Financial Highlights

Significant growth of the School and Office in EU and USA and further improvement of the EBITDA margin

The 9M 2021 results report significant growth in the School and Office segment, particularly in Europe and the United States, and a recovery in India and Mexico, despite a still critical situation due to the COVID-19 impacts, with the Adjusted EBITDA Margin up on 9M 2020 to 18.3% and a significant reduction in Net Bank Debt for the last 12 months of Euro 80.9 million.

HIGHLIGHTS
Euro 496.5 million
ADJUSTED REVENUE
Adjusted revenue in 9M 2021 of Euro 496.5 million, +5.3% on the same period of the previous year (Euro 471.3 million in 9M 2020), +8.9% at like-for-like exchange rates. School and Office growth picks up further (+12.2% on 9M 2020), thanks to the strong performance in Europe and North America and the recovery also in other geographical areas. The Fine Art segment continues its positive trend (+2.3% on 9M 2020), although reporting an expected slowdown in all geographical areas and to a greater extent in North America, mainly due to the focus on a better product price-mix.
Euro 91.0 million
ADJUSTED EBITDA
Adjusted EBITDA in 9M 2021 (net of IFRS 16 effects) of Euro 91.0 million, +16.6% (+Euro 12.9 million) compared to the same period of the previous year, +19.1% at like-for-like exchange rates, particularly thanks to growth in Europe and North America. Adjusted EBITDA margin increases on 9M 2020 (18.3% vs 16.6% in the same period of the previous year), thanks to the significant School and Office growth in the higher-margin geographical areas, and a better sales price-mix and improving operating efficiencies.
Euro 39.7 million
ADJUSTED NET PROFIT
Adjusted Group Net Profit (net of IFRS 16 effects) of Euro 39.7 million, considerably up on Euro 21.5 million in the same period of the previous year, mainly thanks to the improved operating and financial results.
Performance
BY GEOGRAPHICAL AREA
EUROPE
Significant revenue growth in the first nine months of 2021 and solid operating margins, particularly thanks to the Fine Art segment, and a recovery in the School and Office segment.

In 9M2021, revenues grew by 14.4% (+ Euro 23.0 million), representing 36.9% of turnover. The performance, impacted by the COVID-19 emergency in 2020 in the School & Office segment, recovered significantly from Q3 and consolidated in the last three months of the year, accelerating in the first nine months of 2021, driven by support from online sales, the School and Office recovery and growth in the Fine Art segment.

NORTH AMERICA
Strong performance in 9M 2021, thanks to online segment and School and Office recovery

In 9M2021, revenues increased 0.03% (+ Euro 0.1 million), representing 47.4% of turnover. In North America, the performance in the first nine months of the year was driven by a recovery in School and Office and online sales, with an expected slowdown in Fine Art, particularly in the third quarter, primarily due to a focus on an improved product price-mix. Significant contribution to the Group's margins thanks to the containment of operating costs.

CENTRAL & SOUTH AMERICA
Significant growth in the first 9 months of 2021, despite the continuing impacts of COVID-19 in Mexico

In 9M2021, revenues grew 47.4% (+ Euro 10.3 million), representing 6.2% of turnover. Mexico continues to perform poorly, due to the continuing effects of the COVID-19 pandemic and despite the gradual reopening of schools.

ASIA
Significant impact of COVID-19 in India, in particular in the first nine months of 2021, despite the recovery in sales over the last two months of the period

In 9M2021, revenues grew 21.3% (+ Euro 8.1 million), representing 8.9% of turnover. The Indian market continued to perform poorly, although seeing a recovery over the last two months of the period, due to the global contraction in consumption in view of the global COVID-19 pandemic and despite the gradual reopening of schools.

By business area
FINE ART, HOBBY & DIGITAL
Fine Art growth supported Group revenues in the first nine months of the year and accounted for 30.6% of total revenues

The organic Fine Art growth that underpinned the 2020 results continued in the first half of 2021, in Europe and North America, although seeing an expected slowdown in all geographical areas in the third quarter of the year and to a greater degree in North America, mainly due to the focus on an improved product price-mix that led to 2.3% growth in the first nine months of the year compared to the same period of the previous year. Arches has contributed to the consolidated result since March 2020.

SCHOOL AND OFFICE
Significant recovery of the School and Office segment, particularly in Europe and the United States in the first nine months of 2021, despite the still poor performances in India and Mexico, accounting for 65.9% of total sales

The first nine months of the year saw a significant recovery in the segment with 12.2% growth (+ Euro 36.8 million), particularly in Europe and North America, also thanks to online sales, despite the continued significant weakness in India and Mexico due to the persistence - well beyond original expectations - of the global COVID-19 impacts and despite the gradual reopening of schools.

INDUSTRIAL
The Industrial segment saw significant growth in the first nine months of 2021 and accounted for 3.5% of total revenue

The first nine months of the year reported a significant recovery in the segment, with growth of 10.4% (+ Euro 1.7 million) due to the recovery of industrial and project activities in Europe and the United States.

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Download Documents
F.I.L.A. - Highlights 9M 2021 - Balance Sheet
F.I.L.A. - Highlights 9M 2021 - Profit and Losses
F.I.L.A. - Highlights 9M 2021 - Cash flow Statement