08 Interim condensed consolidated income statement
Interim condensed consolidated statement of comprehensive income
Interim condensed consolidated balance sheet
12 Condensed consolidated statement of changes in equity
Interim condensed consolidated statement of cash flows
Notes to the interim condensed consolidated financial statements
22 STATEMENT OF THE BOARD OF DIRECTORS
2 3 GLOSSARY
Management report
KEY FIGURES
Summary of consolidated figures
(in € million)
H1 2022
H1 2023
% y-o-y
Volumes (PVC, in kTon)
115.9
107.9
(6.9%)
Sales
506.8
427.2
(15.7%)
Gross profit
139.9
139.0
(0.7%)
Gross-margin (%)
27.6%
32.5%
+4.9 pps
EBITDA
54.8
57.1
4.3%
Adj. EBITDA
57.8
59.6
3.1%
Adj. EBITDA-margin (%)
11.4%
13.9%
+2.5 pps
EBIT
26.1
35.4
35.7%
Financial result
(12.1)
(9.0)
(25.5%)
Profit / (loss) before taxes (EBT)
14.0
26.4
88.3%
Income taxes
(6.5)
(8.7)
33.1%
Net profit / (loss)
7.5
17.8
136.1%
Net Debt
121.2
100.8
(16.9)
Sales evolution by region
(in € million)
H1 2022
Volume
FX
Price / Mix / Other
H1 2023
% y-o-y
Europe
241.9
-12.1%
-0.3%
1.6%
216.0
-10.7%
North America
119.7
-23.3%
0.7%
-7.4%
83.8
-30.0%
Turkey & EM
145.1
12.6%
-32.2%
7.4%
127.4
-12.2%
Total
506.8
-6.9%
-8.3%
-0.5%
427.2
-15.7%
04
ANALYSIS OF THE RESULTS
First half of 2023 highlights
Adj. EBITDA increased to € 59.6m (+3.1% vs H1 2022) driven by strong business performance in Turkey and improved profitability in North America.
Adj. EBITDA-margin amounted to 13.9%, compared to 11.4% in H1 2022 and to 9.5% in H2 2022.
The record Adj. EBITDA has been realized in a challenging market environment, causing 6.9% volume decrease due to a slowdown of the construction activity in Europe and North America, while Turkey & Emerging markets performed strongly with 12.6 % higher volumes.
Sales in H1 2023 decreased by 15.7% of which 8.3% related to exchange rate movements and 6.9% due to lower volumes.
Net income increased from € 7.5m in H1 2022 to € 17.8m in H1 2023.
Net debt decreased with €20.4m versus same period last year reflecting solid cash generation while continuing the planned investment program.
Deceuninck continues to invest in sustainability initiatives with a focus on recycling capacity, use of recycled materials and solar energy.
Quote of the CEO, Bruno Humblet
"During challenging market environments with high inflation and increasing interest rates, we were able to achieve a record half year Adj. EBITDA and increasing profit margins, while further improving our cash generation. The business performance in Turkey was very strong. In North America we were able to improve our profitability reflecting improved plant efficiencies and a stronger product mix. Business results in Europe were weaker reflecting difficult market conditions.
We continued to invest in our recycling capacity and sustainability initiatives. The investment in our aluminium coating facility in Turkey will help us to further grow our aluminium business. Our Elegant transition remains well on track which will help to increase the usage of recycled PVC. After a solid start in the first half of the year, we reconfirm our outlook of increasing our full year Adj. EBITDA."
DECEUNINCK HALF YE AR REPOERT 2023
05
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Deceuninck NV published this content on 24 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 August 2023 05:20:03 UTC.
Deceuninck NV is a leading international designer and manufacturer of high-quality PVC systems for windows and doors, cladding and roofline, interior and garden applications. The basic technology used by the company is extrusion of patented PVC and Twinson composite material. The highly integrated state of the art production process includes compounding, tool manufacturing, extrusion of gaskets and profiles, printing, PVC lamination and the patented Decoroc coating technology. The group's activity is organized around 2 product families
- window & door systems: PVC profiles for the production of most standard windows and doors, roller shutter, roller shutter box and louvre shutter systems in all designs and a wide range of colours;
- building products: cladding for walls and ceilings and roofline products, skirting, decorative finishes, internal sills, composite decking, siding & railing, noise barriers, etc.
At the end of 2023, the group has 17 production sites worldwide.
Net sales are distributed geographically as follows: Europe (47.4%), North America (19.3%) and other (33.3%).
DECEUNINCK NV 
