Quarterly Report • May 13, 2022
Quarterly Report
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Interim report at 31.03.2022
| Organizational chart of Emak Group 3 |
|---|
| Corporate Bodies of Emak S.p.A4 |
| Main economic and financial figures for Emak Group 5 |
| Directors' report6 |
| Comments on economic figures 6 |
| Comment to consolidated statement of financial position 8 |
| Highlights of the consolidated financial statement broken down by operating segment for the first quarter 2022 11 |
| Comments on interim results by operating segment 11 |
| Business outlook12 |
| Subsequent events 13 |
| Other informations 13 |
| Definitions of alternative performance indicators14 |
| Consolidated Income Statement15 |
| Statement of consolidated financial position16 |
| Statement of changes in consolidated equity for the Emak Group at 31.12.2021 and at 31.03.2022 17 |
| Comments on the financial statements18 |
| Declaration of the executive in charge of preparing the accounting statements pursuant to the rules of Article 154- |
| bis, paragraph 2 of Legislative Decree no. 58/1998 19 |
The Ordinary General Meeting of the Shareholders of the Parent Company, Emak S.p.A. on 29 April 2022 appointed the Board of Directors and the Board of Statutory Auditors for the financial years 2022-2024.
| Board of Directors | |
|---|---|
| Non-executive Chairman | Massimo Livatino |
| Deputy Chairman and Chief Executive Officer | Luigi Bartoli |
| Executive Director | Cristian Becchi |
| Independent Directors | Silvia Grappi |
| Elena Iotti | |
| Alessandra Lanza | |
| Directors | Francesca Baldi |
| Ariello Bartoli | |
| Paola Becchi | |
| Giuliano Ferrari | |
| Marzia Salsapariglia | |
| Vilmo Spaggiari | |
| Paolo Zambelli | |
| Secretary of the Board of Directors | Paolo Messarra |
| Risk Control and Sustainability Committee; Remuneration | |
| Committee, Related Party Transactions Committee, |
|
| Nomination Committee | |
| Chairman | Elena Iotti |
| Components | Alessandra Lanza |
| Silvia Grappi | |
| Financial Reporting Officer | Roberto Bertuzzi |
| Supervisory Body as per Legislative Decree 231/01 | |
| Chairman | Sara Mandelli |
| Acting member | Marianna Grazioli |
| Board of Statutory Auditors | |
| Chairman | Stefano Montanari |
| Acting auditors | Roberta Labanti |
| Livio Pasquetti | |
| Alternate auditor | Rossana Rinaldi |
| Giovanni Liberatore | |
| Independent Auditor | Deloitte & Touche S.p.A. |
| Year 2021 | 1Q 2022 | 1Q 2021 | |
|---|---|---|---|
| 588,299 | Revenues from sales | 190,247 | 162,881 |
| 77,436 | EBITDA before non ordinary income/expenses (*) |
27,339 | 26,375 |
| 77,296 | (*) EBITDA |
27,339 | 26,917 |
| 52,904 | EBIT | 21,067 | 21,169 |
| 33,111 | Net profit | 16,852 | 15,280 |
| Year 2021 | 1Q 2022 | 1Q 2021 | |
|---|---|---|---|
| 13,338 | Investment in property, plant and equipment | 3,016 | 3,072 |
| 4,223 | Investment in intangible assets | 836 | 920 |
| 57,503 | Free cash flow from operations (*) |
23,124 | 21,028 |
| 31.12.2021 | 31.03.2022 | 31.03.2021 | ||
|---|---|---|---|---|
| 400,202 | Net capital employed | (*) | 472,463 | 388,233 |
| (144,269) | Net debt (*) | (192,890) | (148,397) | |
| 255,933 | Total equity | 279,573 | 239,836 |
| Year 2021 | 1Q 2022 | 1Q 2021 | |
|---|---|---|---|
| 13.1% | EBITDA / Net sales (%) | 14.4% | 16.5% |
| 9.0% | EBIT / Net sales (%) | 11.1% | 13.0% |
| 5.6% | Net profit / Net sales (%) | 8.9% | 9.4% |
| 13.2% | EBIT / Net capital employed (%) | 4.5% | 5.5% |
| 0.56 | Net debt / Equity | 0.69 | 0.62 |
| 2,225 | Number of employees at period end | 2,275 | 2,171 |
| Year 2021 | 1Q 2022 | 1Q 2021 | |
|---|---|---|---|
| 0.199 | Earnings per share (€) | 0.102 | 0.093 |
| 2.12 | Official price (€) | 1.41 | 1.32 |
| 2.28 | Maximum share price in period (€) | 2.13 | 1.35 |
| 1.08 | Minimum share price in period (€) | 1.41 | 1.08 |
| 348 | Stockmarket capitalization (€ / million) | 231 | 216 |
| 163,934,835 | Number of shares comprising share capital | 163,934,835 | 163,934,835 |
| 163,537,602 | Average number of oustanding shares | 163,537,602 | 163,537,602 |
(*) See section "Definitions of alternative performance indicators"
The military aggression of the Ukrainian territory by the Russian army starting in February is creating repercussions at an international level, both in terms of financial market trends and commodity prices.
