Interim / Quarterly Report • May 15, 2024
Interim / Quarterly Report
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Consolidated Interim Report at March 31, 2024
| GROUP STRUCTURE | 3 |
|---|---|
| COMPOSITION OF CORPORATE BODIES | 4 |
| REPORT ON OPERATIONS | 5 |
| CONSOLIDATED FINANCIAL STATEMENTS | 15 |
| Consolidated Statement of Financial Position Consolidated Income Statement |
|
| Consolidated Statement of Comprehensive Income | |
| Consolidated Statement of Cash Flows | |
| Consolidated Changes in Equity |
Information on the Statement of Financial Position
Information on the Income Statement
This document contains forward-looking statements relating to future events and operating, income and financial results of the Group. These forecasts have by nature an element of risk and uncertainty, as they depend on the materialisation of future events and developments. Actual results may differ even significantly from those disclosed due to a variety of factors, most of which beyond the Group's control.
Romano Volta Executive Chairman (2) Valentina Volta Chief Executive Officer (2) Angelo Manaresi Independent Director Chiara Giovannucci Orlandi Independent Director Filippo Maria Volta Non-Executive Director Vera Negri Zamagni Independent Director Valentina Beatrice Manfredi Independent Director
Diana Rizzo Chair Elena Lancellotti Standing Auditor Roberto Santagostino Standing Auditor
Giulia De Martino Alternate Auditor Eugenio Burani Alternate Auditor Patrizia Cornale Alternate Auditor
Angelo Manaresi Chairman Chiara Giovannucci Orlandi Independent Director Vera Negri Zamagni Independent Director
Deloitte & Touche S.p.A.
(1) The Board of Directors will remain in office until the Shareholders' Meeting called to approve the financial statements at December 31, 2026.
(2) Legal representative before third parties.
This Interim Report at March 31, 2024 was prepared in accordance with Article 154 ter of the T.U.F. and is drawn up in accordance with the International Financial Reporting Standards (IAS/IFRS) adopted by the European Union.
The amounts shown in the tables of the Report on Operations are expressed in Euro thousands, while the explanatory notes are expressed in Euro millions.
Datalogic S.p.A. and its subsidiaries ("Group" or "Datalogic Group") is a global technological leader in the automatic data capture and process automation markets. The Group is specialised in the design and production of barcode readers, mobile computers, detection, measurement and safety sensors, vision and laser marking systems and RFID. Its pioneering solutions help increase the efficiency and quality of processes along the entire value chain in the Retail, Manufacturing, Transportation & Logistics and Healthcare segments.
The following table summarises the Datalogic Group's key income and financial results at March 31, 2024 versus the same period of the prior year.
The income statement figures at March 31, 2023 have been restated, under IFRS 5, following the transfer of control of Informatics Holdings, Inc. and the resulting reclassification of its operating results as results from discontinued operations and, under IAS 1, following the reclassification of certain commercial costs as a reduction of revenue (details are found in Annex 4 of this document):
| 31.03.2024 | % on Revenue |
31.03.2023 Restated |
% on Revenue |
Change | % chg. | % chg. net FX |
|
|---|---|---|---|---|---|---|---|
| Revenue | 111,320 | 100.0% | 145,486 | 100.0% | (34,166) | -23.5% | -22.8% |
| Adjusted EBITDA | 2,126 | 1.9% | 12,936 | 8.9% | (10,810) | -83.6% | -84.8% |
| Adjusted EBIT | (5,461) | -4.9% | 4,882 | 3.4% | (10,343) | n.a. | n.a. |
| EBIT | (7,192) | -6.5% | 3,431 | 2.4% | (10,623) | n.a. | n.a. |
| Profit/(Loss) for the period | 6,046 | 5.4% | 3,182 | 2.2% | 2,864 | 90.0% | 83.7% |
| Net financial position (NFP) | (22,699) | (31,673) | 8,974 |
The Group ended first quarter 2024 with Revenue from sales of €111.3 million, down 22.8% net FX (-23.5% at current exchange rates) versus €145.5 million in first quarter 2023.
Sales from new products (Vitality Index) grew in first quarter 2024 and accounted for 11.2% of revenue (9.5% in fourth quarter 2023; 6.3% in first quarter 2023).
Adjusted EBITDA amounted to €2.1 million, down versus €12.9 million in the same period of the prior year, accounting for 1.9% of sales (8.9% in first quarter 2023), negatively impacted by the decrease in sales volumes, only partly offset by improved productivity and structural cost containment.
Adjusted EBIT stood at a negative €5.5 million (a positive €4.9 million in first quarter 2023).
Net profit for the period amounted to €6.0 million, accounting for 5.4% of revenue (€3.2 million at March 31, 2023 or 2.2% of revenue), thanks to the proceeds from the sale of Informatics Holdings, Inc.
Net Financial Debt at March 31, 2024 stood at €22.7 million, an improvement of €12.6 million versus December 31, 2023.
The breakdown by geographical area of Group revenue for the period, versus the same period of the prior year, is shown in the table below:
| 31.03.2024 | % | 31.03.2023 | % | Change | % chg. | % chg. | |
|---|---|---|---|---|---|---|---|
| Restated | net FX | ||||||
| Italy | 13,519 | 12.1% | 15,374 | 10.6% | (1,855) | -12.1% | -12.1% |
| EMEAI (excluding Italy) | 54,132 | 48.6% | 71,008 | 48.8% | (16,876) | -23.8% | -23.8% |
| Total EMEAI | 67,651 | 60.8% | 86,383 | 59.4% | (18,731) | -21.7% | -21.7% |
| Americas | 31,958 | 28.7% | 37,832 | 26.0% | (5,874) | -15.5% | -14.6% |
| APAC | 11,711 | 10.5% | 21,272 | 14.6% | (9,561) | -44.9% | -41.9% |
| Total revenue | 111,320 | 100.0% | 145,486 | 100.0% | (34,166) | -23.5% | -22.8% |
EMEAI was down 21.7% in the first quarter of the year, with Italy dropping 12.1%. Americas fell less with a 15.5% drop, while APAC declined more (-44.9%, -41.9% net FX) versus the same period of the prior year.
To better align with its strategic goals and prioritise product and solution offerings, the Group identifies two Market Segments, which feature distinct sales models, customers with varying purchasing needs, and different stakeholders: Data Capture and Industrial Automation.
The following is a breakdown of Group revenue split up by these market segments:
| 31.03.2024 | % | 31.03.2023 Restated |
% | Change | % chg. | % chg. net FX |
|
|---|---|---|---|---|---|---|---|
| Data Capture | 67,821 | 60.9% | 90,943 | 62.5% | (23,122) | -25.4% | -24.7% |
| Industrial Automation | 43,499 | 39.1% | 54,543 | 37.5% | (11,044) | -20.2% | -19.6% |
| Total revenue | 111,320 | 100.0% | 145,486 | 100.0% | (34,166) | -23.5% | -22.8% |
The Data Capture segment, with 60.9% of divisional sales (62.5% at March 31, 2023), fell 25.4% versus the same period of the prior year, a decline seen across all geographical areas.
The Industrial Automation segment dropped 20.2%, also declining across all geographies, in APAC in particular.
Management uses certain performance measures, not identified as accounting measures under IFRS (NON-GAAP measures), to provide a clearer picture of the Group's performance. The measurement criterion applied by the Group might not be the same as the one adopted by other Groups and the measures might not be comparable with theirs. These performance measures, determined according to provisions set out by the Guidelines on performance measures, issued by ESMA/2015/1415 and adopted by CONSOB with Communication no. 92543 of December 3, 2015, refer only to the performance in the period related to this Consolidated Interim Report and the comparison periods. The performance measures must be considered as supplementary and do not supersede the information provided under the IFRS standards. The main measures adopted are described below.
The following table shows the main items of the income statement for the period versus the same period of the prior year, the results of which have been restated under IFRS 5 and IAS 1, for details of which reference is made to Annex 4 of this document:
| 31.03.2024 | 31.03.02023 | Change | % chg. | |||
|---|---|---|---|---|---|---|
| Restated | ||||||
| Revenue | 111,320 | 100.0% | 145,486 | 100.0% | (34,166) | -23.5% |
| Cost of goods sold | (68,554) | -61.6% | (86,055) | -59.2% | 17,501 | -20.3% |
| Gross Operating Margin | 42,766 | 38.4% | 59,431 | 40.9% | (16,665) | -28.0% |
| Research and Development expense | (14,816) | -13.3% | (16,191) | -11.1% | 1,375 | -8.5% |
| Distribution expense | (21,926) | -19.7% | (24,986) | -17.2% | 3,060 | -12.2% |
| Administrative and General expense | (11,813) | -10.6% | (13,458) | -9.3% | 1,645 | -12.2% |
| Other (expense) income | 328 | 0.3% | 86 | 0.1% | 242 | 281.4% |
| Total operating costs and other expense | (48,227) | -43.3% | (54,549) | -37.5% | 6,322 | -11.6% |
| Adjusted EBIT | (5,461) | -4.9% | 4,882 | 3.4% | (10,343) | n.a. |
| Special Items - Other (Expense) and Income | (563) | -0.5% | (260) | -0.2% | (303) | 116.4% |
| Special Items - D&A from acquisitions | (1,168) | -1.0% | (1,191) | -0.8% | 23 | -1.9% |
| EBIT | (7,192) | -6.5% | 3,431 | 2.4% | (10,623) | n.a. |
| Financials | 17,170 | 15.4% | (840) | -0.6% | 18,010 | n.a. |
| Foreign exchange gains/(losses) | (2,261) | -2.0% | 658 | 0.5% | (2,919) | n.a. |
| EBT | 7,717 | 6.9% | 3,249 | 2.2% | 4,468 | 137.5% |
| Tax | (439) | -0.4% | (471) | -0.3% | 32 | -6.7% |
| Profit/(Loss) for the period from continuing operations |
7,278 | 6.5% | 2,778 | 1.9% | 4,500 | 162.0% |
| Profit/(Loss) for the period from discontinued operations |
(1,232) | -1.1% | 404 | 0.3% | (1,636) | n.a. |
| Profit/(Loss) for the period | 6,046 | 5.4% | 3,182 | 2.2% | 2,864 | 90.0% |
| EBIT | (7,192) | -6.5% | 3,431 | 2.4% | (10,623) | n.a. |
| Special Items - Other (Expense) and Income | 563 | 0.5% | 260 | 0.2% | 303 | 116.4% |
| Special Items - D&A from acquisitions | 1,168 | 1.0% | 1,191 | 0.8% | (23) | -1.9% |
| Depreciation Tang. Fixed Assets and Rights of Use | 3,649 | 3.3% | 4,082 | 2.8% | (433) | -10.6% |
| Amortisation Intang. Fixed Assets | 3,938 | 3.5% | 3,972 | 2.7% | (34) | -0.9% |
| Adjusted EBITDA | 2,126 | 1.9% | 12,936 | 8.9% | (10,810) | -83.6% |
The Gross Operating Margin reached €42.8 million versus €59.4 million at March 31, 2023, deteriorating as a percentage of sales, standing at 38.4% versus 40.9% in the same period in 2023, due to lower sales volumes and lower absorption of fixed costs, only partly offset by improved productivity.
