General | 1 de marzo de 2024 - 13:17 GAM continues its double-digit growth trajectory in 2023, increasing profits by 15% Business growth is accompanied by profitability, with EBITDA at 73.7 million euros (+26%) and EBIT at 23.2 million euros (+8%). Renting/outsourcing (recurring long-term rental business) takes a significant position in the company’s total revenue, providing stability and recurrence in revenue generation. Reviver, the machinery refurbishment plant, will contribute to substantially reducing the company’s annual CAPEX needs. Oviedo, 29 February2024 – GAM, a Spanish multinational company listed on the BME (GAM), providing comprehensive solutions and services to industry, has achieved record-breaking results at the close of the 2023 financial year, reaffirming its commitment to growth and consolidation in the market as a leading operator. During this period, the multinational experienced 26% growth in sales and EBITDA profitability compared to 2022, achieving turnover of 280.9 million euros, compared to 223.2 million euros last year. It also maintained strong financial management, reflected in a leverage ratio (net financial debt/EBITDA) of 3.4x, demonstrating its commitment to stability and sustainable growth. Despite an environment still marked by inflation and rising interest rates, EBITDA was 73.7 million euros, while EBIT remained at 8% of sales, totalling 23.2 million euros. Net profit was 9 million euros, compared to the 7.9 million earned in 2022. Balanced diversification across three business segments All business lines experience double-digit growth in 2023. The renting/outsourcing business assumes a significant position in the company’s total revenue, accounting for 25% of overall business and recording a remarkable 42% increase, resulting in revenue of 68.9 million euros. The distribution and after-sales businesses constitute 37% of the total business, growing by 25% and generating total revenue of 105.1 million euros. Finally, the short-term rental and services business grew by 18%, to 106.9 million euros and represents 38% of total revenue. International growth In 2023, the multinational company maintained its double-digit growth trajectory in all businesses and markets in which it operates. Analysing the growth in the markets it serves (Portugal, Latin America, Morocco and Saudi Arabia), the figures show a reduced weight on the Iberian Peninsula in favour of other geographies, where higher growth rates are being recorded, presenting growing opportunities and better returns for GAM. During this year, the company acquired two significant machinery sector companies with the aim of expanding its business and establishing a firm presence in two markets: Mexico and Spain. OZMAQ, a Mexican family-owned company based in San Luis Potosí, the country’s logistics hub, provides recurring services to customers in the automotive and manufacturing industries, among others. It is a distributor of Clark, a globally renowned manufacturer, and has a workforce of over 100 employees, more than 50% of whom are technicians with extensive knowledge of the sector and proven experience. The other company that GAM has added to its group is Carretillas Mayor, a Spanish company with extensive experience specialising in rental and maintenance services for all types of handling equipment, lifting machinery and AGVs. The company employs over 200 professionals, mostly specialist technicians, and has a machinery fleet of over 3,000 units. Reviver as a turning point in the industry One of the most-notable events for GAM in 2023 was the launch of Reviver, which, with a total area of 200,000 m2, is the largest machinery re-manufacturing plant in Europe. Reviver will substantially reduce the company’s annual CAPEX needs, giving a second life to machines in GAM’s fleet. Strategic investments in acquisitions have enabled GAM to strengthen its position in the market by incorporating companies with technical and commercial know-how, a significant customer portfolio and the opportunity to capture synergies and improve returns and efficiency. Investments in machinery also contribute to GAM having a portfolio of agreements (renting/outsourcing business) that will generate over 240 million euros in revenue in the coming years. About GAM GAM is a Spanish multinational corporation listed on the stock exchange (BME: GAM) that was founded in 2003 in Asturias. It provides comprehensive solutions for industry, including machinery rental, maintenance and distribution, along with a range of services associated with the sector. It currently operates in nine countries: Spain, Portugal, Morocco, Saudi Arabia, Colombia, Mexico, Chile, Peru and the Dominican Republic. It has 80 branches, 11 business lines and more than 40,000 machines, with a managed park valued at 650 million euros. Along with new and used machinery, GAM offers related services, such as specialist training for the sector, through Kirleo. It also offers sustainable mobility services through Inquieto, with comprehensive solutions for last-mile delivery. The company also has an Audiovisual line, which offers a single-supplier solution for audiovisual equipment technical design and rental and assembly of structures and energy solutions. Reviver is the largest machinery re-manufacturing plant in Europe, covering an area of 200,000 m2. With Reviver, GAM will reintroduce around 3,000 machines to the market every year, in Spain and across Europe, through machinery refurbishment and recycling by-products useful in other industries. These facilities will also contribute to job creation and the re-population of Spain’s depopulated areas. GAM provides its services to more than 70,000 customers worldwide and employs over 1,800 people through a robust distribution network consisting of 350 mobile workshops.
