Quarterly Report • May 25, 2023
Quarterly Report
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| GROUP STRUCTURE | pg. 3 |
|---|---|
| COMPOSITION OF CORPORATE BODIES | pg. 4 |
| REPORT ON OPERATIONS | pg. 5 |
| CONSOLIDATED FINANCIAL STATEMENTS | pg. 17 |
| 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 Maria Grazia Filippini Independent Director Pietro Todescato Executive 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, 2023.
(2) Legal representative before third parties.
This Consolidated Interim Report at March 31, 2023 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 Directors' 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, 2023 versus the same period of the prior year.
The income statement and balance sheet figures at March 31, 2023 include the balances of Pekat Vision, consolidated as a result of the acquisition finalized on March 21, 2022, while the comparative income statement figures for 2022 do not include the balances of the company, consolidated as of April 2022.
| 31.03.2023 | % on Revenue |
31.03.2022 | % on Revenue |
Change | % chg. | % chg. net FX |
|
|---|---|---|---|---|---|---|---|
| Revenue | 149,667 | 100.0% | 137,928 | 100.0% | 11,739 | 8.5% | 7.2% |
| Adjusted EBITDA | 13,477 | 9.0% | 11,752 | 8.5% | 1,725 | 14.7% | 21.4% |
| Adjusted EBIT | 5,373 | 3.6% | 4,474 | 3.2% | 899 | 20.1% | 38.7% |
| EBIT | 3,922 | 2.6% | 2,278 | 1.7% | 1,644 | 72.2% | 108.7% |
| Profit/(Loss) for the period | 3,182 | 2.1% | 1,329 | 1.0% | 1,853 | 139.4% | 202.0% |
| Net financial position (NFP) | (31,673) | (77,663) | 45,990 |
The Group ended first quarter 2023 with sales Revenue of €149.7 million, up by 8.5%, or €11.7 million, versus €137.9 million recorded in first quarter 2022 (+7.2% at constant exchange rates).
Adjusted EBITDA came to €13.5 million, improving versus €11.8 million in first quarter 2022. As a percentage of sales, it grows from 8.5% to 9.0%.
Adjusted EBIT stood at 3.6% of revenue and amounted to €5.4 million (€4.5 million at March 31, 2022).
Net profit for the period amounted to €3.2 million, more than doubling both in absolute terms and as a percentage of revenue versus the same period of the prior year.
Sales from new products (Vitality Index) in first quarter 2023 accounted for 6.3% of revenue, down from 13.3% in first quarter 2022.
Net Financial Debt at March 31, 2023 stood at €31.7 million, an improvement of €10.3 million versus December 31, 2022 and of €46.0 million versus March 31, 2022.
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 prior period, the results of which were restated as required by IAS 1 following certain reclassifications of cost items from operating costs to cost of goods sold and among the different uses of operating costs, for details of which reference is made to Annex 4 of this document:
| 31.03.2023 | 31.03.2022 | Change | % chg. | |||
|---|---|---|---|---|---|---|
| Restated | ||||||
| Revenue | 149,667 | 100.0% | 137,928 | 100.0% | 11,739 | 8.5% |
| Cost of goods sold | (87,267) | -58.3% | (82,546) | -59.8% | (4,721) | 5.7% |
| Gross OperatingMargin | 62,400 | 41.7% | 55,382 | 40.2% | 7,018 | 12.7% |
| Research and Development expense | (16,662) | -11.1% | (14,116) | -10.2% | (2,546) | 18.0% |
| Distribution expense | (26,452) | -17.7% | (22,878) | -16.6% | (3,575) | 15.6% |
| Administrative and General expense | (13,908) | -9.3% | (13,657) | -9.9% | (251) | 1.8% |
| Other (expense) income | (5) | 0.0% | (257) | -0.2% | 252 | -98.1% |
| Total operating costs and other expense | (57,027) | -38.1% | (50,907) | -36.9% | (6,120) | 12.0% |
| Adjusted EBIT | 5,373 | 3.6% | 4,474 | 3.2% | 899 | 20.1% |
| Special Items-Other (Expense) and Income | (260) | -0.2% | (748) | -0.5% | 488 | -65.2% |
| Special Items- D&A from acquisitions | (1,191) | -0.8% | (1,448) | -1.0% | 257 | -17.7% |
| EBIT | 3,922 | 2.6% | 2,278 | 1.7% | 1,644 | 72.2% |
| Net Financials | (835) | -0.6% | (698) | -0.5% | (137) | 19.6% |
| Foreign exchange gains/(losses) | 657 | 0.4% | (884) | -0.6% | 1,541 | n.a. |
| EBT | 3,744 | 2.5% | 696 | 0.5% | 3,048 | 437.8% |
| Tax | (562) | -0.4% | 633 | 0.5% | (1,195) | n.a. |
| Profit/(Loss) for the period | 3,182 | 2.1% | 1,329 | 1.0% | 1,853 | 139.4% |
| EBIT | 3,922 | 2.6% | 2,278 | 1.7% | 1,644 | 72.2% |
| Special Items -Other (Expense) and Income | 260 | 0.2% | 748 | 0.5% | (488) | -65.2% |
| Special Items - D&A from acquisitions | 1,191 | 0.8% | 1,448 | 1.1% | (257) | -17.7% |
| Depreciation Tang. Fixed Assets and Rights of Use | 4,112 | 2.7% | 4,406 | 3.2% | (294) | -6.7% |
| Amortisation Intang. Fixed Assets | 3,992 | 2.7% | 2,871 | 2.1% | 1,121 | 39.0% |
| Adjusted EBITDA | 13,477 | 9.0% | 11,752 | 8.5% | 1,725 | 14.7% |
Consolidated revenue amounted to €149.7 million at March 31, 2023, growing by 8.5% versus €137.9 million in first quarter 2022, with a buoyant performance in EMEAI. Americas was slightly up, while APAC declined. At constant exchange rates, the sales performance increased by 7.2%.
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:
| 31.03.2023 | % | 31.03.2022 | % | Change | % chg. | % chg. net FX |
|
|---|---|---|---|---|---|---|---|
| Italy | 15,374 | 10.3% | 14,410 | 10.4% | 964 | 6.7% | 6.7% |
| EMEAI (excluding Italy) | 71,202 | 47.6% | 61,211 | 44.4% | 9,992 | 16.3% | 15.9% |
| Total EMEAI | 86,577 | 57.8% | 75,621 | 54.8% | 10,956 | 14.5% | 14.1% |
| Americas | 41,817 | 27.9% | 40,628 | 29.5% | 1,189 | 2.9% | -1.4% |
| APAC | 21,273 | 14.2% | 21,679 | 15.7% | (406) | -1.9% | -0.6% |
| Total revenue | 149,667 | 100.0% | 137,928 | 100.0% | 11,739 | 8.5% | 7.2% |
Driving the Group's revenue growth is EMEAI, with a 14.5% revenue growth versus the same period of 2022, with Italy growing by 6.7%. Americas were up by 2.9% (-1.4% at constant exchange rates). APAC was down by 1.9% versus first quarter 2022 (-0.6% at constant exchange rates).
Gross Operating Margin amounted to €62.4 million (41.7% of sales) versus €55.4 million at March 31, 2022 (40.2% of sales), improving by 1.5% as a percentage of sales versus first quarter 2022, due mainly to an increase in price and mix that offset the decline in volumes.
Operating costs and other expense amounted to €57.0 million (€50.9 million at March 31, 2022), increasing as a percentage of sales by 1.2% versus 36.9% to reach 38.1%, especially on research and development and distribution expense.
Research and Development expense, amounting to €16.7 million, increased by 18.0% versus March 31, 2022, with the percentage of revenue increasing by 0.9% to 11.1% versus 10.2% in the same quarter of the prior year. Total monetary costs in R&D, before capitalisation of internal costs and without amortisation and depreciation (R&D Cash Out), amounted to €15.8 million (€14.5 million in the same period of the prior year), with a percentage of sales of 10.6% (10.5% in first quarter 2022).
Distribution expenseamounted to €26.5 million and was up by 15.6% versus first quarter 2022 (€22.9 million in 2022), with the percentage of revenue increasing by 1.1% from 16.6% to 17.7%. The change from the same period in the prior year is related mainly to increased personnel expense and increased sales and marketing initiatives and participation in trade fairs and events as well as customer visits.
Administrative and General expense amounted to €13.9 million at March 31, 2023, falling as a percentage of sales by 0.6% from9.9% to 9.3%, due mainly to the decrease in costs of utilities, consulting and amortisation and depreciation.
Adjusted EBITDA amounted to €13.5 million, with an AdjustedEBITDA margin accounting for 9.0% of sales, increasing by 0.5% from 8.5% recorded in first quarter 2022, due mainly to improved industrial margins, partly offset by higher operating expense.
Adjusted EBIT stood at 3.6% of revenue and amounted to €5.4 million (€4.5 million at March 31, 2022).
Net Financials closed with a negative €0.2 million, improving by €1.4 million versus March 31, 2022, as a result of favourable exchange rate differences in the current quarter.
Net profit for the period amounted to €3.2 million, accounting for 2.1% of revenue (€1.3 million at March 31, 2022 or 1.0% of revenue).
