Results Presentation
15 March 2024
Speakers
Valeriano Salciccia | Fabio De Masi | Alessio Crosa |
Chief Executive Officer | Chief Corporate & | Chief Communication & |
Financial Officer | Sustainability Officer |
2
Key messages
SETTING THE BAR HIGHER
The best year ever brings the Group to a different dimension, with full availability of all the operational, commercial and financial levers to unlock further growth
PERFORMANCE & VISIBILITY
Outstanding top line performance, with Revenues up 41% YoY of which 27% organic EBITDA reaching € 161 mln, with profitability solidly at above 20%
Backlog reaching all-time-highat € 2.2 Bn with € 1.1 Bn of new contract signed in the year (book-to-bill at 1.65x) and covering 2.8 years of equivalent production
ESG COMMITMENT AND DELIVERY
Group performance and disclosure improved as per ESG strategy
Commitment to market-oriented disclosure confirmed by first participation to the CDP questionnaire on climate change, with a satisfactory "B" score
Well positioned to comply with the Corporate Sustainability Reporting Directive, applicable from 2024 reporting
LOOKING AHEAD WITH CONFIDENCE
Capex for 2024 growing at € 70 mln to continue supporting product and process development and confirming Group's innovative DNA
2024 set to deliver additional revenue growth (approx. 20%) | 3 |
Bigger than ever, targeting further growth
- Mln
2023 vs. 2020 | |
2023 vs. 2022 | |
Backlog | |
+268.0% | +30.4% |
Revenues1
EBITDA1 | Adj. Net Income1,2 | ||
2,218 |
1,701 |
1,200 |
+133.5% | +40.5% | ||
794.7 | |||
565.6 | |||
440.1 | |||
340.3 | |||
2020 | 2021 | 2022 | 2023 |
+103.5% | +39.6% | ||
160.5 | |||
115.0 | |||
97.3 | |||
78.9 | |||
2020 | 2021 | 2022 | 2023 |
+53.4% | +13.5% | ||
DPS (€) | 64.0 | ||
52.2 | 56.3 | 0.55 | |
41.7 | |||
0.50 | |||
0.46 | |||
0.42 | |||
2020 | 2021 | 2022 | 2023 |
603 | |||
2020 | 2021 | 2022 | 2023 |
Headcount
+61.9% | +5.6% | ||
1,929 | 2,037 | ||
1,258 | 1,409 | ||
2020 | 2021 | 2022 | 2023 |
1. 2022 and 2023 figures, where applicable, has been restated to retroactively reflect the effects resulting from the completion of the purchase price allocation related to the acquisitions of the railway business unit of PSC
Group and of Francesco Ventura Costruzioni Ferroviarie s.r.l., in accordance with the accounting principles in force | 4 | |
2. 2020 and 2021 adjusted to exclude the impact on financial expenses of the fair value gains and losses on the "warrant in compendio e integrativi" and the tax impact of the reversal of deferred tax assets on revaluations. |
2022 and 2023 adjusted to exclude the tax impact of the reversal of deferred tax assets on revaluations, the impact on financial expenses of the fair value change on financial investments and non-recurring tax expenses
Revenues by Business Unit
- Mln
Consolidated Revenues at € 794.7 Mln, up 40.5% YoY mainly due to:
- Organic growth at 27.0%, mainly supported by Heavy Civil Works (142.1%) benefitting from the increasing volumes on the Verona-Padua HS line contract, Track & Light Civil Works (13.8%) and Energy, Signalling & Telecom (18.4%)
- Railway Machines up 72.5% benefitting from the consolidation of Colmar (€ 8.1 mln)
- Railway Materials continuing in its consistent organic growth trend (+15.4%) thanks to new products
2023 | 2022 | Δ (%) | ||||||||
Track and Light Civil Works | 461.1 | 355.0 | 29.9% | 58.0% | Track & Light Civil Works (62.8% in 2022) | |||||
Energy, Signalling & Telecom | 115.8 | 88.3 | 31.2% | 14.6% | Energy, Sign. & Telecom (15.6% in 2022) | |||||
Heavy Civil Works | 127.6 | 52.7 | 142.1% | 16.1% | Heavy Civil Works (9.3% in 2022) | |||||
Rail Grinding & Diagnostics | 20.3 | 15.2 | 33.7% | 2.6% | Rail Grinding & Diagnostics (2.7% in 2022) | |||||
Railway Materials | 48.2 | 41.7 | 15.4% | 6.1% | Railway Materials (7.4% in 2022) | |||||
