GROUPE SFPI (SFPI) H2 2023 earnings summary

Executive summary

• FY2023 sales reached €688.8m, up 9.5% YoY; organic growth was 4.0% excluding acquisitions made in 2022 and 2023.

• Current operating income fell to €28.5m from €35.9m; operating income was €8.9m, including a €18.9m Wo & Wo goodwill impairment.

• Operating cash flow increased to €63.5m from €26.4m, while the net financial surplus rose to €45.3m from €25.5m.

Financial highlights

• Gross margin was €393.2m, or 57.1% of sales, versus €361.4m and 57.4% in 2022.

• Net income of consolidated companies was €0.9m versus €21.7m; group share was €1.2m versus €21.9m, and EPS was €0.01 versus €0.24.

• Shareholders’ equity attributable to the group was €248.6m at Dec. 31, 2023, versus €248.9m a year earlier.

Outlook and guidance

• FY2024 sales are expected to reach ~€690m.

• The board will propose a €0.03-per-share dividend, totaling €2.8m, to the AGM on June 18, 2024.