To ensure like-for-like comparability of financial performance following the acquisition of Scan Global Logistics by CVC Funds on 23 May 2023, the Group presented Pro Forma Interim Financial Results comprising financial statements for the period 1 January 2023 to 31 December 2023, including comparative period, as if no transaction had occurred.
For SGL Group, the full year revenue was €2,022m compared to €3,332m in 2022; a decrease of 39%, primarily driven by lower freight rates and lower volumes; both in line with expectations and current market conditions.
2023 gross profit amounted to €469m, on par with 2022. Gross margin amounted to 23.2%, compared to 14.1% in 2022.
While both revenue and gross profit in Q4 are slightly lower than the first three quarters of 2023, gross profit for the full year 2023 is on par with the same period last year. Despite top-line decline, in particular, non- cyclical industries like aid & relief, pharma, food & additives combined with several significant projects within certain complex industries and solid Ocean activities has contributed to the resilient Gross Profit of 2023. However, this was offset by the slowdown on the Trans-Pacific trade impacting both Asia and North America.
EBITDA Before special items amounted to €193m for the full year of 2023, a decline of 9% from €211m in 2022. EBITDA Before Special Items Margin reached 9.5% in 2023; an increase of 3.2%-point compared to 6.3% in 2022.
SGL Group – Reported Interim Financial Results
SGL Group’s reported financial results comprise financial statements for the period 1 January 2023 to 31 December 2023, but only including the operational activities of Scan Global Logistics as of closing of the acquisition of Scan Global Logistics 23 May 2023.
2023 Revenue amounted to €1,162m with gross profit of €269m and a gross margin of 23.1%. In 2023, the Group delivered solid results through its resilient business model and displayed gross profit resilience through-out 2023, driven by a growing customer base, higher share of wallet and the utilisation of the dynamics of the mix in the business with highly diversified end-markets.
Gross profit is further driven by solid Ocean activities combined with increased focus on complex projects. However, offset by the slowdown on the Trans- Pacific trade impacting both Asia and North America, which resulted in an EBITDA Before Special Items of EUR 102m; EBITDA before special items margin of 8.8%.
Source: Scan Global Logistics