Operating segments are identified based on operating reports used at the highest decision-making level to allocate resources and assess results. The operating segments are shown below:
The tables below show the comparison of Revenue and Adjusted EBITDA by Division in the period versus the same period of the prior year:
| 31.03.2023 | % | 31.03.2022 | % | Change | % chg. | % chg. net FX |
|
|---|---|---|---|---|---|---|---|
| Datalogic | 145,718 | 97.4% | 134,045 | 97.2% | 11,673 | 8.7% | 7.5% |
| Informatics | 4,098 | 2.7% | 4,108 | 3.0% | (10) | -0.3% | -3.8% |
| Intersegment adjustments | (149) | -0.1% | (225) | -0.2% | 76 | ||
| Total revenue | 149,667 | 100.0% | 137,928 | 100.0% | 11,739 | 8.5% | 7.2% |
| 31.03.2023 | % on | 31.03.2022 | % on | Change | % chg. | |
|---|---|---|---|---|---|---|
| Revenue | Revenue | |||||
| Datalogic | 12,936 | 8.9% | 11,002 | 8.2% | 1,934 | 17.6% |
| Informatics | 457 | 11.2% | 802 | 19.5% | (345) | -43.0% |
| Intersegment adjustments | 84 | (52) | 136 | |||
| Total Adjusted EBITDA | 13,477 | 9.0% | 11,752 | 8.5% | 1,725 | 14.7% |
At March 31, 2023, the Datalogicdivision recorded sales revenueof €145.7 million, up by 8.7% versus first quarter 2022.
The division's adjusted EBITDA came to €12.9 million, reaching 8.9% of sales (8.2% at March 31, 2022).
To better align with its strategic goals and prioritize product and solution offerings, Datalogic reviewed its operating model and introduced two new Market Segments, which operate with distinct sales models, and liaise with different representatives and purchasing needs of the client:Data Captureand Industrial Automation.
Reflecting the new operating model, the revenue breakdown for the Datalogic Division is now presented by the new segments, in place of the previous breakdown by Industries:
| 31.03.2023 | % | 31.03.2022 | % | Change | % chg. | % chg. net FX |
|
|---|---|---|---|---|---|---|---|
| Data Capture | 91,263 | 62.6% | 83,462 | 62.3% | 7,801 | 9.3% | 7.7% |
| Industrial Automation | 54,455 | 37.4% | 50,583 | 37.7% | 3,872 | 7.7% | 7.1% |
| Total revenue | 145,718 | 100.0% | 134,045 | 100.0% | 11,673 | 8.7% | 7.5% |
The Data Capture segment, with 62.6% of divisional sales (62.3% at March 31, 2022), was up by 9.3% versus first quarter 2022, driven by strong growth in EMEAI, while Americas was basically steady and APAC down.
The Industrial Automation segment grew by 7.7% in first quarter 2023, propelled by all the geographical areas.
The Informatics Division achieved sales of €4.1 million in first quarter 2023, in line with sales in first quarter 2022.
The adjusted EBITDA margin in the first quarter of the year stood at 11.2%, deteriorating by 8.3% versus 19.5% in the first quarter of the prior year.
| 31.03.2023 | 31.12.2022 | Change | % chg. | |
|---|---|---|---|---|
| Intangible fixed assets | 90,532 | 91,971 | (1,439) | -1.6% |
| Goodwill | 208,689 | 212,043 | (3,354) | -1.6% |
| Tangible fixed assets | 109,478 | 114,557 | (5,079) | -4.4% |
| Financial assets and investments in associates | 9,412 | 8,679 | 733 | 8.4% |
| Other fixed assets | 56,782 | 56,975 | (193) | -0.3% |
| Fixed Assets | 474,893 | 484,225 | (9,332) | -1.9% |
| Trade receivables | 73,141 | 91,299 | (18,158) | -19.9% |
| Trade payables | (95,721) | (112,054) | 16,333 | -14.6% |
| Inventory | 127,092 | 129,824 | (2,732) | -2.1% |
| Net Trade Working Capital | 104,512 | 109,069 | (4,557) | -4.2% |
| Other current assets | 35,079 | 32,681 | 2,398 | 7.3% |
| Other current liabilities and provisions for risks | (72,299) | (71,605) | (694) | 1.0% |
| Net Working Capital | 67,292 | 70,145 | (2,853) | -4.1% |
| Other non-current liabilities | (48,710) | (49,440) | 730 | -1.5% |
| Post-employment benefits | (6,074) | (6,163) | 89 | -1.4% |
| Provisions for non-current risks | (5,303) | (5,193) | (110) | 2.1% |
| Net Invested Capital | 482,098 | 493,574 | (11,476) | -2.3% |
| Equity | (450,425) | (451,567) | 1,142 | -0.3% |
| Net financial position (NFP) | (31,673) | (42,007) | 10,334 | -24.6% |
The following table shows the main financial and equity items at March 31, 2023 versus December 31, 2022.
Net Invested Capital, at €482.1 million (€493.6 million at December 31, 2022), shows an overall decrease of €11.5 million, of which €2.9 million in Net Working Capital and €9.3 million in Fixed Assets.
Fixed Assets, amounting to €474.9 million (€484.2 million at December 31, 2022), decreased by €9.3 million, attributable mainly to translation differences of €3.7 million (of which €3.4 million recognized on goodwill).
Net Trade Working Capital at March 31, 2023 amounted to €104.5 million and decreased by €4.6 million versus December 31, 2022, with the percentage of sales decreasing from 16.7% at December 31, 2022 to 15.7% at March 31, 2023. The change in the period is affected by a decrease in inventory of €2.7 million and a concurrent improvement in the balance between trade receivables and payables of €1.8 million.
The Net Financial Position at March 31, 2023 stood at a negative €31.7 million. The cash flows that led to the change in the consolidated Net Financial Position at December 31, 2022 are detailed below.
| 31.03.2023 | 31.03.2022 | Change | |
|---|---|---|---|
| Net financial position (Financial debt) beginning of period | (42,007) | (26,060) | (15,947) |
| Adjusted EBITDA | 13,478 | 11,752 | 1,726 |
| Change in net trade working capital | 4,557 | (41,083) | 45,640 |
| Other changes in net working capital and special items | (4,791) | 1,161 | (5,952) |
| Net expenditure | (5,259) | (4,030) | (1,229) |
| Tax paid | (829) | (2,406) | 1,577 |
| Net financial income (expense) | (179) | (1,582) | 1,403 |
| Cash Flow from Operations | 6,977 | (36,189) | 43,166 |
| Acquisitions | (16,000) | 16,000 | |
| Other changes | 3,357 | 586 | 2,772 |
| Change in Net Financial Position | 10,334 | (51,603) | 61,937 |
| Net financial position (financial debt) end of period | (31,673) | (77,663) | 45,990 |
Cash Flow from Operations at March 31, 2023 closed at a positive €7.0 million, increasing by €43.2 million versus a negative €36.2 million at March 31, 2022. The positive change is attributable to the cash generation of Net Working Capital in a quarter of the year, the first quarter, where cash is typically absorbed, and which in 2022 was also affected by supply chain challenges and delays in order fulfilment that had negatively impacted inventory and trade payables in particular.
At March 31, 2023, the Net Financial Debt is shown below:
| 31.03.2023 | 31.12.2022 | |
|---|---|---|
| A. Cash | 84,138 | 107,469 |
| B. Cash equivalents | 13 | 13 |
| C. Other current financial assets | - | - |
| D. Liquid assets (A) + (B) + (C) | 84,151 | 107,482 |
| E. Current financial debt | 5,845 | 36,612 |
| E1. of which lease payables | 3,772 | 4,164 |
| F. Current portion of non-current financial debt | 34,071 | 33,810 |
| G. Current Financial Debt (E) + (F) | 39,916 | 70,422 |
| H. Current Net Financial Debt (Financial Position) (G) -(D) | (44,235) | (37,060) |
| I. Non-current financial debt | 75,908 | 79,067 |
| I1. of which lease payables | 8,899 | 11,962 |
| J. Debt instruments | - | - |
| K. Trade and other non-current payables | - | - |
| L. Non-Current Financial Debt (I) + (J) + (K) | 75,908 | 79,067 |
| M. Total Net Financial Debt/(Net Financial Position) (H) + (L) | 31,673 | 42,007 |
At March 31, 2023, the Group had outstanding financial credit lines of approximately €270.0 million, of which approximately €200.0 million committed. Undrawn and readily available financial lines amounted to €170.0 million.
Indirect and conditional debt at March 31, 2023 is represented exclusively by the Group's provision for postemployment benefits of €6.1 million.
Starting from the first quarter of the current year, to provide a clearer picture of Group performance, certain costs related mainly to installations, previously shown in distribution expense, have been classified in cost of goods sold; additionally, certain quality-related expense has been itemized and allocated based on the intended purpose. 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 27, 2023, the Shareholders' Meeting approved the financial statements at December 31, 2022, and reviewed the Group's consolidated financial statements at December 31, 2022, and resolved to distribute an ordinary unit dividend, gross of tax, of 30 Euro cents per share, for a maximum total amount of €17.0 million.
The same Meeting also resolved to:
The socio-political tensions that escalated into a conflict between Russia and Ukraine on February 24, 2022, the developments of which are unpredictable to date, have led Western countries to impose economic sanctions on Russia. The Group has no offices in the countries currently directly affected by the conflict, nor do they represent significant outlet or supply markets for it. The ongoing conflict has triggered inflationary pressure, which has persisted since last year and into 2023, impacting mainly energy and certain commodity prices, and contributing to market volatility, leading to an increase in interest rates.
