Grenevia (GEA) H2 2023 earnings summary

Executive summary

• Revenue rose to PLN 1,644 million in 2023 from PLN 1,296 million; operating profit was PLN 216 million and net profit PLN 144 million, versus PLN 257 million and PLN 120 million, respectively, in 2022.

• Operations span PV, E-mobility, Power Engineering, and Famur solutions for mining and wind; strategy centers on expanding green-transition businesses while developing existing industrial capabilities.

Financial highlights

• Gross profit was PLN 581 million, compared with PLN 469 million in 2022; 2023 included PLN 7 million gain on sale of PV farms classified as property, plant and equipment.

• Profit before tax was PLN 203 million versus PLN 251 million; income tax was PLN 59 million in both years, and net profit from continuing operations was PLN 144 million versus PLN 192 million.

• Cash from operating activities was PLN 622 million, versus PLN 45 million; investing cash outflow was PLN 682 million and financing cash outflow PLN 266 million.

• Cash and cash equivalents fell to PLN 610 million at year-end from PLN 939 million; total assets were PLN 3,789 million versus PLN 3,670 million.

Outlook and guidance

• Outstanding customer contracts included PLN 112 million of machinery and equipment deliveries: PLN 57 million in H1 2024, PLN 13 million in H2 2024, and PLN 42 million in Q1 2025.

• Strategy prioritizes investment in green-transition businesses; management recommended allocating all 2023 net profit to statutory reserves to support investment and growth priorities.

• Wind services and e-mobility are targeted growth areas; impairment-test assumptions included average annual Famur wind-gearbox revenue growth of 20% and E-mobility revenue growth of 15%.