EQS-News: ANDRITZ reports record results for 2023

EQS-News: Andritz AG / Key word(s): Annual Results
   ANDRITZ reports record results for 2023

   29.02.2024 / 07:30 CET/CEST
   The issuer is solely responsible for the content of this announcement.

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     • Revenue, net income and EBITA reach record high for second consecutive
       year
     • Full year order intake satisfactory, order intake in fourth quarter up
       by 12% from the previous year
     • Significant increase in dividends to 2.50 EUR per share

   GRAZ, FEBRUARY 29, 2024.  In 2023, international technology group ANDRITZ
   again achieved the best results in its history. Revenue increased to 8.7
   billion EUR (up 15% from 2022), net income rose to 504 MEUR (+25%), and
   the operating result (EBITA) reached 742 MEUR (+14%). The comparable EBITA
   margin increased from 8.5% to 8.7%. Subject to the approval by the Annual
   General Meeting, shareholders will benefit from this excellent performance
   through a dividend increase to 2.50 EUR (2022: 2.10 EUR) per share.

   Order intake in the fourth quarter increased by 12% from the previous
   year’s reference quarter. Order intake for the full year decreased by 8%
   to 8,552 MEUR due to reduced capital investments by Pulp & Paper
   customers. All other business areas were able to increase their order
   intakes. 

   The Hydro business area achieved a substantial increase in order intake as
   a result of the favorable market development for new hydropower plants,
   modernizations and pumped storage projects.

   In 2023, ANDRITZ not only won its first large-scale order for a green
   hydrogen plant but also the first order for a large, fully automated cell
   formation plant to produce battery cells for e-mobility. In the fourth
   quarter of 2023, ANDRITZ received orders for major pumped storage projects
   in Austria and Greece.

   “Providing economically viable solutions that support industries in their
   decarbonization effort is an integral part of our company strategy. We are
   very pleased that these solutions play an increasingly important role in
   our growth,” said Joachim Schönbeck, President & CEO of ANDRITZ AG. “The
   increase in order intake in the fourth quarter of 2023 and the
   book-to-bill ratio, which reached almost 1 for the full year, show
   ANDRITZ’s resilience in a difficult economic and geopolitical
   environment.”

   The results of the business year 2023 in more detail:

     • Order intake for 2023, at 8,551.9 MEUR, was somewhat lower than in the
       previous year (-7.7% compared to 2022: 9,263.4 MEUR). The Hydro,
       Metals and Separation business areas were able to increase their order
       intakes and thus partly compensate for the decline in the Pulp & Paper
       business area, which was impacted by a global market weakness
       regarding new capacities.

     • Revenue developed very favorably in 2023, reaching a new record level
       of 8,660.0 MEUR (+14.8% compared to 2022: 7,542.9 MEUR). All four
       business areas achieved considerable increases in revenue.

     • Order backlog as of the end of 2023 amounted to 9,872.6 MEUR,
       remaining basically at the same high level as in the previous year
       (-1.0% compared to 2022: 9,976.5 MEUR).

     • The operating result (EBITA) increased in line with revenue and
       reached 741.9 MEUR, also a record level (+14.4% compared to 2022:
       648.5 MEUR). Profitability (EBITA margin) remained at 8.6% (2022:
       8.6%). The comparable EBITA margin increased from 8.5% in 2022 to 8.7%
       in 2023.

     • The net income (including non-controlling interests) increased
       significantly compared to the previous year, amounting to 504.3 MEUR
       (+25.3% compared to 2022: 402.6 MEUR).

   ANDRITZ expects for the business year 2024 a slight increase of revenue
   and earnings.