The potential effects of this situation on the Group's income and financial results are 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 ninth European sanctions package, the Group companies have suspended all sales and post-sales activities with Russia (trade with Belarus had already been blocked) and implemented control systems in order to prevent business transactions with sanctioned countries.
On April 3, 2023, a transaction was finalized to transfer to the Alstef Group the 15% stake in Solution Net Systems LLC (SNS) held by the subsidiary Datalogic USA Inc.
The macroeconomic outlook for 2023 is anticipated to be marked by ongoing uncertainty, as persistent inflationary pressure, restrictive monetary policies, and continued geopolitical tensions are expected to hinder both investment and consumption.
The Group's sales for the second quarter of the year are expected to decline versus the prior year, as a result of cautious policies and limited investment in the main market segments, reduced levels of inventory held by distribution channels, and normalised backlog levels, which are not as high as in previous quarters.
The short-term outlook for order entry remains negative, with increased uncertainty surrounding the potential for recovery in the second half of the year.
Nonetheless, the Group continues to put in place actions aimed at a steady recovery and improvement of operating margins and operating cash generation capacity, while continuing to maintain solid levels of investment in research and development.
The Parent Company has no secondary locations.
Chairman of the Board of Directors (Romano Volta)
| ASSETS (Euro/000) | Notes | 31.03.2023 | 31.12.2022 |
|---|---|---|---|
| A) Non-current assets (1+2+3+4+5+6+7) | 474,893 | 484,225 | |
| 1) Tangible fixed assets | 97,042 | 98,799 | |
| Land | 1 | 12,668 | 12,740 |
| Buildings | 1 | 52,149 | 52,449 |
| Other assets | 1 | 27,548 | 29,825 |
| Fixed assets under construction and advances | 1 | 4,677 | 3,785 |
| 2) Intangible fixed assets | 299,221 | 304,014 | |
| Goodwill | 2 | 208,689 | 212,043 |
| Development costs | 2 | 39,218 | 27,209 |
| Other | 2 | 41,306 | 43,206 |
| Fixed assets under construction and advances | 2 | 10,008 | 21,556 |
| 3) Right of use fixed assets | 3 | 12,436 | 15,758 |
| 4) Investments in associates | 4 | 560 | 560 |
| 5) Non-current financial assets | 6 | 8,852 | 8,119 |
| 6) Trade and other receivables | 7 | 769 | 768 |
| 7) Deferred tax assets | 12 | 56,013 | 56,207 |
| B) Current assets (8+9+10+11+12) | 319,463 | 361,286 | |
| 8) Inventory | 127,092 | 129,824 | |
| Raw and ancillary materials and consumables | 8 | 61,465 | 62,503 |
| Work in progress and semi-finished products | 8 | 24,621 | 25,864 |
| Finished products and goods | 8 | 41,006 | 41,457 |
| 9) Trade and other receivables | 95,800 | 109,845 | |
| Trade receivables | 7 | 73,141 | 91,299 |
| of which associates | 7 | 2,555 | 2,861 |
| of which related parties | 7 | 11 | 11 |
| Other receivables, accrued income and prepaid expense | 7 | 22,659 | 18,546 |
| 10) Tax receivables | 9 | 12,420 | 14,135 |
| of which Parent Company | 1,807 | 1,807 | |
| 11) Current financial receivables | - | - | |
| 12) Cash and cash equivalents | 5 | 84,151 | 107,482 |
| Total Assets (A+B) | 794,356 | 845,511 |
| LIABILITIES (Euro/000) | Notes | 31.03.2023 | 31.12.2022 |
|---|---|---|---|
| A) Total Equity (1+2+3+4+5+6) | 10 | 450,425 | 451,567 |
| 1) Share capital | 10 | 30,392 | 30,392 |
| 2) Reserves | 10 | 127,874 | 132,266 |
| 3) Retained earnings (losses) | 10 | 285,509 | 255,840 |
| 4) Profit (loss) for the period | 10 | 3,327 | 29,550 |
| 5) Group Equity | 10 | 447,102 | 448,048 |
| Profit (loss) for the period attributable to non-controlling interests | 10 | (144) | 576 |
| Share capital attributable to non-controlling interests | 10 | 3,467 | 2,943 |
| 6) Equity attributable to non-controlling interests | 3,323 | 3,519 | |
| B) Non-current liabilities (7+8+9+10+11+12) | 135,995 | 139,863 | |
| 7) Non-current financial payables | 11 | 75,908 | 79,067 |
| 8) Tax payables | - | - | |
| 9) Deferred tax liabilities | 12 | 28,570 | 28,680 |
| 10) Provisions for post-employment and retirement benefits | 13 | 6,074 | 6,163 |
| 11) Provisions for non-current risks and charges | 14 | 5,303 | 5,193 |
| 12) Other liabilities | 15 | 20,140 | 20,760 |
| C) Current liabilities (13+14+15+16) | 207,936 | 254,081 | |
| 13) Trade and other payables | 152,488 | 166,713 | |
| Trade payables | 15 | 95,721 | 112,054 |
| of which associates | 15 | 60 | 101 |
| of which related parties | 39 | 24 | |
| Other payables, accrued expense and deferred income | 15 | 56,767 | 54,659 |
| 14) Tax payables | 9 | 12,563 | 13,478 |
| of which Parent Company | 2,013 | 2,013 | |
| 15) Provisions for current risks and charges | 14 | 2,969 | 3,468 |
| 16) Current financial payables | 11 | 39,916 | 70,422 |
| Total Liabilities (A+B+C) | 794,356 | 845,511 |
| 31.03.2023 | 31.03.2022 | ||
|---|---|---|---|
| (Euro/000) | Notes | Restated | |
| 1) Revenue | 16 | 149,667 | 137,928 |
| Revenue from sale of products | 139,093 | 127,891 | |
| Revenue from services | 10,574 | 10,037 | |
| of which related parties and associates | 2,720 | 2,514 | |
| 2) Cost of goods sold | 17 | 87,274 | 82,564 |
| of which related parties and associates | 78 | 80 | |
| Gross Operating Margin (1-2) | 62,393 | 55,364 | |
| 3) Other revenue | 18 | 578 | 204 |
| 4) Research and development expense | 17 | 17,207 | 14,268 |
| of which related parties and associates | 148 | 138 | |
| 5) Distribution expense | 17 | 26,856 | 23,369 |
| of which related parties and associates | 54 | 47 | |
| 6) Administrative and general expense | 17 | 14,403 | 15,191 |
| of which related parties and associates | 41 | 140 | |
| of which Parent Company | 6 | - | |
| 7) Other operating expense | 17 | 583 | 461 |
| Total operating costs | 59,049 | 53,290 | |
| EBIT | 3,922 | 2,278 | |
| 8) Financial income | 19 | 9,669 | 5,246 |
| 9) Financial expense | 19 | 9,847 | 6,828 |
| Net Financials (8-9) | (178) | (1,582) | |
| Profit/(Loss) before tax from continuing operations | 3,744 | 696 | |
| Income tax | 20 | 562 | (633) |
| Profit/(Loss) for the period | 3,182 | 1,329 | |
| Basic earnings/(loss) per share (€) | 22 | 0.06 | 0.02 |
| Diluted earnings/(loss) per share (€) | 22 | 0.06 | 0.02 |
| Attributable to: | |||
| Shareholders of the Parent Company | 3,326 | 1,370 | |
| Non-controlling interests | (144) | (41) |
| (Euro/000) | Notes 31.03.2023 | 31.03.2022 | |
|---|---|---|---|
| Profit/(Loss) for the period | 3,182 | 1,329 | |
| 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 | 25 | 27 |
| Profit (loss) from the translation of financial statements of foreign companies | 10 | (6,378) | 6,377 |
| Total other items of the statement of comprehensive income that will later be reclassified to Profit/(Loss) for the period |
(6,353) | 6,404 | |
| 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 | (868) |
| of which tax effect | (21) | 10 | |
| Total other items of the statement of comprehensive income that will not later be reclassified to Profit/(Loss) for the period |
1,695 | (868) | |
| Total profit/(loss) of the statement of comprehensive income | (4,658) | 5,537 | |
| Comprehensive profit/(loss) for the period | (1,476) | 6,866 | |
| Attributable to: | |||
| Shareholders of the Parent Company | (1,281) | 6,907 | |
| Non-controlling interests | (195) | (41) |
| (Euro/000) | Notes | 31.03.2023 | 31.03.2022 |
|---|---|---|---|
| Profit/(Loss) before tax | 3,744 | 696 | |
| Depreciation of tangible fixed assets and write-downs | 1 | 3,082 | 3,334 |
| Amortisation of intangible fixed assets and write-downs | 2 | 5,168 | 4,306 |
| Depreciation of Right of use fixed assets | 3 | 1,045 | 1,086 |
| Losses (Gains) from sale of fixed assets | 17, 18 | (24) | (8) |
| Change in provisions for risks and charges | 14 | (389) | (282) |
| Change in provision for obsolescence | 8 | 2,035 | - |
| Net Financials | 19 | 179 | 1,582 |
| Monetary effect foreign exchange gains/(losses) | (1,739) | - | |
| Other non-monetary changes | (881) | 680 | |
| Cash flow generated (absorbed) from operations before changes in | 12,220 | 11,394 | |
| working capital | |||
| Change in trade receivables | 7 | 17,393 | 2,820 |
| Change in final inventory | 8 | 403 | (20,048) |
| Change in trade payables | 15 | (15,875) | (23,850) |
| Change in other current assets | 7 | (4,217) | (2,465) |
| Change in other current liabilities | 15 | 2,480 | 4,713 |
| Change in other non-current assets | 6 | (5) | 31 |
| Change in other non-current liabilities | 5 | (447) | (29) |
| Cash flow generated (absorbed) from operations after changes in working capital |
11,952 | (27,435) | |
| Change in tax assets and liabilities | 425 | (2,396) | |
| Interest paid | (901) | (671) | |
| Interest collected | 111 | 27 | |
| Cash flow generated (absorbed) from operations (A) | 11,587 | (30,475) | |
| Increase in intangible fixed assets | 2 | (3,613) | (3,343) |
| Decrease in intangible fixed assets | 2 | - | 13 |