Operating costs and other expense amounted to €48.2 million (€54.5 million at March 31, 2023), and while decreasing in absolute value, increased as a percentage of sales from 37.5% to 43.3%.
Research and Development expense, amounting to €14.8 million, decreased by 8.5% at March 31, 2023. Total monetary costs in R&D, i.e., before capitalisation and net of amortisation and depreciation (R&D Cash Out), amounted to €15.1 million (€15.4 million in the first quarter of the prior year), with a percentage of sales of 13.6% (10.6% in the same period of 2023).
Distribution expense amounted to €21.9 million and was down from €25.0 million in the same period of 2023, while the percentage of revenue increased to 19.7% from 17.2% in the first quarter of the prior year.
Administrative and General Expense, amounting to €11.8 million at March 31, 2024, decreased by 12.2% versus the same period of 2023; as a percentage of sales, the item increased from 9.3% to 10.6%.
Financials closed at a positive €14.9 million, although affected by the adverse trend in FX differences, and improved by €15.1 million versus March 31, 2023, thanks mainly to the proceeds from the sale of Informatics Holdings, Inc.
The following table shows the main financial and equity items at March 31, 2024 versus December 31, 2023.
| 31.03.2024 | 31.12.2023 | Change | % chg. | |
|---|---|---|---|---|
| Intangible fixed assets | 87,062 | 88,845 | (1,783) | -2.0% |
| Goodwill | 195,210 | 205,352 | (10,142) | -4.9% |
| Tangible fixed assets | 103,735 | 105,486 | (1,751) | -1.7% |
| Financial assets and investments in associates | 3,432 | 5,418 | (1,986) | -36.7% |
| Other fixed assets | 59,633 | 58,103 | 1,530 | 2.6% |
| Fixed Assets | 449,072 | 463,204 | (14,132) | -3.1% |
| Trade receivables | 56,203 | 52,093 | 4,110 | 7.9% |
| Trade payables | (78,517) | (83,515) | 4,998 | -6.0% |
| Inventory | 100,082 | 102,462 | (2,380) | -2.3% |
| Net Trade Working Capital | 77,768 | 71,040 | 6,728 | 9.5% |
| Other current assets | 31,279 | 31,115 | 164 | 0.5% |
| Other liabilities and provisions for current risks | (59,262) | (61,624) | 2,362 | -3.8% |
| Net Working Capital | 49,785 | 40,531 | 9,254 | 22.8% |
| Other non-current liabilities | (45,602) | (46,327) | 725 | -1.6% |
| Post-employment benefits | (5,769) | (5,759) | (10) | 0.2% |
| Provisions for non-current risks | (5,295) | (5,197) | (98) | 1.9% |
| Net Invested Capital | 442,191 | 446,452 | (4,261) | -1.0% |
| Equity | (419,492) | (411,131) | (8,361) | 2.0% |
| Net financial position (NFP) | (22,699) | (35,321) | 12,622 | -35.7% |
Net Invested Capital, at €442.2 million (€446.5 million at December 31, 2023), decreased by €4.3 million.
Fixed Assets, amounting to €449.1 million (€463.2 million at December 31, 2023), decreased by €14.1 million, attributable mainly to a reduction in Goodwill following the sale of Informatics Holdings, Inc. as well as amortisation and depreciation for the period of Intangible and Tangible Fixed Assets.
Net Trade Working Capital at March 31, 2024 amounted to €77.8 million and increased by €6.7 million versus December 31, 2023. As a percentage of sales, it increased from 13.2% at December 31, 2023 to 16.1% at March 31, 2024.
The Net Financial Position at March 31, 2024 stood at a negative €22.7 million (a negative €31.7 million at March 31, 2023 and at €35.3 million at December 31, 2023). The cash flows that led to the change in the consolidated Net Financial Position from the beginning of the period are detailed below, versus the same period of the prior year.
| 31.03.2024 | 31.03.2023 | Change | |
|---|---|---|---|
| Net financial position (Financial debt) beginning of period | (35,321) | (42,007) | 6,686 |
| Adjusted EBITDA | 2,126 | 13,478 | (11,352) |
| Change in net trade working capital | (6,728) | 4,557 | (11,285) |
| Other changes in net working capital and special items | (2,253) | (4,791) | 2,538 |
| Net expenditure | (4,189) | (5,259) | 1,070 |
| Tax paid | (827) | (829) | 2 |
| Net financial income (expense) | (2,912) | (179) | (2,733) |
| Cash Flow from Operations | (14,783) | 6,977 | (21,760) |
| Dividend distribution | - | - | - |
| Sale (Purchase) of treasury shares | - | - | - |
| Disinvestments (investments) of financial assets | - | - | - |
| Acquisitions | - | - | - |
| Other changes | 27,405 | 3,357 | 24,048 |
| Change in Net Financial Position | 12,622 | 10,334 | 2,288 |
| Net financial position (financial debt) end of period | (22,699) | (31,673) | 8,974 |
Cash Flow from Operations at March 31, 2024 stood at a negative €14.8 million. The negative change is due primarily to the typical cash absorption of Net Working Capital in the early part of the year and a decrease in Adjusted EBITDA. However, financial debt, at €22.7 million, improved by €9.0 million thanks to the proceeds from the sale of Informatics Holdings, Inc. shown under "Other changes".
At March 31, 2024, the Net Financial Debt is shown below:
| 31.03.2024 | 31.12.2023 | |
|---|---|---|
| A. Cash funds | 53,497 | 70,629 |
| B. Cash equivalents | 30,000 | - |
| C. Other current financial assets | - | - |
| D. Liquid assets (A) + (B) + (C) | 83,497 | 70,629 |
| E. Current financial debt | 5,516 | 5,421 |
| E1. of which lease payables | 3,889 | 3,863 |
| F. Current portion of non-current financial debt | 14,667 | 14,428 |
| G. Current Financial Debt (E) + (F) | 20,183 | 19,849 |
| H. Current Net Financial Debt (Financial Position) (G) - (D) | (63,314) | (50,780) |
| I. Non-current financial debt | 86,013 | 86,101 |
| I1. of which lease payables | 7,670 | 7,767 |
| J. Debt instruments | - | - |
| K. Trade and other non-current payables | - | - |
| L. Non-Current Financial Debt (I) + (J) + (K) | 86,013 | 86,101 |
| M. Total Net Financial Debt/(Net Financial Position) (H) + (L) | 22,699 | 35,321 |
At March 31, 2024, the Group had outstanding financial credit lines of approximately €281.0 million, of which approximately €193.0 million committed. Undrawn and readily available financial lines amounted to €188.0 million. Indirect and conditional debt at March 31, 2024 is represented exclusively by the Group's provision for postemployment benefits of €5.8 million.
On March 7, 2024 Datalogic S.p.A. completed the disposal of 100% of its non-strategic stake in Informatics Holdings, Inc. (Informatics), a company active in the marketing and distribution of software products and solutions tailored to small and medium-sized companies, headquartered in Plano (Texas, USA). The transaction involved the sale by Datalogic S.p.A. of its stake to a company controlled by the U.S. private equity fund Renovo Capital LLC.
Additionally, effective January 1, 2024, the Board of Directors approved the transfer of the subsidiary Datalogic S.r.l.'s R&D division business unit to the subsidiary Datalogic IP Tech S.r.l.. As a result, the ownership structure of Datalogic IP Tech S.r.l. changed as follows: Datalogic S.r.l.'s stake increased from 50% to 67.16%, whereas the parent company Datalogic S.p.A.'s stake decreased from 50% to 32.84%.
Starting from the first quarter of the current year, to provide a clearer picture of Group performance, certain costs shown in distribution expense have been classified as a reduction in revenue.
Comparative figures have been consistently restated; reference is made to the table in Annex 4 of this document for details of the amounts.
On April 30, 2024, the Shareholders' Meeting approved the Financial Statements at December 31, 2023, and reviewed the Group's Consolidated Financial Statements at December 31, 2023, and resolved to distribute an ordinary unit dividend, gross of tax, of 12 Euro cents per share, for a maximum total amount of €6.4 million.
The same Meeting also resolved to:
The socio-political tensions that escalated into conflict between Russia and Ukraine starting from February 2022, the developments of which remain unpredictable, have prompted Western countries to implement economic sanctions against Russia. The Group has no offices in the countries currently affected by the conflict, nor do they represent significant outlet or supply markets for it. The potential effects of this situation on the Company and Group's income and financial results are however constantly monitored.
Since the outbreak of the conflict and the adoption of sanctions by the EU against Russia, a cross-functional working group has been established to assess and ascertain (including monitoring of "Denied Parties"), from a technical point of view, which Datalogic products and which business partner relationships could potentially be subject to sanctions. Following entry into force of the IX European sanctions package, the Group companies have suspended all sales and post-sales activities with Russia (trade with Belarus had already been blocked) and have implemented control systems in order to prevent business transactions with sanctioned countries. Additionally, in response to the enactment of the XII package at end 2023, Datalogic has adjusted its contractual framework to align with the regulations. Moreover, starting from October 2023, tensions between Israel and Hamas have escalated into a conflict. While the Group lacks a sphere of influence or operational headquarters in Israel, it remains vigilant regarding potential negative effects stemming from heightened instability in this region.
