decrease was mainly attributable to lower purchased volumes, higher volume of production, a decrease in the average consumption price of pulp of 320€/t.

Labor Costs

Labor costs decreased by €2.7 million, or -5.6% from at €47.3 million in 402022 to €44.6 million in 402023, and as a percentage of revenue they increased from 12.4% in 402022 to 14.6% in 4Q2023.

The headcount decreased by 23 heads, from 2,829 employees in twelve months ended 31 December 2022 to 2,806 employees in twelve months ended 31 December 2023.