Glass Industry News

2023 annual results: Verallia records an excellent financial performance amid weaker market conditions and aims to generate an EBITDA of...

, Verallia

HIGHLIGHTS

+16.5% increase in revenue to €3,904 million in 2023 (+21.4% at constant scope and exchange rates) compared with 2022

Growth in adjusted EBITDA to €1,108 million in 2023, 28.0% higher than in 2022 (€866 million)

Improvement in adjusted EBITDA margin to 28.4% in 2023 compared with 25.8% in 2022 (+256 bps), reaching the margin target set out in the 2022-24 plan (28-30%) a year in advance

Sharply higher net profit[1] at €475 million compared with €356 million in 2022 (+33.7%) and earnings per share of €4.02 (+37.7% versus 2022)

Robust cash generation, with free cash flow reaching €365 million after an already strong 2022 (€364 million)

Decrease in net debt ratio to 1.2x 2023 adjusted EBITDA compared with 1.6x at 31 December 2022

-5.6% reduction in Scope 1 & 2 CO2 emissions[2] compared with 2022 (i.e. -15.8% versus 2019) despite a lower external cullet rate2 of 54.1% in 2023 (-1.6 point versus 2022)

Proposed dividend per share of €2.15[3]

 

“Verallia delivered an excellent performance in 2023 amid weaker market conditions, especially in the second half. The Group’s financial performance was remarkable, with a very strong surge in EBITDA and robust cash generation. This performance was made possible by the exceptional commitment of our teams and the continued roll out of the Performance Action Plan (PAP), despite the decision to adjust our production capacity in order to manage our inventories.

Verallia enters 2024 in good conditions and should benefit from a gradual rebound in activity. Meanwhile we maintain a strict cost discipline. We are confident in our ability to generate an adjusted EBITDA of around €1bn in 2024.

We also continue to push forward with our decarbonation roadmap by introducing new, lighter products, tightly managing our cullet supply chain and continuing work to start up our first electric (Cognac) and hybrid (Zaragoza) furnaces in 2024”, noted Patrice Lucas, Chief Executive Officer of Verallia.

 

[1] Net profit for 2023 includes an amortisation expense for customer relationships, recognised upon the acquisition of Saint-Gobain’s packaging business in 2015 and applicable until 2027, of €45 million or €0.38 per share (net of taxes). If this expense had not been taken into account, net profit would be €520 million or €4.40 per share. This expense was €44 million or €0.38 per share in 2022.

[2] Cullet = recycled glass; the external cullet rate and amount of CO2 emissions are expressed at constant scope and exclude the contribution from Allied Glass / Verallia UK so as to make them comparable with the starting point of 2019.

[3] Subject to approval at the Annual General Shareholders’ Meeting which will take place on 26 April 2024.

, © Verallia

Les informations publiées sur notre portail sont soumises au droit d´auteur et appartiennent à la société en question resp. à la source des nouvelles. Tous les droits sont réservés expressément. N´importe quel utilisateur qui accède à un tel matériel peut faire ainsi seulement pour sa propre utilisation personnelle, et l´usage d´un tel matériel est au risque unique de l´utilisateur. La redistribution ou toute autre exploitation commerciale d´un tel matériel de nouvelles est expressément interdite. Là où un tel matériel de nouvelles est fourni par un tiers, chaque utilisateur accepte d´observer et être lié par les limites spécifiques de l´utilisation s´appliquant à un tel matériel de nouvelles. Glass Global ne représente ou n´approuve pas l´exactitude ou la fiabilité d´aucune des informations citées dans les nouvelles ou pages externes auxquelles on se réfère ici.

Should the content or the design of these sites violate third parties rights or legal prescriptions, we kindly ask you to send us a respective message without invoice or cost. We guarantee that passages where the claim is considered as justified will be removed immediately, without any necessity to involve any lawyer into this issue. We will reject any claim caused by submission of a honorary note in this regard without any prior contact and confirmation of the issueby us and we reserve the right ssue counter claim ourselves because of violation of aforesaid conditions.



Info Grid

Glass studies

Updated worldwide glass study 2024

plants.glassglobal.com

Updated hollow glass study 2024

Request more information

Updated float glass study 2024

Request more information

Further glass market studies

Request more information

Portrait de la société



Updated worldwide glass market study 2024 available now for flat, container glass and tableware

We have updated our international studies on flat glass, container glass and tableware for 2024.

This unique software provides a global overview about glass producers and technical details. Easy to use and clear tables summarize information and data about glass makers such as: Glass types: flat glass, container glass, tableware, production capacities in regions and countries, number of furnaces, furnace types, year of construction, glass types and sub-types, products, project information, special news and downloads.

Further databases supplying demoscopic data and import and export data complete the market survey. Based on these data, prepare individual country profiles with information about local production capacities, local market sizes and expected demand in the future.

Request your offer via plants.glassglobal.com.

Updated container glass study 2024

X

Updated float glass study 2024

X

Further glass studies and reports 2024

X