Key figures	2023	2022	Difference
Revenue	€283m	€283m	-
Operating result	€22.0m	€21.8m	1%
Net result for shareholders	€15.7m	€15.9m	-1%
ROI	14.2%	19.1%	-26%
Earnings per share	€12.11	€12.31	-2%
Solvency ratio	42.6%	35.8%	19%

Industrial Systems

Revenue at Industrial Systems increased by 3% in 2023 to €162 million. Within this segment, the poultry market made a considerable contribution to the increase in revenue, while pipe extrusion systems made a significant contribution. Handling systems posted a strong drop in revenue. The gross margin increased, including as a percentage of revenue, as the increased raw material prices were passed on more efficiently. Operating costs showed a limited increase, which put Industrial Systems’ operating result at €24.6 million. This is considerably higher than in 2022 (€17.2 million).

Hightech Components

At €121 million, revenue posted by Hightech Components was 4% lower than in 2022. Revenue in the mobility and health markets showed a limited increase, while it remained stable in the food market. The remaining markets saw a significant drop in revenue. The gross margin as a percentage remained at the same level as in 2022. One-off costs related to the planned closure of the Hellevoetsluis site and the shutdown of our operations in Germany had a negative impact on the result. The one-off costs and lower revenue mean that Hightech Components’ operating result was €0.7 million negative, compared with a positive operating result of €7.8 million last year. Corrected for this, the operating result for 2023 would be €5.5 million.

Bart Aangenendt (CEO) on last year:

“Looking back at 2023, we can see that Hydratec Industries achieved a fine result despite the challenging circumstances. A number of drastic measures proved necessary, especially at Hightech Components, in order to strengthen our competitiveness. Without these necessary one-off costs, the operating result would have increased by more than 25% with the same revenue. Looking ahead, Hydratec Industries no longer needs to be listed for us to develop. An agreement was therefore reached with Ten Cate Investeringsmaatschappij in January 2024 on a recommended public bid, with the aim of delisting the company.”

2023 Annual Report

Hydratec Industries will publish its 2023 Annual Report after the close of trading on Wednesday 6 March 2024. The audit has not yet been fully completed.

Meeting of Shareholders

This year’s General Meeting of Shareholders will be held on 25 April 2024 in Amersfoort.

Proposed dividend

Earnings per share in 2023 amounted to €12.11 (2022: €12.31). On 18 January, a recommended public bid for Hydratec’s share of €142.50 cum dividend was made. It is therefore proposed to the General Meeting of Shareholders not to pay dividends for the 2023 financial year. The net result for 2023 will be added to the other reserves.

Expectations for the 2024 financial year

Hydratec Industries started 2024 with a sound order book. The market position of the companies, each in its own niche, is as strong as ever. Geopolitical uncertainty remains, partly because of the situation in Ukraine. We do not expect any changes in our personnel, investment and financing policies in 2024. However, in view of macroeconomic developments such as volatile exchange rates, trade restrictions, supply chain uncertainties and rising inflation, it is not possible to make any concrete statements about 2024.

Bart Aangenendt

CEO

 

Hydratec Industries is listed on the Euronext Amsterdam NV stock exchange (ISIN NL0009391242, ticker: HYDRA.)