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Cefla Group reveals its 2023 financial statements

 Tuesday, June 4, 2024

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As of December 31, 2023, the consolidated financial statements of the Cefla Group reveal outstanding economic and financial performance. Despite facing a challenging macroeconomic landscape characterised by ongoing international conflicts and rising interest rates, similar to the conditions of 2023, the Group delivered exceptional results.

Financial Indicators:

2023 closed with an EBITDA of 92 million euro and an overall Net Result of 66 million, confirming and improving on the excellent results achieved in 2022.

Revenues amounted to 684.9 million euro, up by 5.8% compared to 2022; revenues for Italy increased by 4.2 percentage points, reaching a share of 47.2% of the total revenues recorded by the Group. This increase is attributable to an increase in contracted work awarded to the Engineering BU operating mainly on the plant engineering domestic market.

The Net Equity rose to 403 million euro, up 15% compared to 2022, which further confirms the Company’s asset-related solidity.

The Net Financial Position showed a positive balance of 74 million euro at the close of the financial year, confirming the excellent financial situation of the Group whose operational management created the liquidity needed to self-finance current operations and various investments over the business year.

Business Unit Strategic Investments:

These significant results seal a time of specific strategic actions implemented by the individual Business Units to protect their operating results and preserve their market shares – threatened by the current complex global socio-economic scenario: in particular, the Engineering BU has continued to focus on the European Green Deal and energy transition program, with the development of new fuel cell systems in the Energy sector. The Finishing BU has implemented operational and organisational streamlining and change strategies aimed at maintaining market leadership in the industrial coating sector. The Medical Equipment BU has focused on the management of supply chains and production continuity, with a strategy of consistent investments in new products, human resources and digitalisation projects.

“Technological innovation and artificial intelligence- and ecological transition-related projects are the focus of our vision. “Our 2023 financial statements’ result confirms our willingness to invest in all Cefla business lines and our main goal is unchanged: to constantly offer the highest market-specific skills” declared Cefla’s General Manager Paolo Bussolari.

In line with our mission of “creating value over time” and growth objectives, 2023 was characterised by important investments in several fields: A budget of approximately 13.5 million euro was invested in research, development and innovation activities for the Group’s Business Units to help them retain their competitive edge in their respective reference markets.

On the sustainability and energy efficiency enhancement front, an investment of approximately 2.5 million euro was made to reduce power consumption at the Imola headquarters. These investments allowed a reduction of 7% in TEPs (tonnes of oil equivalent) in the year 2023 compared to the previous year.

“Despite the current extremely uncertain global scenario, Cefla rests firmly on solid foundations, with a very large customer portfolio, an excellent reputation and increased international visibility thanks to the outstanding results we have achieved. Our Group has turned networking between different markets into its true strength: our approach to the future may be changing and evolving but accountability, commitment and focus on innovation will continue to be our objectives” concluded Cefla’s President Gianmaria Balducci.

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