| Increase in tangible fixed assets | 1 | (1,722) | (1,301) |
| Decrease in tangible fixed assets | 1 | 76 | 15 |
| Cash flow from business combinations, net of cash acquired | - | (16,000) | |
| Change in investments and current and non-current financial assets | 5 | (97) | 21 |
| Cash flow generated (absorbed) from investments (B) | (5,356) | (20,595) | |
| Payment of financial payables | 11 | (30,084) | (13,743) |
| New financial payables | 11 | - | 35,000 |
| Other changes in financial payables | 11 | (19) | (282) |
| Payments of financial liabilities from leases | (1,113) | (493) | |
| Effect of change in cash and cash funds | (375) | 742 | |
| Other changes | 2,030 | - | |
| Cash flow generated (absorbed) from financing activities (C) | (29,562) | 21,224 | |
| Net increase (decrease) in cash funds (A+B+C) | (23,331) | (29,846) | |
| Net cash and cash equivalents at beginning of period | 107,482 | 106,080 | |
| Net cash and cash equivalents at end of period | 84,151 | 76,235 |
| Share | Share | Treasury | Translation | Other | Retained | Group | Group | Profit | Share | Equity | Profit | Equity | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| capital | premium res. |
shares | reserve | Reserves | earnings | Profit (Loss) |
Equity | (Loss) of non |
capital and reserves |
attributable to non |
(Loss) | ||
| Description | controlling | attributable | controlling | ||||||||||
| interests | to non | interests | |||||||||||
| controlling | |||||||||||||
| 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 | - | - | - | - | - | 29,551 | (29,551) | - | (576) | 576 | - | (30,127) | - |
| Dividends | - | - | - | - | - | - | - | - | - | - | - | - | - |
| 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 | - | - | - | (6,328) | 1,720 | - | - | (4,608) | (51) | (51) | - | (4,658) | |
| comprehensive income | |||||||||||||
| Total comprehensive Profit (Loss) | - | - | - | (6,328) | 1,720 | - | 3,327 | (1,281) | (144) | (51) | (195) | 3,182 | (1,476) |
| 31.03.2023 | 30,392 | 111,779 | (22,191) | 33,003 | 5,283 | 285,509 | 3,327 | 447,102 | (144) | 3,468 | 3,323 | 3,182 | 450,425 |
| Share | Share | Treasury | Translation | Other | Retained | Group | Group | Profit | Share | Equity | Profit | Equity | |
| capital | premium | shares | reserve | Reserves | earnings | Profit | Equity | (Loss) | capital and | attributable | (Loss) | ||
| res. | (Loss) | of non | reserves | to non | |||||||||
| Description | controlling | attributable | controlling | ||||||||||
| interests | to non | interests | |||||||||||
| controlling | |||||||||||||
| interests | |||||||||||||
| 01.01.2022 | 30,392 | 111,779 | (26,096) | 22,746 | 11,239 | 229,692 | 38,913 | 418,665 | 627 | 2,432 | 3,060 | 39,540 | 421,724 |
| 01.01.2022 | 30,392 | 111,779 | (26,096) | 22,746 | 11,239 | 229,692 | 38,913 | 418,665 | 627 | 2,432 | 3,060 | 39,540 | 421,724 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Allocation of profit | - | - | - | - | - | 38,912 | (38,912) | - | (627) | 627 | - | (39,540) | - |
| Dividends | - | - | - | - | - | - | - | - | - | - | - - |
- | |
| Treasury shares | - | - | - | - | - | - | - | - | - | - | - - |
- | |
| Share-based incentive plan | - | - | - | - | - | - | - | - | - | - | - - |
- | |
| Other changes | - | - | - | - | - | (226) | - | (226) | - | (42) | (42) | - | (268) |
| Profit/(Loss) for the period | - | - | - | - | - | - | 1,370 | 1,370 | (41) | (41) | 1,329 | 1,329 | |
| Other items of the statement of | |||||||||||||
| comprehensive income | - | - | - | 6,313 | (841) | - | - | 5,472 | 65 | 65 | - | 5,537 | |
| Total comprehensive Profit (Loss) | - | - | - | 6,313 | (841) | - | 1,370 | 6,842 | (41) | 65 | 24 | 1,329 | 6,866 |
| 31.03.2022 | 30,392 | 111,779 | (26,096) | 29,059 | 10,398 | 268,378 | 1,370 | 425,281 | (41) | 3,082 | 3,041 | 1,329 | 428,322 |
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 Reportfor the period ended March 31, 2023 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, 2023 of the Datalogic Group was authorized by resolution of the Board of Directors on May 11, 2023.
This Consolidated Interim Reportwas 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 Reportshould therefore be read in conjunction with the Consolidated Annual Financial Report at December 31, 2022, prepared in accordance with IFRS accounting standards adopted by the European Union, approved by the Board of Directors on March 9, 2023, and available in the Investor Relations section of the Group's website (www.datalogic.com).
This Consolidated Interim Report is prepared in Euro thousands, which is the Group's functional and presentation currency.
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, 2022, in particular:
to be realized, sold or consumed in the Group's normal operating cycle; current liabilities are those expected to be settled in the Group's normal operating cycle or in the twelve months following the end of the period;
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 actual amounts of accounting items, for which these estimates and assumptions have been used, might be different from those reported due to the uncertainty characterising the assumptions and conditions on which estimates are based.
This Consolidated Interim Report at March 31, 2023 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 scope 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 2023 | March 2023 | December 2022 | March 2022 | |
| Final exchange | Average | Final exchange | Average | |
| rate | exchange rate | rate | exchange rate | |
| for the period | for the period | |||
| US Dollar (USD) | 1.09 | 1.07 | 1.07 | 1.12 |
| British Pound Sterling (GBP) | 0.88 | 0.88 | 0.89 | 0.84 |
| Swedish Krona (SEK) | 11.28 | 11.20 | 11.12 | 10.48 |
| Singapore Dollar (SGD) | 1.45 | 1.43 | 1.43 | 1.52 |
| Japanese Yen (JPY) | 144.83 | 141.98 | 140.66 | 130.46 |
| Australian Dollar (AUD) | 1.63 | 1.57 | 1.57 | 1.55 |
| Hong Kong Dollar (HKD) | 8.54 | 8.41 | 8.32 | 8.76 |
| Chinese Renminbi (CNY) | 7.48 | 7.34 | 7.36 | 7.12 |
| Brazilian Real (BRL) | 5.52 | 5.58 | 5.64 | 5.87 |
| Mexican Peso (MXN) | 19.64 | 20.04 | 20.86 | 22.99 |
| Hungarian Forint (HUF) | 379.50 | 388.71 | 400.87 | 364.60 |
| Czech Crown (CZK) | 23.49 | 23.79 | 24.12 | 24.65 |
Operating segments are identified based on operating reports used at the highest decision-making level to allocate resources and assess results. Transfers amongst the operating segments indicated hereunder are executed at arm's length conditions, based on the Group transfer pricing policies. For first quarter 2023, the operating segments are identified as follows:
The income information related to operating segments at March 31, 2023 and March 31, 2022 is the following:
| Datalogic | Informatics | Adjustments | Total Group | |
|---|---|---|---|---|
| Divisional income position | Business | 31.03.2023 | ||
| Revenue | 145,718 | 4,098 | (149) | 149,667 |
| Adjusted EBITDA | 12,936 | 457 | 84 | 13,477 |
| % Revenue | 8.88% | 11.15% | 9.00% | |
| EBIT | 3,433 | 406 | 83 | 3,922 |
| Divisional income position | Datalogic Business |
Informatics | Adjustments | Total Group 31.03.2022 |
|---|---|---|---|---|
| Revenue | 134,045 | 4,108 | (225) | 137,928 |
| Adjusted EBITDA | 11,002 | 802 | (52) | 11,752 |
| % Revenue | 8.21% | 19.52% | 8.52% | |
| EBIT | 1,654 | 677 | (53) | 2,278 |
The equity information related to operating segments at March 31, 2023 and at December 31, 2022 is the following.
| Divisional financial position | Datalogic Business |
Informatics | Adjustments | Total Group 31.03.2023 |
|---|---|---|---|---|
| Total Assets | 798,183 | 27,296 | (31,123) | 794,356 |
| Total Liabilities | 342,472 | 7,615 | (6,156) | 343,931 |
| Equity | 455,711 | 19,681 | (24,967) | 450,425 |
| Divisional financial position | Datalogic Business |
Informatics | Adjustments | Total Group 31.12.2022 |
|---|---|---|---|---|
| Total Assets | 848,979 | 28,416 | (31,884) | 845,511 |
| Total Liabilities | 392,016 | 8,666 | (6,738) | 393,944 |
| Equity | 456,963 | 19,750 | (25,146) | 451,567 |
Tangible fixed assets at March 31, 2023 amounted to €97,042 thousand. During the period, net expenditure of €1,670 thousand and depreciation of €3,082 thousand was recognised, while exchange rate effects closed with a negative €346 thousand. The breakdown of the item at March 31, 2023 and at December 31, 2022 is shown below.
| 31.03.2023 | 31.12.2022 | Change | |
|---|---|---|---|
| Land | 12,668 | 12,740 | (72) |
| Buildings | 52,149 | 52,449 | (300) |
| Other assets | 27,548 | 29,825 | (2,277) |
| Fixed assets under construction and advances | 4,677 | 3,785 | 892 |
| Total | 97,042 | 98,799 | (1,757) |
The "Other assets" item at March 31, 2023 includes the following categories: industrial equipment and moulds (€10,981 thousand), plant and machinery (€7,031 thousand), office furniture and machines (€5,611 thousand), generic plant related to buildings (€2,509 thousand), lightweight constructions (€301 thousand), commercial equipment and demo rooms(€605 thousand), leasehold improvements (€406 thousand), and motor vehicles (€105 thousand).
