Financial Highlights

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Significant growth driven by India and Mexico, alongside good cash generation - in spite of strong inflation and higher interes rates

“We close a good year 2022, considering the significant general economic challenges and the impact of inflation on the operating margin. The Schools business drove the development of markets such as India and Mexico and from 2023, with the destocking due to the COVID period bubble coming to an end, we shall see a return to growth for the Fine Art business” stated Massimo Candela, CEO of F.I.L.A. “The first half of 2023 will be particularly challenging as, despite the positive effect from rising prices in the initial months of the year, the margin shall continue to be impacted by 2022’s inflationary pressures on costs. We confirm our strong outlook for 2023, with mid-single-digit organic revenue growth, driven by India and Mexico and the recovery of all other markets, more proportional growth in EBITDA and an improved margin. Finally, we confirm the investment plan envisaged in the Business Plan, including ESG objectives, such as the reduction of CO2 emissions and water withdrawals".

HIGHLIGHTS

Euro 764.6 million

ADJUSTED REVENUE

Adjusted revenue in 2022 of Euro 764.6 million, +17.0% on the previous year (Euro 653.5 million in 2021), +10.1% at like-for-like exchange rates. Asia significantly up (+70.2%), in addition to Central and South America (+59.6%), thanks to strong growth, particularly in the School & Office segment, in India and Mexico, with Europe substantially flat on 2021, and North America reducing 2.9%; Revenue from sales and services of Euro 764.6 million increased on 2021 by Euro 111.1 million (+17.0%). Net of exchange gains of Euro 45.3 million (mainly concerning the US Dollar, the Indian Rupee and the Mexican Peso, partially offset by the weakening of the Turkish Lira and the Argentinian Peso), organic growth was Euro 65.8 million (+10.1%).

Euro 110.3 million

ADJUSTED EBITDA

Adjusted EBITDA in 2022 (excluding the IFRS 16 effects) of Euro 110.3 million, +1.1% (-2.3% at like-for-like exchange rates) on 2021 (Euro 109.1 million), with a 2022 margin of 14.4% (16.7% in 2021). The increase in product sales prices and the continued focus on managing G&A costs partially offset raw material and transport cost inflation and increased personnel expense, particularly in the United States, India and Mexico in support of revenue growth. The lesser EBITDA than revenue growth is also due to the different sales mix and the increasing contribution to Group revenue of Asia and Central and South America, which today account respectively for 17.2% and 9.8% of the total, nearly tripling on 2021 (6.3% and 3.7% respectively)

Euro 42.8 million

ADJUSTED NET PROFIT

Adjusted Net Profit of Euro 42.8 million (excluding the IFRS 16 effects). Adjusted Group Net Profit of Euro 37.7 million, due to the growing contribution of minorities, increasing from Euro 1.6 million in 2021 to Euro 5.1 million, thanks to the strong growth of the Indian subsidiary;

Euro 764.6 million

ADJUSTED REVENUE

Adjusted revenue in 2022 of Euro 764.6 million, +17.0% on the previous year (Euro 653.5 million in 2021), +10.1% at like-for-like exchange rates. Asia significantly up (+70.2%), in addition to Central and South America (+59.6%), thanks to strong growth, particularly in the School & Office segment, in India and Mexico, with Europe substantially flat on 2021, and North America reducing 2.9%; Revenue from sales and services of Euro 764.6 million increased on 2021 by Euro 111.1 million (+17.0%). Net of exchange gains of Euro 45.3 million (mainly concerning the US Dollar, the Indian Rupee and the Mexican Peso, partially offset by the weakening of the Turkish Lira and the Argentinian Peso), organic growth was Euro 65.8 million (+10.1%).

Euro 110.3 million

ADJUSTED EBITDA

Adjusted EBITDA in 2022 (excluding the IFRS 16 effects) of Euro 110.3 million, +1.1% (-2.3% at like-for-like exchange rates) on 2021 (Euro 109.1 million), with a 2022 margin of 14.4% (16.7% in 2021). The increase in product sales prices and the continued focus on managing G&A costs partially offset raw material and transport cost inflation and increased personnel expense, particularly in the United States, India and Mexico in support of revenue growth. The lesser EBITDA than revenue growth is also due to the different sales mix and the increasing contribution to Group revenue of Asia and Central and South America, which today account respectively for 17.2% and 9.8% of the total, nearly tripling on 2021 (6.3% and 3.7% respectively)

Euro 42.8 million

ADJUSTED NET PROFIT

Adjusted Net Profit of Euro 42.8 million (excluding the IFRS 16 effects). Adjusted Group Net Profit of Euro 37.7 million, due to the growing contribution of minorities, increasing from Euro 1.6 million in 2021 to Euro 5.1 million, thanks to the strong growth of the Indian subsidiary;

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F.I.L.A. S.p.A. FY2022 Financial Statements