Nothing to report.
To date, the outlook for the full year 2024 remains unchanged. Overall, we anticipate a gradual quarter-by-quarter improvement in both sales and profitability. The first half of 2024 is expected to experience declining sales versus the same period last year, offset however by growth in the second half of the year.
Despite uncertainty, the Group remains confident in a gradual recovery and continues to pursue its innovation strategy. This ensures readiness to offer increasingly innovative solutions to customers as markets normalise. Additionally, to mitigate the short-term impacts of declining volumes on profitability, it remains focused on implementing continuous efficiency and cost optimisation measures.
The Parent Company has no secondary locations.
Chairman of the Board of Directors (Romano Volta)
| ASSETS (Euro/000) | Notes | 31.03.2024 | 31.12.2023 |
|---|---|---|---|
| A) Non-current assets (1+2+3+4+5+6+7) | 449,072 | 463,204 | |
| 1) Tangible fixed assets | 92,455 | 94,040 | |
| Land | 1 | 12,718 | 12,597 |
| Buildings | 1 | 51,343 | 51,520 |
| Other assets | 1 | 25,641 | 26,892 |
| Fixed assets under construction and advances | 1 | 2,753 | 3,031 |
| 2) Intangible fixed assets | 282,272 | 294,197 | |
| Goodwill | 2 | 195,210 | 205,352 |
| Development costs | 2 | 39,224 | 42,034 |
| Other | 2 | 34,033 | 36,075 |
| Fixed assets under construction and advances | 2 | 13,805 | 10,736 |
| 3) Right of use fixed assets | 3 | 11,280 | 11,446 |
| 4) Investments in associates | 4 | 640 | 640 |
| 5) Non-current financial assets | 6 | 2,792 | 4,778 |
| 6) Trade and other receivables | 7 | 1,564 | 784 |
| 7) Deferred tax assets | 12 | 58,069 | 57,319 |
| B) Current assets (8+9+10+11+11) | 271,061 | 256,299 | |
| 8) Inventory | 100,082 | 102,462 | |
| Raw and ancillary materials and consumables | 8 | 52,349 | 51,002 |
| Work in progress and semi-finished products | 8 | 20,484 | 18,690 |
| Finished products and goods | 8 | 27,249 | 32,770 |
| 9) Trade and other receivables | 75,965 | 70,546 | |
| Trade receivables | 7 | 56,203 | 52,093 |
| of which associates | 7 | 1,588 | 1,346 |
| of which related parties | 7 | 8 | 8 |
| Other receivables, accrued income and deferred expense | 7 | 19,762 | 18,453 |
| 10) Tax receivables | 9 | 11,517 | 12,662 |
| 11) Cash and cash equivalents | 5 | 83,497 | 70,629 |
| Total Assets (A+B) | 720,133 | 719,503 |
| LIABILITIES (Euro/000) | Notes | 31.03.2024 | 31.12.2023 |
|---|---|---|---|
| A) Total Equity (1+2+3+4+5+6) | 10 | 419,492 | 411,131 |
| 1) Share capital | 10 | 30,392 | 30,392 |
| 2) Reserves | 10 | 100,570 | 98,212 |
| 3) Retained earnings (losses) | 10 | 279,531 | 269,731 |
| 4) Profit (loss) for the period | 10 | 5,745 | 9,859 |
| 5) Group Equity | 10 | 416,238 | 408,194 |
| Profit (loss) for the period attributable to non-controlling interests | 10 | 301 | (373) |
| Share capital attributable to non-controlling interests | 10 | 2,953 | 3,310 |
| 6) Equity attributable to non-controlling interests | 3,254 | 2,937 | |
| B) Non-current liabilities (7+8+9+10+11) | 142,679 | 143,384 | |
| 7) Non-current financial payables | 11 | 86,013 | 86,101 |
| 8) Deferred tax liabilities | 12 | 26,320 | 26,334 |
| 9) Provisions for post-employment and retirement benefits | 13 | 5,769 | 5,759 |
| 10) Provisions for non-current risks and charges | 14 | 5,295 | 5,197 |
| 11) Other liabilities | 15 | 19,282 | 19,993 |
| C) Current liabilities (12+13+14+15) | 157,962 | 164,988 | |
| 12) Trade and other payables | 127,446 | 133,030 | |
| Trade payables | 15 | 78,517 | 83,515 |
| of which associates | 15 | 58 | 92 |
| of which related parties | 24 | 21 | |
| Other payables, accrued expense and deferred income | 15 | 48,929 | 49,515 |
| 13) Tax payables | 9 | 7,796 | 9,388 |
| 14) Provisions for current risks and charges | 14 | 2,537 | 2,721 |
| 15) Current financial payables | 11 | 20,183 | 19,849 |
| Total Liabilities (A+B+C) | 720,133 | 719,503 |
| (Euro/000) | Notes | 31.03.2024 | 31.03.2023 |
|---|---|---|---|
| Restated | |||
| 1) Revenue | 16 | 111,320 | 145,486 |
| Revenue from sale of products | 101,849 | 136,805 | |
| Revenue from services | 9,471 | 8,681 | |
| of which related parties and associates | 1,693 | 2,720 | |
| 2) Cost of goods sold | 17 | 68,608 | 86,062 |
| of which related parties and associates | 81 | 78 | |
| Gross Operating Margin (1-2) | 42,712 | 59,424 | |
| 3) Other revenue | 18 | 923 | 635 |
| 4) Research and development expense | 17 | 15,408 | 16,736 |
| of which related parties and associates | 152 | 148 | |
| 5) Distribution expense | 17 | 22,519 | 25,390 |
| of which related parties and associates | 61 | 54 | |
| 6) Administrative and general expense | 17 | 12,305 | 13,953 |
| of which related parties and associates | 49 | 41 | |
| of which Parent Company | - | 6 | |
| 7) Other operating expense | 17 | 595 | 549 |
| Total operating costs | 50,827 | 56,628 | |
| EBIT | (7,192) | 3,431 | |
| 8) Financial income | 19 | 25,949 | 9,656 |
| 9) Financial expense | 19 | 11,040 | 9,838 |
| Financials (8-9) | 14,909 | (182) | |
| Profit/(Loss) before tax from continuing operations | 7,717 | 3,249 | |
| Income tax | 20 | 439 | 471 |
| Profit/(Loss) for the period from continuing operations | 7,278 | 2,778 | |
| Net Profit/(Loss) from discontinued operations | (1,232) | 404 | |
| Net Profit/(Loss) for the period | 6,046 | 3,182 | |
| Basic earnings/(loss) per share (€) | 21 | 0.10 | 0.06 |
| Diluted earnings/(loss) per share (€) | 21 | 0.10 | 0.06 |
| Attributable to: | |||
| Shareholders of the Parent | 5,745 | 3,326 | |
| Non-controlling interests | 301 | (144) |
| (Euro/000) | Notes | 31.03.2024 | 31.03.2023 |
|---|---|---|---|
| Profit/(Loss) for the period | 6,046 | 3,182 | |
| Other items of the statement of comprehensive income: | |||
| Other items of the statement of comprehensive income that will later be reclassified to Profit/(Loss) for the period |
|||
| Profit/(Loss) on cash flow hedges (CFH) | 10 | 15 | 25 |
| Profit (Loss) from the translation of financial statements of foreign companies | 10 | 2,347 | (6,378) |
| Total other items of the statement of comprehensive income that will later be reclassified to Profit/(Loss) for the period |
2,362 | (6,353) | |
| Other items of the statement of comprehensive income that will not later be reclassified to Profit/(Loss) for the period |
|||
| Actuarial gains (losses) on defined-benefit plans | - | - | |
| of which tax effect | - | - | |
| Profit/(Loss) from financial assets at FVOCI | 10 | - | 1,695 |
| of which tax effect | (0) | (21) | |
| Total other items of the statement of comprehensive income that will not later be reclassified to Profit/(Loss) for the period |
1,695 | ||
| Total profit/(loss) of the statement of comprehensive income | 2,362 | (4,658) | |
| Net Profit/(Loss) for the period | 8,408 | (1,476) | |
| Attributable to: | |||
| Shareholders of the Parent Company | 8,091 | (1,281) | |
| Non-controlling interests | 317 | (195) |
| (Euro/000) | Notes | 31.03.2024 | 31.03.2023 |
|---|---|---|---|
| Profit/(Loss) before tax | 7,717 | 3,744 | |
| Depreciation of tangible fixed assets and write-downs | 1 | 2,638 | 3,082 |
| Amortisation of intangible fixed assets and write-downs | 2 | 5,088 | 5,168 |
| Depreciation of right of use fixed assets | 3 | 1,037 | 1,045 |
| Losses (Gains) from sale of fixed assets | 17, 18 | (401) | (24) |
| Change in provisions for risks and charges | 14 | (86) | (389) |
| Change in provision for obsolescence | 8 | 3,070 | 2,035 |
| Financials | 19 | (14,909) | 203 |
| Monetary effect foreign exchange gains (losses) | (4,234) | (1,739) | |
| Other non-monetary changes | (148) | (1,188) | |
| Cash flow generated (absorbed) from operations before changes in working | |||
| capital | (228) | 12,219 | |
| Change in trade receivables | 7 | (3,731) | 17,393 |
| Change in final inventory | 8 | (207) | 403 |
| Change in trade payables | 15 | (5,575) | (15,875) |
| Change in other current assets | 7 | (1,185) | (4,217) |
| Change in other current liabilities | 15 | (962) | 2,480 |
| Change in other non-current assets | 6 | (774) | (5) |
| Change in other non-current liabilities | 5 | (913) | (447) |
| Cash flow generated (absorbed) from operations after changes in working capital |
(13,575) | 11,951 | |
| Change in tax assets and liabilities | (1,521) | 425 | |
| Interest paid | (716) | (901) | |
| Interest collected | 137 | 111 | |
| Cash flow generated (absorbed) from operations (A) | (15,675) | 11,586 | |
| Increase in intangible fixed assets | 2 | 10,455 | (3,613) |
| Increase in tangible fixed assets | 1 | (1,021) | (1,722) |
| Decrease in tangible fixed assets | 1 | 993 | 76 |
| Change in investments and current and non-current financial assets | 5 | 19,810 | (97) |
| Cash flow generated (absorbed) from investments (B) | 30,237 | (5,356) | |
| Payment of financial payables | 11 | - | (30,103) |
| Other changes in financial payables | 11 | 713 | - |
| Payments of financial liabilities from leases | (1,262) | (1,113) | |
| Effect of change in cash and cash funds | 135 | (375) | |
| Other changes | (1,279) | 2,030 | |
| Cash flow generated (absorbed) from financing activities (C) | (1,693) | (29,562) | |
| Net increase (decrease) in cash (A+B+C) | 12,869 | (23,332) | |
| Net cash and cash equivalents at beginning of period | 70,628 | 107,482 | |
| Net cash and cash equivalents at end of period | 83,497 | 84,151 |
| Description | Share capital |
Share premium reserve |
Treasury shares |
Translation reserve |
Other Reserves |
Retained earnings |
Group Profit (Loss) |