The balance of "Fixed assets under construction and advances", equal to €4,677 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, 2023 amounted to €299,221 thousand. During the period, net expenditure of €3,613 thousand and amortisation of €5,168 thousand was recognised, while exchange rate effects closed with a negative €3,238 thousand. The breakdown of the item at March 31, 2023 and at December 31, 2022 is shown below:
| 31.03.2023 | 31.12.2022 | Change | |
|---|---|---|---|
| Goodwill | 208,689 | 212,043 | (3,354) |
| Development costs | 39,218 | 27,209 | 12,009 |
| Other | 41,306 | 43,206 | (1,900) |
| Fixed assets under construction and advances | 10,008 | 21,556 | (11,548) |
| Total | 299,221 | 304,014 | (4,793) |
"Goodwill", equal to €208,689 thousand, is allocated to the CGUs identified by Management as shown below.
| 31.03.2023 | 31.12.2022 | Change | |
|---|---|---|---|
| Datalogic CGU | 194,852 | 197,989 | (3,137) |
| Informatics CGU | 13,837 | 14,054 | (217) |
| Total | 208,689 | 212,043 | (3,354) |
The change from the end of the prior year is attributable to translation differences.
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 2, 2023.
"Development costs", amounting to €39,218 thousand at March 31, 2023, consists of product development projects.
"Other", amounting to €41,306 thousand, consists primarily of intangible assets acquired through business combinations carried out by the Group, and software licences as detailed below:
| 31.03.2023 | 31.12.2022 | Change | |
|---|---|---|---|
| Patents | 5,137 | 5,710 | (573) |
| Know-how | 14,498 | 14,483 | 15 |
| Customer portfolio | 11,618 | 11,842 | (225) |
| Licences | 1,479 | 1,662 | (183) |
| Software | 8,574 | 9,508 | (934) |
| Total | 41,306 | 43,206 | (1,900) |
"Fixed assets under construction and advances", amounting to €10,008 thousand (€21,556 thousand at December 31, 2022), is attributable mainly to the capitalization of costs for product development projects currently under way.
Net negative changes of €2,243 thousand were recorded during the period and depreciation of €1,045 thousand, while exchange rate effects closed with a negative €34 thousand. The breakdown of the item at March 31, 2023 and at December 31, 2022 is shown below.
| 31.03.2023 | 31.12.2022 | Change | |
|---|---|---|---|
| Buildings | 10,338 | 13,590 | (3,252) |
| Vehicles | 1,949 | 1,997 | (48) |
| Office equipment | 149 | 171 | (22) |
| Total | 12,436 | 15,758 | (3,322) |
The non-controlling investments held by the Group, details of which are found in Annex 2, at March 31, 2023 amounted to €560 thousand, unchanged versus the prior period.
The table below provides a breakdown of "Financial assets and liabilities" under IFRS 9.
| Financial assets at amortized cost |
Financial assets at FV through profit and loss |
Financial assets at FV through OCI |
31.03.2023 | |
|---|---|---|---|---|
| Non-current financial assets | 769 | 3,943 | 4,909 | 9,621 |
| Non-current financial assets and investments | - | 3,943 | 4,909 | 8,852 |
| Other receivables | 769 | - | - | 769 |
| Current financial assets | 179,951 | - | - | 179,951 |
| Trade receivables | 73,141 | - | - | 73,141 |
| Other receivables | 22,659 | - | - | 22,659 |
| Financial assets - Loans | - | - | - | - |
| Cash and cash equivalents | 84,151 | - | - | 84,151 |
| Total | 180,720 | 3,943 | 4,909 | 189,572 |
| Financial assets at amortized cost |
Financial assets at FV through profit and loss |
Financial assets at FV through OCI |
31.12.2022 | |
|---|---|---|---|---|
| Non-current financial assets | 768 | 3,818 | 4,301 | 8,887 |
| Non-current financial assets and investments | - | 3,818 | 4,301 | 8,119 |
| Other receivables | 768 | - | - | 768 |
| Current financial assets | 217,327 | - | - | 217,327 |
| Trade receivables | 91,299 | - | - | 91,299 |
| Other receivables | 18,546 | - | - | 18,546 |
| Financial assets - Loans | - | - | - | - |
| Cash and cash equivalents | 107,482 | - | - | 107,482 |
| Total | 218,095 | 3,818 | 4,301 | 226,214 |
"Cash and cash equivalents" amounted to €84,151 thousand. Details are found in the Net Financial Debt schedule in the Directors' Report on Operations.
| Derivatives | Financial liabilities at amortized cost |
31.03.2023 | |
|---|---|---|---|
| Non-current financial liabilities | - | 96,048 | 96,048 |
| Financial payables | - | 75,908 | 75,908 |
| Other payables | - | 20,140 | 20,140 |
| Current financial liabilities | - | 192,404 | 192,404 |
| Trade payables | - | 95,721 | 95,721 |
| Other payables | - | 56,767 | 56,767 |
| Current financial payables | - | 39,916 | 39,916 |
| Total | - | 288,452 | 288,452 |
| Derivatives | Financial liabilities at amortized cost |
31.12.2022 | |
|---|---|---|---|
| Non-current financial liabilities | - | 99,827 | 99,827 |
| Financial payables | - | 79,067 | 79,067 |
| Other payables | - | 20,760 | 20,760 |
| Current financial liabilities | - | 237,135 | 237,135 |
| Trade payables | - | 112,054 | 112,054 |
| Other payables | - | 54,659 | 54,659 |
| Current financial payables | - | 70,422 | 70,422 |
| Total | - | 336,962 | 336,962 |
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 | 31.03.2023 |
|---|---|---|---|---|
| Non-current financial assets and investments | 4,909 | - | 3,943 | 8,852 |
| Total | 4,909 | - | 3,943 | 8,852 |
Financial assets include the following:
| 31.03.2023 | 31.12.2022 | Change | |
|---|---|---|---|
| Non-current financial assets | 8,852 | 8,119 | 733 |
| Current financial assets | - | - | - |
| Total | 8,852 | 8,119 | 733 |
Non-current financial assets amounted to €8,852 thousand and consisted of 4,870 thousand from the investment in the capital of the Japanese company Idec Corporation, €2,207 thousand from the investment in a financial instrument convertible into capital issued by AWM Smart Shelf, investment funds amounting to €1,512 thousand and investments in capital instruments in other companies amounting to €265 thousand. The change in the year is attributable mainly to the recognition of the fair value of these financial instruments.
| 31.03.2023 | 31.12.2022 | Change |
|---|---|---|
| 66,584 | 84,880 | (18,296) |
| 6,857 | 6,385 | 472 |
| (2,866) | (2,838) | (28) |
| 70,575 | 88,427 | (17,852) |
| 2,555 | 2,861 | (306) |
| 11 | 11 | - |
| 73,141 | 91,299 | (18,158) |
| 22,659 | 18,546 | 4,113 |
| 769 | 768 | 1 |
| 23,428 | 19,314 | 4,114 |
| 769 | 768 | 1 |
| 95,800 | 109,845 | (14,045) |
The breakdown of the item at March 31, 2023 and at December 31, 2022 is shown below:
"Trade receivables" amounted to €73,141 thousand at March 31, 2023, down by €18,158 thousand versus December 31, 2022. At March 31, 2023, trade receivables factored without recourse amounted to 30,314 thousand (€29,877 thousand at December 31, 2022). Trade receivables from associates arise from commercial transactions carried out at normal market conditions.
The details of "Other receivables - accrued income and prepaid expense" are shown below.
| 31.03.2023 | 31.12.2022 | Change | |
|---|---|---|---|
| Other current receivables | 3,224 | 1,639 | 1,585 |
| Other non-current receivables | 769 | 768 | 1 |
| VAT receivables | 15,168 | 12,972 | 2,196 |
| Accrued income and prepaid expense | 4,267 | 3,935 | 332 |
| Total | 23,428 | 19,314 | 4,114 |
The "VAT receivable" of €15,168 thousand refers to normal commercial transactions. The increase is a result of the higher volume of exports in the period.
