EQS-News: Wolftank Group with record financial results and strategic growth in 2023

EQS-News: Wolftank-Adisa Holding AG / Key word(s): Annual Results/ESG
   Wolftank Group with record financial results and strategic growth in 2023

   17.05.2024 / 10:00 CET/CEST
   The issuer is solely responsible for the content of this announcement.

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   Wolftank Group with record financial results and strategic growth in 2023

     • Sales increased by approx. 40% to EUR 87m, up from EUR 62.7m in 2022
     • EBITDA grew by 136% to EUR 8.5m or 10% of sales (EBITDA margin 2022:
       5.5%)
     • EBIT turned significantly positive to EUR 4m, moving up from EUR 0.07m
       in 2022
     • Record order backlog of EUR 158m points to a positive outlook for the
       following years

   Wolftank Group (Wolftank-Adisa Holding AG, ISIN: AT0000A25NJ6) had a
   landmark year in 2023, driven by its continued focused buy-and-build
   strategy and clear vision. A leader in energy and environmental solutions
   technologies, the Group delivered a strong performance in the past year,
   exceeding market expectations. Sales were at record level, increasing by
   approximately 40% to EUR 87m, up from EUR 62.7m in 2022. The operative
   performance climbed to EUR 95.3m, a robust improvement of more than 45%
   (2022: EUR 65.3m). EBITDA increased by 136% to EUR 8.5m (2022: EUR 3.6m)
   or 10% of sales (EBITDA margin 2022: 5.5%).

   EBIT showed a significant turnaround from EUR 0.07m in 2022 to EUR 4.0m,
   moving from close to break-even to solid profitability. The EBIT margin on
   sales improved to 4.6% (2022: 0.1%). Adjusted for the amortization of
   goodwill, which was significant after the Group’s acquisitions in the past
   years, EBIT amounted to EUR 5.0m, the adjusted EBIT margin stood at 5.7%.
   Profit before tax reached EUR 2.0m (2022: EUR -0.66m), while profit after
   tax amounted to EUR 0.5m (2022: EUR -1.56m).

   “We successfully capitalized on key opportunities, delivered the highest
   sales in our history, increased earnings and strengthened margins in 2023.
   With this financial performance, we exceeded the forecasts of financial
   markets. This is clear evidence that our strategic initiatives are
   working", said Peter Werth, CEO of Wolftank Group.

   Wolftank Group’s equity improved to EUR 24.6m (2022: EUR 20.5m) in 2023.
   The equity ratio amounted to 22.4% (2022: 32.6%). Cash flow from operating
   activities was boosted to EUR 7.2m (2022: EUR 0.28m), cash flow from
   financing activities of EUR 6.2m remained stable (2022: EUR 6.3m).

   Segment Performance
   Wolftank Group's operations are divided into three business segments:
   Environmental Services, Industrial Coatings and Maintenance, Hydrogen &
   Renewable Energies. The Group's core businesses, environmental remediation
   and industrial coatings, remain the foundation of its operations. The
   stability and maturity of these segments provide a competitive advantage,
   supporting the strong order backlog in hydrogen and renewable energy.

   In Environmental Services, sales exceeded expectations at EUR 51.7m (2022:
   EUR 34.9m), with EBITDA more than doubling to EUR 5.5m (2022: EUR 2.1m)
   and an EBITDA margin of 10% (2022: 6%). The Industrial Coatings and
   Maintenance segment increased sales to EUR 14.5m (2022: EUR 8.5m),
   delivering an EBITDA of EUR 2.7m (2022: EUR 1.9m) and solid EBITDA margins
   of 18.6% (2022: 22.4%). The sales of Hydrogen & Renewable Energies
   amounted to EUR 20.6m (2022: EUR 19.37m). Significant non-capitalizable
   public tender preparation and documentation costs had a direct impact on
   the income statement, contributing to EBITDA of EUR 0.3m (2022: -0.4m) and
   EBITDA margin of 1.5% in 2023 (2022: -2.1%).

   Strategic growth: Strengthening core business while expanding
   opportunities in hydrogen
   Significant strategic expansion and strong financial performance reflected
   the company's growth and innovation across its global operations. One of
   the key moves in 2023 was the acquisition of a majority stake in
   Petroltecnica, a leading Italian environmental services provider, for EUR
   4m. This acquisition enhanced the Group's environmental offering,
   expanding its market presence to a leading position in Italy.
   Petroltecnica, specializing in environmental remediation, operates several
   recycling facilities and has a very strong market position in the oil and
   gas, chemical, and manufacturing sectors.

   In terms of organic growth, Wolftank Group established a subsidiary in
   California, aligning with the strategic opportunities presented by the
   U.S.'s commitment to climate protection. Wolftank USA Inc. aims to
   capitalize on this environment by introducing the Group's innovative
   hydrogen solutions. Strategic partnerships for hydrogen refueling stations
   in Italy and Germany underscore the Group's leadership in sustainable
   mobility solutions. The establishment of a new, larger production facility
   for modular hydrogen refueling systems, investments in the development of
   solutions for intralogistics and power backup systems demonstrate
   Wolftank's commitment to leading the industry with innovations. The
   organic growth is proven by one of the industry's most consistent order
   backlogs in hydrogen refueling stations, already showing a sharply growing
   track for the coming years.

