De Nora Industries, the multinational specialized in electrochemistry and the green hydrogen supply chain, closed 2023 with a Net income up 157% a 230 million, increasing from 90 million in 2022 also thanks to listing in Frankfurt di Thyssenkrupp nurce, the joint venture with Thyssenkrupp. “The hypo generated a non-recurring income of 133 million, in particular due to the reduction of the percentage of participation in the joint venture and the capital gain deriving from the exercise of the greenshoe option” says the company. TO Business Square the De Nora stock after the data was at 14,77, up 0,27%.
De Nora, revenues in line with guidance
I revenues 2023 grew to 856 million (+0,4% and +4% at constant exchange rates), in in line with the 2023 guidance, while the 'adjusted ebitda margin it stood at 20%. Revenue benefited from the segment's performance energy transition, which saw 102 million in revenues, up 140% and an adjusted EBITDA margin of 12% and more than tripled the gigawatts of technologies created. “The positive results achieved in 2023, now presented preliminarily, with revenues growing by 4% at constant exchange rates and solid operating profitability, are further confirmation of the validity and resilience of our business model, which combines the technological innovation with sustainability”, commented the CEO Paolo Dellachà of the company which is owned by Snam.
A positive contribution then came from the products water technologies systems (+17%), while the segment electrode technologies business remained stable (+2% at constant exchange rates). The three units added together made up for the pools line (swimming pools), which normalized after the post-pandemic boom.
The multinational then created 1 gigawatt of technologies dedicated to the generation of green hydrogen, a value three times higher than in 2022 (0,3 gigawatts).
Dellachà: “Greater growth will come from the projects in Sweden in the coming years”
“The results achieved in 2023, with revenues growing by 4% at constant exchange rates and solid operating profitability, are further confirmation of the validity and resilience of our business model, which combines technological innovation with sustainability” he called Dellachà. “The backlog of the energy transition division, which was recently enriched thanks to a new order from Thyssenkrupp Nucera for a project of over 700 megawatts in Sweden, supports the growth expectations of the business in the coming years."
Start of the buy back plan for 17 million
The net financial position at 31 December 2023 shows net availability of 68 million euros, an improvement compared to the 51 million at 31 December 2022. In particular, it is highlighted that the cash generation of operational management and the proceeds of 26,4 million deriving from the exercise of the greenshoe linked to the listing process of Thyssenkrupp Nucera, of which De Nora currently holds 25,85% of the capital, have more than balanced the investments of period (over 100 million), the distribution of the dividend (24 million) and the start of buy-back program for 17 million. On the occasion of the nine-month presentation Industrie De Nora announced the start of the group's first buyback program for a maximum amount of 45 million, which can be increased by a further 45 million within 8 months of departure. “The repurchased shares will mainly be used to retain our employees and managers and share in the company's successes” Dellachà said. Furthermore, “own shares can be used for m&a operations".
