Gr Sarantis (SAR) H2 2023 earnings summary

Executive summary

• FY 2023 record net sales of €482.2m, up 8.3%; EBITDA rose 35.3% to €61.6m and net income increased 49.6% to €39.3m.

• Profitability improved as price and mix gains offset cost pressures; net cash reached €43.6m, supporting investment and acquisitions.

Financial highlights

• Net sales €482.2m, +8.3% YoY; gross profit €182.3m, +20.1%; EBITDA €61.6m, +35.3%; EBIT €47.1m, +45.9%.

• EBT €48.6m, +53.2%; net income €39.3m, +49.6%; EPS €0.59, +50.3%.

Outlook and guidance

• FY 2023 results exceeded the latest outlook; described as well placed for future growth.

• Integrated Business Planning Process targeted for completion in Q3; SAP implementation design phase targeted for completion in Q2.

• Stella Pack integration was in process after the January 2024 acquisition; committed facilities of ~€34m set aside to support further acquisitions.