Margin growth already visible in Q4 2023 results Improved availability and lower prices of components (together with energy, they account for >50% of the costs) translate into an increase in margins on the production of meters.
The risk is the pressure on wage increases (30% of costs) resulting from inflation and supported by minimum wage regulations. We expect a gradual recovery of profitability resulting from: a) lower production costs, b) improvement in the revenue structure towards more profitable sales of meters.
R&D premium will improve profitability in 2023 The Management Board has announced that it will settle the R&D premium at the end of this year (we assumed that the amount of the premium will be similar to last year, approx. PLNm 2.5), which will reduce income tax for 2023. We forecast that this form of investment support will continue in the coming years
