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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Syensqo SA | EU:SYENS | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.27 | 0.32% | 85.17 | 85.14 | 85.19 | 86.22 | 84.73 | 85.00 | 19,934 | 10:09:38 |
Press releaseRegulated informationMarch 12, 2024 at 7 a.m. CET
Syensqo full-year 2023 results
MILESTONE YEAR SUCCESSFULLY COMPLETED; EBITDA IN-LINE WITH OUTLOOK AND ACCELERATION OF INVESTMENTS TO EXTEND LEADERSHIP POSITION & SUPPORT FUTURE VALUE CREATION
Fourth quarter 2023 | Full year 2023 | |||||||||
Underlying (in € million) | 2023 | 2022 | % YoY | % organic | 2023 | 2022 | % YoY | % organic | ||
Net sales | 1,577 | 1,930 | -18.3% | -14.2% | 6,834 | 7,890 | -13.4% | -10.2% | ||
EBITDA | 294 | 397 | -25.9% | -20.6% | 1,618 | 1,863 | -13.1% | -10.0% | ||
EBITDA margin | 18.7% | 20.6% | -190 bps | - | 23.7% | 23.6% | +10 bps | - | ||
Operating cash flow | - | - | - | - | 1,275 | 1,336 | -4.6% | - | ||
Free cash flow1 | - | - | - | - | 448 | 577 | -22.4% | - | ||
ROCE (LTM)2 | - | - | - | - | 10.6% | 13.7% | -310 bps | - |
FY 2023 Highlights
Ilham Kadri, CEO
“2023 was a historic year for Syensqo and I am proud of our achievements. We successfully completed our separation, listed on Euronext Brussels and Paris in December, while meeting our full year EBITDA target, and further strengthening our balance sheet. This was all achieved in the context of a volatile macroeconomic and business environment. We also used our strong cash generation to accelerate the pace of our capital investments in key strategic technologies and platforms, aligned with our mid-term targets.
“Over the last two years, we have significantly outperformed our markets and peer group. While we currently expect a muted recovery in demand in many of our markets during 2024, I have never been more confident in the long-term drivers of our business and our teams’ ability to innovate and win new customers to unlock shareholder value.”
2024 Outlook
For 2024, we expect the overall demand dynamics across our major end markets to reflect the trends we saw towards the end of 2023, with flattish overall volumes. In addition, the end of customer destocking in a number of our end markets has started to prompt a more stable demand outlook since the start of the year. More specifically, and based on our year-to-date performance, we expect our Q1 2024 underlying EBITDA to increase by approximately 20% versus the level achieved in Q4 2023.
Full-year underlying EBITDA is currently estimated to be in the range of €1.4 billion and €1.55 billion. The lower end of range is aligned with current market dynamics and the annualised EBITDA performance we expect to achieve in Q1 2024. The higher end of the range assumes a modest year-on-year volume recovery, predominantly in the second half of the year, subject to the overall macroeconomic and demand environments.
Capital expenditures are expected to be in the range of €600-€650 million as we prioritise our investments based on the outlook for 2024 and take into account the acceleration of overall spend in 2023. Free Cash Flow is estimated to be in the range of €400 million and €500 million, excluding the previously announced c.$180million PFAS payment to the New Jersey Department of Environmental Protection, which is expected to be made during Q2 2024.
Aligned with the mid-term financial targets provided at our recent Capital Markets Day, the Syensqo team is focused on accelerating value creation by delivering superior revenue growth, margin expansion and increasing returns.Mid-term Financial Targets
Syensqo’s mid-term financial targets, as set at our Capital Markets Day, are as follows:
Register to the webcast scheduled at 14:00 CET here - Financial report - Financial calendar
______________________________________________1Free cash flow after payment of net interests, coupons of perpetual hybrid bonds and dividends to non-controlling interests. This represents the cash flow available to Syensqo shareholders, to pay its dividend and/or to reduce the net financial debt.2 Return on Capital Employed (LTM = last twelve months)3 Focus 5 categories covering at least 70% of the full scope, eligible for SBTi
Contacts
Media relations | Investor relations |
Perrine Marchal+32 478 32 62 72Laetitia Schreiber+32 487 74 38 07media.relations@syensqo.com | Sherief Bakr+44 7920 575 989Bisser Alexandrov+33 607 635 280Imtiyaz Lokhandwala+1 609 860 3959investor.relations@syensqo.com |
Safe harbour
This press release may contain forward-looking information. Forward-looking statements describe expectations, plans, strategies, goals, future events or intentions. The achievement of forward-looking statements contained in this press release is subject to risks and uncertainties relating to a number of factors, including general economic factors, interest rate and foreign currency exchange rate fluctuations, changing market conditions, product competition, the nature of product development, impact of acquisitions and divestitures, restructurings, products withdrawals, regulatory approval processes, all-in scenario of R&I projects and other unusual items. Consequently, actual results or future events may differ materially from those expressed or implied by such forward-looking statements. Should known or unknown risks or uncertainties materialise, or should our assumptions prove inaccurate, actual results could vary materially from those anticipated. The Company undertakes no obligation to publicly update or revise any forward-looking statements.
About Syensqo
Syensqo is a science company developing groundbreaking solutions that enhance the way we live, work, travel and play. Inspired by the scientific councils which Ernest Solvay initiated in 1911, we bring great minds together to push the limits of science and innovation for the benefit of our customers, with a diverse, global team of more than 13,000 associates. Our solutions contribute to safer, cleaner, and more sustainable products found in homes, food and consumer goods, planes, cars, batteries, smart devices and health care applications. Our innovation power enables us to deliver on the ambition of a circular economy and explore breakthrough technologies that advance humanity.
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