"Accrued income and prepaid expense" consists mainly of the recognition of insurance contracts and hardware and software licenses, the change in the period is attributable to contract renewals of license contracts; the figure is in line with the same period of the prior year (€4,388 thousand at March 31, 2022).
Inventory amounted to €127,092 thousand, down by €2,732 thousand during the period.
| 31.03.2023 | 31.12.2022 | Change | |
|---|---|---|---|
| Raw and ancillary materials and consumables | 61,465 | 62,503 | (1,038) |
| Work in progress and semi-finished products | 24,621 | 25,864 | (1,243) |
| Finished products and goods | 41,006 | 41,457 | (451) |
| Total | 127,092 | 129,824 | (2,732) |
Inventory is shown net of an obsolescence provision totalling €14,424 thousand at March 31, 2023 (€12,387 thousand at December 31, 2022).
| 31.03.2023 | 31.12.2022 | Change | |
|---|---|---|---|
| Tax receivables | 12,420 | 14,135 | (1,715) |
| of which Parent Company | 1,807 | 1,807 | - |
| Tax payables | (12,563) | (13,478) | 915 |
| of which Parent Company | (2,013) | (2,013) | - |
| Total | (143) | 657 | (800) |
At March 31, 2023, the net balance of "Tax Receivables and Payables" was negative and equal to €143 thousand versus a positive 657 thousand at December 31, 2022, marking a negative change of €800 thousand. The change in the period is due mainly to the payment of tax advances.
The composition of Equity at March 31, 2023 is shown below.
| 31.03.2023 | 31.12.2022 | Change | |
|---|---|---|---|
| Share capital | 30,392 | 30,392 | - |
| Share premium reserve | 111,779 | 111,779 | - |
| Treasury shares held in portfolio | (22,191) | (22,191) | - |
| Share capital and reserves | 119,980 | 119,980 | - |
| Translation reserve | 33,003 | 39,331 | (6,328) |
| Other reserves | 5,283 | 3,347 | 1,936 |
| Retained earnings | 285,509 | 255,840 | 29,669 |
| Profit for the period | 3,327 | 29,550 | (26,223) |
| Total Group equity | 447,102 | 448,048 | (946) |
| Profit (loss) for the period attributable to non-controlling interests | (144) | 576 | (720) |
| Share capital attributable to non-controlling interests | 3,467 | 2,943 | 524 |
| Total consolidated equity | 450,425 | 451,567 | (1,142) |
At March 31, 2023, 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 1,667,053 held as treasury shares for a value of €22,191 thousand, therefore the outstanding shares at that date amounted to 56,779,438.
At March 31, 2023, there was no change in the "Reserve for treasury shares held in portfolio".
The "Translation Reserve" shows a declining change of €6,328 thousand in the reporting period, due in particular to the effects of the performance of the U.S. dollar, the functional currency of a number of the Group's major investees.
With regard to the change in the "Share-based incentive plan reserve", it should be noted that said change refers to the allocation for the period for the Performance Shares Plan 2022-2024approved by the Shareholders' Meeting on April 29, 2022.
At March 31, 2023, "Other reserves", including the "Share-based incentive plan reserve", amounted to €5,283 thousand (€3,347 thousand at December 31, 2022). The increase is related mainly to the provision for the period of €216 thousand and the fair value adjustment of financial assets for the year of €1,695 thousand.
"Financial payables" at March 31, 2023 amounted to €115,824 thousand, decreasing by €33,665 thousand as detailed below.
| 31.03.2023 | 31.12.2022 | Change | |
|---|---|---|---|
| Bank loans | 101,080 | 130,915 | (29,835) |
| Financial payables from leases | 12,671 | 16,126 | (3,455) |
| Payables to factoring companies | 1,978 | 2,229 | (251) |
| Other financial payables | - | 53 | (53) |
| Bank overdrafts | 95 | 166 | (71) |
| Total | 115,824 | 149,489 | (33,665) |
The change in "Bank loans" for the period is a result of instalmentsfalling due and the repayment of credit lines totalling €30,084 thousand. The movements are shown below:
| 2023 | 2022 | |
|---|---|---|
| At January 1 | 130,915 | 113,206 |
| Increases | - | 35,000 |
| Change in consolidation scope | - | - |
| Decreases for borrowing repayments | (30,084) | (10,126) |
| Other changes | 249 | 282 |
| At March 31 | 101,080 | 138,362 |
"Financial payables from leases" decreased by €3,455 thousand.
The breakdown of financial payables, divided into current and non-current portions, is shown below:
| 31.03.2023 | 31.12.2022 | Change | |
|---|---|---|---|
| Non-current financial payables | 75,908 | 79,067 | (3,159) |
| Current financial payables | 39,916 | 70,422 | (30,506) |
| Total | 115,824 | 149,489 | (33,665) |
At March 31, 2023, the Group had credit lines in place for a total of €270.0 million, of which €170.0 million undrawn, including €100.0 million long-term and €70.0 million short-term.
Certain loan agreements require the Group to comply with financial covenants, measured on a half-year basis at June 30 and December 31, summarized in the following table:
| Loan | Company | Covenants | Frequency | Reference financial statements |
|
|---|---|---|---|---|---|
| Club Deal | Datalogic S.p.A. | NFP/EBITDA | 2.75 | Half-year | Consolidated |
| RCF | Datalogic S.p.A. | NFP/EBITDA | 2.75 | Half-year | Consolidated |
| Roller Coaster | Datalogic S.p.A. | NFP/EBITDA | 3.00 | Half-year | Consolidated |
AtDecember 31, 2022, all covenants were met.
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.
| 31.03.2023 | 31.12.2022 | Change | |
|---|---|---|---|
| Deferred tax assets | 56,013 | 56,207 | (194) |
| Deferred tax liabilities | (28,570) | (28,680) | 110 |
| Net deferred tax | 27,443 | 27,527 | (84) |
Deferred tax assets amounted to €56,013 thousand and included Foreign tax credits attributable mainly to the subsidiary Datalogic USA Inc.
Deferred tax liabilities at March 31, 2023 amounted to €28,570 thousand and refer mainly to temporary differences related to asset amortisation/depreciation 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, 2023 and at March 31, 2022 is shown below:
| 2023 | 2022 | |
|---|---|---|
| At January 1 | 6,163 | 7,088 |
| Amount allocated in the period | 756 | 857 |
| Utilizations | (631) | (725) |
| Receivable from INPS | (208) | (304) |
| Other movements | - | (7) |
| Exchange rate adjustments | (6) | - |
| At March 31 | 6,074 | 6,909 |
"Provisions for risks and charges" at March 31, 2023, amounted to €8,272 thousand (€8,661 thousand at December 31, 2022), 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.
| 31.12.2022 | Increases | (Utilizations) | Exchange | 31.03.2023 | |
|---|---|---|---|---|---|
| and | differences | ||||
| (Releases) | |||||
| Product warranty provision | 7,169 | - | (401) | (1) | 6,767 |
| Provision for staff incentive and retention plans | 531 | 305 | (8) | 828 | |
| Other provisions | 961 | - | (285) | 1 | 677 |
| Total | 8,661 | 305 | (686) | (8) | 8,272 |
The "Product warranty provision" covers the estimated cost of repairing products sold up to March 31, 2023 and covered by a warranty period; said provision amounted to €6,767 thousand (of which €4,034 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 set aside during the period.
"Other provisions" at March 31, 2023 amounted to €677 thousand and consisted mainly of provisions for supplementary agent's indemnity and for contingent liabilities of a fiscal and labour law nature.
The breakdown of provisions for risks, divided into current and non-current portions, is shown below:
| 31.03.2023 | 31.12.2022 | Change | |
|---|---|---|---|
| Provisions for risks and charges, current portion | 2,969 | 3,468 | (499) |
| Provisions for risks and charges, non-current portion | 5,303 | 5,193 | 110 |
| Total | 8,272 | 8,661 | (389) |
| 31.03.2023 | 31.12.2022 | Change | |
|---|---|---|---|
| Trade payables | 92,206 | 108,363 | (16,157) |
| Contractual liabilities - customer advances | 3,416 | 3,566 | (150) |
| Trade payables | 95,622 | 111,929 | (16,307) |
| Payables to associates | 60 | 101 | (41) |
| Payables to related parties | 39 | 24 | 15 |
| Total trade payables | 95,721 | 112,054 | (16,333) |
| Other current payables | 35,926 | 33,603 | 2,323 |
| Current accrued expense and deferred income | 20,841 | 21,056 | (215) |
| Non-current accrued expense and deferred income | 20,140 | 20,760 | (620) |
| Total Other payables - accrued expense and deferred income | 76,907 | 75,419 | 1,488 |
| Less: non-current portion | 20,140 | 20,760 | (620) |
| Current portion | 152,488 | 166,713 | (14,225) |
"Trade payables" amounted to €95,721 thousand, down by €16,333 thousand versus the end of the prior year.
