Financial
Price sensitive
Full Year 2022 Results & Strategic Plan update to 2025
03/23/2023 - 07.55 AM
BOARD OF DIRECTORS APPROVES CONSOLIDATED RESULTS FOR FISCAL YEAR 2022: Revenue growth of more than 30% over 2021 in all business segments. Energy Transition division revenues exceed 4.5 times the 2021 figure, with positive EBITDA
PROPOSED DIVIDEND OF EURO 24,2 MILLION
VOLUNTARY PARTIAL EARLY REPAYMENT OF SENIOR LOAN AGREEMENT
STRATEGIC PLAN UPDATE TO 2025 APPROVED
KEY CONSOLIDATED RESULTS FOR 2022:
• Consolidated revenues of Euro 852.8 million for 2022 (Euro 615.9 million in 2021, +38.5%)
• Adjusted EBITDA : Euro 190.8 million (Euro 126.7 million in 2021, +50.6%)
• Net profit: Euro 89.7 million (+34.9% compared to 2021)
• Positive cash and cash equivalents of Euro 51.3 million, an improvement over net financial indebtedness of Euro 187.9 million as of December 31, 2021.
2022-2025 STRATEGIC PLAN UPDATE, STRATEGIC LINES CONFIRMED, TARGETS TO 2025:
• Revenues at Euro 1,350-1,500 million
• Adj. EBITDA at Euro 250-280 million (Adj. EBITDA margin 18%-20%).
Paolo Dellachà, Chief Executive Officer of Industrie De Nora, commented:
"Our first annual financial statements since listing on Euronext Milan show record results in line with announced guidance. The year 2022 marked a decisive ramp-up of the energy transition segment, which to date represents a best-in-class example in terms of production capacity of technologies dedicated to green hydrogen generation. This has led De Nora to play a leading role in terms of market share of projects in operation or under construction in the market to date. Thanks to the orders collected, the current backlog also provides perfect visibility into the Energy Transition division's production activity for the current year.In terms of backlog and technology, De Nora's Energy Transition division is a unique player in the panorama of green hydrogen production solutions.
In recent years, Italy has developed a national hydrogen strategy and initiated a series of major investments to develop an Italian supply chain. A step forward was taken in April 2021 with the publication of the final text of the National Recovery Plan, which is expected to invest a large amount of money (around 3.19 billion euros ) in hydrogen-related projects. We hope that our country will be able to take full advantage of this crucial opportunity to compete effectively with other countries in Europe and beyond, and not remain at the tail end of this ongoing process".
De Nora
Industrie De Nora is an Italian multinational company listed on the Euronext Milan stock exchange, specializing in electrochemistry, a leader in sustainable technologies, and has a vital role in the industrial green hydrogen production chain. The Company has a portfolio of products and systems to optimize the energy efficiency of critical industrial electrochemical processes and a range of products and solutions for water treatment. Globally, Industrie De Nora is the world's largest supplier of activated electrodes (serving a broad portfolio of customers operating in the fields of chlorine & caustic soda production, components for electronics, and non-ferrous metal refining). Industrie De Nora is also among the world's leading suppliers of water filtration and disinfection technologies (for the industrial, municipal, and marine sectors) and the world's leading swimming pool disinfection components supplier. Leveraging its well-established electrochemical knowledge, proven manufacturing capability, and a supply chain established over the years, the Company has developed and qualified a portfolio of electrodes and components to produce hydrogen through the electrolysis of water, which is critical for the energy transition.
Founded in 1923, Industrie De Nora generated total revenues of over EUR 850 million and Adjusted EBITDA of EUR 190 million in 2022 (preliminary results as of 31 December 2022). The Company's growth process has developed organically through continued penetration of new markets and applications and through acquisitions in the U.S., Asia, and Europe. De Nora’s continuous innovation drives its growth represented by its evolving intellectual property portfolio, which currently includes more than 260 patent families with more than 2,800 territorial extensions. The Company's portfolio includes a stake (about 34 percent) in the thyssenkrupp nucera joint venture, a world-leading engineering company in chlorine production and water electrolysis plants to produce hydrogen. The De Nora family controls the Group, which owns approximately 55 percent of the Company’s share capital. Snam S.p.A. is a minority shareholder with about 26 percent of the capital.
Investor Relations
Chiara Locati
+39 02 2129 2124
ir@denora.com
Media Relations
Barabino & Partners
Office: +39 02/72.02.35.35
Sabrina Ragone – s.ragone@barabino.it +39 338 25 19 534
Alberto Piana – a.piana@barabino.it +39 342 76 70 164
Via Leonardo Bistolfi, 35
20134 Milan Italy
+39 02 21291
industriedenora@denora.com
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Share capital € 18.268.203,90 Fully paid up - Company registration number MI / VAT 03998870962 - REA number MI - 1717984