Corporate Presentation
Financial Statements 31 December 2023
SOL GROUP | The story of a friendship
97 years, 3 generations and professional management
1927 | 1960 | 1998 |
Giovanni Annoni | Alessandro e Renzo Annoni | Giovanni, Marco Annoni |
Aldo Fumagalli Romario | Giulio e Ugo Fumagalli Romario | Aldo, Giulio, Matteo Fumagalli Romario |
1927 | 1960 | 1987 | 1989 | 2002 | 2010 | 2015 | 2021 |
Gas plants for | European | Birth of | Hydro-pwr | ||||
Founded | Entry in India | Entry in Brasil | Entry in Cina | ||||
industry | expansion | Vivisol Srl | entry | ||||
2
SOL GROUP | Home Care & Technical Gases
Our business
48% | 60% | 40% |
Home Care | ||
Technical Gases | ||
Health Care | (Industries) | |
12%
Technical Gases
(Hospitals)
Manufacturing, food, agriculture, industrial and environmental applications
Medicinal gases & services for hospitals
Medicotechnical assistance and care for patients in their homes
2023 Data
3
SOL GROUP | Numbers
Where we operate
2023 Data
4
SOL GROUP | Figures
Sales progression, EBITDA and margin
Sales [k€] | ||||||||||
1.600 | ||||||||||
Sales 12_2023: 1.487 k€ | ||||||||||
1.400 | ||||||||||
1.200 | CAGR '92-'23: +8% | |||||||||
Organic: +6% | ||||||||||
1.000 | M&A: +2% | |||||||||
800 | ||||||||||
600 | International | |||||||||
400 | ||||||||||
200 | Domestic | |||||||||
0 | ||||||||||
1992 | 1996 | 1999 | 2002 | 2005 | 2008 | 2011 | 2014 | 2017 | 2020 | 2023 |
EBITDA [€] & Margin [%]
382 | 400 | ||||||||||
328 | 350 | ||||||||||
Margin | |||||||||||
EBITDA | 300 | ||||||||||
255 | 261 | ||||||||||
250 | |||||||||||
211 | |||||||||||
168 | 167 | 187 | 200 | ||||||||
148 | |||||||||||
130 | 132 | 132 | 143 | 150 | |||||||
26% | 100 | ||||||||||
26% | 23% | 24% | |||||||||
23% | 23% | 22% | 22% | 22% | 24% | 22% | 22% | 23% | 50 | ||
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 | 0 | ||||||||||
5
SOL GROUP | Figures
Sales progression, EBITDA and margin
Constant but measured investments | ||||||||||||||||||
% | ||||||||||||||||||
75 | 2,4 | |||||||||||||||||
Net Debt/EBITDA | ||||||||||||||||||
70 | ||||||||||||||||||
Capex/Sales (M&A excluded) | 2,1 | |||||||||||||||||
65 | ||||||||||||||||||
60 | 1,8 | |||||||||||||||||
55 | ||||||||||||||||||
1,6 | 1,6 | 1,5 | ||||||||||||||||
50 | 1,5 | 1,5 | ||||||||||||||||
1,3 | 1,4 | 1,4 | 1,5 | |||||||||||||||
45 | 1,3 | 1,2 | 1,2 | |||||||||||||||
40 | 1,1 | 1,2 | ||||||||||||||||
35 | 1,0 | |||||||||||||||||
30 | 0,9 | |||||||||||||||||
25 | 21% | 21% | ||||||||||||||||
20 | 17% | 18% | ||||||||||||||||
16% | 16% | 16% | 16% | 14% | 16% | 16% | 0,6 | |||||||||||
15 | 12% | 12% | ||||||||||||||||
10 | 0,3 | |||||||||||||||||
5 | ||||||||||||||||||
0 | 0,0 | |||||||||||||||||
2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | ||||||
Maintaining Returns - ROCE [%]
20 | 15,1% | 14,9% 15,9% | ||||||||||
15 | ||||||||||||
10,7% | 9,2% | 9,9% | 10,0% | |||||||||
8,8% | ||||||||||||
10 | 12,9% | |||||||||||
9,5% | 10,8% | 11,1% | ||||||||||
5 | 9,6% | |||||||||||
02011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
Growing our dividend - DPS [c€]
40 | 37,0 | |||||||||||||
35 | ||||||||||||||
33,0 | ||||||||||||||
30 | ||||||||||||||
24,0 | ||||||||||||||
25 | ||||||||||||||
17,5 | ||||||||||||||
20 | 15,0 | |||||||||||||
15 | 10,0 | 10,0 12,0 | 22,0 | |||||||||||
6,1 | 6,7 | 8,1 | 8,4 | 17,5 | ||||||||||
10 | 3,9 | 5,4 | 15,0 | |||||||||||
5 | 9,5 | 10,0 | 11,0 | |||||||||||
4,7 | 5,4 | 6,1 | 6,7 | 6,8 | 8,1 | |||||||||
0 | ||||||||||||||
1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 | ||||||||||||||
6
SOL GROUP | Sized opportunities despite difficult contexts
Mergers and acquisitions
IRELAND - TG | |
Over | REINFORCEMENT of presence |
through POLAR ICE (dry ice) | |
120 M€ | |
of JV / partnerships | |
in 2022/23 | FRANCE - HC |
REINFORCEMENT through
MIDIPERF (nutrition)
ITALY - HC
DIVERSIFICATION through
ITOP (2022) and COF (2023) (orthosis and prosthesis)
GERMANY - TG & HC
REINFORCEMENT of presence through PROFI GESUNDHEITS - SERVICE in HC and
WONSAK KOHLENSAURE in TG
POLAND - HC
REINFORCEMENT of presence through MAGNUS (mechanical ventilation)
INDIA - TG
DIVERSIFICATION through
GREECE - HC | |
ECUADOR & PERU - TG | REINFORCEMENT of presence |
INTERNATIONALISATION through | through ANAPNOI IKE |
SWISSGAS DEL ECUADOR (Ecuador) | BRAZIL - HC |
ICP (Peru) | |
DIVERSIFICATION | |
through BLA and JML | |
(transitory hospitals) |
BHORUKA and presence REINFORCEMENT through GREEN ASU (first 100% renewable plant)
2023 Data
7
SOL GROUP | Our plans for the future
Our six pillars
Growing and constantly | Getting enriched by the diversity |
evolving | of business, people, countries |
Digitalisation as part of the | Sustainability as integrated part |
of the daily activities, to be built | |
development in every field | |
day by day | |
Finding new opportunities
and challenges in
un-expected scenarios
Human factor as key point for the Group development
8
The world of
Sustainability
SOL GROUP | Sustainability
Governance & People
SOL GROUP BOARD | 41% | |
6 | of WOMEN | |
MEN |
5
WOMEN
Independence: 5/11 non-family and not executive members.
Continuity: 4/11 have more than 10 years of service in the group.
Renewal: 4/11 have less than 5 years of service in the group.
PERSONNEL COMPOSITION | 15% | |||
26% | ||||
Under 30 | ||||
59% | Over 50 | |||
6.372 | 6.372 | 30% | ||
of MEN | ||||
People | 29% | People | 30-40 | |
years old | ||||
41-50 | ||||
years old |
NEW ENTRIES
51% | 1.344 | 49% |
of WOMEN | New entries | of MEN |
in 2023 |
2023 Data
10
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Disclaimer
SOL S.p.A. published this content on 15 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 May 2024 15:41:06 UTC.