This release is a summary of
As of
OCTOBER-
- Orders received totaled
EUR 57.6 (51.7) million -
Net sales totaled
EUR 59.7 (59.8) million -
Comparable EBITA was
EUR 4.6 (4.2) million, i.e. 7.6 (7.0)% of net sales -
The operating result (EBIT) was
EUR 2.7 (2.5) million -
Cash flow from operating activities was
EUR 13.1 (8.7) million -
Comparable earnings per share were
EUR 0.039 (0.027)
JANUARY-
- Orders received totaled
EUR 220.3 (253.0) million -
Net sales totaled
EUR 219.7 (213.5) million -
Comparable EBITA was
EUR 14.9 (13.6) million, i.e. 6.8 (6.4)% of net sales -
The operating result (EBIT) was
EUR 8.1 (7.6) million -
Comparable earnings per share were
EUR 0.104 (0.074) -
The Board of Directors proposes a capital repayment of
EUR 0.05 per share
GLASTON'S OUTLOOK FOR 2024
Amid early signs of increasing market activity, Glaston expects the architectural glass processing equipment markets to start recovering slowly at some point in 2024. In
Glaston starts the year with a lower order backlog than the previous year. However, given the expected improving market activity during the year,
INTERIM CEO
"Despite market uncertainty and increasing geopolitical tensions, 2023 was a year of steady progress for Glaston.
During the year the glass processing equipment markets developed unevenly. We saw good development in the Mobility market, particularly in
Fourth-quarter net sales were at the same level as in the corresponding period of the previous year and totaled
The strategy execution continued in line with plans. The new company structure came into effect on
We continued our investments in product development with automation and digitalization at the forefront of our development work. Our customers increasingly require more automation, starting with easier operation and reaching up to fully automated lines. Automation provides significant benefits to production efficiency and quality and it also optimizes energy consumption by making the processes more efficient.
We continued our progress in sustainability. In the latter part of the year, we set new, science-based emission reduction targets and submitted them to the Science Based Targets initiative for validation. Glaston is committed to reducing absolute scope 1 and 2 GHG emissions by 50% by 2032, compared to the 2022 base year. This target is in line with limiting global warming to 1.5°C. Glaston is also committed to reducing scope 3 GHG emission intensity by 58% per square meter of sold glass processing capacity within the same target period.
Safety continued to be a key focus area throughout the year. Our group-wide safety target is zero accidents. In 2023, our lost-time accidents increased by four to a total of ten, and our accident frequency rate LTIFR was 6.3, which shows that we need to further increase focus on safety. Our employee engagement rate was at the same level as in the previous year and was 70. Our target is an employee engagement rate of over 75 out of 100.
We started the new year 2024 by revisiting our strategy. Due to the significant changes in the global economy and Glaston's addressable markets starting to soften in 2023, we have adjusted the timeframe for achieving our strategic targets from 2025 to reach them in the medium term (3−5 years). We have also updated our net sales and ROCE targets. We expect annual average net sales to exceed the addressable equipment market growth and the comparable return on capital employed (ROCE) to be above 16%. The target for comparable operating margin (EBITA) of 10% remains unchanged.
The past year was another eventful year for Glaston and special thanks go to our employees and customers. I also want to thank our shareholders for their continued trust in the company.
Despite the prevailing market uncertainty, there are some early signs that the Architectural market is slowly starting to recover from the low levels in 2023, and driven by
GLASTON GROUP'S KEY FIGURES
EUR million | 10-12/ 2023 | 10-12/ 2022 | Change% | 1-12/ 2023 | 1-12/ 2022 | Change% |
Orders received | 57.6 | 51.7 | 11.4% | 220.3 | 253.0 | -12.9% |
of which service operations | 20.2 | 18.5 | 9.4% | 74.4 | 72.5 | 2.6% |
of which service operations, % | 35.1% | 35.7% | 33.8% | 28.6% | ||
Order book at end of period | 106.5 | 138.3 | -23.0% | 106.53) | 138.3 | -23.0% |
Net sales | 59.7 | 59.8 | -0.2% | 219.7 | 213.5 | 2.9% |
of which service operations | 20.0 | 21.1 | -5.3% | 76.0 | 76.4 | -0.5% |
of which service operations, % | 33.5% | 35.3% | 34.6% | 35.8% | ||
EBITDA | 4.7 | 4.3 | 8.4% | 15.7 | 15.3 | 2.7% |
Items affecting comparability1) | 0.9 | 0.9 | 3.8% | 3.3 | 2.3 | 43.8% |
Comparable EBITDA | 5.6 | 5.2 | 7.6% | 19.0 | 17.6 | 8.0% |
Comparable EBITDA, % | 9.3% | 8.7% | 8.7% | 8.2 % | ||
Comparable EBITA | 4.6 | 4.2 | 9.0% | 14.9 | 13.6 | 9.1% |
Comparable EBITA, % | 7.6% | 7.0% | 6.8% | 6.4% | ||
Operating result (EBIT) | 2.7 | 2.5 | 7.5% | 8.1 | 7.6 | 6.6% |
Profit/loss for the period | 2.3 | 1.3 | 70.7% | 5.0 | 3.1 | 63.1% |
Comparable earnings per share, EUR2) | 0.039 | 0.027 | 43.5% | 0.104 | 0.074 | 40.8% |
Cash flow from operating activities | 13.1 | 8.7 | 50.2% | 13.8 | 10.2 | 35.4% |
Return on capital employed (ROCE), %, (annualized) | 8.1% | 6.9% | ||||
Comparable return on capital employed (ROCE), %, (annualized) | 12.7% | 10.5% | ||||
Equity ratio, % | 45.2% | 44.0% | ||||
Net gearing, % | 15.8% | 19.5% | ||||
Number of employees at end of period | 802 | 783 | 2.4% |
- + cost, - income
- change in comparable EPS formula, net of tax added
-
The order backlog for Insulating Glass Technologies was adjusted in 2023 for the partial cancellation of orders with one customer, totaling
EUR 19.4 million
ANALYST AND PRESS MEETING
Glaston's Interim CEO
For further information, please contact:
Interim CEO
Chief Financial Officer
VP, Communications, Marketing and IR
Tel. +358 10 500 500
Glaston in brief
Glaston is the glass processing industry's innovative technology leader supplying equipment, services and solutions to the architectural, mobility, display and solar industries. The company also supports the development of new technologies integrating intelligence to glass.
Glaston is committed to providing its clients with both the best know-how and the latest technologies in glass processing, with the purpose of building a better tomorrow through safer, smarter, and more energy efficient glass solutions. Glaston operates globally with manufacturing, services and sales offices in nine countries and its shares (GLA1V) are listed on
Distribution:
https://news.cision.com/glaston-oyj/r/glaston-s-financial-statement-bulletin-january-1---december-31--2023--steady-improvement-in-profitab,c3927608
https://mb.cision.com/Main/16560/3927608/2606479.pdf
(c) 2024 Cision. All rights reserved., source