1Q 2023 results
1Q 2023 results
The Salcef Group continues to grow in the first quarter of 2023: revenues stand at €160 million (+49%), EBITDA at €33 million (+51%) and the backlog at €1.75 billion.
The Salcef Group S.p.A. Board of Directors approved the interim report as of 31st March 2023.
1Q 2023 key results (vs. 1Q 2022)
- Revenues at €160.4 million (+49.0%)
- EBITDA at €32.9 million (+51.1%)
- EBIT at €22.4 million (+67.8%)
- Net Income at €14.3 million (+174.0%)
- Adjusted Net Financial Position positive for €35.2 million (figure as of 31st December 2022 positive for €26 million)
Valeriano Salciccia, Chief Executive Officer of Salcef Group, commented:
“The first three months of the year confirm the strong growth dynamics already highlighted during the second half of 2022. It has been a very positive quarter from an operational perspective, with the start of activities on new contracts, especially in the United States, and the integration of Francesco Ventura Costruzioni Ferroviarie into the Group. Together with the commercial performance that has supported further growth in the backlog, these are all signals that strengthen our confidence in the remaining part of the year.”
In the first three months of the year, consolidated Revenues amounted to €160.4 million, up 49.0% over the same period of 2022. As well as the favourable YoY comparison, the increase is due to a robust 30% organic growth, coupled with the contribution of Francesco Ventura Costruzioni Ferroviarie (€12.5 million) acquired in December 2022 and of the PSC Group railway business unit (€ 8.4 million) whose acquisition became effective from May 1st 2022 and was therefore not yet consolidated at the first quarter 2022 stage. Heavy Civil Works is confirmed as the Business Unit with the greatest growth, due to activities on the Verona-Padua high-speed line, while Track & Light Civil Works and Energy, Signalling & Telecommunication reported revenues up 26.9% and 51.4% respectively.
Consolidated EBITDA reached €32.9 million, with a 51.1% increase over 1Q 2022. The EBITDA margin stood at 20.5%, in line with expectations.
Consolidated EBIT reached €22.4 million, +67.8% higher YoY, despite higher D&A for €2.1 million due to the entry into operation of new plants and machines from CapEx, during 2022 and the first quarter of 2023.
The Group Adjusted Net Income amounted to € 13.8 million, up 50.5% compared to €9.2 million in the first quarter of 2022, mainly due to higher EBIT and despite increased adjusted financial expenses and adjusted taxes. The Net Income of €14.3 million was €9 million (174%) higher than the first quarter of 2022.
The Adjusted Net Financial Position as of 31st March 2023 was positive for €35.2 million (positive for €26 million at year-end 2022), mainly as a result of cash generated during this period, which has more than offset the cash expenditure for the buyback plan and for CapEx.
The Backlog has surpassed the previous record of € 1.7 billion recorded at the end of 2022, reaching €1.75 billion. From a geographical perspective, international contracts signed during the first quarter of 2023 have further reduced the domestic component, which stands at 68.8%. Track & Light Civil Works and Energy Signalling & Telecommunication Business Units continue to be the most represented, accounting for 72.8% and 16.8% of the backlog, respectively.