DJ GEVELOT S.A.: PRESS RELEASE CLOSING OF 2023 ACCOUNTS
GEVELOT S.A.
GEVELOT S.A.: PRESS RELEASE CLOSING OF 2023 ACCOUNTS
24-Apr-2024 / 17:37 CET/CEST
Dissemination of a French Regulatory News, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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The Board of Directors met on 23 April 2024 to approve the Company's financial statements in accordance with French
accounting rules and principles and the consolidated accounts for 2023 prepared in accordance with International
Accounting Standards, after obtaining confirmation by the Auditors that the audit procedures had been carried out and
that certification reports were being issued.
Consolidated Accounts
FY 2023 FY 2022
(in millions of euros)
Turnover 151.2 135.4
Current operating income 14.7 12.1
Operating income 12.8 11.9
Financial Income (Loss) 4.0 -2.3
Pre - tax Income of Consolidated Companies 16.8 9.6
Taxes -3.2 -1.3
Share of income from equity-method companies 0.1 0.2
Net Consolidated Income 13.7 8.5
Income attributable to non-controlling interests 0.4 0.5
Income attributable to Consolidating Company 13.3 8.0
Consolidated turnover for 2023 mainly comes from the Pumps Sector. The other sector covers the real estate activity of the Holding company, amounting to EUR151.2 million against EUR135.4 million in 2022, increase of 11.7%. At constant exchange rates, the increase is 15.1% mainly due to the evolution of North American currencies.
The 2023 financial year has been characterized by consistent growth globally, with particularly strong performance in the Energy and Industry sectors.
The Group's consolidated operating income in 2023 amounted to a profit of EUR14.7 million against EUR12.1 million in 2022, i.e. an increase of EUR2.6 million.
The increasing Pumps Sector's contribution is positive for EUR16.0 million (EUR12.9 million positive in 2022). As in the previous year, it includes EUR5.4 million in royalties on a licence agreement that will expire in June 2024.
The growth in activity (+12 %) explains this performance, which was nevertheless impacted by a less favorable product mix affecting the operating margin as well as by the increase in structural charges.
The contribution of the Holding's real estate activity is negative by EUR1.3 million, also negative at EUR0.8 million
last year.
Operating income was positive at EUR12.8 million against EUR11.9 million in 2022, increase of EUR0.9 million.
The financial result was positive EUR4.0 million against negative EUR2.3 million in 2022, this increase can be explained notably by the rise in interest rates on term accounts and by a reversal of depreciation of + EUR1.1 million.
In 2023, net charges of consolidated tax totalled EUR3.2 million against EUR1.3 million in 2022.
The share in the results of companies accounted by the equity method was positive at EUR0.1 million.
Consolidated net income for 2023 activities amounted to EUR13.7 million against EUR8.5 million in 2022.
Ultimately, the net profit attributable to Gévelot, the consolidating company, for 2023 amounted to
a EUR13.3 million in profit against a profit of EUR8.0 million in 2022.
The cash flow from operations, remains positive: EUR21.4 million against EUR13.3 million in 2022.
The consolidated net financial structure is positive and amounted to EUR119.3 million, slightly down compared to 2022.
Regarding Gévelot SA, the Group's Holding company, turnover for 2023 consisting of rents and services, amounted to EUR1.0 million, against EUR0.97 million in 2022, increase due to the rental yield of the recent commercial real estate acquisition.
Gévelot SA operating income remained negative: EUR1.4 million against a loss of EUR1.0 million in 2022.
The financial result showed a EUR5.8 million profit against a loss of EUR0.2 million in 2022. It consists mainly of a dividend of EUR2.3 million received in 2023 from PCM SA (EUR1,5 million in 2022), net financial income of EUR3.6 million (-EUR1.7 million in 2022). This significant increase in net financial income is explained by the rise in interest rates on investments, as well as by a reversal of depreciation of EUR1.1 million in 2023 compared to a provision of EUR2.1 million recorded in 2022.
Extraordinary income was negative by EUR 1.64 million against EUR0,02 million negative in 2022, mainly due to a depreciation of EUR1.52 million on the office building acquired in 2022 in Levallois-Perret. This is explained by the significant increase in capitalization rates, which led us to depreciate our asset as part of a prudent valuation approach in line with the current state of the real estate market.
In the absence of its own tax, and after EUR697K of tax savings related to the tax integration scheme, Gévelot S.A.'s net corporate income in 2023 showed a profit at EUR3.5 million compared to a negative EUR0.6 million in 2022.
Our Group maintains its strong commercial and industrial development strategy, requiring significant financial resources, but capable of generating greater profitability in the medium to long term.
Despite an unstable environment for several years, our solid financial structure enables us to persevere in the development of our strategy for the years to come.
The Combined General Meeting of Shareholders, which will meet on Thursday, 6 June 2024, will be proposed the distribution of a dividend of 5 euros per share.
Information available on our website: www.gevelot-sa.fr
Website: www.gevelot-sa.fr
Listing on Euronext Growth: ALGEV - ISIN: FR0000033888
Contact Next press release:
contact@gevelot-sa.fr Combined General Meeting of June 6, 2024
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Regulatory filing PDF file File: GEVELOT SA PRESS RELEASE CLOSING OF 2023 ACCOUNTS
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Language: English
Company: GEVELOT S.A.
6 Boulevard Bineau
92300 LEVALLOIS-PERRET
France
Phone: +33 1 77 68 31 03
Fax: +33 1 77 68 31 05
E-mail: contact@gevelot-sa.fr
Internet: www.gevelot.fr
ISIN: FR0000033888
Euronext Ticker: ALGEV
AMF Category: Inside information / News release on accounts, results
EQS News ID: 1888707
End of Announcement EQS News Service
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1888707 24-Apr-2024 CET/CEST
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