Group Equity |
Profit (Loss) of non controlling interests |
Share capital and reserves of non-controlling interests |
Equity attributable to non-controlling interests |
Profit (Loss) |
Equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 01.01.2024 | 30,392 | 111,779 | (41,962) | 27,482 | 913 | 269,732 | 9,859 | 408,195 | (373) | 3,310 | 2,937 | 9,486 | 411,132 |
| Allocation of profit | - | - | - | - | - | 9,859 | (9,859) | - | 373 | (373) | - | (9,486) | - |
| Dividends | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Treasury shares | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Share-based | |||||||||||||
| incentive plan | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other changes | - | - | - | 12 | - | (60) | - | (48) | - | - | - | - | (48) |
| Profit/(Loss) for the | - | - | - | - | - | - | 5,745 | 5,745 | 301 | - | 301 | 6,046 | 6,046 |
| period | |||||||||||||
| Other items of the | |||||||||||||
| statement of | - | - | - | 2,331 | 15 | - | - | 2,346 | - | 16 | 16 | - | 2,362 |
| comprehensive income Total comprehensive |
|||||||||||||
| Profit (Loss) | - | - | - | 2,331 | 15 | - | 5,745 | 8,091 | 301 | 16 | 317 | 6,046 | 8,048 |
| 31.03.2024 | 30,392 | 111,779 | (41,962) | 29,825 | 928 | 279,531 | 5,745 | 416,238 | 301 | 2,953 | 3,254 | 5,286 | 419,492 |
| Description | Share capital |
Share premium reserve |
Treasury shares |
Translation reserve |
Other Reserves |
Retained earnings |
Group Profit (Loss) |
Group Equity |
Profit (Loss) of non controlling |
Share capital and reserves of non-controlling |
Equity attributable to non-controlling |
Profit (Loss) |
Equity |
| interests | interests | interests | |||||||||||
| 01.01.2023 | 30,392 | 111,779 | (22,191) | 39,331 | 3,347 | 255,839 | 29,551 | 448,048 | 576 | 2,942 | 3,519 | 30,127 | 451,569 |
| Allocation of profit Dividends |
- - |
- - |
- - |
- - |
- - |
29,551 - |
(29,551) - |
- - |
(576) - |
576 - |
- - |
(30,127) - |
- - |
| Treasury shares | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Share-based | |||||||||||||
| incentive plan | - | - | - | - | 216 | - | - | 216 | - | - | - | - | 216 |
| Other changes | - | - | - | - | - | 119 | - | 119 | - | - | - | - | 119 |
| Profit/(Loss) for the | |||||||||||||
| period | - | - | - | - | - | - | 3,327 | 3,327 | (144) | - | (144) | 3,182 | 3,182 |
| Other items of the statement of comprehensive income |
- | - | - | (6,328) | 1,720 | - | - | (4,608) | - | (51) | (51) | - | (4,658) |
| Total comprehensive | |||||||||||||
| Profit (Loss) | - | - | - | (6,328) | 1,720 | - | 3,327 | (1,281) | (144) | (51) | (195) | 3,182 | (1,476) |
Datalogic is a global technological leader in the automatic data capture and process automation markets. The Company is specialised in the design and production of barcode readers, mobile computers, detection, measurement and safety sensors, vision and laser marking systems and RFID.
Its pioneering solutions help increase efficiency and quality of processes in the areas of Retail, Manufacturing, Transportation & Logistics, and Healthcare, along the entire value chain.
Datalogic S.p.A. (hereinafter "Datalogic", the "Parent Company" or the "Company") is a joint-stock company listed on Euronext STAR Milan of Borsa Italiana S.p.A. and is headquartered in Italy. The registered office is in Via Candini 2, Lippo di Calderara (BO).
This Consolidated Interim Report for the period ended March 31, 2024 includes the figures of the Parent Company and its subsidiaries (hereinafter referred to as the "Group") and the relevant shares in associates.
The publication of this Consolidated Interim Report for the period ended March 31, 2024 of the Datalogic Group was authorised by resolution of the Board of Directors on May 15, 2024.
This Consolidated Interim Report was prepared pursuant to Article 154-ter D. Legislative Decree no. 58 of February 24, 1998 (TUF) as subsequently amended and supplemented, as well as to the CONSOB Issuer Regulation. The criteria for the preparation of the Statement are in accordance with the requirements of IAS 34 "Interim Financial Reporting", providing the summary information notes required by the above standard, supplemented if the case to provide a greater level of information where deemed necessary.
This Consolidated Interim Report should therefore be read in conjunction with the Consolidated Annual Financial Report at December 31, 2023, prepared in accordance with IFRS accounting standards adopted by the European Union, approved by the Board of Directors on March 14, 2024, and available in the Investor Relations section of the Group's website (www.datalogic.com).
The reporting formats adopted are compliant with those required by IAS 1 and were used in the Consolidated Annual Financial Report for the year ended December 31, 2023, in particular:
with regard to the Income Statement, cost and revenue items are shown based on grouping by function, as this classification was deemed more explanatory for understanding the Group's results of operations;
the Statement of Comprehensive Income presents the items that determine profit/(loss) for the period and the costs and revenue recognised directly under equity;
This Consolidated Interim Report is prepared in Euro thousands, which is the Group's "functional" and "presentation" currency under IAS 21.
The preparation of the IFRS-compliant Consolidated Interim Report requires Directors to apply accounting standards and methodologies that, in some cases, are based on valuations and estimates, which in turn refer to historic experience and assumptions based on specific circumstances at any given time. The application of these estimates and assumptions affects the amounts of revenue, expense, assets and liabilities and their disclosure, as well as the disclosure of contingent liabilities. The results of financial statement items for which the above estimates and assumptions were used may differ from those shown owing to the uncertainty surrounding the assumptions and conditions on which the estimates are based.
This Consolidated Interim Report at March 31, 2024 includes the income statement and balance sheet data of Datalogic S.p.A. and all the companies that it directly or indirectly controls.
The list of investments included in the consolidation area appears in Annex 2 of the Explanatory Notes, with an indication of the methodology used.
The exchange rates used to determine the value in Euro of financial statements denominated in foreign currency of subsidiaries (currency for 1 Euro) are shown hereunder:
| Currency (ISO Code) | Quantity of currency for 1 Euro | |||
|---|---|---|---|---|
| March 2024 | March 2024 | December 2023 | March 2023 | |
| Actual exchange rate |
Average exchange rate for the period |
Actual exchange rate |
Average exchange rate for the period |
|
| US Dollar (USD) | 1.08 | 1.09 | 1.11 | 1.07 |
| British Pound Sterling (GBP) | 0.86 | 0.86 | 0.87 | 0.88 |
| Swedish Krona (SEK) | 11.53 | 11.28 | 11.10 | 11.20 |
| Singapore Dollar (SGD) | 1.46 | 1.46 | 1.46 | 1.43 |
| Japanese Yen (JPY) | 163.45 | 161.15 | 156.33 | 141.98 |
| Australian Dollar (AUD) | 1.66 | 1.65 | 1.63 | 1.57 |
| Hong Kong Dollar (HKD) | 8.46 | 8.49 | 8.63 | 8.41 |
| Chinese Renminbi (CNY) | 7.81 | 7.80 | 7.85 | 7.34 |
| Brazilian Real (BRL) | 5.40 | 5.38 | 5.36 | 5.58 |
| Mexican Peso (MXN) | 17.92 | 18.45 | 18.72 | 20.04 |
| Hungarian Forint (HUF) | 395.26 | 388.18 | 382.80 | 388.71 |
| Czech Crown (CZK) | 25.31 | 25.07 | 24.72 | 23.79 |
At the date of these consolidated financial statements, the operating segments do not meet all the requirements of IFRS 8 for separate disclosure.
The income information at March 31, 2024 and at March 31, 2023 is the following:
| Total Group | Total Group | |
|---|---|---|
| Income statement | 31.03.2024 | 31.03.2023 |
| Restated | ||
| Revenue | 111,320 | 145,486 |
| Adjusted EBITDA | 2,126 | 12,936 |
| % Revenue | 1.91% | 8.89% |
| EBIT | (7,192) | 3,431 |
The equity information related to operating segments at March 31, 2024 and at December 31, 2023 is the following.
| Total Group | |
|---|---|
| Statement of financial position | 31.03.2024 |
| Total Assets | 720,133 |
| Total Liabilities | 300,641 |
| Equity | 419,492 |
| Datalogic | Informatics | Adjustments | Total Group | |
|---|---|---|---|---|
| Divisional financial position | Business | 31.12.2023 | ||
| Total Assets | 726,392 | 29,433 | (36,322) | 719,503 |
| Total Liabilities | 308,764 | 8,099 | (8,491) | 308,372 |
| Equity | 417,628 | 21,334 | (27,831) | 411,131 |
Tangible fixed assets at March 31, 2024 amounted to €92,455 thousand. During the period, net expenditure of €345 thousand and depreciation of €2,638 thousand was recognised, while exchange rate effects closed with a positive €624 thousand. The breakdown of the item at March 31, 2024 and at December 31, 2023 is shown below.
| 31.03.2024 | 31.12.2023 | Change | |
|---|---|---|---|
| Land | 12,718 | 12,597 | 121 |
| Buildings | 51,343 | 51,520 | (177) |
| Other assets | 25,641 | 26,892 | (1,251) |
| Fixed assets under construction and advances | 2,753 | 3,031 | (278) |
| Total | 92,455 | 94,040 | (1,585) |
The "Other assets" item at March 31, 2024 includes the following categories: industrial equipment and moulds (€11,548 thousand), plant and machinery (€6,406 thousand), office furniture and machines (€4,210 thousand), generic plant related to buildings (€2,261 thousand), lightweight constructions (€230 thousand), commercial equipment and demo rooms (€608 thousand), leasehold improvements (€284 thousand), and motor vehicles (€94 thousand).
