Financial Highlights

Significant growth of the School and Office and further improvement of the EBITDA margin to 16.7%, 18& in USA and Europe

2021 results confirm growth and results significantly ahead the expectations, both in terms of EBITDA and cash generation, considering that the forecasts included a considerable contribution from India and Mexico from June 2021 which did not materialise. In the two years shaped by COVID, the Group generated cash of approx. Euro 95.3 million and returned the leverage to an optimal level, demonstrating, in particular, the ability to improve working capital management and the efficiency of the integrated logistics, which the Group expects to provide a key competitive advantage over the coming quarters.

HIGHLIGHTS
Euro 653.5 million
ADJUSTED REVENUE
Adjusted Revenue of Euro 653.5 million increased by Euro 45.3 million on 2020 (+7.5%). Net of exchange losses of Euro 11.9 million (mainly concerning the US Dollar and to a lesser extent a number of South American currencies and the Indian Rupee), organic growth was Euro 57.2 million (+9.4%).
Euro 109.1 million
ADJUSTED EBITDA
Adjusted EBITDA in 2021 (net of IFRS 16 effects) of Euro 109.1 million, +14.4% (+15.7% at like-for-like exchange rates) compared to the previous year (Euro 95.4 million), thanks to the growth in the highest margin areas, a better Fine Art sales mix, particularly in North America, e-commerce growth and the containment of G&A costs - driving margin growth in 2021 to 16.7% at Group level, approx. 18% in USA and Europe;
Euro 42.5 million
ADJUSTED NET PROFIT
Adjusted Group Net Profit, excluding the IFRS 16 effects, of Euro 42.5 million, up 84.3% on Euro 23.1 million in the previous year, mainly thanks to the improved operating and financial management results
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