Cenergy: A dividend of 0.08 euros for 2023 – Cables stood out

Her financial results report for 2023 was published by Cenergy Holdings with the company announcing profits of 73m euros and distribution of a dividend of 0.08% increased by 60% compared to 2022. The report provides a comprehensive overview of consolidated economic performance, business strategy, environmental and social performance, as well as the practices followed in corporate governance and risk management issues for 2023 by the Company and its subsidiaries. Cenergy’s basic financial figures for 2023 Revenue reaches 1.63 billion euros (+14% annually) with improved profit margins in all business units. Operating profitability amounts to EUR 213.8 million (+56% on an annual basis), as the effective implementation of the energy infrastructure projects commissioned remains the top priority of both sectors. Consolidated net profits after taxes increase to € 73 million, allowing the distribution of a proposed dividend 60% higher than last year to EUR 0.08 per share. The outstanding balance of orders is stabilised over EUR 3 billion due to the significant collection of orders in both sectors (EUR 3.15 billion at 31.12.2023) The expansion of plant submarine cable capacity is on track, which is only part of an ongoing integrated investment programme in all factories (EUR 133.4 million in total Capex in 2023) to ensure our position in the new era of energy transition. Free cash flow for 2023 is EUR 76 million, Net lending is significantly reduced from last year’s levels to EUR 377.5 million The orientation for the total of 2024 for the adjusted EBITDA is between EUR 230 and EUR 250 million. Cenergy President Xavier Bedoret said, among other things, that: “The 2023 is completed with very positive results for Cenergy Holdings, both in terms of achieved performance and in terms of business development. The cable sector effectively performed a number of high-profile offshore and land projects, while, throughout 2023, we noticed strong demand for low and medium voltage electricity cables that led to improved profit margins. All of this resulted in an increase in the adjusted EBITDA over EUR 150 million from the cable sector. Several new assignments, both for interconnections and offshore wind installations, strengthened the fixed order order and provide confidence in the continuation of further capacity expansion plans to serve both offshore and terrestrial markets. From 2022, the steel tube sector began to recover after two difficult years on the oil and gas markets. In 2023 he continued this dynamic with record of high functional profitability, more than twice last year, and initiatives undertaken during previous years placed Corinth Pipeworks among leaders in developing applications, such as hydrogen transport pipelines and carbon capture and storage pipelines. The steady demand for gas and the need to move towards “greener energy” gave the sector additional high margin assignments and an unexecuted balance of orders of EUR 650 million by the end of the year.”