9M 2023 Financial Highlights

Significant revenue growth led by Asia, Central & South America and North America, more than proportional EBITDA progress and significant margin improvement

“The operating and financial results for the first nine months of the year are in line with our best expectations in terms of revenues. The increased profitability, owing partly to the higher prices, mainly reflects the efficiency of the business in North America and the results from the various measures introduced in terms of process and overhead costs, in addition working capital management”.  Massimo Candela CEO of F.I.L.A. stated. “Finally, we maintain our guidance on expected cash generation at year-end and for EBITDA growth, although within a still highly complex environment, particularly in Europe, which has been heavily impacted by the high lending costs which have resulted in major destocking”. The Group’s focus for 2024 remains on cash generation in order to reduce financial expenses and on the continued improvement of working capital management. The Indian IPO, once finalized, will allow us to further reduce our leverage to support our objectives”.
9M 2023 Highligts
Euro 614.2 million
ADJUSTED REVENUE
Adjusted Revenue at Euro 614.2 million, increasing on 9M 2022 by Euro 19.1 million (+3.2%). Net of exchange losses of Euro 21.0 million (mainly concerning the Argentinean Peso, the Indian Rupee and the US Dollar, partially offset by the strengthening of the Mexican Peso), organic growth was Euro 40.1 million (+6.7%). At geographical area level, this organic growth was seen in Asia for Euro 29.4 million (+32.8% on 9M 2022), in Central-South America for Euro 12.2 million (+21.4% on 9M 2022), in North America for Euro 9.2 million (+3.5% on 9M 2022), and the Rest of the World for Euro 0.02 million (+0.7% on 9M 2022). The growth across all markets was partially offset by the contraction in Europe of Euro 10.7 million (-5.9% on 9M 2022).
Euro 108.0 million
ADJUSTED EBITDA
Adjusted EBITDA at Euro 108.0 million, +13.1% (+13.3% at like-for-like exchange rates) compared to 9M 2022 (Euro 95.5 million), growing more proportionally than revenue, thanks to the improvement in North America, Asia and Central and South America. Margin in 9M 2023 of 17.6%, up 150 basis points on the same period of the previous year (16.1%), thanks to increased sales prices and the continued cost efficiencies, despite the increase in service costs in support of growth. The adjustments to the 9M 2023 Gross Operating Profit concern non-recurring operating expense of approx. Euro 6.1 million regarding the reorganisation and restructuring charges for Euro 3.4 million, Group consultancy costs for Euro 2.3 million and the portion for the period concerning the medium/long-term “2022-2026 Performance Shares” incentive plan for Euro 0.4 million.
Euro 45.1 million
ADJUSTED NET PROFIT
Adjusted Net Profit at Euro 45.1 million, up 4.9% on the same period of the previous year, thanks to the excellent operating performance. This figure was significantly impacted by increased net financial expense on the same period of the previous year of Euro 23.4 million, of which Euro 21.5 million net interest and for the residual exchange losses on the major currencies. Adjusted Group Profit of Euro 39.1 million, due to the growing contribution of minorities, increasing from Euro 3.6 million in 9M 2022 to Euro 6.1 million. The adjustment to the 9M 2023 Group Net Profit was Euro 4.8 million and principally concerned the above effects on the Gross Operating Profit, net of the related tax effects.
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