Saleri: release of 2023 Annual Report and Appointment of the New Board of Directors

Revenues increase by +11%, increased EBITDA at 23 m (+72% growth),
EBITDA MARGIN 11.4%, Net profit 4.3 m.

  • Double digit organic growth +11.1% compared to 2022, consolidated revenues amounting to 203.6 million euro
  • Positive performance for both Original Equipment +7.2% and Aftermarket +39.4% business units
  • Consolidated EBITDA amounting to 23.1 million euro corresponding to a growth of 72%
  • 2023 EBITDA margin 11.4%
  • 2023 EBIT amounts to Euro 12.9 million, more than threefold compared to 2022
  • Consolidated Net profit amounts to 4.3 million euro
  • Net financial debt at 44 million euros, significantly reduced (-25%)
  • PFN/EBITDA ratio 2023 equal to 1.9x (4.3x in 2022)
  • Order portfolio 2024-2029 equal to 1.3 billion euro
  • Appointment of new Board of Directors

The Saleri Group has released today annual financial results 2023, approved by Shareholders’ Meeting held on May the 9th, 2024, publishing the 2023 Annual Report.

The Shareholders’ Meeting, held in May the 27th, has appointed the new Board of Directors, composed of 9 members. The BoD will remain in office until the Shareholders’ Meeting called to approve the financial statements for the year ending December 31, 2026.

The Board of Directors is composed as follows:

Francesco Italo Saleri, as Chairman of the Board of Directors;

Dr. Nicola Cosciani Cunico, as Chief Executive Officer;

Ing. Sergio Bona, as Director;

Dr. Johann E. Wieland, as Director;

Avv. Maria Cristina Storchi, as Director;

Dr. Alessandro Potestà, as Director;

Dr. Alberto Bartoli, as Director;

Dr. Massimo Colli, as Director;

Dr. Simona Heidempergher, as Director.

Brief Profile of Nicola Cosciani Cunico, Chief Executive Officer of the Saleri Group
Graduating with a degree in Economics from the University of Bologna, Nicola Cosciani Cunico has developed a solid experience of over 30 years in various corporate environments. In the last three years, he served as EVP of Global Operations at Westport Fuel Systems. Previously, he held the position of Director in various FIAMM group companies and roles of increasing responsibility within the ABB group.

Main Economic and Financial Data for 2023

The 2023 financial year closed with positive economic and financial results. Consolidated revenues exceeded 200 million euros, reaching 203.6 million euros, an increase of 11.1% compared to the 2022 figure of 183.2 million euros.

The geographical breakdown of 2023 revenues is as follows: European Union (excluding Italy) 71%, Italy 13%, Asia 11%, USA 4%, Europe (excluding EU) 1%. In total, 87% of revenue is generated internationally.

Consolidated EBITDA amounts to 23.1 million euros, an increase of 72% compared to the previous year, with an EBITDA margin of 11.4%, an improvement of 4.0 percentage points compared to 7.4% the previous year.

Consolidated EBIT is 12.9 million euros, a significant increase – 3.4x – compared to the previous year.

Consolidated net profit for the period is 4.3 million euros, an increase of 3.7 million euros compared to the previous year.

Net financial debt stands at 44.0 million euros in 2023, a decrease of 14.7 million euros.

Order Portfolio

In the OE segment, the product development and launch cycle follows the typical process of project-based businesses. All projects entering the start of production phase are subject to scheduled orders based on customer programming, with high visibility. As of December 31, 2023, the order portfolio, with visibility from 2024 to 2029, cumulatively amounts to more than 1.3 billion euros, corresponding to an average annual value of 209 million euros.

Publication of Financial Statements

For a more comprehensive discussion, please refer to the Director’s Report in the 2023 Annual Report published on the group’s website