| 31.03.2023 | 31.12.2022 | Change | |
|---|---|---|---|
| Payables to employees | 22,990 | 21,078 | 1,912 |
| Payables to welfare and social security entities | 6,645 | 7,130 | (485) |
| Other payables | 3,230 | 2,850 | 380 |
| VAT payables | 3,061 | 2,545 | 516 |
| Total | 35,926 | 33,603 | 2,323 |
"Other current payables" amounting to €35,926 thousand at March 31, 2023, 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 €40,981 thousand at March 31, 2023 (€41,816 thousand at December 31, 2022), 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:
| 31.03.2023 | 31.03.2022 | Change | |
|---|---|---|---|
| Revenue from sale of products | 139,093 | 127,891 | 11,202 |
| Revenue from services | 10,574 | 10,037 | 537 |
| Total revenue | 149,667 | 137,928 | 11,739 |
At March 31, 2023, consolidated net revenue amounted to €149,667 thousand, up by 8.5% versus €137,928 thousand in the same period of 2022. The Group's revenue, classified by recognition method and business segment, is broken down as follows:
| Revenue broken down by recognition method | Datalogic | Informatics | Adjustments 31.03.2023 | |
|---|---|---|---|---|
| Revenue from sale of goods and services - point in time | 132,283 | 2,204 | (149) | 134,339 |
| Revenue from sale of goods and services - over the | ||||
| time | 13,435 | 1,894 | - | 15,328 |
| Total | 145,718 | 4,098 | (149) | 149,667 |
| Revenue broken down by recognition method | Datalogic | Informatics | Adjustments 31.03.2022 | |
|---|---|---|---|---|
| Revenue from sale of goods and services - point in time | 121,118 | 2,497 | (225) | 123,390 |
| Revenue from sale of goods and services - over the time | 12,927 | 1,611 | - | 14,538 |
| Total | 134,045 | 4,108 | (225) | 137,928 |
The Group recognises revenue for the sale of goods and services at a specific point in time when control of the activities 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.
| Revenue broken down by type | Datalogic | Informatics | Adjustments | 31.03.2023 |
|---|---|---|---|---|
| Sale of goods | 137,037 | 2,127 | (71) | 139,093 |
| Sale of services | 8,681 | 1,971 | (78) | 10,574 |
| Total | 145,718 | 4,098 | (149) | 149,667 |
| Revenue broken down by type | Datalogic | Informatics | Adjustments | 31.03.2022 |
|---|---|---|---|---|
| Sale of goods | 125,706 | 2,410 | (225) | 127,891 |
| Sale of services | 8,339 | 1,698 | - | 10,037 |
| Total | 134,045 | 4,108 | (225) | 137,928 |
The following table shows the trends of cost of goods sold and operating costs at March 31, 2023, versus the same period of the prior year, before special items.
| 31.03.2023 | 31.03.2022 | Change | |
|---|---|---|---|
| Restated | |||
| Cost of goods sold | 87,274 | 82,564 | 4,710 |
| Operating costs | 59,049 | 53,290 | 5,759 |
| Research and development expense | 17,207 | 14,268 | 2,939 |
| Distribution expense | 26,856 | 23,369 | 3,487 |
| Administrative and general expense | 14,403 | 15,191 | (788) |
| Other operating expense | 583 | 461 | 122 |
| Total | 146,323 | 135,854 | 10,469 |
Cost of goods sold at March 31, 2023 was €87,274 thousand. The upward change for the period of 5.7% decreases however the percentage on revenue by approximately 1.5% from 59.9% to 58.3%; the positive figure is related particularly to the decrease in transportation and logistics costs, which, compared to the comparative quarter, decreased by 48.6%, with the percentage on revenue decreasing by 2.6%.
Operating Costs, amounting to €59,049 thousand, increased by €5,759 thousand (+10.8%) in first quarter 2023 versus the same period of 2022, deteriorating the percentage of sales by 0.8% from 38.6% to 39.5%, as a result mainly of the increase in research and development and in distribution expense.
"Research and development expense" at March 31, 2023 amounted to €17,207 thousand, increasing by 20.6% versus the same quarter of the prior year, accounting for 11.5% of sales (10.3% in the first quarter of the prior year). The detail items showing the largest increase are related to personnel expense and external consulting in connection with ongoing product development projects.
"Distribution expense"amounted to €26,856 thousand, up versus the same period of 2022 (+14.9%). The percentage of sales increases from 16.9% to 17.9%; the change is related mainly to increased personnel expense and increased sales and marketing initiatives and participation in trade fairs and events as well as customer visits.
"Administrative and general expense"amounted to €14,403 thousand at March 31, 2023, decreasing by 5.2% versus the comparison period and improving as a percentage of sales from 11.0% to 9.6%.
"Other operating expense", amounting to €583 thousand, increased versus the prior year and isrepresented mostly by non-income tax and duties and other operating costs.
The following table provides the details of total costs (cost of goods sold and total operating expense) by type:
| 31.03.2023 | 31.03.2022 | Change | |
|---|---|---|---|
| Purchases | 63,758 | 57,350 | 6,408 |
| Personnel expense | 48,065 | 44,523 | 3,542 |
| Amortisation, depreciation and write-downs | 9,295 | 8,725 | 570 |
| Goods receipt and shipment expense | 5,122 | 8,547 | (3,425) |
| Travel and meetings expense | 3,390 | 1,432 | 1,958 |
| Consumables and R&D material | 2,143 | 1,878 | 265 |
| EDP expense | 2,075 | 1,610 | 465 |
| Marketing expense | 1,491 | 1,057 | 434 |
| R&D technical consultancies | 1,350 | 1,021 | 329 |
| Utilities | 1,153 | 1,060 | 93 |
| Legal, tax and other consulting | 865 | 1,512 | (647) |
| Fees | 620 | 379 | 241 |
| Directors' fees | 584 | 577 | 7 |
| Building expense | 574 | 548 | 26 |
| Royalties | 531 | 672 | (141) |
| Expense for plant and machinery and other assets | 466 | 417 | 49 |
| Telephone expense | 456 | 467 | (11) |
| Sundry service costs | 428 | 464 | (36) |
| Quality certification expense | 387 | 424 | (37) |
| Installations | 382 | 469 | (87) |
| Insurance | 360 | 304 | 56 |
| Audit fees | 358 | 436 | (78) |
| Non-warranty repairs | 323 | 247 | 76 |
| Vehicle expense | 305 | 255 | 50 |
| Entertainment expense | 290 | 139 | 151 |
| Recruitment fees | 282 | 307 | (25) |
| Repairs and warranty provision accrual | 200 | 194 | 6 |
| Subcontracted work | 181 | 150 | 31 |
| Other | 887 | 690 | 197 |
| Total cost of goods sold and operating costs | 146,323 | 135,854 | 10,469 |
Purchases were up by €6,408 thousand (+11.2%) versus the same period of 2022, while the percentage of sales was 42.6%, up from 41.6% in first quarter 2022 as a result of the increase in material and procurement costs.
Personnel expense of €48,065 thousand (€44,523 thousand in first quarter 2022) increased by €3,542 thousand versus the prior year (+8.0%), with the percentage of sales remaining basically steady versus the same period of 2022, rising from 32.3% to 32.1%.
The detailed breakdown of personnel expense is as follows:
| 31.03.2023 | 31.03.2022 | Change | |
|---|---|---|---|
| Wages and salaries | 36,880 | 34,169 | 2,711 |
| Social security charges | 7,662 | 7,292 | 370 |
| Post-employment benefits | 700 | 815 | (115) |
| Retirement benefits and the like | 502 | 423 | 79 |
| Other personnel expense | 2,321 | 1,824 | 497 |
| Total | 48,065 | 44,523 | 3,542 |
The item "amortisation, depreciation and write-downs", amounting to €9,295 thousand, increased by €570 thousand, due to continued increased expenditure incurred in recent years.
"Goods receipt and shipment expense", amounting to €5,122 thousand, fell sharply by €3,425 thousand versus the same period of the prior year; the percentage of sales was 3.4%, back in line with first quarter 2019.
"Travel and meetings expense" and "Marketing expense", amounting to €3,390 thousand and €1,432 thousand, respectively, were up by a total of €1,958 thousand versus the same period of the prior year, as a result of increased business initiatives and participation in trade fairs and events as well as customer visits.
At March 31, 2023, "Other revenue"amounted to €578 thousand, increasing by €374 thousand versus €204 thousand in the same period of the prior year, thanks to public grants received for research projects. Other revenue is broken down as follows:
| 31.03.2023 | 31.03.2022 | Change | |
|---|---|---|---|
| Grants to Research and Development expense | 280 | 8 | 272 |
| Miscellaneous income and revenue | 224 | 152 | 72 |
| Rents | 29 | 20 | 9 |
| Gains from disposal of fixed assets | 44 | 10 | 34 |
| Contingent assets | 1 | 0 | 1 |
| Other | 0 | 14 | (14) |
| Total | 578 | 204 | 374 |
| 31.03.2023 | 31.03.2022 | Change | |
|---|---|---|---|
| Financial income/(expense) | (541) | (413) | (128) |
| Foreign exchange differences | 657 | (884) | 1,541 |
| Bank expense | (417) | (309) | (108) |
| Dividends | 91 | 0 | 91 |
| Other | 32 | 24 | 8 |
| Total net financials | (178) | (1,582) | 1,404 |
Financials ended with a negative €178 thousand, improving by €1,404 thousand versus a negative €1,582 thousand in the same period of the prior year, due primarily to the favourabletrend in exchange rate differences.
