Deufol SE

Annual Results 2023

EQS-Media / 29.04.2024 / 07:43 CET/CEST PRESS RELEASE Annual Results 2023

Deufol SE: Solid organic growth and profitable global expansion continues

• Sales € 294.0 M (prior year € 271.6 M)
• EBITDA € 46.1 M (prior year € 34.0 M)
• EBIT €16.6 M (prior year € 13.2 M)
• Net income € 11.3 M (prior year € 10.4 M)
• EAT € 7.2 M (prior year € 7.0 M)
• Operating Cashflow € 35.5 M (prior year € 35.1 M)

Hofheim / Taunus, 29 April 2024

Sales grow by over 8%

The Deufol Group is pleased to announce a successful fiscal year 2023 with impressive sales growth of 8.2% to € 294.0 million (previous year: € 271.6 million). We have thus achieved the upper end of the sales forecast published in the 2022 Annual Report, which was in a corridor between € 270 million and € 295 million. Thanks to our go-to-market strategy, we were able to expand our market presence and strengthen customer loyalty. The expansion of the functionalities of our digital supply chain management software (DSCS) has further strengthened our position as a leading end-2-end logistics provider in the project and heavy goods industry. New locations in Poland and the USA as well as new joint ventures in Southeast Asia that expand our business model underline our global expansion.

Operating result exceeds expectations

The growth in sales was accompanied by an increase in earnings before interest, taxes, depreciation and amortization (EBITDA) to € 46.1 million, an increase of 35.6% compared to the previous year (€ 34.0 million). The conclusion of a settlement agreement with former managers resulted in income of € 10.3 million after deduction of the corresponding expenses, which contributed to EBITDA. The EBITDA margin amounted to 14.8% (previous year: 12.3%). Despite increased costs in various areas over the course of the year, EBIT increased to € 16.6 million (previous year € 13.2 million) thanks to comprehensive measures to improve earnings and their consistent implementation. This exceeded the forecast range of between € 10.0 million and € 15.0 million. The EBIT margin increased further and amounted to 5.3% in the 2023 financial year (previous year: 4.8%). Depreciation and amortization increased from € 20.8 million in the previous year to € 29.5 million in the reporting year. This is mainly due to an impairment loss of € 8.1 million on goodwill as part of more conservative planning assumptions for Germany, which does not result in a cash outflow.