Grifal’s Board of Directors approved the Group’s consolidated Annual Financial Report as of December 31, 2023. The draft budget as of December 31, 2023 of the parent company Grifal Spa was also approved.
On the sidelines of the meeting, Grifal President and CEO Fabio Gritti commented:
With fiscal year 2023, Grifal closes the 55th fiscal year in its history. The significant anniversary gives us a cue to extend to the last five years the ritual considerations regarding the 2023 fiscal year, which closes with unprecedented achievements of our society.
Since FY 2019, there have been pandemic, geopolitical, macroeconomic, and financial market tensions; in this context, the Group has continued to grow, improve profitability, and make major forward-looking investments. The numbers show the entrepreneurial strength of our society.
The significant investments we have made now ensure that we have adequate production capacity for the further significant revenue growth to which the growing demand for environmentally sustainable packaging is calling us. The investments made in the machine area now allow us to present a newly developed line of super-cutters, specifically developed for the processing of our high-thickness corrugated products. These are high-productivity machines needed by our semifinished cArtù transformer customers to handle increased consumption.”
Key Consolidated Financial Highlights as of December 31, 2023
The fiscal year 2023 closes with the Consolidated Revenues of characteristic management to 37,784,299 Euros, further growing (+2.5%) compared to the corresponding period of 2022 (36,875,510 euros), supported in particular by cArtù®, the innovative eco-sustainable corrugated cardboard, whose sales increased from 12.2 million euros to 12.8 million euros and now account for 34 percent of consolidated Group revenues.
GroupEBITDA reached 5,588,717 euros, or 27.8 percent higher than the 4,372,741 euros as of December 31, 2022, with an EBITDA Margin of 14.8 percent, up nearly three percentage points from the 11.9 percent achieved in FY2022.
Consolidated Shareholders ‘ Equity reached 18,275,740 euros from 17,696,371 euros as of December 31, 2022.
The full press release is available in the “Financial Press Releases” section of the Investor Relations area.