The Group's tax burden at March 31, 2023 is €763 thousand as shown below.
| 31.03.2023 | 31.03.2022 | Change | |
|---|---|---|---|
| Pre-tax profit/(loss) | 3,745 | 696 | 3,049 |
| Tax income (expense) - for current tax | (568) | (704) | 136 |
| Tax income (expense) - for deferred and prepaid tax | 6 | 1,337 | (1,331) |
| Total Tax | (562) | 633 | (1,195) |
| Tax rate | 15.0% | -90.9% | 106.0% |
The tax rate at March 31, 2023 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.
| 31.03.2023 | 31.03.2022 | |
|---|---|---|
| Profit/(Loss) for the period attributable to the shareholders of the parent | 3,182 | 1,329 |
| Average number of shares (thousands) | 56,610 | 56,446 |
| Basic earnings/(loss) per share | 0.06 | 0.02 |
| Profit/(Loss) for the period attributable to the shareholders of the parent | 3,182 | 1,329 |
| Average number of shares (thousands) - Diluted effect | 56,979 | 56,887 |
| Diluted earnings/(loss) per share | 0.06 | 0.02 |
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 01.01.2023 – 31.03.2023, 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 |
31.03.2023 | |
|---|---|---|---|---|
| Investments | - | - | 560 | 560 |
| Trade receivables - accrued income and prepaid expense |
- | 11 | 2,555 | 2,566 |
| Receivables from tax consolidation | 1,807 | - | - | 1,807 |
| Financial receivables | - | - | - | - |
| Payables from tax consolidation | 2,013 | - | - | 2,013 |
| Trade payables - accrued expense and deferred income | - | 39 | 60 | 100 |
| Financial payables | - | - | - | - |
| Commercial and service costs | - | 301 | 30 | 330 |
| Trade revenue | - | - | 2,720 | 2,720 |
| Other revenue | - | - | 3 | 3 |
| 31.03.2023 | 31.03.2022 | Change | |
|---|---|---|---|
| Datalogic | 2,987 | 2,809 | 178 |
| Informatics | 69 | 66 | 3 |
| Total | 3,056 | 2,875 | 181 |
The Chairman of the Board of Directors (Romano Volta)
The undersigned Alessandro D'Aniello, as the Manager responsible for the preparation of the Company's 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, 2023 corresponds to the underlying records, books and accounting entries.
Lippo di Calderara di Reno (BO), May 11, 2023
Manager responsible for the preparation of the Company's financial reports
Alessandro D'Aniello
The Consolidated Interim Reportincludes 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, 2023, 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 | Euro | 30,392,175 | 365,283 | (14) | |
| Datalogic Real Estate France Sas | Courtabeuf Cedex – France | Euro | 2,227,500 | 3,958 | 26 | 100% |
| Datalogic Real Estate UK Ltd. | Redbourn - United Kingdom of Great Britain |
GBP | 3,500,000 | 4,893 | (31) | 100% |
| Datalogic IP Tech S.r.l. | Bologna – Italy | Euro | 65,677 | 32,902 | (1,588) | 100% |
| Informatics Holdings, Inc. | Plano, Texas - USA | USD | 1,568 | 19,411 | 459 | 100% |
| Wasp Barcode Technologies Ltd | Redbourn - United Kingdom of Great Britain |
GBP | 0 | 270 | 6 | 100% |
| Datalogic (Shenzhen) Industrial Automation Co. Ltd. |
Shenzhen - China | CNY | 2,136,696 | 6,044 | 858 | 100% |
| Datalogic Hungary Kft | Balatonboglar - Hungary | HUF | 3,000,000 | (550) | (720) | 100% |
| Datalogic S.r.l. | Bologna – Italy | Euro | 10,000,000 | 147,582 | (1,751) | 100% |
| Datalogic Slovakia S.r.o. | Trnava - Slovakia | Euro | 66,388 | 6,154 | 97 | 100% |
| Datalogic USA Inc. | Eugene OR - Usa | USD | 100 | 258,059 | 2,496 | 100% |
| Datalogic do Brazil Comercio de Equipamentos e Automacao Ltda. |
Sao Paulo - Brazil | BRL | 20,257,000 | 799 | 72 | 100% |
| Datalogic Technologia de Mexico S.r.l. | Colonia Cuauhtemoc - Mexico |
MXN | 0 | (421) | (9) | 100% |
| Datalogic Scanning Eastern Europe GmbH |
Langen - Germany | Euro | 25,000 | 3,762 | 16 | 100% |
| Datalogic Australia Pty Ltd | Mount Waverley (Melbourne) - Australia |
AUD | 3,188,120 | 1,448 | 57 | 100% |
| Datalogic Vietnam LLC | Vietnam | USD | 3,000,000 | 27,594 | 1,528 | 100% |
| Datalogic Singapore Asia Pacific Pte Ltd. |
Singapore | SGD | 3 | 3,705 | 116 | 100% |
| Datasensing S.r.l. | Modena - Italy | Euro | 2,500,000 | 20,538 | 863 | 100% |
| M.D. Micro Detectors (TIANJIN) CO., LTD. |
Tianjin - China | CNY | 13,049,982 | 1,297 | 2 | 100% |
| Micro Detectors Ibérica, S.A.U. | Barcelona - Spain | Euro | 120,000 | 1,406 | 158 | 100% |
| Datalogic Japan Co., Ltd. | Tokyo - Japan | JPY | 9,913,000 | 87 | (1) | 100% |
| PEKAT s.r.o. | Brno - Czech Republic | CKZ | 202,020 | (85) | - | 100% |
| Suzhou Mobydata Smart System Co. Ltd |
Suzhou, JiangSu - China | CNY | 161,224 | 6,675 | (84) | 51% |
| Company name | Registered office | Share capital | Total equity (Euro/thousands) |
Profit (loss) for the period (Euro/thousands) |
% Ownership |
|||||
|---|---|---|---|---|---|---|---|---|---|---|
| Datasensor Gmbh (*) | Otterfing - Germany | Euro | 150,000 | 1 | 10 | 30% | ||||
| CAEN RFID S.r.l. (***) | Viareggio LU - Italy | Euro | 150,000 | 756 | (114) | 20% | ||||
| R4I S.r.l. (***) | Benevento - Italy | Euro | 131,250 | 279 | (108) | 20% | ||||
| Datalogic Automation AB (**) | Malmö, Sweden | SEK | 100,000 | 1,738 | 799 | 20% |
(*) figures at December 31, 2020
(**) figures at June 30, 2022
(***) figures at December 31, 2021
Below is a reconciliation of EBIT and Adjusted EBIT at March 31, 2023 versus March 31, 2022.
| 31.03.2023 | 31.03.2022 | Change | |||
|---|---|---|---|---|---|
| Adjusted EBIT | 5,373 | 3.59% | 4,474 | 3.24% | 899 |
| Special Items -Other Expense and (Income) | 260 | 0.17% | 748 | 0.54% | (488) |
| Special Items - D&A from acquisitions | 1,191 | 0.80% | 1,448 | 1.05% | (257) |
| Total | 1,451 | 0.97% | 2,196 | 1.59% | (745) |
| EBIT | 3,922 | 2.6% | 2,278 | 1.7% | 1,644 |
Below is a reconciliation of EBITDA and Adjusted EBITDA at March 31, 2023 versus March 31, 2022.
| 31.03.2023 | 31.03.2022 | Change | |||
|---|---|---|---|---|---|
| Adjusted EBITDA | 13,477 | 9.00% | 11,752 | 8.52% | 1,725 |
| Cost of goods sold | 7 | 0.00% | 18 | 0.01% | (11) |
| Research and Development expense | 65 | 0.04% | - | 0.00% | 65 |
| Distribution expense | 179 | 0.12% | 267 | 0.19% | (88) |
| Administrative and General expense | 9 | 0.01% | 463 | 0.34% | (454) |
| Other (expense) income | - | 0.00% | - | 0.00% | - |
| Total | 260 | 0.17% | 748 | 0.54% | (488) |
| EBITDA | 13,217 | 8.83% | 11,004 | 7.98% | 2,213 |
Comparative results (March 31, 2022) have been restated, as required by IAS 1, in connection with reclassifications of certain items to ensure full comparability of the 2022 results with the 2023 results.
| (Euro/000) | 31.03.2022 Restatement | 31.03.2022 Restated |
|
|---|---|---|---|
| 1) Revenue | 137,928 | 137,928 | |
| Revenue from sale of products | 127,891 | 127,891 | |
| Revenue from services | 10,037 | 10,037 | |
| 2) Cost of goods sold | 80,040 | 2,524 | 82,564 |
| Gross OperatingMargin (1-2) | 57,888 | 57,888 | |
| 3) Other revenue | 204 | 204 | |
| 4) Research and development expense | 14,505 | (237) | 14,268 |
| 5) Distribution expense | 26,069 | (2,700) | 23,369 |
| 6) Administrative and general expense | 14,779 | 412 | 15,191 |
| 7) Other operating expense | 461 | 461 | |
| Total operating costs | 55,814 | (2,524) | 53,290 |
| EBIT | 2,278 | 2,278 | |
| 8) Financial income | 5,246 | 5,246 | |
| 9) Financial expense | 6,828 | 6,828 | |
| Net Financials (8-9) | (1,582) | (1,582) | |
| 10) Profits from associates | - | - | |
| Profit/(Loss) before tax from continuing operations | 696 | 696 | |
| Income tax | (633) | (633) | |
| Profit/(Loss) for the period | 1,329 | 1,329 | |
| Basic earnings/(loss) per share (€) | 0.02 | 0.02 | |
| Diluted earnings/(loss) per share (€) | 0.02 | 0.02 | |
| Attributable to: | |||
| Shareholders of the Parent Company | 1,370 | 1,370 | |
| Non-controlling interests | (41) | (41) |
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