FY 2022: Record revenues exceeding 2 billion euros and EBITDA above 500 million euros

Financial results
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Last updated on March 1, 2023 at 12:50 pm

INCREASE IN REVENUES DRIVEN BY SOLID, ABOVE-MARKET, ORGANIC GROWTH, AND M&A, DESPITE THE DIFFICULT MACROECONOMIC ENVIRONMENT AND EXTREMELY CHALLENGING COMPARISON BASE

RECURRING EBITDA APPROXIMATELY 9% HIGHER THAN IN 2021, WITH MARGIN AT THE 2021 RECORD LEVEL (24.8%) ALSO AFTER SIGNIFICANT INVESTMENTS IN THE BUSINESS AND DESPITE THE INFLATIONARY ENVIRONMENT, THANKS TO TIMELY AND EFFECTIVE COST MANAGEMENT MEASURES

STRONG CASH GENERATION WITH FREE CASH FLOW OF 247 MILLION EUROS, LEADING TO A SIGNIFICANTLY LOWER FINANCIAL LEVERAGE OF 1.52x AFTER INVESTMENTS OF OVER 300 MILLION EUROS IN CAPEX, M&A, SHARE BUYBACKS AND DIVIDENDS

THANKS TO THE SIGNIFICANT INCREASE IN NET PROFIT, PROPOSED DIVIDEND PER SHARE OF 29 EURO CENTS, 11.5% HIGHER THAN PREVIOUS YEAR

2023 OFF TO A GOOD START: SOLID REVENUE GROWTH AND ACCELERATION OF BOLT-ON M&A WITH 150 POINTS OF SALES ACQUIRED IN FRANCE, GERMANY, THE UNITED STATES, CANADA, AND CHINA FROM OCTOBER TO DATE

FOR 2023 THE COMPANY EXPECTS TO GROW MORE THAN THE REFERENCE MARKET, ACCELERATE BOLT-ON ACQUISITIONS AND IMPROVE PROFITABILITY, EVEN AFTER SIGNIFICANT INVESTMENTS IN THE BUSINESS 

MAIN RESULTS FOR 2022

  • Consolidated revenues of 2,119 million euros, an increase of 8.8% at current exchange and of 6.8% at constant exchange rates compared to 2021
  • Recurring EBITDA was 525 million euros, an increase of 8.8% compared to 2021. The margin reached 24.8%, in line with the record profitability reported in 2021, even after significant investments in the business, thanks to timely and effective cost management measures in the current inflationary environment
  • Recurring net profit was 183 million euros, 4.6% higher than in 2021. Record net profit as reported of 179 million euros, an increase of 13.1% compared to 2021
  • Free cash flow of 247 million euros, slightly lower than the exceptional 255 million euros recorded in 2021
  • Net financial debt was 830 million euros, improving compared to the 871 million euros posted at December 31st, 2021, after Capex of 106 million euros, net cash-out for M&A of 85 million euros, dividends of 58 million euros and share buybacks of 53 million euros, with financial leverage down to 1.52x at December 31st, 2022 
  • Proposed dividend of 29 euro cents per share, an increase of 11.5% compared to the 26 euro cents per share paid in 2021, with a payout of over 36% on the consolidated net earnings per share 

ENRICO VITA, CEO

“In 2022 we continued along our growth path, recording an increase in all the main economic indicators and reaching record levels of revenues, EBITDA and net profit. For the first time in 72 years, revenues exceeded 2 billion euros and EBITDA was above 500 million euros, with double digit growth in net profit which led to an increase in the dividend proposal. During the year we increased our market share even further, strengthening our global leadership.

These results are even more relevant because they have been achieved in a more complex market than expected due to the uncertain macroeconomic and high inflationary environment, as well as the extremely challenging 2021 comparison base. Lastly, we are satisfied with the good start to 2023, as well as the ongoing acceleration in bolt-on acquisitions begun in October, and we continue to be very positive about our prospects for sustainable growth in revenues and profitability over the medium-term.”

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