A RECORD YEAR: ALL-TIME HIGH EBITDA, CASH GENERATION AND ROCE NEW NEXANS MODEL POWERING PERFORMANCE AND RESILIENCE
+12.9% organic growth compared to 2021 in Electrification businesses, driven by value
Continued deployment of Nexans’ Electrification Pure Player strategic roadmap
Centelsa integration ahead of plan, one acquisition announced in Electrification segments and proposed divestment of Telecom Systems activity
Amplify & SHIFT Prime programs accelerating structural growth in Electrification businesses through more innovation and services, adding 67 million euros to EBITDA
Record high quality and healthy 3.5 billion euros adjusted Generation & Transmission backlog1, up 51% versus end-December 2021, pulled by the Celtic Interconnector project
Investment in Halden high-voltage plant capacity extension on-track
Robust balance sheet with a net debt at 182 million euros and enhanced liquidity supporting Nexans’ strategic ambition
Proposed dividend of 2.10euros per share in respect of 2022, a rise of +75% from 2021
Accelerated decarbonation: GHG emissions down -28% vs 2019, ahead of the SBTi targets
Full-year 2023 Guidance released:
EBITDA range of 570-630 million euros
Normalized Free Cash Flow between 150 and 250 million euros
Paris, February15th, 2023 – Today, Nexans published its financial statements for the full-year 2022, as approved by the Board of Directors at its meeting on February 14th, 2023 chaired by Jean Mouton.
Commenting on the Group’s performance, Christopher Guérin, Nexans’ Chief Executive Officer, said: “I am pleased to report that the first year of our "Winds of change" strategic roadmap has been achieved, in full and on time. We are marking the announcement of today’s result with a record financial year in the history of the Group and I want to thank every Nexans employee who has made this possible.
We were, yet again, proven right in reaffirming our choice: “Striving to champion a global sustainable electrification”. As global grid investments soar, our Electrification businesses are up +12.9% organically, with record EBITDA performance, and all-time high adjusted Generation & Transmission backlog. Our commitment to sustainability has also paid off, with a -28% reduction in carbon emissions since 2019 confirming that it is possible to achieve financial performance while reducing our environmental impact.
Throughout the year, we have launched and scaled-up new products and services offerings that meet the evolving needs of our customers, and improved our customer experience. The SHIFT Prime program has not only helped us achieve our financial performance, but has also positioned us for continued structural growth in the years to come.
We also made substantial progresses in the rotation of our portfolio, with the announced acquisition of REKA Cables2, and our exclusive negotiations for the sale of our Telecom Systems business to Syntagma Capital.
Over the past four years, we have delivered, on time and in full, on all of our commitments, starting from our unique vision, flawless execution, powered by our unique E3 model to reconcile and combine economic performance with environmental efficiency while strengthening the engagement of our teams.
Looking ahead, we remain focused on executing our strategic plan and fully committed to contribute to enabling energy transition. We are determined to continue to deliver strong financial performance in an ever-changing business environment and to creating long-term value for our stakeholders.”
For over a century, Nexans has played a crucial role in the electrification of the planet and is committed to electrifying the future. With around 28,000 people in 42 countries, the Group is leading the charge to the new world of electrification: safe, sustainable, renewable, decarbonized and accessible to everyone. In 2022, Nexans generated 6.7 billion euros in standard sales. The Group is a leader in the design and manufacturing of cable systems and services across five main business areas: Power Generation & Transmission, Distribution, Usages, Industry & Solutions and Telecom & Data. Nexans was the first company in its industry to create a Foundation supporting sustainable initiatives bringing access to energy to disadvantaged communities worldwide. The Group pledged to contribute to carbon neutrality by 2030.
Nexans. Electrify the future.
Nexans is listed on Euronext Paris, compartment A. For more information, please visit www.nexans.com
Communication Emmanuel Guinot emmanuel.guinot@nexans.com
NB: Any discrepancies are due to rounding
This press release contains forward-looking statements which are subject to various expected or unexpected risks and uncertainties that could have a material impact on the Company’s future performance.
Readers are invited to visit the Group’s website where they can view and download the 2022Universal Registration Document, which includes a description of the Group’s risk factors.
1 Adjusted Generation & Transmission backlog including contracts secured but not yet enforced. 2 Subject to regulatory approval. 3 Standard copper price of €5,000/ton.
