In 1Q23 revenues at €21 million, double-digit EBITDA margin of 10%
The Board of Directors of Industrie Chimiche Forestali S.p.A., meeting today under the chairmanship of Ing. Guido Cami, reviewed the consolidated management results for the first quarter of 2023.
In 1Q23, revenues amounted to €21 million, in line with the first quarter of 2022 (€21 million), showing a substantially stable trend across all business areas: technical and luxury footwear, luxury leather goods, packaging, and industrial applications including automotive.
EBITDA reached €2.1 million, a sharp increase compared to €1.2 million in 1Q22, marking a return to double-digit profitability with a 10% margin versus 5.7% in the same period last year. The improvement in profitability reflects the normalisation of energy and raw material costs following the peak reached in the second half of the previous year, as well as the effect of a sales product mix aligned with the company’s strategic choices.
Net financial debt over the past 12 months remained stable at €9.3 million and in line with 1Q22 (€9.3 million), despite cash-out flows of €0.4 million for the Buy Back programme, €1 million for dividend payments, and €0.35 million for the installation of the photovoltaic system. Compared to 31 December 2022, net financial debt (€7.8 million) recorded a moderate increase mainly due to higher working capital, consistent with the company’s historical seasonality.
