Aquafil Announces Full Year and Fourth Quarter 2023 Financial Results

Arco, Italy, March 14, 2024 (GLOBE NEWSWIRE) --

FINANCIAL YEAR 2023

COMPLETED THE START-UP ACTIVITIES
OF ENGINEERING PLASTICS IN EMEA

ECONYL BRANDED AND REGENERATED PRODUCTS ACCOUNTED
FOR 49,6% OF REVENUES GENERATED FROM FIBERS

SLIGHT DECLINE IN VOLUMES COMPAREDO TO 2022
MAINLY RELATED TO FIBERS FOR GARMENTS IN EMEA

DECLINE IN MARGINS IN 2023
DUE TO THE HIGH UNIT VALUE OF THE INVENTORIES STOCKED IN 2022
COMPARED TO THE MARKET VALUE OF RAW MATERIALS

MAIN 2023 INDICATORS:

• Revenues: €571.8 million, -16.4% compared to €684.1 million for 2022;
  
  
• EBITDA: €47.5 million, -48.5% compared to €92.3 million for 2022;
  
  
• Net result: €25.8 million loss compared to a €29.2 million profit for 2022;
  
  
• Net Debt/EBITDA ratio at x5.23 at December 31, 2023 compared to x2.69 at December 31, 2022.
  
  

Arco, March 14, 2024 — The Board of Directors of Aquafil S.p.A. [ECNL:IM] [ECNLF:OTCQX], chaired by Prof. Chiara Mio, met today and approved the Company’s consolidated operating and financial results at December 31, 2023.

Giulio Bonazzi, Chief Executive Officer, stated:
“The year 2023 was characterized by a strong volatility of the reference market. The trends anticipated during the presentation of the Company’s targets last November were confirmed by the Group’s consolidated results.

Overall, the year just ended showed a modest volume decline compared to the previous one, though with different dynamics across the various product lines.

In the fourth quarter, demand in EMEA exceeded that recorded in the same period of the previous year for both fibers for carpets and polymers. As for the product line relating to fibers for garments, the strong weakness that characterized the whole year continued.

In terms of volumes sold, the United States showed a slightly weak performance in the markets of fibers for carpets and for garments.

In Asia Pacific, volumes sold remained substantially aligned to the 2022.

The Engineering Plastics project in EMEA reached the objectives set for 2023, thus confirming the growth expectations for the next two-year period.

Margins significantly decreased as a result of the sharp decline in 2023 of the high unit value of inventories stocked in 2022, with an effect on the year of €24 million.

Volumes sold of ECONYL branded products exceeded the previous year's levels.

The Group confirms the operating and financial results previously announced, while continuing to pursue the strategic goals of increasing productivity and energy efficiency, as well as reducing costs and containing debt.”