Titan Holdings I B.V., a leading supplier of rigid metal packaging solutions, has reported its financial results for the year ended December 31, 2023. The company's revenue for the period stood at €2,408 million, down from €2,675 million in the previous year. This decline in revenue is reflected in a decrease in gross profit, from €462 million in 2022 to €417 million in 2023.
Operating profit also saw a significant decrease, dropping from €280 million in 2022 to €238 million in 2023. The company's finance expenses increased notably, reaching €161 million in 2023 compared to €94 million in 2022.
Despite the decrease in revenue and operating profit, the company's cash and cash equivalents increased to €342 million in 2023, up from €257 million in 2022. However, the company's total assets decreased from €3,535 million in 2022 to €3,387 million in 2023.
In terms of equity, Titan Holdings I B.V. reported a decrease from €661 million in 2022 to €298 million in 2023. This change in equity can be attributed to various factors, including dividend distributions and other comprehensive income for the period.
The company also highlighted notable events in its operations, including its Russian operations, debt issuance, and considerations regarding climate change risks.
Today the company's shares have moved 1.5% to a price of $55.07. For more information, read the company's full 8-K submission here.
