Earnings Release • Feb 10, 2023
Earnings Release
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TURIN, 10 FEBRUARY 2023
EXECUTIVE SUMMARY NETWORK ACTIVITY
FY 2022
GROUP PRELIMINARY RESULTS FY 2022
EXECUTIVE SUMMARY
FY 2022 results confirm the commercial growth trend: aggregated sales up 34,1% exceeding 1,2 billions. Group consolidated revenues up 30,0% as EBITDA surpasses € 60 million. Higher indebtedness to finance both long-term investments and working capital.
01 EXECUTIVE SUMMARY
FY22 aggregated sales amounted to € 1.273,1 mln (+34,1% YoY), led by aggregated brand sales (ASL) up 27,1% YoY with all geographies being up doble digit. Aggregated sales of sourcing centers (ASSC) improved at +54,8% YoY.
Group consolidated revenues amounted to € 386,1 mln (+30,0% YoY). Direct sales of goods (+29,4% YoY) benefitted from a strong performance of all countries directly managed by the Group plus the first consolidation of K-Way France since Q2 2022.
EBITDA at a historical high nearing € 61 million (€ 60,9 mln vs € 44,2 mln in FY 2021) with a strong contribution from the newly acquired K-Way France and improvement in all geographies of direct operations, despite the unfavorable impact of USD on marginality.
Net Financial Position with banks at € 93,7 mln, compared to € 37,7 mln at year-end 2021: the Group financed strategic investments for the future, acquiring K-Way France, renovating BasicVillage Milan and supporting the increase in TWC, while remunerating its shareholders pursuing the buy-back program. - 3 -
+34,1% vs 2021 (€ 949,4 mln)
+37,7% vs 2021 (€ 44,2 mln)
NFP WITH BANKS - € 93,7 mln
- € 56,0 mln vs 2021 (- € 37,7 mln)
NETWORK ACTIVITY FY 2022
| in $\epsilon$ million | 31.12.22 | in $%$ | 31.12.21 | in $%$ | Var | Var % | |
|---|---|---|---|---|---|---|---|
| Europe | $\sqrt{N}$ | 612,3 | 67,9% | 482,3 | 68,0% | 129,9 | 26,9% |
| Asia and Oceania | $\blacksquare$ | 71,8 | 8,0% | 51,1 | 7,2% | 20,7 | 40,4% |
| Americas | $\blacksquare$ | 114,3 | 12,7% | 96,4 | 13,6% | 17,9 | 18,6% |
| Middle East and Africa | $\blacksquare$ | 103,6 | 11,5% | 79,8 | 11,2% | 23,8 | 29,9% |
| Total ASL | 902,0 | 100,0% | 709,6 | 100,0% | 192,4 | 27,1% |
Sponsorship deal with the South African team Kaizer Chiefs
Co-lab with Drôle de Monsieur to re-design
Sponsorship of the Sole DXB festival in Dubai
the AS Monaco kit Presentation of the first US Ski collection branded Kappa
Launch of the re-edition of the iconic Dectector goggles, which were awarded the Compasso d'oro and worn by the likes of Mario Cipollini and Alberto Tomba
Opening of the first two Chinese monobrand shops, in Beijing and Shanghai
Cyril Lancelin's installation to celebrate the first opening in Hong Kong
Limited edition co-lab with Moleskine
Sponsorship of the 13° edition of Artissima in Torino
Participation in the ISPO in Munich
Opening of 15 pop-up Superga Kidswear stores in Spain with Miniconf
First co-lab with Engineered Garments
Sponsorship of Movement festival in Torino
Presentation of the Outsides Q3Q4 collection with the European Vampires First co-lab with the concept store Slowear
GROUP PRELIMINARY RESULTS FY 2022
| in € .000 | 31.12.22 | in % | 31.12.21 | in % | Var | Var % |
|---|---|---|---|---|---|---|
| Sub-total net money holdings | (26.282) | 18,6% | 6.325 | -10,2% | (32.607) | -515,5% |
| Short-term portion of m/l term loans | (15.423) | (9.243) | (6.180) | |||
| Short-term net financial position | (41.705) | 29,5% | (2.918) | 4,7% | (38.787) | n.s. |
| Long-term portion of m/l term loans | (51.756) | (34.268) | (17.488) | |||
| Financial leasing payables | (259) | (515) | 257 | |||
| Sub-total loans and leasing payables | (52.014) | 36,9% | (34.783) | 56,3% | (17.231) | 49,5% |
| Net financial position with banks | (93.719) | 66,2% | (37.702) | 61,1% | (56.018) | 148,6% |
| Right of use debts | (30.734) | (24.041) | (6.692) | |||
| Earn-out debt K-Way France | (17.081) | - | (17.081) | |||
| Net financial position | (141.534) | 100,0% | (61.743) | 100,0% | (79.791) | 129,2% |
| Commercial licensees or licensees | independent business owners, granted licenses to distribute Group brand products in their respective regions |
|---|---|
| Productive licensees or sourcing centers | third-party entities whose function is to manufacture goods branded with the Group brands for the exclusive sale to Commercial licensees or to Group companies |
| Total Aggregated Sales (TAS) | the sum of Aggregated Brand Sales (ASL) and Aggregated Sales of Sourcing Centers (ASSC) |
| Aggregated Brand Sales (ASL) | sales by commercial licensees – that generate royalties for BasicNet Group – and sales by the Group companies |
| Aggregated Sales of Sourcing Centers (ASSC) | sales by productive licensees – that generate sourcing commissions for BasicNet Group |
| Consolidated revenues | the sum of royalties, sourcing commissions, sales of products made by BasicNet Group companies and real estate revenues |
| EBITDA | "operating result" before "amortisation and depreciation" |
| Net Financial Position | total of current and medium/long-term financial payables, less cash and cash equivalents and other current financial assets |
| Net Financial Position with banks | Net Financial Position, excluding IFRS 16 and financial liabilities for the acquisition of businesses |
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