Cogne Acciai Special approves the 2023 financial statements: Group Ebitda at €42 million, equal to 5% of turnover
CEO Massimiliano Burelli: “despite a difficult macroeconomic environment, with turnover comparable to that of the 2020 pandemic, a decent result was achieved thanks to the new acquisitions”.
With the approval of the 2023 financial statements, Cogne Acciai Speciali consolidates the two new acquisitions (Degerfors Long Products in Sweden and Special Melted Products in the UK) for the first time, strengthening its industrial path as a world leader in the production of stainless steel long products and nickel alloys.
CEO Massimiliano Burelli said: "We are not fully satisfied with this performance, because even at a difficult time in the market, it shows an objective reduction in revenues (to €822 million) and economic results, but on the other hand, it underlines the positive contribution deriving from the growth strategy through acquisitions.
The investment plan for organic development and the ESG transition has continued, resulting in a cash outflow of €47 million, up 7% on the previous year”.
Alex Laganà, CFO of Cogne Acciai Speciali looks more closely at the financial documents: “in a disappointing market context, which led most of the players in the sector to record less than positive results, Cogne Acciai Speciali closed the 2023 financial statements with a 15% decrease in revenues compared to the 2022 financial statements. In terms of profitability, in its consolidated financial statements the Company has an EBITDA of over €42 million, also thanks to the contribution of the new acquisitions, and a net income of -1,5€ x million.
It should also be noted that the Cogne Acciai Speciali group recorded an overall increase of 426 units in 2023 in terms of human resources, with the workforce increasing from 1.491 units to 1.917.
As far as safety is concerned, in 2023, for the second year running the Company recorded the lowest ever severity and frequency indexes, keeping in mind, however, that the target always remains zero”.