Vidrala Sa (VDRFF) Q4 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning to everyone and thank you for the time that you dedicate to attend this call. As announced, BIDRAL has published this morning its 2023 full year results, and additionally we have also published the results presentation that will be used as reporting material to this conference call. Following this document, we will dedicate the first part of our exposition to briefly explain the figures released today, to dedicate afterwards as much time as necessary to discuss on the business performance in the Q&A session. So, starting with the main magnitudes, in the full year 2023, we achieved as most relevant business figures, revenues above 1.5 billion euros, an EBITDA of almost 394 million euros, and a net income of that is equivalent to an EPS of 7.23 euros. Net debt at the end of the period stood at 472 million euros, which is equivalent to a leverage ratio of 1.1 times the pro forma EBITDA, which considers the contribution of the last 12 months of the report. Turning to slide four, we look at the top line performance analyzing the annual variation of revenue broken down by concepts to arrive at the reported figure of 1.559 million euros. As it is shown in the graph, this figure is the result of a 15.3% growth at constant currency and comparable scope. Volumes were down minus 7% in the full year, including the park contribution, while price-miss effect was up 22%. Hidroporto, fully consolidated since December 1st, 2023, contributed an additional 1.4%. Following the order of key business figures referred to at the beginning, we analyzed with exactly the same breakdown the variation of operating income. 2023 full-year EBITDA amounted to 393.7 million euros, reflecting a growth of 43.5% at constant accuracy and comparable scope. These operating figures resulted in ...