EQS-News

Ringmetall closes 2023 slightly better than expected based on preliminary figures

EQS-News: Ringmetall SE / Key word(s): Annual Results/Annual Report Ringmetall closes 2023 slightly better than expected based on preliminary figures 29.04.2024 / 07:00 CET/CEST The issuer is solely responsible for the content of this announcement. Ringmetall closes 2023 slightly better than expected based on preliminary figures

• Group revenue down by -15.0 percent to EUR 181.6 million
• EBITDA down by 32.3 percent to EUR 19.2 million, also due to one-off deconsolidation effects of EUR -4.6 million from the sale of HSM
• Operating cash flow increases by 20.0 percent to EUR 22.1 million
• Continued stabilization of business development underpins forecast for 2024

Munich, 29 April 2024 - Ringmetall SE (ISIN: DE000A3E5E55), a leading international specialist supplier in the packaging industry, has performed slightly better in the past year than expected on the basis of the preliminary business figures published at the beginning of February, according to the 2023 Annual Report published today. The noticeable brightening of the environment at the start of 2024 led to a sustained stabilization in business development and thus underpins the outlook for the year as a whole.

At EUR 181.6 million, Group revenue in 2023 was down 15.0 percent on the previous year (2022: EUR 213.5 million). The revenue growth from the acquisitions of Protective Lining in the USA as well as IDF and Liner Factory in Germany was offset by a double-digit percentage decline in revenue due to the steel price development. The weakened economic environment, particularly in the second half of 2023, was also reflected in subdued demand from key customer industries, especially the chemical industry. The sale of the Group subsidiary HSM as at 30 June 2023 was also reflected in a revenue base that was around EUR 8 million lower in the second half of 2023. Adjusted for HSM's revenue share in the 2022 and 2023 financial years, the year-on-year decline in revenue amounted to -12.1 percent.