The balance of "Fixed assets under construction and advances", equal to €2,753 thousand, is composed primarily of moulds under construction and equipment and production lines built in house, and of improvements to owned buildings.
Intangible fixed assets at March 31, 2024 amounted to €282,272 thousand. During the period, net expenditure of €4,244 thousand and amortisation of €5,088 thousand was recognised, while exchange rate effects closed with a positive €3,618 thousand. The breakdown of the item at March 31, 2024 and at December 31, 2023 is shown below:
| 31.03.2024 | 31.12.2023 | Change | |
|---|---|---|---|
| Goodwill | 195,210 | 205,352 | (10,142) |
| Development costs | 39,224 | 42,034 | (2,810) |
| Other | 34,033 | 36,075 | (2,042) |
| Fixed assets under construction and advances | 13,805 | 10,736 | 3,069 |
| Total | 282,272 | 294,197 | (11,925) |
Goodwill amounted to €195,210 thousand and decreased by €10,142 thousand, of which €13,662 thousand due to the deconsolidation of Informatics Holdings Inc., while FX effects came to a positive €3,519 thousand.
| 31.03.2024 | 31.12.2023 | Change | |
|---|---|---|---|
| Datalogic CGU | 195,210 | 191,690 | 3,520 |
| Informatics CGU | - | 13,662 | (13,662) |
| Total | 195,210 | 205,352 | (10,142) |
Goodwill is allocated to the CGUs (Cash Generating Units) represented by the individual companies and/or sub-groups to which they refer.
The estimated recoverable value of each CGU, associated with each Goodwill item measured, consists of its corresponding value in use. Value in use was calculated by discounting at a given discount rate the future cash flows expected to be generated by the CGU, in the production phase and at the time of its disposal, based on the Discounted Cash Flow method.
The cash flows of the individual CGUs are estimated based on forward-looking plans prepared by Management. These plans represent the best estimate of the foreseeable outlook, based on the business strategies and growth indicators of the relevant industry and markets.
The assumptions used for the purposes of impairment were approved by the Board of Directors and the Control, Risks, Remuneration and Appointments Committee of Datalogic S.p.A. on February 13, 2024.
"Development costs", amounting to €39,224 thousand at March 31, 2024 (€42,034 thousand at December 31, 2023), consists of product development projects. The change results mainly from amortisation for the period and to a lesser extent from the change in the consolidation scope following the sale of Informatics.
"Other", amounting to €34,033 thousand, consists primarily of intangible assets acquired through business combinations carried out by the Group, and software licences as detailed below:
| 31.03.2024 | 31.12.2023 | Change | |
|---|---|---|---|
| Patents | 3,294 | 3,681 | (387) |
| Know-how | 11,823 | 12,533 | (710) |
| Customer portfolio | 10,718 | 10,943 | (225) |
| Licences | 764 | 880 | (115) |
| Software | 7,434 | 8,038 | (605) |
| Total | 34,033 | 36,075 | (2,041) |
"Fixed assets under construction and advances", amounting to €13,805 thousand (€10,736 thousand at December 31, 2023), is attributable mainly to the capitalisation of costs for product development projects currently under way.
Net positive changes for €871 thousand and depreciation for €1,037 thousand were recognised during the period. The breakdown of the item at March 31, 2024 and at December 31, 2023 is shown below.
| 31.03.2024 | 31.12.2023 | Change | |
|---|---|---|---|
| Buildings | 8,827 | 9,181 | (354) |
| Vehicles | 2,276 | 2,122 | 154 |
| Office equipment | 177 | 143 | 34 |
| Total | 11,280 | 11,446 | (166) |
Non-controlling investments held by the Group, details of which can be found in Annex 2, amounted to €640 thousand at March 31, 2024 (unchanged from December 31, 2024).
The table below provides a breakdown of "Financial assets and liabilities" under IFRS 9.
| Financial assets at amortised cost |
Financial assets at FV through profit and loss |
Financial assets at FV through OCI |
31.03.2024 | |
|---|---|---|---|---|
| Non-current financial assets | 1,564 | 2,693 | 99 | 4,356 |
| Non-current financial assets and investments | - | 2,693 | 99 | 2,792 |
| Other receivables | 1,564 | - | - | 1,564 |
| Current financial assets | 159,462 | - | - | 159,462 |
| Trade receivables | 56,203 | - | - | 56,203 |
| Other receivables | 19,762 | - | - | 19,762 |
| Cash and cash equivalents | 83,497 | - | - | 83,497 |
| Total | 161,026 | 2,693 | 99 | 163,818 |
| Financial assets at amortised cost |
Financial assets at FV through profit and loss |
Financial assets at FV through OCI |
31.12.2023 | |
|---|---|---|---|---|
| Non-current financial assets | 2,839 | 2,624 | 99 | 5,562 |
| Non-current financial assets and investments | 2,055 | 2,624 | 99 | 4,778 |
| Other receivables | 784 | - | - | 784 |
| Current financial assets | 141,175 | - | - | 141,175 |
| Trade receivables | 52,093 | - | - | 52,093 |
| Other receivables | 18,453 | - | - | 18,453 |
| Cash and cash equivalents | 70,629 | - | - | 70,629 |
| Total | 144,014 | 2,624 | 99 | 146,737 |
"Cash and cash equivalents" amounted to €83,497 thousand. Details are found in the Net Financial Debt schedule in the Report on Operations.
| Derivatives | Financial liabilities at amortised cost |
31.03.2024 | |
|---|---|---|---|
| Non-current financial liabilities | - | 105,295 | 105,295 |
| Financial payables | - | 86,013 | 86,013 |
| Other payables | - | 19,282 | 19,282 |
| Current financial liabilities | - | 147,629 | 147,629 |
| Trade payables | - | 78,517 | 78,517 |
| Other payables | - | 48,929 | 48,929 |
| Current financial payables | - | 20,183 | 20,183 |
| Total | - | 252,924 | 252,924 |
| Derivatives | Financial liabilities at amortised cost |
31.12.2023 | |
|---|---|---|---|
| Non-current financial liabilities | - | 106,094 | 106,094 |
| Financial payables | - | 86,101 | 86,101 |
| Other payables | - | 19,993 | 19,993 |
| Current financial liabilities | - | 152,879 | 152,879 |
| Trade payables | - | 83,515 | 83,515 |
| Other payables | - | 49,515 | 49,515 |
| Current financial payables | - | 19,849 | 19,849 |
| Total | - | 258,973 | 258,973 |
The fair value of financial assets and financial liabilities is determined according to methods classifiable in the various levels of the fair value hierarchy as envisaged by IFRS 13. Specifically, the Group uses internal valuation models generally used in financial practice, based on prices provided by market participants or quotations recorded on active markets.
All the financial instruments measured at fair value are classified in the three categories shown below:
Level 1: market prices;
Level 2: valuation techniques (based on observable market data);
Level 3: valuation techniques (not based on observable market data).
| Assets measured at fair value | Level 1 | Level 2 | Level 3 | 31.03.2024 |
|---|---|---|---|---|
| Non-current financial assets and investments | 99 | - | 2,693 | 2,792 |
| Total | 99 | - | 2,693 | 2,792 |
Financial assets include the following:
| 31.03.2024 | 31.12.2023 | Change | |
|---|---|---|---|
| Non-current financial assets | 2,792 | 4,778 | (1,986) |
| Total | 2,792 | 4,778 | (1,986) |
Non-current financial assets amounted to €2,792 thousand. The main change refers to the write-down of a doubtful financial receivable.
The change in "Non-current financial assets" is detailed below:
| 2024 | 2023 | |
|---|---|---|
| At January 1 | 4,778 | 8,119 |
| Acquisitions (Disposals) | (1,986) | 97 |
| Gains (Losses) recognised in OCI | - | 607 |
| Gains/(Losses) recognised in the income statement | - | 45 |
| Exchange rate adjustments | - | (16) |
| At March 31 | 2,792 | 8,852 |
The breakdown of the item at December 31, 2023 and at December 31, 2022 is shown below:
| 31.03.202 | 31.12.202 | |||
|---|---|---|---|---|
| 4 | 3 | Change | ||
| Trade receivables | 50,608 | 46,065 | 4,543 | |
| Contract assets - Invoices to be issued | 5,447 | 6,145 | (698) | |
| Bad debt provisions | (1,448) | (1,471) | 23 | |
| Net trade receivables | 54,607 | 50,739 | 3,868 | |
| Receivables from associates | 1,588 | 1,346 | 242 | |
| Receivables from related parties | 8 | 8 - |
||
| Sub-total - Trade receivables | 56,203 | 52,093 | 4,110 | |
| Other receivables - current accrued income and deferred expense | 19,762 | 18,453 | 1,309 | |
| Other receivables - non-current accrued income and deferred expense |
1,564 | 784 | 780 | |
| Sub-total - Other receivables - accrued income and deferred expense |
21,326 | 19,237 | 2,089 | |
| Less: non-current portion | 1,564 | 784 | 780 | |
| Trade and other receivables - current portion | 75,965 | 70,546 | 5,419 |
"Trade receivables" amounted to €56,203 thousand, increasing by €4,110 thousand versus December 31, 2023. At March 31, 2024, trade receivables factored without recourse amounted to €30,465 thousand (€30,218 thousand at December 31, 2023). Trade receivablesfrom associates arise from commercial transactions carried out at normal market conditions.
