Coil

2023 Sales of €21.8m Impacted by a Challenging Economic Environment

PRESS RELEASE Brussels, 2 February 2024 (17.45)

World leader in aluminium anodising

2023 SALES OF €21.8M
IMPACTED BY A CHALLENGING ECONOMIC ENVIRONMENT

COIL, world leader in aluminium anodising, announces annual sales of €21.8 M for the 2023 financial year, a decline of -17.5% against 2022. Sales were impacted by a difficult economic environment, with a sharp slowdown in demand for Tolling services throughout the year and a decline in Package Sales from the second half of the year onwards, against strong comparatives.

• Sales evolution by quarter and by activity
  
  

(€M)	2023	2022	Variation
Q1	6.41	6.61	- 3.1 %
Q2	5.39	7.34	- 26.6 %
Q3	5.29	6.73	- 21.5 %
Q4	4.76	5.78	- 17.6 %
Annual total	21.85	26.47	- 17.5 %
Of which
Tolling Sales	17.45	20.60	- 15.3 %
Package Sales1	4.40	5.86	- 25.0 %

• Significant events of the financial year
  
  

After two years of growth in 2021 (+9.7%) and 2022 (+4.9%) driven by the post-Covid recovery, the Company's sales fell significantly in 2023 (-17.5%) in an environment shaped by the slowdown in global growth, falling demand in end markets and the continuing rise in economic and geopolitical uncertainties.

Tolling Sales were adversely affected by destocking in the distribution chain due to low aluminium price following the major distortion in the market caused by the post-COVID market. Package Sales were impacted by a falloff in new architectural projects in Europe as from the second half of 2023, and by the slow post-COVID recovery in the projects business in Asia.

The Company has done its utmost to limit the impact of this slowdown by continuing to optimise its variable costs. On the industrial front, the Company has streamlined production on a limited number of lines at its Landen site in Belgium and on its high-yield line 6 in Germany.