As for Ukraine, the Group operates on this market mainly through the commercial branch, 100% controlled by Emak S.p.A. This company has a staff of 24 people and in 2021 recorded a turnover of € 4.2 million with a profit for the year of approximately € 500 thousand.
The value of the investment recorded by the parent company Emak S.p.A. in the company Epicenter, located in Kiev, is equal to approximately € 1.7 million, to date no goodwill on this CGU is recorded in the consolidated financial statements of the Group. The subsidiary has total assets of a equivalent € 3.3 million at March 31, 2022.
The subsidiary operating in Ukraine, since the beginning of the war, has adopted measures aimed at securing its employees and the goods in stock, while ensuring business continuity and recording a turnover in the first three months of 2022 of approximately € 870 thousand, higher than the € 650 thousand recorded at March 31, 2021.
On an annual basis, in 2021, the Group's sales were equal to € 5.2 million on the Ukrainian market and € 11.1 million on the Russian and Belarusian market.
Consolidated revenues for the 2022 quarter on the Ukrainian market amounted to € 1.3 million, compared to € 1 million in the same period of the previous year.
The Group's turnover in the first quarter of 2022 on the Russian and Belarusian markets amounted to € 2.1 million (compared to € 3.3 million in the same period of last year) and the exposure to customers on these markets amounts to approximately € 1.7 million at the end of March 2022; the related commercial risk is partially covered by an insurance policy.
There are no particular critical issues related to the conflict in relation to the procurement of raw materials. The geopolitical context of reference remains today characterized by significant uncertainties, therefore the situation is continuously monitored by the company management which maintains a strong supervision in particular on the exposure of the affected markets, on the supply chain and on financial flows.
Compared to 31 December 2021 there are no changes in the area; with reference to 31 March 2021 the company Poli S.r.l. joined the consolidation area.
Emak Group achieved a consolidated turnover of € 190,247 thousand in the first quarter of 2022, compared to € 162,881 thousand of the same period last year, a 16.8% increase. This increase is due to the organic growth for 14.5%, from the effect of translation changes for 1.6% and from change in the scope of consolidation for 0.7%.
The growth trend already recorded in recent years is confirmed in all segments in which the Group operates, mainly concentrated in the Europe area.
EBITDA for the first quarter 2022 amounts to € 27,339 thousand (14.4% of sales), compared to € 26,917 thousand (16.5% of sales) for the corresponding quarter of the previous year.
Ebitda before non-ordinary expenses and revenues is unchanged and amounts to € 27,339 thousand in the first quarter 2022 (14.4% of revenues) compared to € 26,375 thousand in the first quarter 2021 (16.2% of revenues) including non-ordinary revenues for € 608 thousand and non-ordinary expenses for € 66 thousand.
The application of the IFRS 16 principle has resulted in a positive effect on the EBITDA for € 1,772 thousand, against to € 1,598 thousand in the first quarter of 2021.
EBITDA for the quarter benefited from the increase in sales volumes and the change in the consolidation area while it was penalized by the increase in the costs of raw materials, energy costs, transports and other operating costs functional to the development of the business, partially offset by the increase in the price lists.
