In Q4'23, consolidated sales revenues amounted to PLN 182mn and were in line with our estimates and consensus. Sales of melting furnaces surprised positively in Q4'23, with sales of CAP AP and vacuum furnaces slightly weaker than we expected.
EBITDA in Q4'23 turned out to be 30% above our estimates and 15% above consensus. Management costs turned out to be significantly lower than we had anticipated.
In Q4'23, cash flow from operations came as a strong positive surprise. As a result, year-end net debt was only PLN 13mn vs. our estimate of PLN 36mn. We also find a positive surprise at the level of the order backlog, which significantly exceeded our expectations and provides a strong basis for improved performance throughout 2024. At the same time, the Management Board is recommending a dividend of PLN 1.00 per share. The record date will be June 18, 2024, while the dividend payment date will be June 28, 2024. The recommendation is in line with our estimates.
