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But be careful: the 6 million are intended to finance initiatives already in place, namely research and development activities (which currently focus on the “multi-layered tissue”, that is, real fabrics made of paper, among other things, giant Smurfit Kappa), the completion of the expansion of the central production site in Cologno Al Serio, the purchase of new machinery and the start-up of production in the Portuguese joint venture. However, it should be emphasized that the creation of a new European network of production sites will be carried out gradually and in a collaborative way, therefore requiring a financial commitment from Grifal that is not overly burdensome.
In any case, bond interest and additional investments will burden the financial management balance, so the Group will continue to optimize the intermediate profit margin. In 2023, with a slight increase in revenue, EBITDA will increase by 27.8% to 5.6 million euros, EBIT will increase by 66.6% to 2.17 million euros, and net profit will more than double from 432,000 euros to 887,000 euros. This is due to a 12.3% decrease in raw material costs to 15.3 million euros, while service costs will increase by 7.1% to 10.8 million euros and labor costs will increase by 8.7% to 10.1 million euros.
The group has increased its headcount from 165 to 175 and will pay employees a performance bonus of 1,915 euros starting in March 2024.The EBITDA margin in the packaging sector is 14.3% in 2023, up 19.9% to 4.9 million, and in the machinery sector it reaches 19.6% to 0.7 million.
Promotion of cArtù
After recording the raw material and energy shocks that will (hopefully finally) affect 2022, the challenge for Grifal now is the national and international promotion of cArtù as an alternative not only to traditional corrugated cardboard but also to polystyrene and other packaging plastics, following the approval of the new EU packaging regulation by the EU legislature in its last session before the end of April. However, it still has to be approved by the European Council and will therefore come into force at the end of this year.
The obligation to reduce plastic packaging will be particularly strict, a maximum empty percentage of 50% has been set to limit waste (which Grifal products comply with), which will apply to multipackaging as well as to transport and trade electronic products. But most importantly, all packaging (with some limited exceptions) must be recyclable according to strict standards.
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