SOL S.P.A. SOL GROUP
PRESS RELEASE
FIRST HALF 2023 RESULTS
The Board of Directors has approved the First Half 2023 results.
Consolidated Sales € 735.7 ml (+11.8% vs 1H 2022, € 658.2 ml) EBITDA € 193.6 ml (€ 157.8 ml at 1H 2022)
EBIT € 118.9 (€ 92.8 ml at 1H 2022)
Net Profit € 79.6 ml (64.7 ml at 1H 2022)
These are the highlights disclosed in the First Half 2023 results approved earlier today by the Board of Directors of SOL S.p.A., a listed company on the Italian Stock Exchange that acts as holding company to an Italian multinational group, with more than 6,000 employees, involved in the area of technical gases and home-care assistance, operating in Europe, Turkey, Morocco, India, Brazil, Ecuador, Peru and China.
In an economic context characterized by strong tensions on the economy deriving from the war between Russia and Ukraine, by the persistence of inflation that is maintaining high values despite the presence of a level of interest rates that has not been seen for years, the Sol Group achieved good growth in sales, which amounted to 735.7 million euros, up 11.8% compared to the first semester of 2022 (+7.8% on a constant basis).
The half-year result is positive both in Italy, where sales grew by 5.4%, and abroad, where there was an increase of 16.6%.
Specifically, the Technical Gas Division achieved sales of € 397.5 million, up 9.1% compared to the first semester of 2022.
The Home Care Division, in which the Group operates through Vivisol, has seen a resumption in the growth of new patients prescriptions. Sales of this division were 338.3 million euros, with a growth of 15.1%.
During the first half of 2023, the subsidiary Airsol Srl has acquired the majority stake in the Ecuadorian company Swissgas and the Peruvian company ICP - Industrias Criogenica del Peru, active in the technical gas sector.
Compared to the first half of 2022, the Gross Operating Margin grew by 22.7% in absolute value, with an incidence on sales equal to 26.3% (24.0% as at 30/6/2022) while the Operating Result increased by 28.1%, equal to 16.2% on sales (14.1% as at 30/6/2022).
Consolidated Net Profit was € 79.6 million, equal to 10.8% of turnover, up by 23.1% compared to € 64.7 million on 30 June 2022. Consolidated Operating Cash Flow has grown to € 152.9 million, equal to 20.8% of turnover, compared to € 128.7 on 30 June 2022.
From a financial point of view, the net financial debt, equal to € 420.5 million (of which € 70.1 million for rents), increased by € 30.8 million compared to the end of 2022, due to investments and acquisitions made in the half year for € 108.7 million and dividend payments of € 25.5 million. The "Net debt / Equity" ratio is 0.46 (0.44 on 30 June 2022), while the "Net Debt / Gross Operating Margin " ratio is equal to 1.16 (1.23 on 30 June 2022), calculated on the rolling year.
With reference to the period after 30 June 2023, there are no events to report.
"We consider in a very positive way the results achieved in the first semester of 2023," affirmed Marco Annoni, Vice-President of SOL S.p.A. "which confirm the SOL Group's ability to grow in an economic context of great complexity and high volatility, and to react quickly to changing scenarios in the economies in which the Group operates ".
"Compatibly with the evolution of the war between Russia and Ukraine, with the trend of energy costs and inflation and with the ongoing economic slowdown in several countries in which the Group operates - concluded Aldo Fumagalli Romario, President of SOL S.p.A. - the SOL Group will continue, also during the second half of 2023, on its growth path, through the realization of new production and distribution investments, the realization of any acquisition opportunities, and the constant development of innovative and diversification projects. We confirm the goal of consolidating the good sales performance of the first half of the year during the year and of maintaining profitability at appreciable levels ".
Pursuant to paragraph 2 of Article 154-bis of the Unified Finance Act of February 24,1998, the manager responsible for preparing the financial reports Marco Filippi declares that the accounting information contained in this press release corresponds to the results documented in the books, accounting and other records.
Enclosure: Consolidated Income Statement and Statement of Financial Position.