Personnel costs increased compared to the same period by € 2,344 thousand, mainly due to the greater use of workforce to cope with higher production volumes, and the change in the scope of consolidation. The average number of resources employed by the Group, also considering temporary workers employed in the period, was 2,573 units, compared to 2,424 units in the first quarter of 2021.
Operating result for the first quarter 2022 is € 21,067 thousand with an incidence of 11.1% of revenues, compared to € 21,169 thousand (13% of sales) for the corresponding quarter of the previous year.
Depreciation and amortization are € 6,272 thousand, compared to € 5,748 thousand in the same period last year.
Non-annualized operating result as a percentage of net capital employed is 4.5% compared to 5.5% in the same period last year.
Net result for the first quarter 2022 is € 16,852 thousand, against € 15,280 thousand in the same period 2021.
Not realized income on valuation of derivatives for hedging interest rate risk has led a significant increase of "financial income" item.
Currency management in the first quarter 2022 is positive for € 2,108 thousand against a positive balance of € 375 thousand for the same period of the last year. The result mainly benefited from the revaluation of the Brazilian Reais which had a positive effect on the valuation of some debt items.
The tax rate for the first quarter of 2022 stands at 26.7%, an increase compared to the 24.9% of the same period of 2021, mainly due to a different geographical breakdown of taxable income.
| 31.12.2021 | Thousand of Euro | 31.03.2022 | 31.03.2021 |
|---|---|---|---|
| 202,117 | Net non-current assets (*) | 205,121 | 183,804 |
| 198,085 | Net working capital (*) | 267,342 | 204,429 |
| 400,202 | Total net capital employed (*) | 472,463 | 388,233 |
| 253,183 | Equity attributable to the Group | 276,346 | 237,520 |
| 2,750 | Equity attributable to non controlling interests | 3,227 | 2,316 |
| (144,269) | Net debt (*) | (192,890) | (148,397) |
(*) See section "Definitions of alternative performance indicators"
During first quarter 2022 Emak Group invested € 3,852 thousand in property, plant and equipment and intangible assets, as follows:
Investments broken down by geographical area are as follows:
Net working capital, compared to 31 December 2021, increases by € 69,257 thousand, from € 198,085 thousand to € 267,342 thousand.
The following table shows the change in net working capital at 31 March 2022 compared with the same period last year:
| €/000 | 3M 2022 | 3M 2021 |
|---|---|---|
| Opening Net working capital | 198,085 | 165,655 |
| Increase/(decrease) in inventories | 13,229 | (243) |
| Increase/(decrease) in trade receivables | 63,025 | 51,561 |
| (Increase)/decrease in trade payables | (3,064) | (4,132) |
| Other changes | (3,933) | (8,412) |
| Closing Net working capital | 267,342 | 204,429 |
The trend in net working capital as of March 31, 2022 is consistent with the seasonality of the business and the active management of inventories by the Group.
The significant increase in inventories was necessary to counteract the criticalities in the supply chain and the consequent increase in delivery times. Trade receivables are increasing following the growth in turnover.
Net negative financial position amounts to € 192,890 thousand at 31 March 2022 compared to € 144,269 thousand at 31 December 2021.
Below are the movements in net debt for the first three months of 2022 compared with the same period last year:
| €/000 | 3M 2022 | 3M 2021 |
|---|---|---|
| Opening NFP | (144,269) | (126,552) |
| Ebitda | 27,339 | 26,917 |
| Financial income and expenses | (199) | (1,199) |
| Exchange gains and losses | 2,108 | 375 |
| Income taxes | (6,124) | (5,065) |
| Cash flow from operations, excluding changes in operating assets and liabilities |
23,124 | 21,028 |
| Changes in operating assets and liabilities | (63,696) | (38,889) |
| Cash flow from operations | (40,572) | (17,861) |
| Changes in investments and disinvestments | (3,607) | (3,860) |
| Changes rights of use IFRS 16 | (1,069) | (1,363) |
| Other equity changes | - | - |
| Changes from exchange rates and translation reserve | (3,373) | 1,239 |
| Closing NFP | (192,890) | (148,397) |
Cash flow from operations net of taxes amounted to € 23,124 thousand, compared to € 21,028 thousand for the same period in 2021.
