Investor relations, Press Release

Press Release: Holland Colours Results 2022/2023

Holland Colours Results 2022/2023


Financial year 2022/2023 was challenging for Holland Colours, and results were down significantly on the previous year.


Our financial year began shortly after the start of the war in Ukraine. This, plus the changes in consumption patterns and demand as our markets (except China) opened up following COVID-19, impacted our business. We were faced with a general climate of rising inflation and interest rates, customer destocking and increased caution. This had a negative effect on our sales volumes. We also faced increasing raw material prices, which we successfully mitigated by increasing our selling prices in an open and transparent manner. At the same time, we continued to deliver the strategic projects that will make us more resilient and more in tune with our customers and market developments going forward.


Holland Colours can report the following results for the 2022/2023 financial year:

  • 0.8% revenue increase on the previous financial year;
  • Operating result of € 7.3 millon versus € 13.6 million in the previous year;
  • Net result of € 5.9 million versus € 10.2 million in the previous year, while net earnings per share came in at € 6.82 versus € 11.83 the previous year;
  • Final dividend proposed of € 2.95 million (€ 3.41 per share).


Revenue for the 2022/2023 financial year was € 111.4 million, an increase of 0.8% on the previous year (€ 110.5 million). This included a positive impact (€ 6.2 million) arising from the translation from USD to EUR.


The EMEIA division (Europe, Middle East, India and Africa) saw a revenue decrease of 6.8%. Sales volumes fell, most notably in the second half of the financial year. The third quarter was especially weak, but we saw a slight recovery in Q4 of our financial year. Revenue in Asia was down by 9.2% in USD, primarily due to lower volumes. Despite lower volumes the Americas division saw revenues grow by 1.1% in USD, primarily due to higher average sales prices.


The net margin for the Group was € 48.5 million, a decrease of € 3.1 million on the year before. The margin as a percentage of revenue ended lower at 43.5%, versus 46.7% in the previous year. This decrease was mainly due to increasing raw material prices.


Operating expenses were € 41.2 million, € 3.2 million (8.4%) higher than the previous year, primarily due to increased labor and energy costs. In addition, consultancy and software costs were also higher than the previous year.


The net result was € 5.9 million (€ 6.82 per share) versus € 10.2 million in the previous year (€ 11.83 per share).


Net cash flow came in at € 1.2 million negative in 2022/2023, versus € 0.3 million positive the previous year. This stemmed from operating activities of € 8.5 million, a cash outflow from investment of € 4.3 million, a dividend payout of € 5.1 million and a negative result on other financial activities of € 0.3 million.


OUTLOOK 2023/2024

Overall, there continues to be a high degree of uncertainty about global developments. Higher interest rates have a negative influence on activity in the building and construction industry, which is our biggest market in Europe and North America. Packaging markets are primarily consumer related, and demand here is less subject to business cycles. Holland Colours is strongly committed to innovation and new business development, and we have embraced the challenges and opportunities related to sustainability. The ongoing review of our strategy is based on a commitment to solidify our position as an independent supplier of colorants and additives. Holland Colours traditionally does not include financial forward-looking statements in our annual reports.


Apeldoorn, June 1, 2023


Board of Management

Coen Vinke (CEO)

Eelco van Hamersveld (CTO)

Geert Rutgers (CFO ad interim)


Click here to access the complete PDF for the press release with results.