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centrotherm international AG looks back on a very satisfactory 2023 financial year. As the Group’s earning power was significantly strengthened by the substantially increased share of business with the semiconductor industry, the Management Board sees this as confirmation that it is on the path to sustainably profitable business development.
centrotherm succeeded in significantly increasing consolidated earnings before interest, tax, depreciation and amortization (EBITDA) from EUR 16.2 million to EUR 19.0 million, thereby meeting the forecast of positive EBITDA in the low double-digit million euro range. This also applies on the basis of the adjusted EBITDA of EUR 15.9 million. In the 2023 financial year, there was a revaluation of centrotherm’s reimbursement claim from the former major project in Algeria (EUR 3.1 million). Consolidated net income increased significantly from EUR 13.0 million to EUR 18.7 million, which equates to improved earnings per share of EUR 0.88 (2022: EUR 0.62).
The Group’s order intake also developed very positively in the 2023 financial year. At EUR 268.8 million, the forecast of EUR 250 to 350 million was met. 82.9% (2022: 65.5%) of orders came from the semiconductor industry and 16.7% (33.9%) from the photovoltaic industry. The re-entry into the US PV market is particularly positive. As at December 31, 2023, the Group order backlog amounted to EUR 539.1 million, which represents a significant increase of 27.3% compared to the previous year’s figure of EUR 423.6 million.
Group revenue amounted to EUR 151.2 million in the 2023 financial year (2022: EUR 180.5 million). International business remained of key importance, accounting for 87.4% of revenue (2022: 91.8%), with a continued strong focus on Asia, where 70.1% (2022: 84.0%) of Group re-venue was generated. Revenue from the sale of production systems totaled EUR 130.9 million (2022: EUR 164.1 million), of which the share attributable to the semiconductor industry increased significantly to EUR 107.1 million (2022: EUR 47.5 million). Revenue from service and spare parts increased from EUR 15.2 million in the previous year to EUR 19.2 million in the 2023 financial year.
As inventories of finished goods and work in progress increased by EUR 45.2 million in the 2023 financial year (2022: decrease in inventories of EUR 62.7 million), the Group’s total operating performance increased to EUR 196.7 million after EUR 118.3 million in the previous year. The fact that the forecast of EUR 220 million to EUR 260 million was not achieved is primarily due to deviating project progress as a result of postponed customer projects.
Jan von Schuckmann, CEO: “We achieved further important successes in 2023 as part of our diversification strategy. For the 2024 financial year, we are very confident that we will continue to benefit from the ongoing positive industry environment, particularly in the semiconductor and microelectronics industry, and thus seamlessly build on the good business performance in 2023. In the medium to long term, we want to open up further attractive sales markets, for example with new innovative solutions for wafer production in the semiconductor industry or in battery production.”
For the 2024 financial year, the Executive Board is forecasting total operating revenue of EUR 200 million to EUR 300 million. EBITDA is again expected to be in the low double-digit million euro range. Incoming orders are expected to reach between EUR 200 million and EUR 300 million.
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centrotherm international AG published preliminary, unaudited figures for the 2023 financial year in an ad hoc announcement. Accordingly, the Management Board anticipates total operating performance of around EUR 195 million with consolidated revenue of over EUR 150 million, and consequently lower total operating performance than forecast (forecast: EUR 220 million to EUR 260 million).
In contrast, EBITDA is expected to reach the forecast of a positive EBITDA in the low double-digit million range at EUR 19 million. At around EUR 270 million, the Group’s incoming orders will also be within the forecast range of EUR 250 million to EUR 350 million. The order backlog as at December 31, 2023 is expected to total around EUR 540 million.
Based on these positive preliminary business figures for 2023, the Executive Board believes that its strategy has been confirmed overall and has therefore decided today to examine strategic financing options. These options are aimed at further strengthening the company’s financial power in order to accelerate its continued growth and further strengthen its market position.
To this end, investments, particularly in research & development, the expansion of the product portfolio and in the global service network and customer service, are to be significantly increased. The possible financing options to be examined by the Management Board include, in particular, taking on a new strategic investor, carrying out capital increases, raising debt capital and issuing hybrid financial instruments such as convertible bonds or bonds with warrants.
Jan von Schuckmann, CEO of centrotherm international AG: “We are convinced that the potential expansion of our financial leeway can provide a strong new impetus for centrotherm’s future development, and that we can raise our innovative strength and market position to a new level. The timing for this is ideal to set the strategic course for an even stronger centrotherm at an early stage. This is particularly important for the sustainable success of our company and its employees in light of the anticipated global market growth and competitive environment.”
In recent years, centrotherm has successfully established itself as a technology provider and supplier of production solutions to leading manufacturers in both the semiconductor and photovoltaic industries. The product portfolio was significantly expanded as part of the sustainable diversification strategy. As a consequence, centrotherm is now the market leader with its product portfolio for high-temperature processes for silicon carbide wafers.
Its customer base includes leading global manufacturers in the semiconductor industry. The high demand for sensors and microelectronic components that are used in renewable energies, e-mobility and artificial intelligence applications are key drivers of the positive business trend. centrotherm aims to consistently continue its growth, and to exploit the diverse opportunities arising from its core expertise in thermal production solutions to the best possible extent.
Original – centrotherm international
