Our 2023 review

2023 has been a year where we have been able to bring about real, positive change. From offering technology that makes our customers more profitable and sustainable to creating insight and improvements through digitalization and from introducing production technology to support the growth in aluminum to creating better workplaces for our customers’ employees.

We commit to reduce absolute scope 1 and 2 Greenhouse gas emissions 50.4% by 2032 from a 2021 base year and in April 2023 we have achieved a absolute reduction of 6,2%.

Our scope 3 goal is that 70% of our customers by emissions covering use of sold products, will have science-based targets by 2027. In April 2023 we have reached 19,1%, and we continue to work towards our goals. 

Norican Group performed strongly in 2023 delivering revenues of €513.3m (-1%) and EBITDA of €82.0m (+22%). We continue to grow our EBITDA margin, ending the year at 16.0% (+300 basis points), exceeding pre-COVID19 levels.

Operating cashflow ended at a healthy €56.1m, reflecting the significant increase in net income, with demand for working capital a lower rate than 2022 as levels of backlog normalized. Norican has continued its disciplined approach to preserve liquidity and improve cash conversion, and our liquidity position remained strong throughout 2023.

A testament to prudent management and significant cash generation in recent years, Norican successfully refinanced its debt in February 2023, redeeming the €340m bond and replacing it with €270m of new term loans, despite significant headwind in the financial markets. The combination of an improving EBITDA, and the ability to generate cash through the economic cycles, has enabled Norican to reduce its debt and create a solid foundation for Norican going forward.

Norican remains committed to waste reduction and recycling. In 2023, our global lean manufacturing efforts reduced waste, with two Chinese sites rewarding lean practices. Enhanced food waste avoidance and sustainable initiatives were implemented at various locations, including Taastrup HQ. Over 100 electronic items were recycled in Altrincham, and post-pandemic GIFA planning focused on waste reduction. Warehouse consolidation further optimized space efficiency

Excited to hear more? Download our 2023 review below for more information about our past, present and future process.