Etex's sustainable lightweight solutions drive very strong 2022 financial performance.
Etex achieved new record performance across the board, including in revenue, REBITDA and net recurring profit while setting another major milestone with its Road to Sustainability 2030 commitments.
Highlights:
- For the fifth year in a row, Etex achieved new record performance across the board, including in revenue, REBITDA and net recurring profit while setting another major milestone with its Road to Sustainability 2030 commitments
- Record revenue of EUR 3.714 billion, corresponding to an increase of 25.0% compared to 2021, attributable to both the performance of recently acquired European insulation leader URSA and Australian plasterboard activities, together with stable volumes and increased average selling prices. Like-for-like1 this represents an increase of 13.3%
- Highest ever absolute value for REBITDA, at EUR 645 million for a 13.2% increase, driven mostly by increased revenues jointly with the positive impact of the acquisition of European insulation leader URSA. Like-for-like¹ increase of 2.8% versus 2021
- Increase in net recurring profit (Group share) at EUR 275 million, +2.9% year-on-year
- Increase in the net financial debt to EUR 1.031 billion versus EUR 214 million in 2021, driven mainly by the acquisition of URSA but partially offset by free cash flow generation
- Gross dividend over 2022 profit: proposal by the Board of Directors of EUR 0.93 per share (+10.7%)
- Outlook for 2023: volatility and uncertainty are expected to remain, particularly for energy and raw material prices, but Etex believes that demand for its products and solutions will remain strong given their intrinsic sustainable value and the ongoing needs in renovation and new build. REBITDA margin expected to stay solid
- Sustainability: in 2022, improved ESG risk rating to reach the top 10 globally within its industry group. Between 2018 and 2022: 54% more recycled gypsum used - making Etex the most advanced gypsum recycler across Europe, including the UK - decrease by 19.9% of absolute CO2 emissions, and reduction of waste sent to landfill by 26.5% in absolute value
- Etex’s Annual Report 2022 will be published on 6 April 2023
Comments from Bernard Delvaux, CEO of Etex: “I am proud to report that Etex delivered yet again significant growth in 2022, and this for the fifth year in a row. After an exceptional 2021 year, we achieved new record results, including in revenue, REBITDA and net recurring profit. This was reached despite an unfavourable business context that includes a world still recovering from the COVID-19 pandemic, the invasion of Ukraine by Russia, an energy crisis, and global inflation. Our lightweight construction solutions prove to be a great fit to answer the current needs in both renovation and new build given their intrinsic sustainable value. Etex’s products are up to 45% less emission intensive to produce compared to traditional construction methods, they provide up to seven times better thermal and sound insulation which increases energy-efficiency and emissions, and they are more recyclable, flexible and adaptable. In a nutshell, in 2022 Etex properly addressed urgent challenges in a volatile market while following a growth path to a sustainable future with our lightweight construction portfolio.
For more information, read the full press release.