Railway Machines | 21.8 | 12.6 | 72.5% | 2.7% Railway Machines (2.2% in 2022) | ||||||
Total | 794.7 | 565.6 | 40.5% | |||||||
5 | ||||||||||
Focus on Business Units (1/4)
Track & Light Civil Works
2023 Revenues at € 461.1 Mln, up 29.9% YoY mainly due to:
- Consolidation of the better-than-expected contribution from Francesco Ventura Costruzioni Ferroviarie (€ 64.7 mln)
- Higher activities within the 3-year framework agreements with RFI
- Higher productions for urban mobility customers in US and Italy
2024 will benefit from first activities on contracts in Romania and Egypt, the ramp-up of some domestic renewal contracts signed in 2023 and further growth of Francesco Ventura Costruzioni Ferroviarie led by new contracts from regional railways in Southern Italy
REVENUES DISTRIBUTION
Nat: 89.9% | Nat: 92.5% | Nat: 100% |
Int'l: 10.1% | Int'l: 7.5% | Int'l: 100% |
56.1% | |||
28.3% | |||
8.7% | 7.0% | ||
E X T R A O R DI N A R Y | O R D I N A R Y | N E W | L I G H T C I V I L |
M A I N TE N A N C E | M A I N TE N A N C E | C O S T R UC T I O N | W O R K S |
6
Focus on Business Units (2/4)
Energy, Signalling & Telecommunication
2023 Revenues at € 115.8 Mln, up 31.2% YoY mainly due to:
- Higher catenary activities within the 3-year framework agreements with RFI
- Material growth of signalling activities (+257%) in execution of the ERTMS contracts
2024 will benefit from a material step-up on the ongoing activities on ERTMS and electrical substations, which together are expected to represent approx. 45% of the BU vs. current 27%
REVENUES BY BUSINESS SEGMENT
1.0%
18.1%
25.8%
55.1%
Catenary | Power Transmission (HV & MV) | Signalling | Substations | 7 | ||||
Focus on Business Units (3/4)
Heavy Civil Works
2023 Revenues at € 127.6 Mln, up 142.1% YoY mainly due to the peak of the contribution from the Verona-PaduaHS line contract and the first activities for the Piazza Pia contract
2024 will continue to be focused on the execution of the Verona- Padua and Piazza Pia contracts, together with growing activities in Germany on the back of a positive 2023 order inflow
Rail Grinding & Diagnostics
2023 Revenues at € 20.3 Mln up 33.7% YoY
2 new Vulcano rail grinders delivered in 2023 and already on the field
2024 will be focused on the consolidation of the activities and international business development
8
Focus on Business Units (4/4)
Railway Materials
2023 Revenues at € 48.2 Mln, up 15.4% YoY mainly due to:
- > 400,000 sleepers produced
- Slab production going at regime with > 1,000 units produced
New Turnout Bearers production line activated and running
Growth expected to continue in 2024 supported by new products, mainly slabs, and execution of new contracts for specific supplies not included in the RFI framework agreements
Railway Machines
2023 Revenues at € 21.8 Mln, up 12.6% YoY mainly due to the consolidation of Colmar
2024 will be focused on the commercial and industrial integration of Colmar, on the development of the new Schieppe plant and on the continuous support to the Group production capacity
9
Revenues by Geography
- Mln
Domestic revenues materially growing 52.0% (33.3% organic) and increasing its weight on the total (86% vs. 79% in 2022)
North America confirmed as the second market for the Group at +39.3% fully organic
2023 | 2023 | Δ (%) | |||
85.8% Italy (79.3% in 2022) | |||||
Italy | 682.0 | 448.7 | 52.0% | ||
Europe [Excluding Italy] | 39.2 | 48.2 | (18.8%) | 4.9% Europe (excl. Italy) (8.5% in 2022) | |
North America | 67.8 | 48.7 | 39.3% | 8.5% North America (8.6% in 2022) | |
Middle East | 4.6 | 14.4 | (68.0%) | 0.6% Middle East (2.5% in 2022) | |
North Africa | 1.0 | 5.6 | (80.7%) | 0.1% North Africa (1.0% in 2022) | |
Total | 794.7 | 565.6 | 40.5% | ||
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Salcef Group S.p.A. published this content on 15 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 March 2024 09:57:01 UTC.