   “We are consistently implementing our strategy. The acquisition of
   Petroltecnica and our entry into new markets like the U.S. are critical
   steps in our journey towards sustainable growth. We are a pure green
   company, excellently positioned to continue leading the energy transition
   towards an emission-free economy. We will benefit from long-term
   subsidized investments in green infrastructure, backed by a very stable
   and mature core business in environmental services,” commented CEO Peter
   Werth. “We are confident that our focused strategy will continue to drive
   growth and create long-term value for our shareholders.”

   Excellent outlook for 2024
   Wolftank Group's core businesses Environmental Services and Industrial
   Coatings & Maintenance, which account for three-quarters of its
   operations, have been significantly strengthened and had a good start to
   the year, demonstrating stability and growth potential. This solid
   foundation supports the Group’s targeted broader growth objectives and
   enhances resilience in more volatile market conditions.

   Looking ahead, the hydrogen segment is set to take off, driven by rising
   market needs and Wolftank’s strong positioning through long-standing
   expertise. Demand for new refueling stations remains strong, with a
   significant order backlog of 158m reflecting a very promising growth
   trajectory. With a very robust portfolio of projects, particularly in
   hydrogen and renewable energy, management targets sales between EUR 110m
   and EUR 127m in 2024. “Our strategic initiatives and strong market
   position set the stage for another year of growth. We are excellently
   positioned to capitalize on the opportunities of the energy transition
   through our comprehensive range of services, commitment to innovation and
   strategic expansion", concluded Peter Werth.
    

   Key Financial Highlights

                                                     2023  2022 
   Sales                                      EUR m   87   62.7 
   EBITDA                                     EUR m  8.5    3.6 
   EBITDA margin                                %    10.0   5.5 
   EBIT (Earnings before interest and taxes)  EUR m  4.0   0.07 
   EBIT margin                                  %     4.6   0.1 
   Profit before tax                          EUR m  2.0  -0.66 
   Profit after tax                           EUR m  0.5   -1.6 
   Cash flow from operating activities        EUR m   7.2  0.28 
   Equity ratio                                 %   22.4    32.6

   Access the Wolftank Group Annual Sustainability Report online:
   [1]https://insight.wolftankgroup.com/report-2023/

    

   About Wolftank Group
   Wolftank Group is a leading technology partner for energy and
   environmental solutions operating worldwide. In the field of energy
   mobility and logistics, the Group supports customers in more than 20
   countries to implement projects in an efficient and environmentally
   friendly way. For this, it develops and implements tomorrow's technologies
   to decarbonize transport and build the infrastructure for zero-emission
   mobility - such as turnkey delivery of modular hydrogen and LNG refueling
   facilities. In the area of environmental solutions, the offering includes
   due diligences for environmental risks, customized services for soil and
   groundwater remediation, as well as recycling. The group's subsidiaries in
   eight countries on three continents are managed by Wolftank-Adisa Holding
   AG, based in Innsbruck, Austria. The share of Wolftank-Adisa Holding AG
   (WKN: A2PBHR; ISIN: AT0000A25NJ6) is listed in the direct market plus
   segment of the Vienna Stock Exchange AG and in the m:access of the Munich
   Stock Exchange and is traded on Xetra, the Frankfurt and Berlin Stock
   Exchanges.
   Further information: [2]www.wolftankgroup.com

   Contact:
   Wolftank-Adisa Holding AG
   phone: +43 512 345726
   email: [3]investor-relations@wolftankgroup.com
    

   Disclaimer:
   This communication contains forward-looking statements based on current
   knowledge, expectations, and projections of Wolftank-Adisa Holding AG's
   management about the future. All statements are subject to potentially
   uncertain assumptions and risks that could cause actual results to differ
   materially from those expressed or implied by such statements. Such
   statements can be identified using words such as "expect", "plan",
   "anticipate", "target", "estimate", "assume" or similar. Consequently,
   statements relating to the future are only valid at the time they are
   made. The Company does not assume any obligation to adjust, correct or
   monitor statements made in this communication in the future.

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   17.05.2024 CET/CEST This Corporate News was distributed by EQS Group AG.
   www.eqs.com

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   Language:    English
   Company:     Wolftank-Adisa Holding AG
                Grabenweg 58
                6020 Innsbruck
                Austria
   Phone:       +43 512 345726
   E-mail:      investor-relations@wolftankgroup.com
   Internet:    www.wolftankgroup.com
   ISIN:        AT0000A25NJ6
   WKN:         A2PBHR
   Listed:      Vienna Stock Exchange (Vienna MTF)
   EQS News ID: 1905925

   Weitere Handelsplätze: München Freiverkehr m:access Frankfurt Freiverkehr,
   XETRA

    
   End of News EQS News Service


   1905925  17.05.2024 CET/CEST

References

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