A successful four year for Angelini Industries: 2023 results
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Letter from the CEO
With the approval of the 2023 consolidated financial statements, a cycle of four very positive financial years for the Group has come to a close. Indeed, the results illustrated in this report show an uninterrupted trajectory of growth, the result of a strategic vision, significant investments made in the four-year period, approximately 800 million euros, and the ability of Angelini Industries to respond with great resilience to the external factors that influenced the macroeconomic context with unprecedented magnitude.
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Record-breaking 2023 for Angelini Industries
Revenues stand at 2.1 billion euros, marking a new record for the Group, with a +7.6% increase cutting across all business segments compared to 2022. Even more significant is the increase in the margins, which have already improved notably on the previous year.
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EBITDA increased in 2023 by 19.2% to 303 million euros, while earnings before interest and tax (EBIT) more than doubled to 91.2 million, compared to 39.3 in 2022. The brilliant performance in the operating results not only offset the higher impact of costs for raw materials, due to the pronounced inflationary trend that characterized the markets in 2023, but also the lower, albeit satisfactory, contribution of the financial income and charges. As a matter of fact, the pre-tax result jumped by over 48% to 136 million, also driving net profit upward to 98 million euros. This growth, compared to 80 million in 2022, is in spite of a decisive increase in taxes.
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The data show that the work to fully unfold Angelini Industries' potential, carried out over the last four years, is reaping the fruits of its labor.
The work is founded on a clear definition of our identity and on the focus of the Group's investments in several precise business areas, which we believe have a promising future.
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From this perspective, 2023 was particularly significant.
In Health, Angelini Pharma completed the launch of cenobamate, the innovative anti-epilepsy molecule for which it acquired marketing rights in 20 European countries in 2021. It is a goal that we feel very strongly about, because not only does it represent a project on an unprecedented scale for the Group, opening new European markets, but it has allowed us to reach over 100,000 patients, ensuring better living conditions for hundreds of thousands of families. We also renewed our commitment to brain health through an agreement between Angelini Pharma and the Japanese company JCR Pharmaceuticals to develop new organic drugs that act by penetrating the blood-brain barrier. The agreement grants Angelini Pharma the option for an exclusive license to develop and license highly innovative organic therapies to treat epilepsy and confirms Angelini Industries’ global investment strategy in the pharmaceutical sector.
With Angelini Ventures, our venture capital fund created in 2022, we are investing in biotech. Our commitment is to contribute to designing the care models of the future, which prioritize patients and their needs. To date, Angelini Ventures has allocated one-third of its funds worth 300 million euros to over 15 high-impact projects, including thanks to a global team covering all markets with the most potential for innovation and research.
In Industrial Technology, Angelini Technologies continues to develop the new robotics and automation business area, with applications prevalently in the logistics of organized distribution and e-commerce, a sector seeing robust and continuous growth worldwide. As a matter of fact, alongside precision mechanics, Industrial Technology is a global sector in which Italy has always been excellent. We are convinced that, as a Group and as a corporate system, we can effectively contribute to strengthening this leadership. In this context, we will strive over the coming years to considerably increase the turnover of Angelini Technologies by also enhancing the traditional business linked to the creation of industrial machinery in the Hygiene sector (so-called “Converting”).
Finally, I would like to mention Fater, our joint venture with P&G, which operates in the fast-moving consumer goods market and continues to carve out a successful story of excellent management. This feat is even more significant if we consider the falling demographic trends and increasing costs of raw materials of recent years. This coverage of relevant market segments not only grants solidity to the Group, but allows us to maintain essential production plants in Italy, a source of development for the territory and confirmation of our industrial vocation dating back over one hundred years.
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Looking forward to an even brighter and more ambitious tomorrow
Even as we navigate through continuous changes and increasingly demanding challenges in our current historical period, I want to conclude these brief remarks by expressing my profound confidence in the future. Creating a brighter tomorrow is the Vision of Angelini Industries, a responsibility that shapes our efforts from the outset and motivates us to grow, innovate, and face every obstacle with determination and resilience. I look to future goals, knowing our values, constant commitment, and dedication will lead us to greater heights.