Monza, September 7th, 2023
SOL Group - Consolidated income statement
30/06/2023 | % | 30/06/2022 | % | |
Net sales | 735,733 | 100.0% | 658,244 | 100.0% |
Other revenues and proceeds | 24,235 | 3.3% | 26,441 | 4.0% |
Internal works and collections | 14,495 | 2.0% | 11,158 | 1.7% |
Revenues | 774,463 | 105.3% | 695,842 | 105.7% |
Purchase of materials | 231,338 | 31.4% | 234,520 | 35.6% |
Services rendered | 197,188 | 26.8% | 176,021 | 26.7% |
Change in inventories | (10,570) | -1.4% | (10,663) | -1.6% |
Other expenses | 16,482 | 2.2% | 13,458 | 2.0% |
Total costs | 434,438 | 59.0% | 413,336 | 62.8% |
Added value | 340,025 | 46.2% | 282,506 | 42.9% |
Payroll and related costs | 146,416 | 19.9% | 124,753 | 19.0% |
EBITDA | 193,609 | 26.3% | 157,753 | 24.0% |
Depreciation & amortization | 69,568 | 9.5% | 61,997 | 9.4% |
Other provisions | 5,126 | 0.7% | 2,957 | 0.4% |
Non recurring (Income) / Charges | 0 | 0.0% | 0 | 0.0% |
EBIT | 118,914 | 16.2% | 92,799 | 14.1% |
Financial income | 2,515 | 0.3% | 927 | 0.1% |
Financial expense | (9,148) | -1.2% | (5,530) | -0.8% |
Result of investments | 437 | 0.1% | 207 | 0.0% |
Net financial Income / (Charges) | (6,196) | -0.8% | (4,396) | -0.7% |
PBT | 112,718 | 15.3% | 88,403 | 13.4% |
Tax on profit | 29,365 | 4.0% | 21,725 | 3.3% |
Net profit from ongoing operations | 83,353 | 11.3% | 66,678 | 10.1% |
Net profit from discontinuous operations | 0 | 0.0% | 0 | 0.0% |
Minorities | (3,737) | -0.5% | (1,997) | -0.3% |
Net profit | 79,616 | 10.8% | 64,681 | 9.8% |
EPS | 0.878 | 0.0% | 0.713 | 0.0% |
SOL Group - Statement of financial position
30/06/2023 | 31/12/2022 | |
Tangible assets | 739,513 | 694,164 |
Goodwill and consolidation differences | 224,194 | 216,811 |
Other intangible assets | 34,628 | 26,550 |
Equity investments | 21,371 | 13,082 |
Other financial assets | 25,154 | 22,015 |
Tax advances | 18,127 | 18,557 |
NON CURRENT ASSETS | 1,062,986 | 991,179 |
Non current assets held for sale | ||
Inventories | 94,159 | 84,144 |
Trade receivables | 436,093 | 431,054 |
Other current assets | 67,388 | 64,377 |
Current financial assets | 11,943 | 13,187 |
Cash and banks | 124,818 | 134,642 |
CURRENT ASSETS | 734,401 | 727,403 |
TOTAL ASSETS | 1,797,387 | 1,718,583 |
Share capital | 47,164 | 47,164 |
Share premium reserve | 63,335 | 63,335 |
Legal reserve | 10,459 | 10,459 |
Reserve for treasury shares in portfolio | 0 | 0 |
Other reserves | 666,871 | 565,261 |
Retained earnings | 1,321 | 704 |
Net profit | 79,617 | 133,692 |
Shareholders' equity - Group | 868,767 | 820,615 |
Minorities | 42,572 | 38,134 |
Net income attributable to minority shareholders | 3,737 | 3,882 |
Shareholders' equity - minority interests | 46,309 | 42,015 |
SHAREHOLDERS' EQUITY | 915,076 | 862,630 |
Employee benefits | 15,430 | 15,143 |
Provision for deferred tax liabilitieses | 12,898 | 12,163 |
Provision for risks and charges | 4,944 | 3,309 |
Payables and other financial liabilities | 458,516 | 454,496 |
NON CURRENT LIABILITIES | 491,788 | 485,111 |
Non current liabilities held for sale | ||
Due to banks | 15,370 | 6,860 |
Trade accounts | 169,348 | 175,114 |
Current financial liabilities | 90,697 | 84,814 |
Taxes payables | 32,873 | 32,552 |
Other current liabilities | 82,235 | 71,502 |
CURRENT LIABILITIES | 390,524 | 370,842 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 1,797,387 | 1,718,583 |
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SOL S.p.A. published this content on 07 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 September 2023 10:30:15 UTC.
