EQS-News

Masterflex SE presents Annual Report 2023 – Record earnings achieved - Seite 2

Despite the economic headwind, most of Masterflex SE's subsidiaries were on course for growth in the 2023 financial year, with the good demand dynamics in the aviation business, life science and medical technology sectors being particularly noteworthy. In the classic cyclical sectors such as automotive and mechanical engineering, on the other hand, there was increasing restraint on the part of customers. Nevertheless, Masterflex succeeded in increasing its EBIT margin and EBIT. This was achieved by shifting the sales mix towards higher-margin customer sectors, such as medical technology, whose share of revenue rose from around 17% to 19%. Productivity increases and further efficiency measures also contributed to this success.

The Group's financial position has improved further compared to the previous year. The Masterflex Group's cash and cash equivalents increased to EUR 11.1 million as at December 31, 2023 (previous year: EUR 9.8 million) thanks to the increase in operating result. Consequently, net debt at the end of 2023 amounted to EUR 13.1 million, an improvement on the previous year's figure of EUR 16.9 million. The consolidated equity of the Masterflex Group increased by EUR 5.6 million to EUR 57.6 million as at the balance sheet date of December 31, 2023 (previous year: EUR 52.0 million), in particular due to the strong increase in profits. The equity ratio (equity in relation to total assets) improved by 3.9 percentage points from 57.6% to 61.5% at the end of the 2023 financial year.

Order backlog as at December 31, 2023 remained at a high level of EUR 20.5 million (previous year: EUR 22.8 million). At the same time, the outlook for economic development is cautiously positive. A limiting factor for the accuracy of the forecast for economic development and the further development of the Masterflex Group are the uncertainties resulting primarily from the geopolitical upheavals in connection with the war in Ukraine, the tensions between the USA and China and the conflict in the Middle East. Assuming that there is no deterioration in the aforementioned uncertainty factors in the 2024 financial year, the Management of Masterflex Group expects to generate revenue in the range of EUR 100 to EUR 107 million. In terms of EBIT, the Management Board anticipates a range of between EUR 12 and EUR 15 million.