2023 Results
March 13, 2024
Luc Themelin | Thomas Baumgartner |
2023: a year shaped by major achievements
AMBITIOUS | MAJOR | CAPITAL | UPDATE OF THE | |||
MEDIUM-TERM | CONTRACTS | INCREASE | CSR ROADMAP | |||
PLAN | and | |||||
Sales target: €1.7bn | PARTNERSHIPS | €100 million to | 2027 targets set | |||
Capex plan | Wolfspeed | support growth |
ACC
Soitec
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Mersen - 2023 Results
2023, another year of profitable growth
Sales (€m) | Operating income before | ROCE (%) |
non-recurring items (€m) |
1,211
1,115
923
847
2020 | 2021 | 2022 | 2023 |
122 | 137 | ||||||
12.5 | 13.0 | ||||||
10.8 | |||||||
93 | |||||||
69 | 7.8 | ||||||
2020 | 2021 | 2022 | 2023 | 2020 | 2021 | 2022 | 2023 |
Green Taxonomy
75% of sales are Taxonomy-eligible
21% of sales are Taxonomy-aligned
A growing commitment to
CSR that has attracted increased recognition
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Mersen - 2023 Results
Thomas Baumgartner
Chief Financial Officer
2023 FINANCIAL RESULTS
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Mersen - 2023 Results
Dynamic growth in all markets, particularly SiC semiconductors
ORGANIC
GROWTH
2023 vs. 2022
9%
CHEMICALS
13%
TRANSPORTATION
Railway
Aeronautics
Electric Vehicles
21%
ENERGIES
Solar power
Wind power
€1,211m
+13%*
33%
PROCESS INDUSTRIES
24%
ELECTRONICS
SiC semiconductors
Si semiconductors
> +50%
+20% - +50%
+10% - +20%
+0% - +10%
* Organic growth 2023 vs. 2022
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Mersen - 2023 Results
Strong growth in profitability
(€m) | 2022 | 2023 | ||
EBITDA before non-recurring items | 186.4 | 202.7 | ||
Recurring EBITDA margin | 16.7% | 16.7% | ||
Depreciation and amortization | (64.8) | (65.4) | ||
Operating income before non-recurring items | 121.6 | 137.3 | ||
Operating margin before non-recurring items | 10.9% | 11.3% | ||
ROCE | 12.5% | 13.0% | ||
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+9% (+14% excluding currency effects)
Commissioning of certain investments scheduled in the coming half-years
+13% (+19% excluding currency effects)
Pricing power making it possible to pass on inflation
2022 operating margin before non-recurring items
In % points
10.9%
Volume/mix effect
Price effect
Raw material/energy inflation
Productivity gains
Wage inflation
p-SiC project, EV team & hiring for the growth plan
Exchange rate and scope effect
Other
+2.1
+4.4 | High-tech customized products with |
limited cost versus total cost | |
-3.5 | |
+1.1 | +0.3 pts |
Operational excellence, purchasing | |
optimization | |
-1.7 | +6% on average over the year |
-1.4
-0.3
-0.3
2023 operating margin before non-recurring items
11.3%
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Mersen - 2023 Results
Strong growth in operating income before
non-recurring items in both segments
Advanced Materials
15.8% | 15.7% | ||
105 | |||
98 | |||
14.4% | |||
12.1% | 73 | ||
58 | |||
2020 | 2021 | 2022 | 2023 |
Electrical Power
10.1% | |||
55 | |||
9.0% | |||
9.1% | 45 | ||
7.5% | 38 | ||
28 | |||
2020 | 2021 | 2022 | 2023 |
2022-2023 change
Favorable volume/mix effects
Price increases offsetting wages and costs inflation
Positive effects
of adaptation and operational efficiency plans
Resources
for EV projects, p-SiC
Operating income before non-recurring items in €m
Operating income before non-recurring items as a % of sales
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Mersen - 2023 Results
Net income up by a sharp 16%
(€m) | 2022 | 2023 | ||||
Operating income before non-recurring items | 121.6 | 137.3 | ||||
Non-recurring income and expenses | (11.4) | (5.9) | ||||
Net financial expense | (12.9) | (19.3) | Increase in interest rates | |||
Interest on pensions & lease | ||||||
Income tax | (23.0) | (26.2) | liabilities : €5m | |||
Effective tax rate of 23% | ||||||
Net income | 74.3 | 85.9 | +16% | |||
Attributable to Mersen shareholders | 67.7 | 81.6 | ||||
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Mersen - 2023 Results
Significant increase in operating cash flow,
to finance the capital expenditure plan
(€m) | 2022 | 2023 |
Operating cash flow before change in WCR | 180.8 | 201.0 |
Change in WCR | (63.2) | 3.2 |
o/w change in inventories | (69.7) | (24.5) |
Income tax paid | (12.1) | (25.0) |
Operating cash flow | 105.5 | 179.3 |
WCR ratio of 19.1% (vs. 20.7% in 2022)
driven by prepayments on contracts
Increased earnings, exceptional savings in 2022
+70%
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Mersen - 2023 Results
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Mersen SA published this content on 12 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 March 2024 08:49:06 UTC.