LOTTE ENERGY MATERIALS, 'I2S' Product, High-End Elecfoil with High Elongation and High Tensile Strength Hybrid Properties
■ LOTTE ENERGY MATERIALS announced provisional business performance results of consolidated sales of KRW 809 billion and operating profit of KRW 12 billion in 2023 … Breaking record in sales.
■ CEO Kim Yeon-seop plans to personally present the business performance as a presenter at a corporate briefing session on February 2 and explain business performance and management strategy for this year.
■ 'This year, at a time when the secondary battery materials market is rapidly changing, LOTTE ENERGY MATERIALS will create profitability and corporate value with overwhelming technology and innovative activities.'
LOTTE ENERGY MATERIALS (CEO Kim Yeon-seop) announced provisional performance of consolidated sales of KRW 809 billion and operating profit of KRW 12 billion in 2023. Sales increased by 11% compared to the previous year, breaking the all-time high. Operating profit recorded 12 billion won, an 86% decrease from the previous year.
Last year, cash and cash equivalents decreased by 27.5% from the previous year to KRW 675 billion due to expansion of Plants 5 and 6 in Malaysia and repayment of convertible bonds following incorporation into Lotte Group, but the Company's debt ratio was 21.6%, maintaining sound financial stability.
Consolidated sales and operating profit in the fourth quarter reached KRW 229.5 billion and KRW 1.3 billion, respectively. Compared to the previous year, sales increased by 34%, and operating profit decreased by 91%. The slump in the electric vehicle industry and the decline in unit prices due to product oversupply affected profitability.
LOTTE ENERGY MATERIALS will hold a company briefing session for investors and the analysts of securities companies on February 2nd. In order to strengthen communication with investors, CEO Kim Yeon-seop will appear as a presenter at this company briefing session and will present last year's performance and explain this year's management strategy.
LOTTE ENERGY MATERIALS is pursuing corporate management innovation activities, and is continuing strategic investment activities to become a sustainable company. Last December, through three paid-in capital increases, the Company completed securing the fund to build a smart factory in Spain, its outpost in the European market. In addition, the Company is establishing a corporation in the United States, which is considered the largest market for electric vehicles, and is conducting a final review of candidate regions for a production plant.
LOTTE ENERGY MATERIALS said, “In 2024, while the market for secondary battery materials, such as electric vehicles and batteries, is rapidly changing, we will create profitability and corporate value through overwhelming technological prowess and all-round innovation activities for the Company’s sustainable growth.”
Meanwhile, LOTTE ENERGY MATERIALS decided to pay cash dividend of 200 won per share of common stock on settlement despite the difficult business environment. This is expected to be finally approved at the ordinary general meeting of shareholders in March.