The details of "Other receivables - accrued income and deferred expense" are shown below.
| 31.03.2024 | 31.12.2023 | Change | |
|---|---|---|---|
| Other current receivables | 3,370 | 3,232 | 138 |
| Other non-current receivables | 1,564 | 784 | 780 |
| VAT receivable | 12,970 | 11,889 | 1,081 |
| Accrued income and deferred expense | 3,422 | 3,332 | 90 |
| Total | 21,326 | 19,237 | 2,089 |
The "VAT receivable" of €12,970 thousand refers to normal commercial transactions.
The "Accrued income and deferred expense" item is composed mainly of the recognition of insurance contracts and hardware and software licenses.
At March 31, 2024, inventory totalled €99,082 thousand, decreasing by €3,380 thousand during the period, including €1,940 thousand from the deconsolidation of Informatics.
| 31.03.2024 | 31.12.2023 | Change | |
|---|---|---|---|
| Raw and ancillary materials and consumables | 52,349 | 51,002 | 1,347 |
| Work in progress and semi-finished products | 20,484 | 18,690 | 1,794 |
| Finished products and goods | 27,249 | 32,770 | (5,521) |
| Total | 100,082 | 102,462 | (2,380) |
Inventory is shown net of an obsolescence provision totalling €17,523 thousand at March 31, 2024 (€15,482 thousand at December 31, 2023).
| 31.03.2024 | 31.12.2023 | Change | |
|---|---|---|---|
| Tax receivables | 11,517 | 12,662 | (1,145) |
| Tax payables | (7,796) | (9,388) | 1,592 |
| Total | 3,721 | 3,274 | 447 |
At March 31, 2024, the net balance of "Tax Receivables and Payables" came to a positive €3,721 thousand versus a positive 3,274 thousand at December 31, 2023, marking a positive change of €447 thousand.
The composition of Equity at March 31, 2024 is shown below.
| 31.03.2024 | 31.12.2023 | Change | |
|---|---|---|---|
| Share capital | 30,392 | 30,392 | - |
| Share premium reserve | 111,779 | 111,779 | - |
| Treasury shares held in portfolio | (41,962) | (41,962) | - |
| Share capital and reserves | 100,209 | 100,209 | - |
| Translation reserve | 29,825 | 27,482 | 2,343 |
| Other reserves | 928 | 913 | 15 |
| Retained earnings | 279,531 | 269,731 | 9,800 |
| Profit for the period | 5,745 | 9,859 | (4,114) |
| Total Group equity | 416,238 | 408,194 | 8,044 |
| Profit (loss) for the period attributable to non-controlling interests | 301 | (373) | 674 |
| Share capital attributable to non-controlling interests | 2,953 | 3,310 | (357) |
| Total Group equity | 3,254 | 2,937 | 317 |
| Total consolidated equity | 419,492 | 411,131 | 8,361 |
At March 31, 2024, the share capital of €30,392 thousand represents the fully subscribed and paid-up share capital of the Parent Company Datalogic S.p.A.. It comprises ordinary shares for a total of 58,446,491, of which 4,800,000 held as treasury shares for a value of €41,962 thousand, therefore the outstanding shares at that date amounted to 53,646,491.
At March 31, 2024, there was no change in the "Reserve for treasury shares held in portfolio".
The "Translation reserve" increased by €2,343 thousand, due mainly to the effects of the trend of the U.S. dollar, the functional currency of a number of the Group's main investees; part of the change is attributable to the gains/losses generated by the monetary elements that are an integral part of the net investment in foreign operations, and refers to the effect of period-end foreign exchange valuation related to receivables for loans in U.S. dollars granted by the parent company Datalogic S.p.A. to the Group company Datalogic Hungary; there is no specified settlement or repayment plan, and the repayment is not expected to occur in the foreseeable future.
At March 31, 2024, "Other reserves" amounted to €928 thousand (€913 thousand at December 31, 2023).
"Financial payables" at March 31, 2024 amounted to €106,196 thousand, increasing by €246 thousand as detailed below.
| 31.03.2024 | 31.12.2023 | Change | |
|---|---|---|---|
| Bank loans | 93,010 | 92,762 | 248 |
| Financial payables from leases | 11,559 | 11,630 | (71) |
| Payables to factoring companies | 835 | 592 | 243 |
| Other financial payables | 588 | 817 | (229) |
| Bank overdrafts | 204 | 149 | 55 |
| Total | 106,196 | 105,950 | 246 |
The change in "Bank loans" for the period is a result of the discounting of long-term financial debt.
The breakdown of financial payables, divided into current and non-current portions, is shown below:
| 31.03.2024 | 31.12.2023 | Change | |
|---|---|---|---|
| Non-current financial payables | 86,013 | 86,101 | (88) |
| Current financial payables | 20,183 | 19,849 | 334 |
| Total | 106,196 | 105,950 | 246 |
At March 31, 2024, the Group had credit lines in place for a total of approximately €281 million, of which approximately €188.0 million undrawn, including €100.0 million long-term and €88.0 million short-term.
Deferred tax assets and deferred tax liabilities result both from positive items already recognised in the income statement and subject to deferred taxation under current tax regulations and temporary differences between recorded assets and liabilities and their relevant taxable value.
Deferred tax assets are accounted for in accordance with the assumptions of future recoverability of the temporary differences they originated from, i.e., on the basis of strategic economic and tax plans.
Temporary differences generating deferred tax assets consist mainly of tax losses and tax paid abroad, provisions for risks and charges, and foreign exchange adjustments. Deferred tax liabilities are attributable mainly to temporary differences in exchange rate adjustments and statutory and tax differences in the amortisation/depreciation schedules of tangible and intangible fixed assets and fair value measurements of assets as part of business combinations carried out by the Group.
| 31.03.2024 | 31.12.2023 | Change | |
|---|---|---|---|
| Deferred tax assets | 58,069 | 57,319 | 750 |
| Deferred tax liabilities | (26,320) | (26,334) | 14 |
| Net deferred tax | 31,749 | 30,985 | 764 |
Deferred tax assets amounted to €58,069 thousand and included foreign tax credits attributable mainly to the subsidiary Datalogic USA Inc. The increase in deferred tax assets is attributable to tax losses generated during the quarter net of decreases associated with tax effects related to consolidation processes, as well as temporary tax differences of a different nature that are expected to allow benefits in later years.
The Provision for deferred tax liabilities at March 31, 2024 amounted to €26,320 thousand and refers mainly to temporary differences related to asset depreciation/amortisation schedules, as well as tax adjustments resulting from the consolidation processes of recent acquisitions made by the Group.
The breakdown of changes in "Provisions for post-employment and retirement benefits" at March 31, 2024 and at March 31, 2023 is shown below:
| 2024 | 2023 | |
|---|---|---|
| At January 1 | 5,759 | 6,163 |
| Amount allocated in the period | 502 | 756 |
| Utilisations | (440) | (631) |
| Receivable from INPS | (58) | (208) |
| Exchange rate adjustments | 6 | (6) |
| At March 31 | 5,769 | 6,074 |
"Provisions for risks and charges" at March 31, 2024 amounted to €7,832 thousand (€7,918 thousand at December 31, 2023), represented by the best estimate of the contingent liabilities to which the Group is exposed in relation to contractual obligations for product warranties and long-term incentive and retention plans for personnel (middle management and key people), as well as contingent liabilities of a tax, labour law and supplementary agents' indemnity nature, as shown below.
| 31.12.2023 | Increases | (Utilisations) (Releases) |
Change in consolidation scope |
Foreign exchange differences |
31.03.2024 | |
|---|---|---|---|---|---|---|
| Product warranty provision | 5,845 | - | (304) | (14) | - | 5,527 |
| Provision for staff incentive and retention plans |
1,510 | 452 | (232) | - | 12 | 1,742 |
| Other provisions | 563 | - | - | - | - | 563 |
| Total | 7,918 | 452 | (536) | (14) | 12 | 7,832 |
The "Product warranty provision" covers the estimated cost of repairing products sold up to March 31, 2024 and covered by a warranty period; said provision amounted to €5,527 thousand (of which €3,156 thousand long-term).
"Provision for staff incentive and retention plans" refers to the estimated bonuses to be paid to staff based on longterm incentive and retention plans accrued at March 31, 2024.
"Other provisions" at March 31, 2024 amounted to €563 thousand and consisted mainly of provisions for supplementary agent's indemnity and for contingent liabilities of a fiscal and labour law nature. Mention should be made that a tax audit is underway regarding the subsidiary Datalogic S.r.l. concerning the application of the transfer pricing methodology for 2019, which is currently still in a hearing stage with the assessing body.
The breakdown of provisions for risks, divided into current and non-current portions, is shown below:
| 31.03.2024 | 31.12.2023 | Change | |
|---|---|---|---|
| Provisions for risks and charges, current portion | 2,537 | 2,721 | (184) |
| Provisions for risks and charges, non-current portion | 5,295 | 5,197 | 98 |
| Total | 7,832 | 7,918 | (86) |
| 31.03.2024 | 31.12.2023 | Change | |
|---|---|---|---|
| Trade payables | 75,027 | 78,859 | (3,832) |
| Contractual liabilities - customer advances | 3,408 | 4,543 | (1,135) |
| Trade payables | 78,435 | 83,402 | (4,967) |
| Payables to associates | 58 | 92 | (34) |
| Payables to related parties | 24 | 21 | 3 |
| Total trade payables | 78,517 | 83,515 | (4,998) |
| Other current payables | 31,185 | 28,310 | 2,875 |
| Current accrued expense and deferred income | 17,743 | 21,204 | (3,461) |
| Non-current accrued expense and deferred income | 19,282 | 19,993 | (711) |
| Total Other payables - accrued expense and deferred income | 68,210 | 69,507 | (1,297) |
| Less: non-current portion | 19,282 | 19,993 | (711) |
| Current portion | 127,445 | 133,029 | (5,584) |
"Trade payables" amounted to €78,517 thousand, down by €4,998 thousand versus the end of the prior year.
| 31.03.2024 | 31.12.2023 | Change | |
|---|---|---|---|
| Payables to employees | 21,382 | 18,418 | 2,964 |
| Payables to welfare and social security entities | 6,170 | 6,834 | (664) |
| Other payables | 1,624 | 2,070 | (446) |
| VAT payables | 2,009 | 988 | 1,021 |
| Total | 31,185 | 28,310 | 2,875 |
"Other current payables" amounting to €31,185 thousand at March 31, 2024, consists mainly of "Payables to employees" for the fixed and variable components of salaries and holiday entitlements, as well as the related "Payables to welfare and social security entities".
