FY 2023 Financial Highlights

F.I.L.A. S.P.A.’S BOARD OF DIRECTORS APPROVES 2023 SEPARATE FINANCIAL STATEMENTS AND CONSOLIDATED FINANCIAL STATEMENTS

"We are very satisfied with the 2023 operating and financial performance, with cash generation exceeding our expectations, in particular, thanks to the excellent working capital management. The profitability achieved, improving over the previous year, is the result not only of the strong performance in North America, Central and South America and India, but also the process and overhead costs actions. EBITDA at like-for-like Budget exchange rates would have totalled approx. Euro 125 million". F.I.L.A. CEO Massimo Candela stated "The current general economic and social framework confirms that FY 2024 will be impacted by a still complex environment. We confirm the resilience of our industry against such a backdrop and expect "low single digit" revenue growth, supported by good market performance in North America and Mexico - which now account for more than two-thirds of the Group's turnover - and by the positive re-stocking process in Europe, after the considerable de-stocking in 2023, also thanks to new sales and marketing initiatives. With the deconsolidation of India, we expect a further significant increase in the Group's margins over the coming years, thanks to revenue growth and a reorganisation of production facilities, which we plan to adapt to weaker demand in Europe, allowing us to benefit from the efficient Indian platform to be increasingly competitive in the future. Finally, the leverage ratio that has reached approx. 1.7X, in addition to the expected cash generation in line with the past 5 years, allows us to look again at M&A driven growth”.
 
FY 2023 Highligts
Euro 779.2 million
ADJUSTED REVENUE
Adjusted Revenue at at Euro 779.2 million increased on 2022 by Euro 14.6 million (+1.9%). Net of exchange losses of Euro 33.7 million (mainly concerning the Argentinean Peso, the Indian Rupee and the US Dollar), organic growth was Euro 48.3 million (+6.3%). At geographical area level, this organic growth was seen in Asia for Euro 37.9 million (+30.9% on 2022), in Central-South America for Euro 22.9 million (+29.6% on 2022), and in North America for Euro 5.8 million (+1.8% on 2022) This progress was partially offset by the decrease in Europe of Euro 18.2 million (-7.8% compared to FY2022) and in the Rest of the World of Euro 0.1 million (-3.1% compared to FY 2022).
Euro 121.1 million
ADJUSTED EBITDA
Adjusted EBITDA at Euro 121.1 million, +9.8% (+10.4% at like-for-like exchange rates) compared to 2022 (Euro 110.3 million), growing more proportionally than revenue, thanks to the improvement in North America, Asia and Central and South America. Margin of 15.5%, up 110 basis points on the previous year (14.4%), thanks to increased sales prices and the continued cost efficiencies, despite the increase in service costs in support of growth. Adjusted EBITDA would have amounted to approx. Euro 125 million at like-for-like budget exchange rates for FY2023.
Euro 40.6 million
ADJUSTED NET PROFIT
at Euro 40.6 million, -5.1% on the previous year (Euro 42.8 million in 2022). This figure was significantly impacted by increased net financial expense on the previous year of Euro 31.2 million, of which Euro 29.2 million net interest, mainly concerning the increase in variable interest rates, and for the residual exchange losses on the major currencies and by the increase in taxation. Adjusted Group Net Profit of Euro 32.6 million, due to the greater contribution of minorities (increasing from Euro 5.1 million in 2022 to Euro 8.0 million). The Reported Net Profit in 2023 was Euro 180.5 million. The adjustment to the Group Net Profit for 2023 of Euro -139.9 million mainly refers to the revaluation of the investment following the sale of DOMS shares of Euro -123.3 million, the gain on the sale of DOMS shares for Euro -67.3 million, the deconsolidation of the associate DOMS for Euro 23.0 million, withholding tax due on the sale of DOMS shares for Euro 13.6 million, consulting fees for Euro 8.5 million, and Group reorganisation/restructuring costs of Euro 5.5 million.
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