EQS-News

The Sto Group achieves forecast turnover and earnings targets for 2023 in a difficult market environment - Seite 2

In the Sto Group, turnover decreased by 3.9 % as compared to the previous year to EUR 1.72 billion (previous year: EUR 1.79 billion) and was thus marginally above the forecast of EUR 1.71 billion, which had been adjusted in November 2023. A balanced negative effect of a total of EUR 16.4 million arose from currency translations. Adjusted for this, consolidated turnover decreased by 3.0 %.

The gross margin rate increased to 53.9 % (previous year: 50.7 %), yet still was below the rate from before 2021, the year in which a drastic increase of procurement prices had started. Sto reacted with sales price increases that, together with the recovery of many areas of the procurement market in 2023 and a strict management of costs, contributed to the improvement of the margin. Consolidated EBIT decreased by 2.5 % to EUR 126.5 million in the year under review (previous year: EUR 129.7 million) and fell within our forecast range of EUR 118 million to EUR 143 million. EBT decreased by only 0.7 % to EUR 127.4 million (previous year: EUR 128.3 million; forecast: between EUR 117 million and EUR 142 million) due to the improved net financial income/expense, while the resulting return on sales rose from 7.2 % in the previous year to 7.4 % (forecast: between 6.1 % and 7.5 %). At 17.1 %, the ROCE figure was also within the expected range (previous year: 17.3 %; forecast: between 14.8 % and 18.0 %).

The financial situation and assets and liabilities situation of the Sto Group, which had 5,783 employees worldwide at the end of 2023 (31 December 2022: 5,735), continued to gain strength. The equity ratio increased slightly to 62.6 % (31 December 2022: 62.4 %), while cash and cash equivalents increased to EUR 122.3 million (31 December 2022: EUR 119.4 million). Taking borrowings into account, net financial assets rose to EUR 119.7 million as at the 2023 year end (31 December 2022: EUR 114.4 million). Cash flow from operating activities stood at EUR 170.9 million (previous year: EUR 95.3 million).