EQS-News

SAF-HOLLAND SE with record year and significantly increased dividend proposal - Seite 3

 

Based on the unchanged number of 45.4 million ordinary shares issued compared to the previous year, earnings per share for the 2023 fiscal year improved significantly by 30.4% to EUR 1.76 (previous year: EUR 1.35).

 

Adjusted net profit for the period, which is adjusted for special effects outside SAF-HOLLAND's ordinary business activities, improved by 44.1% to EUR 119.1 million in fiscal year 2023 (previous year: EUR 82.6 million). Accordingly, adjusted earnings per share amounted to EUR 2.61 (previous year: EUR 1.82), which corresponds to an increase of 43.4%.

 

The Supervisory Board and Management Board of SAF-HOLLAND SE will propose a dividend of EUR 0.85 per share for the 2023 fiscal year (previous year: EUR 0.60) to the Annual General Meeting to be held on June 11, 2024. This corresponds to a payout ratio of around 48% of the available net profit attributable to the shareholders of the parent company and is thus at the upper end of the range of the dividend policy of distributing 40 to 50% of the available net profit for the period. Based on the Xetra year-end closing price of the SAF-HOLLAND share on December 29, 2023 of EUR 15.20, this results in a dividend yield of 5.6%.

 

Significantly reduced leverage despite Haldex takeover

Free operating cash flow increased significantly by EUR 22.7 million compared to the previous year, from EUR 120.0 million to EUR 142.7 million. This was mainly the result of a stronger operating result and strict working capital management in the fiscal year. The increase in investments in property, plant and equipment and intangible assets because of the business expansion had a counteracting effect. With an investment ratio of 2.9%, SAF-HOLLAND remained within the given outlook of investing up to 3% of Group sales in the past fiscal year.

 

The leverage ratio (ratio of net financial debt to EBITDA) fell significantly to 1.8 at the end of 2023, which had risen sharply in the previous year due to the acquisition of Haldex. This was primarily due to the expansion of the Group's profitability and a significant improvement in net debt resulting from the systematic continuation of the cash-is-king program launched in the previous year.