Cash flow from operations is negative for € 40,572 thousand compared to € 17,861 thousand in the same period of the previous year, consequently to a significant increase in net working capital.
Details of the net financial position is analyzed as follows:
| 31.03.2022 | 31.12.2021 | 31.03.2021 |
|---|---|---|
| 46,157 | 79,645 | 81,555 |
| - | - | - |
| 1,595 | 358 | 1,666 |
| 47,752 | 80,003 | 83,221 |
| (33,684) | (19,938) | (25,229) |
| (56,865) | (56,213) | (60,112) |
| (90,549) | (76,151) | (85,341) |
| (42,797) | 3,852 | (2,120) |
| (151,117) | (149,105) | (147,126) |
| - | - | - |
| - | - | - |
| (151,117) | (149,105) | (147,126) |
| (193,914) | (145,253) | (149,246) |
| 1,024 | 984 | 849 |
| (192,890) | (144,269) | (148,397) |
| 39,112 | 38,974 | 28,935 |
| (153,778) | (105,295) | (119,462) |
Net financial position at 31 March 2022 includes actualized financial liabilities related to the payment of future rental and rent payments, in application of IFRS 16 standard, equal to overall € 39,112 thousand, of which € 6,078 thousand falling due within 12 months while at 31 December 2021 they amounted to a total of € 38,974 thousand, of which € 5,863 thousand falling due within 12 months.
Current financial indebtedness mainly consist of:
Financial liabilities for the purchase of the remaining minority shares and for the settlement of purchase transactions with deferred price subject to contractual restrictions are equal to € 11,401 thousand, of which € 8,767 thousand in the medium to long term, related to the following companies:
Total equity is equal to € 279,573 thousand against € 255,933 thousand at 31 December 2021. Earnings per share at 31 March 2022 is equal to € 0.102 compared to € 0.093 in the same period of the previous year.
On 31 December 2021 the company held 397,233 treasury shares in portfolio number (equal to 0.2% of share capital) for the equivalent of € 2,029 thousand.
From 1 January 2022 to 31 March 2022 Emak S.p.A. did not buy or sell treasury shares, for which the quantity in stock and value are unchanged from December 31, 2021.
| OUTDOOR POWER EQUIPMENT |
PUMPS AND HIGH COMPONENTS AND PRESSURE WATER ACCESSORIES JETTING |
Other not allocated / Netting |
Consolidated | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| €/000 | 31.03.2022 31.03.2021 31.03.2022 31.03.2021 31.03.2022 31.03.2021 31.03.2022 31.03.2021 31.03.2022 | 31.03.2021 | |||||||||
| Sales to third parties | 74,857 | 57,118 | 70,073 | 63,172 | 45,317 | 42,591 | 190,247 | 162,881 | |||
| Intersegment sales | 93 | 77 | 901 | 669 | 3,351 | 2,916 | (4,345) | (3,662) | |||
| Revenues from sales | 74,950 | 57,195 | 70,974 | 63,841 | 48,668 | 45,507 | (4,345) | (3,662) | 190,247 | 162,881 | |
| Ebitda | 6,967 | 6,024 | 11,440 | 11,477 | 9,702 | 10,304 | (770) | (888) | 27,339 | 26,917 | |
| Ebitda/Total Revenues % | 9.3% | 10.5% | 16.1% | 18.0% | 19.9% | 22.6% | 14.4% | 16.5% | |||
| Ebitda before non ordinary expenses | 6,967 | 6,024 | 11,440 | 10,869 | 9,702 | 10,370 | (770) | (888) | 27,339 | 26,375 | |
| Ebitda before non ordinary expenses/Total Revenues % | 9.3% | 10.5% | 16.1% | 17.0% | 19.9% | 22.8% | 14.4% | 16.2% | |||
| Operating result | 4,892 | 4,015 | 9,390 | 9,639 | 7,555 | 8,403 | (770) | (888) | 21,067 | 21,169 | |
