Prosegur Cash proposes a dividend of 60 million after earning 33.3% less
Prosegur obtained a consolidated net profit of 66 million euros in 2023, a figure 1.3% higher than the previous year, when it earned 65 million euros, as the company reported this Thursday to the National Securities Market Commission ( CNMV).
The company has reported sales of 4,310 million euros in 2023, which represents an increase of 3.3% compared to the previous year, "breaking historical records despite the impact of the exchange rate", as the company has highlighted. in the presentation of their results.
Regarding the profitability of operations, Ebita stood at 280 million euros, 3.7% less compared to 2022, with a margin of 6.5%, while in terms of organic growth, Prosegur has achieved advance of its operations of 41.8%.
Regarding operating cash flow, this rose to 313 million euros in 2023, which represents an improvement of 8.7%, while the net financial debt at the end of the year reached 1,243 million euros.
The company has highlighted that this year a new ESG framework will be approved, with goals and initiatives updated to the challenges that the company will have to face during its new strategic plan, while at the same time it has estimated "good expectations" for growth, with Focus on operational efficiency that contributes to margin improvement and cash generation.
In this context, the company has highlighted that the "annual results show the good performance achieved", while evidencing "the solidity of the business model and Prosegur's ability to adapt to the changing macroeconomic environment."
He has also stressed that the balance of the '2021-2023 Master Plan' that is finalized is "positive, having promoted a process of cultural change throughout the organization, with impact on all business lines and support areas."
PROSEGUR CASH
For its part, Prosegur Cash recorded a consolidated net profit of 63 million euros in 2023, which represents a decrease of 33.3% compared to the profits of 94 million achieved in the same period of the previous year.
Likewise, the company achieved revenues of 1,861 million euros, 0.6% less, while Ebita reached 220 million euros, with a margin of 11.8%, which implies a decrease of 15.3% , affected "significantly" by the temporary impact of the currency in Latin America, a region that represents 60% of the company's total sales.
Cash generation maintained a "positive" evolution in 2023, so that the 'Free Cash Flow' stood at 120 million euros, while the company has highlighted "the good performance" of the 'New Products' that, Reaching a volume of 566 million euros, it already represented 30.4% of Prosegur Cash's total sales for this fiscal year that has just ended, a figure that increased to 33.5% in the fourth quarter.
By region, sales in Ibero-America rose to 1,125 million euros during fiscal year 2023, affected by a negative temporary impact of currencies; in Europe they increased by 23%, to 613 million euros, and in Asia-Pacific sales of 124 million euros were recorded, with a "solid" organic growth of 17%.
Regarding the Asian area, the company has highlighted the negative inorganic impact due to the change in the business consolidation methodology in Australia after the merger between Prosegur Cash and Armaguard Group.
In the presentation of its results to the CNMV, Prosegur Cash has submitted a dividend proposal for 2024 of 60 million euros, corresponding to the year 2023, which implies a 50% increase in the dividend and a 20% greater total remuneration to the shareholder with respect to the previous year.
For its part, Prosegur Security, the surveillance and technology business, experienced sales growth of 8% in 2023 compared to the same period of the previous year to reach 2,178 million euros.
Regarding alarm activity, it generated 163,400 new registrations in 2023 and, together, Prosegur Alarms and Movistar Prosegur Alarmas already exceeded 870,000 connections at the end of the year, which represents an increase of 8%, reaching joint revenues of 166 million euros, with an organic growth of 72.9%.
Finally, AVOS Tech, a company that is dedicated to improving business processes through solutions developed in its own software factory, recorded sales of 90 million euros, 4.8% more than in the same period as the previous year. , while Cipher, the cybersecurity unit, achieved sales of 15 million euros in 2023.
