PRESS RELE ASE
F Y 2023 FINANCIAL RESULTS
Regulated Information
Wednesday 28 February 2024 at 6:30h CET
Fourth consecutive year record adj. EBITDA in challenging times
Sales
Adj. EBITDA
Adj. EBITDA %
Net Result
Net Debt
¬ 866.1m
¬ 117.9m
13.6%
¬ 13.6m
¬ 70.6m
( ¬ 974.1m LY)
-11.1%
( ¬ 102.3m LY)
+15.3%
(10.5% LY)
+3.1%pps
( ¬ 7.6m LY)
+79.2%
( ¬ 88.3m LY)
-20.0%
Executive Summary
$ Adj. EBITDA increased to ¬ 117.9m (+15.3% vs 2022) driven by continuing strong business performance in Turkey and improved profitability in North America.
$ Adj. EBITDA-margin increased to 13.6% in 2023, compared to 10.5% in 2022.
$ The record Adj. EBITDA has been realized in a challenging market environment with a very strong business performance in Turkey,
while volumes continued to be under pressure in Europe and North America.
$ Sales in 2023 decreased by 11.1% of which 4.1% due to lower volumes and 7% due to exchange rate, price and product mix movements.
$ Net income increased from ¬ 7.6m in 2022 to ¬ 13.6m in 2023.
