(Alliance News) - Danieli & C. Spa reported Tuesday that it closed the 2022-2023 fiscal year with revenues up year-on-year to EUR4.10 billion from EUR3.62 billion in the previous year.
Plant Making revenues were better than forecast at the beginning of the year and resulted from meeting contractually agreed construction schedules with customers, with Ebitda of EUR253.0 million, up from 2021-2022, although it suffered extraordinary charges during the period due to increased transportation costs and the suspension of some projects in Russia and Ukraine.
Revenues in the Steel Making segment, although lower than last year, are in line with the budget at the beginning of the year and show a good profitability rate, with an Ebitda of EUR170.9 million, thanks to the contribution of the new rolling mills that are now fully operational and that can only be maintained in the next financial year in the face of a normalization of energy costs, which since the beginning of 2023 have been gradually falling with limited fluctuations in the face of lower use of Russian gas and with maximum prices per Mgwh still high but far from the peaks reached during the summer of 2022.
Ebitda rose to EUR423.9 million from EUR359.2 million while operating income increased to EUR265.1 million from EUR209.6 million and income from continuing operations improved to EUR241.3 million from EUR227.7 million.
Net income increased to EUR243.6 million from EUR218.7 million.
The board proposed the distribution of a dividend of EUR0.31 for ordinary shares -- worth a total of EUR11.6 million -- and EUR0.3307 for savings shares, worth EUR12.1 million. Last year, the company distirbuted a dividend of EUR0.2793 for savings shares and one of EUR0.30 for ordinary shares.
The group's order backlog is well diversified by geography and product line and amounted to EUR6.20 billion as of June 30, of which EUR369 million was in the special steelmaking sector, compared to EUR5.05 billion as of June 30, 2022, of which EUR430 million was for ABS Steel Making.
When the accounts were approved, Danieli & C.'s board also proceeded to co-opt Lucia Morandini as a new independent, nonexecutive director to replace Chiara Mio, who resigned at the end of April for professional reasons. Morandini, for now, will not join any committees and does not hold shares in the company.
Danieli & C. stock closed Tuesday down 1.4 percent at EUR24.45 per share.
By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter
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