Duro Felguera (MDF) H2 2023 earnings summary

Executive summary

• Revenue rose 140% year-over-year to €281.2 million, driven by strong order intake and growth in Services and Industrial Plants segments.

• Operating loss of €15.5 million, mainly due to losses on two Services projects and negative results in Pressure Vessels.

• Net loss for the year was €21.9 million, compared to a profit of €5.0 million in 2022.

• Order intake reached €416.5 million (+27%), with backlog at €654.5 million, 79% international.

• Successful €91.3 million capital increase in Feb 2024 brought in two new core shareholders with 54.66% combined stake.

Financial highlights

• Revenue: €281.2 million (2022: €117.2 million), up 140% year-over-year.

• EBITDA: -€13.7 million (2022: €4.3 million), reflecting project losses.

• Net financial debt: €34.5 million (2022: €119.9 million), with €144.4 million gross debt and €109.9 million cash.

• Basic EPS: -€0.23 (2022: €0.05); Diluted EPS: -€0.09 (2022: €0.04).

• Working capital recalculated positive at €46 million after capitalisation and loan maturity extensions.

Outlook and guidance

• Management expects new shareholders to strengthen commercial and project execution capabilities.

• Focus on cost control, operational efficiency, and securing new guarantee lines to support order intake.

• Uncertainty remains regarding the success and timing of measures to achieve the viability plan.

• 2024 expected to be a key year for transformation, especially in Pressure Vessels and Services.