"Accrued expense and deferred income", amounting to €37,025 thousand at March 31, 2024 (€41,197 thousand at December 31, 2023), is composed mainly of deferred revenue related to the Ease of Care long-term maintenance contracts.
Revenue classified by type is shown in the following table:
| 31.03.2024 | 31.03.2023 | Change | |
|---|---|---|---|
| Restated | |||
| Revenue from sale of products | 101,849 | 136,805 | (34,956) |
| Revenue from services | 9,471 | 8,681 | 790 |
| Total revenue | 111,320 | 145,486 | (34,166) |
At March 31, 2024, consolidated net revenue amounted to €111,320 thousand, down by 23.5% versus €145,486 thousand in first quarter 2023. The Group's revenue, classified by recognition method and business segment, is broken down as follows:
| Revenue broken down by recognition method | 31.03.2024 | 31.03.2023 Restated |
Change |
|---|---|---|---|
| Revenue from sale of goods and services - point in time | 93,221 | 130,378 | (37,157) |
| Revenue from sale of goods and services - over time | 18,099 | 15,108 | 2,991 |
| Total | 111,320 | 145,486 | (34,166) |
The Group recognises revenue for the sale of goods and services at a specific point in time when control of the assets has been transferred to the customer, usually at the same time as the delivery of the good or provision of the service. Instead, revenue recognition takes place over time, based on the status of performance of contractual obligations, when the performance does not create an asset that has an alternative use for the Group and the Group has the collectible right to payment for the completed performance up to the date considered.
| 31.03.2024 | 31.03.2023 | Change | |
|---|---|---|---|
| Revenue broken down by type | Restated | ||
| Sale of goods | 101,849 | 136,805 | (34,956) |
| Sale of services | 9,471 | 8,681 | 790 |
| Total | 111,320 | 145,486 | (34,166) |
The following table shows the trends of cost of goods sold and operating costs at March 31, 2024, versus the same period of the prior year, before special items.
| 31.03.2024 | 31.03.2023 | Change | |
|---|---|---|---|
| Restated | |||
| Cost of goods sold | 68,608 | 86,062 | (17,454) |
| Operating costs | 50,827 | 56,628 | (5,802) |
| Research and development expense | 15,408 | 16,736 | (1,328) |
| Distribution expense | 22,519 | 25,390 | (2,871) |
| Administrative and General expense | 12,305 | 13,953 | (1,649) |
| Other operating expense | 595 | 549 | 46 |
| Total | 119,435 | 142,690 | (23,255) |
Cost of goods sold at March 31, 2024 was €68,608 thousand. The change is -20.3%, while the percentage of sales deteriorated by 3.4% to 61.6% from 59.2% in the comparison period.
"Operating Costs", totalling €50,827 thousand, decreased by 10.2%; as a percentage of sales, it increased by approximately 6.7% from 38.9% to 45.7%.
"Research and development expense" at March 31, 2024 amounted to €15,408 thousand, decreasing by 7.9% versus the same period of the prior year, accounting for 13.8% of sales (11.5% in the first quarter of the prior year). The detail items showing the largest percentage increase in relation to sales refer to personnel expense.
"Distribution expense" amounted to €22,519 thousand, down versus the comparison period (-11.3%). The percentage of sales increased from 17.5% to 20.2%. The detail items showing the largest percentage increase in relation to sales refer to personnel expense.
"Administrative and general expense" amounted to €12,305 thousand, decreasing by 11.3% versus first quarter 2023, while the percentage of sales increased from 9.6% to 11.1%.
"Other operating expense", amounting to €595 thousand, remained basically unchanged from the comparison period.
The following table provides the details of total costs (cost of goods sold and total operating costs) by nature:
| 31.03.2024 | 31.03.2023 | Change | |
|---|---|---|---|
| Restated | |||
| Purchases | 48,250 | 62,745 | (14,495) |
| Personnel expense | 43,717 | 46,407 | (2,690) |
| Amortisation, depreciation and write-downs | 8,755 | 9,244 | (489) |
| Goods receipt and shipment expense | 3,831 | 5,055 | (1,224) |
| Travel and meetings expense | 1,960 | 3,370 | (1,410) |
| EDP expense | 1,799 | 1,935 | (136) |
| Consumables and R&D material | 1,361 | 2,140 | (780) |
| R&D technical consultancies | 1,002 | 1,191 | (189) |
| Marketing expense | 1,001 | 1,107 | (107) |
| Legal, tax and other consulting | 886 | 843 | 43 |
| Building expense | 793 | 566 | 228 |
| Utilities | 763 | 1,143 | (380) |
| Directors' fees | 575 | 584 | (9) |
| Telephone expense | 446 | 430 | 15 |
| Royalties | 416 | 534 | (117) |
| Sundry service costs | 406 | 424 | (18) |
| Expense for plant and machinery and other assets | 373 | 459 | (86) |
| Fees | 327 | 620 | (293) |
| Vehicle expense | 302 | 305 | (3) |
| Insurance | 289 | 363 | (75) |
| Installations | 278 | 382 | (104) |
| Quality certification expense | 277 | 387 | (110) |
| Non-warranty repairs | 244 | 307 | (64) |
| Audit fees | 208 | 343 | (136) |
| Entertainment expense | 184 | 288 | (104) |
| Repairs and warranty provision accrual | 154 | 199 | (45) |
| Subcontracted work | 145 | 181 | (37) |
| Recruitment fees | 33 | 282 | (248) |
| Other | 660 | 854 | (194) |
| Total cost of goods sold and operating costs | 119,435 | 142,690 | (23,255) |
Purchasing costs decreased by €14,495 thousand (-23.1%) versus the comparison period, with the percentage of sales basically unchanged.
Personnel expense of €43,717 thousand (€46,407 thousand in first quarter 2023) decreased by €2,690 thousand (- 5.8%), with the percentage of sales increasing from 31.9% to 39.3%.
The detailed breakdown of personnel expense is as follows:
| 31.03.2024 | 31.03.2023 | Change | |
|---|---|---|---|
| Restated | |||
| Wages and salaries | 32,888 | 35,376 | (2,488) |
| Social security charges | 7,461 | 7,520 | (59) |
| Post-employment benefits | 711 | 700 | 11 |
| Retirement benefits and the like | 437 | 502 | (65) |
| Other personnel costs | 2,220 | 2,309 | (89) |
| Total | 43,717 | 46,407 | (2,690) |
Aligned with the reduction in volumes, costs decreased overall, maintaining mostly the same percentage of sales as in first quarter 2023, except for personnel expense, which increased its percentage of revenue by 7.4%, purchasing (+1.1%), and amortisation, depreciation and write-downs (+1.5%)
"Travel and meetings expense", amounting to €1,960 thousand, decreased by €1,410 thousand versus the same period of the prior year, bringing the percentage of sales to 1.8% versus 2.3% in the comparison period.
At March 31, 2024, "Other revenue" amounted to €923 thousand, increasing by 45.4% versus €635 thousand in first quarter 2023. Other revenue is broken down as follows:
| 31.03.2024 | 31.03.2023 | Change | |
|---|---|---|---|
| Restated | |||
| Grants to Research and Development expense | 420 | 280 | 140 |
| Miscellaneous income and revenue | 73 | 224 | (151) |
| Rents | 30 | 10 | 20 |
| Gains from disposal of fixed assets | 399 | 44 | 355 |
| Contingent assets | 1 | 1 | - |
| Other | - | 76 | (76) |
| Total | 923 | 635 | 288 |
| 31.03.2024 | 31.03.2023 | Change | |
|---|---|---|---|
| Restated | |||
| Financial income/(expense) | (289) | (590) | 301 |
| Foreign exchange differences | (2,261) | 658 | (2,919) |
| Fair Value investments | - | 45 | (45) |
| Bank expense | (365) | (368) | 3 |
| Dividends | - | 91 | (91) |
| Other | 17,824 | (18) | 17,842 |
| Total net financials | 14,909 | (182) | 15,091 |
Financials ended with a positive €14,909 thousand, an improvement of €15,091 thousand versus the negative €182 thousand recorded in the same period of the prior year, due mainly to the proceeds from the sale of the investment in Informatics Holdings, Inc.
The Group's tax burden at March 31, 2024 is €199 thousand as shown below.
| 31.03.2024 | 31.03.2023 Restated |
Change | |
|---|---|---|---|
| Pre-tax profit/(loss) | 7,718 | 2,703 | 5,015 |
| Tax income (expense) - for current tax | 313 | 576 | (263) |
| Tax income (expense) - for deferred and prepaid tax | 126 | (104) | 231 |
| Total Tax | 439 | 471 | (32) |
| Tax rate | 5.7% | 17.4% | -11.7% |
The tax rate at March 31, 2024 reflects the distribution of the profit of the period among the various geographical areas in which the Group operates.
As required by IAS 33, information on data used to calculate the earning/loss per share is provided below. Basic EPS is calculated by dividing the result for the period, profit and/or loss, attributable to Shareholders of the Parent Company by the weighted average number of shares outstanding during the reporting period. For the purpose of calculating diluted EPS, the weighted average number of shares outstanding is adjusted by assuming the conversion of all potential shares with dilutive effects (such as the share-based incentive plan), while the Group's net result is adjusted for the after-tax effects of conversion.
| 31.03.2024 | 31.03.2023 Restated |
|
|---|---|---|
| Profit/(Loss) for the period attributable to the shareholders of the parent | 5,745 | 3,326 |
| Average number of shares (thousands) | 55,789 | 56,610 |
| Basic earnings/(loss) per share | 0.10 | 0.06 |
| Profit/(Loss) for the period attributable to the shareholders of the parent | 5,745 | 3,326 |
| Average number of shares (thousands) - Diluted effect | 55,789 | 56,979 |
| Diluted earnings/(loss) per share | 0.10 | 0.06 |
For the definition of "Related Parties", reference is made not only to IAS 24, approved by EC Regulation no. 1725/2003, but also to the Procedure for Related-Party Transactions approved by the Board of Directors on November 4, 2010 (last amended on June 23, 2021) available on the Company website www.datalogic.com. The parent company of the Datalogic Group is Hydra S.p.A..
