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Latest result publication: Financial Statements Review 2023

 

Valmet Q4 2023

 

Financial Statements Review 2023

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2023 in brief

  • Orders received remained at the previous year's level and amounted close to EUR 5.0 billion

  • Net sales increased to EUR 5.5 billion

  • Order backlog amounted to EUR 4.0 billion

  • Comparable EBITA increased to EUR 619 million and margin was 11.2%

  • Gearing was 40%

 

 

Pasi Laine quote Q4 2023

President and CEO Pasi Laine: Net sales and Comparable EBITA increased in 2023

"Valmet’s orders received amounted close to EUR 5.0 billion in 2023. Orders received increased in the Automation segment, remained at the previous year's level in the Services segment, and decreased in the Process Technologies segment. Orders received in Valmet’s stable business totaled EUR 3.1 billion during 2023. During this period, stable business represented 63% of Valmet’s orders received. This is a clear change in the company compared to 2014, when stable business represented 34% of orders received. Valmet’s order backlog amounted close to EUR 4.0 billion at the end of 2023.

In 2023, Valmet’s net sales increased to EUR 5.5 billion. Comparable EBITA increased to EUR 619 million, meaning that we have been able to increase Valmet’s Comparable EBITA ten years in a row as an independent company. Valmet’s Comparable EBITA margin increased to 11.2 percent in 2023. Over the past ten years, we have continuously raised the bar for our performance and focused on growing the company organically with improved profitability. At the same time, we have also moved systematically forward with mergers and acquisitions that have complemented our unique offering and significantly increased the amount of recurring, profitable and stable business in Valmet’s business portfolio. In 2023, Comparable EBITA increased in the Services and Automation segments and decreased in the Process Technologies segment.

The execution of Valmet’s acquisition strategy took important steps forward in 2023. The acquisition of Tissue Converting business from Körber was completed during the fourth quarter, strengthening our Process Technologies and Services segments. During the third quarter we entered into an agreement to acquire the Process Gas Chromatography business of Siemens AG to strengthen our Automation segment. These acquisitions strengthen all of Valmet’s three segments, complement Valmet’s offering and enable us to serve our customers even better in the future. We are happy and proud to warmly welcome all the new colleagues to Valmet. Furthermore, the integration of Flow Control has now been completed and the targeted annual run rate synergies of EUR 25 million have been achieved, one year ahead of the originally communicated schedule.

In 2023, Valmet continued its systematic sustainability work based on its Sustainability360° Agenda. We placed significant emphasis on our Climate Program, which progressed well over the year. Valmet achieved one of the program’s four targets well ahead of schedule and can now enable carbon neutral production for its pulp, paper and energy industry customers. In 2023, Valmet was included in the DJSI World and Europe indices for the tenth consecutive year. Furthermore, we received the best ranking in the MSCI ESG Ratings, and a gold medal in the EcoVadis sustainability assessment."