Cogne’s shareholders have approved its 2021 Financial Statement: for the company a turnover of more than €645 million
During Cogne Acciai Speciali’s shareholders meeting, the Group’s 2021 Financial Statements have approved, with record revenues of €645 million, up by 42% compared to the 2020 fiscal year, of which the Cogne Aosta accounts for 90%. The increase in turnover is attributable to two elements: on the one hand the volume effect (related to a 25% increase in tons of steel sold) and on the other hand the price effect (up by +16%) attributable to the trend in the prices of the main raw materials. The year 2021 ended with a net profit of €42 501 million.
The year of 2021 marks an important moment for Cogne Acciai Speciali (CAS) - states CEO Eugenio Marzorati: “A year characterized by a strong recovery in the reference sectors. After the slowdown in 2020 linked to the most critical moments of the pandemic, the demand for special steels and nickel alloys has been remarkable and the company has been able to meet the demand with a more structured production considering the specifications of an increasingly demanding market. These are important results that the company has achieved thanks to the commitment of all its employees, whom are the greatest strength and added value for Cogne.
To be able to face the future evolution of the demand for iron and steel products, and therefore looking deeply into the future, the Shareholders' Assembly also deliberated a 3-year investment plan, in the conviction of the need for a wide-ranging planning in order to continue the sustainable development that is marking the company's productive and economic path. Cogne Acciai Speciali's 2022/2024 investment plan is worth more than €113 million, of which approximately €35 million are dedicated solely to safety and sustainability.
Still on the theme investment, 2021 was also a significant year: more than €20 million were allocated to the purchase of new machinery and equipments (45% of the total), environment and safety (24% of the total), as well as new ICT technologies and strategic developments.
According to General Manager of Cogne Acciai Speciali, Monica Pirovano, “the achievement of the objectives we set ourselves last year translated into an EBITDA of over €85.7 million euros, equivalent to 13% of turnover, a figure that reflects the company’s ability to manage the fluctuation of raw material prices, with a careful and efficient administration of supplies, mitigating the negative impacts of general market trends. The best EBITDA in the last 30 years. Additionally, during 2021, also with the structuring of a vaccination campaign done internally by the company, we have continued the interventions in favor of safety and health of our workers, investing in new technologies to meet the regulatory requirements to monitor the Covid-19 pandemic.
Ms. Pirovano also mentioned that producing steel in a safe, reliable, and sustainable manner is one of the principles that guide the Group's decisions, recording a trend in accident frequency and seriousness indices that place the company below the national average for steel plants. She says: “Attention to the safety of people working in Cogne is a priority for us. It is following that objective that we offered an increased number of individual trainings to all our employees last year”.
With respect to human resources, in the year 2021, the Cogne Group recorded an overall net increase of 132 people, going from a workforce of 1305 to one of 1437. Another figure that testifies to the development path that the company is following.
Following the proposal of Cogne Acciai Speciali’s President, engineer Giuseppe Marzorati, after the approval of 2021 Financial Statements, the shareholders in assembly decided not to distribute profits, but instead to retain earnings in support of its investment plan.
May 5th, 2022
Press Office Cogne Acciai Speciali
ufficiostampa@cogne.com
