SYENSQO - First Quarter 2024 Results
2024年5月16日 - 1:45PM
SYENSQO - First Quarter 2024 Results
SYENSQO FIRST QUARTER 2024 RESULTS
Brussels, May 16, 2024, 6:45 a.m. CEST
IMPROVED YEAR-ON-YEAR VOLUME MOMENTUM IN Q1
2024UNDERLYING EBITDA OF €363 MILLION WITH STRONG
SEQUENTIAL MARGIN IMPROVEMENT TO 22.3%FULL
YEAR 2024 OUTLOOK REITERATED
Underlying (€ million) |
Q1 2024 |
Q1 2023 |
YoY reported |
YoY organic |
Q4 2023 |
QoQ reported |
Net sales |
1,624 |
1,813 |
-10.4% |
-8.3% |
1,577 |
3.0% |
EBITDA |
363 |
473 |
-23.4% |
-20.4% |
294 |
23.3% |
EBITDA margin |
22.3% |
26.1% |
-380 bps |
- |
18.7% |
370 bps |
Operating cash flow |
244 |
412 |
-40.9% |
- |
n.a. |
- |
Cash conversion (LTM) (1) |
88.7% |
n.a. |
- |
- |
n.a. |
- |
Free cash flow (2) |
157 |
255 |
-38.1% |
- |
n.a. |
- |
ROCE (LTM) |
9.6% |
n.a. |
- |
- |
n.a. |
- |
Q1 2024 Highlights
- Net
sales of €1.6 billion increased by 3% sequentially with
improved volume momentum, most notably in Novecare and Specialty
Polymers. On a year-on year basis, net sales decreased by 8%
organically versus a record Q1 2023, driven by lower volumes (2%)
and decrease in prices (6%), most notably in the Consumer &
Resources segment and Specialty Polymers.
- Underlying EBITDA
of €363 million increased by 23% sequentially, in-line with prior
outlook
- EBITDA margin of
22.3% increased by approximately 370 basis points sequentially,
driven by gross margin improvements in all businesses, most notably
in Composite Materials, Specialty Polymers and Novecare, reflecting
the quality of our offering and strong control of operations and
pricing
- Underlying net
profit of €156 million
- Operating cash
flow of €244 million, resulting in cash
conversion of 89%; Free cash flow of €157
million
- Balance sheet: net debt reduced to €1.5
billion (versus €1.6 billion at the end of 2023) and
leverage ratio of 1.0x
Dr. Ilham Kadri, CEO
“In addition to meeting our outlook for the
first quarter, I am encouraged by the improved momentum we have
seen since the start of the year. We saw strong margin expansion,
with sequential improvements in volumes and net sales in both
Materials and Consumer & Resources.. However, it is still too
early to call it a trend, and we therefore reiterate our full year
outlook.“Our first five months as Syensqo have seen us ensure a
smooth transition for our customers, while further sharpening our
innovation and commercial priorities, fully aligned with their
needs and the unique value we offer. In addition we announced new
and ambitious partnerships, launched new disruptive technologies to
advance our leadership positions in aerospace, electric vehicles
and specialty coatings, as well as making a bolt-on investment in
high value dermocosmetics to enhance our portfolio in the consumer
market”.
2024 Outlook
While our first quarter 2024 results benefited
from improved volume momentum, supporting the strong sequential
increase in underlying EBITDA, the pace of a broader macroeconomic
recovery remains unclear. As a result, we reiterate our previous
full year 2024 outlook ranges as follows:
-
Underlying EBITDA to be in the range of €1.4
billion and €1.55 billion;
- Capital
expenditures to be in the range of €600-€650
million;
-
Underlying Free Cash Flow in the range of €400
million and €500 million, excluding the previously announced $180
million PFAS payment to the New Jersey Department of Environmental
Protection, which was made in April 2024
As demonstrated by our performance in the first
quarter of 2024, we confirm that we saw the inflection in our
quarterly underlying EBITDA performance in the fourth quarter of
2023. We expect this positive momentum in underlying EBITDA to
continue in the second quarter of 2024, aligned with current
consensus expectations.
As previously indicated, second quarter
net debt will include cash outflows related to the PFAS settlement
as well as €172 million related to the dividend payment on May 31,
2024, subject to shareholder approval at the Annual General Meeting
on May 23, 2024.
Safe harbor
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 materialize, 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.
Media relations
media.relations@syensqo.com Nathalie van
Ypersele +32 478 20 10 62 Perrine
Marchal+32 478 32 62 72 Laetitia Schreiber+32 487 74 38
07 |
Investor
Relations investor.relations@syensqo.com Sherief
Bakr+44 7920 575 989 Bisser Alexandrov+33 6 07 63 52 80
Imtiyaz Lokhandwala+1 609 860 3959 |
- 2024Q1_FinancialReport_EN
- 2024Q1_PR_EN_Final
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