Intercompany transactions are carried out as part of the ordinary operations and at normal market conditions. Additionally, there are related-party transactions carried out again in the ordinary course of business and at normal market conditions, of an immaterial amount pursuant to and for the purposes of the "RPT Procedure", attributable mainly to Hydra S.p.A. or to entities subject (with Datalogic S.p.A.) to common control or to persons exercising administrative and management functions at Datalogic S.p.A. (including entities controlled by them and close family members).
Related-party transactions refer mainly to commercial and property transactions (instrumental and non-instrumental premises for the Group leased or rented out), consulting services, and participation in tax consolidation. None of them are of particular economic or strategic importance to the Group, since receivables, payables, revenue, and expense from related parties do not have a material percentage impact on the total amounts of the financial statements.
Pursuant to Article 5, paragraph 8, of the CONSOB Regulations, it should be noted that, over the period 01.01.2024 – 31.03.2024, the Company's Board of Directors did not approve any transaction of greater significance, as set out by Article 3, paragraph 1, letter b) of the CONSOB Regulations, or any related-party transactions of a lesser significance that had a significant impact on the Group's equity position or results.
| Parent Company |
Company controlled by Chairman of B.o.D. |
Companies not consolidated on a line-by-line basis |
31.03.2024 | |
|---|---|---|---|---|
| Investments | - | - | 640 | 640 |
| Trade receivables – other receivables accrued income and deferred expense |
- | 8 | 1,588 | 1,597 |
| Trade payables – other payables accrued expense and deferred income |
- | 24 | 84 | 109 |
| Commercial and service costs | - | 315 | 27 | 342 |
| Trade revenue | - | - | 1,693 | 1,693 |
| Other revenue | - | - | 1 | 1 |
| 31.03.2024 | 31.03.2023 | Change | |
|---|---|---|---|
| Datalogic | 2,772 | 2,987 | (215) |
| Informatics | - | 69 | (69) |
| Total | 2,772 | 3,056 | (284) |
The Chairman of the Board of Directors (Romano Volta)
I, the undersigned Alessandro D'Aniello, as the Manager responsible for the preparation of the financial reports of Datalogic S.p.A., certify that, in accordance with the provisions of the second paragraph of Article 154-bis of Legislative Decree no. 58 of February 24, 1998, the Consolidated Interim Report at March 31, 2024 corresponds to the underlying records, books and accounting entries.
Lippo di Calderara di Reno (BO), May 15, 2024
Manager responsible for the preparation of the Company's financial reports Alessandro D'Aniello
The Consolidated Annual Financial Report includes the interim statements of the Parent Company and of the companies in which it directly and/or indirectly has control or significant influence. The statements of the subsidiaries were duly adjusted, where necessary, to make them consistent with the Parent Company's Accounting Standards. The companies included in the consolidation scope at March 31, 2024, consolidated on a line-by-line basis, are shown hereunder:
| Company name | Registered office | Share capital | Total equity (Euro/ thousands) |
Profit (loss) for the period (Euro/ thousands) |
% Ownership |
|
|---|---|---|---|---|---|---|
| Datalogic S.p.A. | Bologna – Italy | € | 30,392,17 5 |
372,520 | 32,012 | |
| Datalogic Real Estate France Sas | Courtabeuf Cedex – France |
€ | 2,227,500 | 4,118 | 50 | 100% |
| Datalogic Real Estate UK Ltd. | Redbourn - United Kingdom of Great Britain |
GBP | 3,500,000 | 4,883 | 70 | 100% |
| Datalogic IP Tech S.r.l. | Bologna – Italy | € | 100,000 | 42,898 | (5,560) | 100% |
| Datalogic (Shenzhen) Industrial Automation Co. Ltd. |
Shenzhen - China | CNY | 2,136,696 | 6,295 | (16) | 100% |
| Datalogic Hungary Kft | Balatonboglar - Hungary | HUF | 3,000,000 | (633) | (2,459) | 100% |
| Datalogic S.r.l. | Bologna – Italy | € | 10,000,00 0 |
120,405 | (6,105) | 100% |
| Datalogic Slovakia S.r.o. | Trnava - Slovakia | € | 66,388 | 6,587 | 35 | 100% |
| Datalogic USA Inc. | Eugene OR - Usa | USD | 100 | 268,210 | 1,458 | 100% |
| Datalogic do Brazil Ltda. | Sao Paulo - Brazil | BRL | 20,257,00 0 |
885 | (9) | 100% |
| Datalogic Technologia de Mexico S. de R. L. de C.V. |
Colonia Cuauhtemoc - Mexico |
MXN | 0 | (536) | (49) | 100% |
| Datalogic Scanning Eastern Europe GmbH | Langen - Germany | € | 25,000 | 3,521 | (69) | 100% |
| Datalogic Australia Pty Ltd. | Mount Waverley (Melbourne) - Australia |
AUD | 3,188,120 | 1,533 | 33 | 100% |
| Datalogic Vietnam LLC | Vietnam | USD | 3,000,000 | 30,251 | (254) | 100% |
| Datalogic Singapore Asia Pacific Pte Ltd. | Singapore | SGD | 3 | 4,260 | 70 | 100% |
| Datasensing S.r.l. | Modena - Italy | € | 2,500,000 | 17,502 | (706) | 100% |
| Datasensing Electronic Components (Tianjin) Ltd. |
Tianjin - China | CNY | 13,049,98 2 |
1,459 | 87 | 100% |
| Datasensing Ibérica, S.A.U. | Barcelona - Spain | € | 120,000 | 1,550 | 40 | 100% |
| Datalogic Japan Co., Ltd. | Tokyo - Japan | JPY | 9,913,000 | 231 | 85 | 100% |
| Pekat S.r.l. | Bologna – Italy | € | 8,583 | (1,201) | (235) | 100% |
| Suzhou Mobydata Smart System Co. Ltd. | Suzhou, JiangSu - China | CNY | 161,224 | 6,535 | 614 | 51% |
| Company name | Registered office | Share capital | Total equity (Euro/thousands) |
Profit (loss) for the period (Euro/thousands) |
% Ownership |
|
|---|---|---|---|---|---|---|
| Datasensor Gmbh (*) | Otterfing - Germany | € | 150,000 | 0 | 2 | 30% |
| CAEN RFID S.r.l. (***) | Viareggio LU - Italy | € | 150,000 | 781 | 25 | 20% |
| R4I S.r.l. (***) | Benevento - Italy | € | 131,171 | 238 | (40) | 20% |
| DL Industrial Automation AB (**) | Malmö, Sweden | SEK | 100,000 | 2,018 | 687 | 20% |
(*) figures at December 31, 2021
(**) figures at June 30, 2022
(***) figures at December 31, 2022
Below is a reconciliation of EBIT and Adjusted EBIT at March 31, 2024 versus March 31, 2023.
| 31.03.2024 | 31.03.2023 Restated |
|||
|---|---|---|---|---|
| Adjusted EBIT | (5,461) | -4.9% | 4,882 | 3.4% |
| Special Items - Other Expense and (Income) | 563 | 0.51% | 260 | 0.18% |
| Special Items - D&A from acquisitions | 1,168 | 1.05% | 1,191 | 0.82% |
| Total | 1,731 | 1.55% | 1,451 | 1.00% |
| EBIT | (7,192) | -6.5% | 3,431 | 2.4% |
Below is a reconciliation of EBITDA and Adjusted EBITDA at March 31, 2024 versus March 31, 2023.
| 31.03.2024 | 31.03.2023 Restated |
|||
|---|---|---|---|---|
| Adjusted EBITDA | 2,126 | 1.9% | 12,936 | 8.9% |
| Cost of goods sold | 54 | 0.05% | 7 | 0.00% |
| Research and Development expense | 129 | 0.12% | 65 | 0.04% |
| Distribution expense | 368 | 0.33% | 179 | 0.12% |
| Administrative and General expense | 12 | 0.01% | 9 | 0.01% |
| Other (expense) income | - | 0.00% | - | 0.00% |
| Total | 563 | 0.5% | 260 | 0.2% |
| EBITDA | 1,563 | 1.4% | 12,676 | 8.7% |
Comparative results at March 31, 2024, have been restated following reclassifications of certain items to ensure full comparability of 2023 results with 2024 results.
| (Euro/000) | 31.03.2023 | Restatement | 31.03.23 Restated |
|---|---|---|---|
| 1) Revenue | 145,718 | (232) | 145,486 |
| Revenue from sale of products | 137,037 | (232) | 136,805 |
| Revenue from services | 8,681 | 8,681 | |
| 2) Cost of goods sold | 2,720 | - | 2,720 |
| Gross Operating Margin (1-2) | 86,062 | - | 86,062 |
| 3) Other revenue | 635 | 635 | |
| 4) Research and development expense | 16,736 | 16,736 | |
| 5) Distribution expense | 25,622 | (232) | 25,390 |
| 6) Administrative and general expense | 13,953 | 13,953 | |
| 7) Other operating expense | 549 | 549 | |
| Total operating costs | 56,860 | (232) | 56,628 |
| EBIT | 3,431 | 3,431 | |
| 8) Financial income | 9,649 | 9,649 | |
| 9) Financial expense | 9,831 | 9,831 | |
| Financials (8-9) | (182) | (182) | |
| Profit/(Loss) before tax from continuing operations | 3,249 | 3,249 | |
| Income tax | (471) | (471) | |
| Profit/(Loss) for the period from continuing operations | 2,778 | 2,778 | |
| Net Profit/(Loss) from discontinued operations | 404 | 404 | |
| Profit/(Loss) for the period | 3,182 | 3,182 | |
| Basic earnings/(loss) per share (€) | 0.06 | 0.06 | |
| Diluted earnings/(loss) per share (€) | 0.06 | 0.06 | |
| Attributable to: | |||
| Shareholders of the Parent | 3,326 | 3,326 | |
| Non-controlling interests | (144) | (144) |
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