Thimm faces up to a challenging market: 2023 results

Thimm Group has closed the financial year with revenues of €560m.

Adjusted for special effects from the sale of Thimm’s industrial goods area in 2022, the decline compared to the previous year amounted to 8.5%, putting Thimm ahead of the industry average of 13.8%, according to the VDW data. In the overall market, the decline in sales is due, among other things, to the falling quantities and prices of products. EBITDAR increased by 3% in the 2023 financial year compared to the previous year. At 46.3% (previous year: 49.2%), the equity ratio is still significantly above the company average of recent years. As at 31 December 2023, Thimm has had 2,448 employees, including almost 100 trainees.

“Last year presented us with various challenges,” reports Kornelius Thimm, CEO. “We have also felt the decline in sales volumes on the market. At the same time, out corporate result was influenced by cost increases in the energy sector and also due to interest rate hikes, as well as by dynamic price developments in the commodities sector and extensive internal investments.

Despite continued market volatility, the family business invested a total of €70m in the expansion of its plants in 2023. Thimm is laying the foundation for further company growth even in a difficult year. Such investments marked the largest annual investment volume ever spent in the company’s history. In addition to the expansion and modernization of German locations, investments were also focused on the plants in Poland and Romania.

Join our Newsletter

Sign up to our weekly newsletters for updates on articles, interviews and events

Sign up