   KEY FINANCIAL FIGURES AT A GLANCE

                         Unit    2023    2022     +/- Q4 2023 Q4 2022     +/-
   Order intake          MEUR 8,551.9 9,263.4   -7.7% 2,035.9 1,812.4  +12.3%
       - Pulp & Paper    MEUR 3,119.4 4,296.4  -27.4%   668.1   735.6   -9.2%
       - Metals          MEUR 2,124.5 2,008.6   +5.8%   379.4   453.8  -16.4%
       - Hydro           MEUR 2,020.9 1,720.5  +17.5%   610.5   310.8  +96.4%
       - Separation      MEUR 1,287.1 1,237.9   +4.0%   377.9   312.2  +21.0%
   Revenue               MEUR 8,660.0 7,542.9  +14.8% 2,446.9 2,335.1   +4.8%
       - Pulp & Paper    MEUR 4,096.3 3,513.8  +16.6% 1,160.4 1,102.8   +5.2%
       - Metals          MEUR 1,840.5 1,621.2  +13.5%   492.2   487.4   +1.0%
       - Hydro           MEUR 1,521.7 1,313.0  +15.9%   448.3   422.3   +6.2%
       - Separation      MEUR 1,201.5 1,094.9   +9.7%   346.0   322.6   +7.3%
   Order backlog
   (as of end of period) MEUR 9,872.6 9,976.5   -1.0% 9,872.6 9,976.5   -1.0%
   EBITDA                MEUR   910.2   825.5  +10.3%   277.4   268.4   +3.4%
   EBITDA margin            %    10.5    10.9       -    11.3    11.5       -
   EBITA                 MEUR   741.9   648.5  +14.4%   232.9   222.7   +4.6%
   EBITA margin             %     8.6     8.6       -     9.5     9.5       -
   Comparable EBITA      MEUR   757.1   644.3  +17.5%   243.9   221.2  +10.3%
   Comparable EBITA
   margin                   %     8.7     8.5       -    10.0     9.5       -
   EBIT                  MEUR   685.2   572.7  +19.6%   212.5   195.0   +9.0%
   Financial result      MEUR     3.0   -31.8 +109.4%     4.8   -11.2 +142.9%
   EBT                   MEUR   688.2   540.9  +27.2%   217.3   183.8  +18.2%
   Net income
   (including
   non-controlling
   interests)            MEUR   504.3   402.6  +25.3%   158.2   140.3  +12.8%
   Net income margin        %     5.8     5.3       -     6.5     6.0       -
   Earnings per share     EUR    5.15    4.14       -    1.60    1.43       -
   Cash flow from
   operating activities  MEUR   375.0   710.8  -47.2%   300.1   268.2  +11.9%
   Capital expenditure   MEUR   226.2   184.4  +22.7%    68.5    64.5   +6.2%
   Employees (as of end
   of period;
   without apprentices)     -  29,717  29,094   +2.1%  29,717  29,094   +2.1%
                                                                             

   All figures according to IFRS. Due to the utilization of automatic
   calculation programs, differences can arise in the addition of rounded
   totals and percentages. MEUR = million euros. EUR = euros.

   – End –

   FOR FURTHER INFORMATION, PLEASE CONTACT:

   Susan Trast
   Vice President, Group Communications & Marketing
   [1][email protected]
   [2]andritz.com

   Norbert Nettesheim
   CFO
   [3][email protected]
   [4]andritz.com

   ANDRITZ GROUP
   International technology group ANDRITZ offers a broad portfolio of
   innovative plants, equipment, systems, services and digital solutions for
   a wide range of industries and end markets. Sustainability is an integral
   part of the company’s business strategy and corporate culture. With its
   extensive portfolio of sustainable products and solutions, ANDRITZ aims to
   make the greatest possible contribution to a sustainable future and help
   its customers achieve their sustainability goals. ANDRITZ is a global
   market leader in all four of its business areas – Pulp & Paper, Metals,
   Hydropower and Environment & Energy. Technological leadership and global
   presence are cornerstones of the group’s strategy, which is focused on
   long-term profitable growth. The publicly listed group has around 30,000
   employees and over 280 locations in more than 80 countries.

   ANNUAL AND FINANCIAL REPORTS
   The annual and financial reports are available for download on the ANDRITZ
   web site at [5]andritz.com.

   DISCLAIMER
   Certain statements contained in this press release constitute
   “forward-looking statements”. These statements, which contain the words
   “believe”, “intend”, “expect”, and words of a similar meaning, reflect the
   Executive Board’s beliefs and expectations and are subject to risks and
   uncertainties that may cause actual results to differ materially. As a
   result, readers are cautioned not to place undue reliance on such
   forward-looking statements. The company disclaims any obligation to
   publicly announce the result of any revisions to the forward-looking
   statements made herein, except where it would be required to do so under
   applicable law.

    

    

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   29.02.2024 CET/CEST This Corporate News was distributed by EQS Group AG.
   www.eqs.com

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   Language:    English
   Company:     Andritz AG
                Stattegger Straße 18
                8045 Graz
                Austria
   Phone:       +43 (0)316 6902-0
   Fax:         +43 (0)316 6902-415
   E-mail:      [email protected]
   Internet:    www.andritz.com
   ISIN:        AT0000730007
   Indices:     ATX
   Listed:      Vienna Stock Exchange (Official Market)
   EQS News ID: 1847731


    
   End of News EQS News Service


   1847731  29.02.2024 CET/CEST

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