| Operating result/Total Revenues % | 6.5% | 7.0% | 13.2% | 15.1% | 15.5% | 18.5% | 11.1% | 13.0% | |||
| Net financial expenses (1) | 1,909 | (824) | |||||||||
| Profit befor taxes | 22,976 | 20,345 | |||||||||
| Income taxes | (6,124) | (5,065) | |||||||||
| Net profit | 16,852 | 15,280 | |||||||||
| Net profit/Total Revenues% | 8.9% | 9.4% | |||||||||
| (1) Net financial expenses includes the amount of Financial income and expenses, Exchange gains and losses and the amount of the Income from equity investment | |||||||||||
| STATEMENT OF FINANCIAL POSITION | 31.03.2022 31.12.2021 31.03.2022 31.12.2021 31.03.2022 31.12.2021 31.03.2022 31.12.2021 31.03.2022 | 31.12.2021 | |||||||||
| Net debt | 39,040 | 6,778 | 105,114 | 96,092 | 48,845 | 41,399 | (109) | 0 | 192,890 | 144,269 | |
| Shareholders' Equity | 191,104 | 186,501 | 94,540 | 83,830 | 71,926 | 63,454 | (77,997) | (77,852) | 279,573 | 255,933 | |
| Total Shareholders' Equity and Net debt | 230,144 | 193,279 | 199,654 | 179,922 | 120,771 | 104,853 | (78,106) | (77,852) | 472,463 | 400,202 | |
| Net non-current assets (2) | 127,924 | 128,424 | 97,335 | 95,854 | 55,213 | 53,233 | (75,351) | (75,394) | 205,121 | 202,117 | |
| Net working capital | 102,220 | 64,855 | 102,319 | 84,068 | 65,558 | 51,620 | (2,755) | (2,458) | 267,342 | 198,085 | |
| Total net capital employed | 230,144 | 193,279 | 199,654 | 179,922 | 120,771 | 104,853 | (78,106) | (77,852) | 472,463 | 400,202 | |
| (2) The net non-current assets of the Outdoor Power Equipment area includes the amount of Equity investments for 76,074 thousand Euro | |||||||||||
| OTHER STATISTICS | 31.03.2022 31.12.2021 31.03.2022 31.12.2021 31.03.2022 31.12.2021 31.03.2022 31.12.2021 31.03.2022 | 31.12.2021 | |||||||||
| Number of employees at period end | 750 | 758 | 867 | 837 | 649 | 622 | 9 | 8 | 2,275 | 2,225 | |
| OTHER INFORMATIONS | 31.03.2022 31.03.2021 31.03.2022 31.03.2021 31.03.2022 31.03.2021 31.03.2022 31.03.2021 31.03.2022 | 31.03.2021 | |||||||||
| Amortization, depreciation and impairment losses | 2,075 | 2,009 | 2,050 | 1,838 | 2,147 | 1,901 | 6,272 | 5,748 | |||
| Investment in property, plant and equipment and in intangible assets |
980 | 1,171 | 931 | 824 | 1,941 | 1,997 | 3,852 | 3,992 |
(*) See section "Definitions of alternative performance indicators"
The table below shows the breakdown of "sales to third parties" in the first three months in 2022 by business sector and geographic area, compared with the same period last year.
| OUTDOOR POWER EQUIPMENT | PUMPS AND HIGH PRESSURE WATER JETTING |
COMPONENTS AND ACCESSORIES |
CONSOLIDATED | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| €/000 | 1Q 2022 | 1Q 2021 | Var. % | 1Q 2022 | 1Q 2021 | Var. % | 1Q 2022 | 1Q 2021 | Var. % | 1Q 2022 1Q 2021 | Var. % | |
| Europe | 65,074 | 50,077 | 29.9% | 38,039 | 34,007 | 11.9% | 25,740 | 23,859 | 7.9% | 128,853 | 107,943 | 19.4% |
| Americas | 2,548 | 2,388 | 6.7% | 23,256 | 21,007 | 10.7% | 13,601 | 13,100 | 3.8% | 39,405 | 36,495 | 8.0% |
| Asia, Africa and Oceania | 7,235 | 4,653 | 55.5% | 8,778 | 8,158 | 7.6% | 5,976 | 5,632 | 6.1% | 21,989 | 18,443 | 19.2% |
| Total | 74,857 | 57,118 | 31.1% | 70,073 | 63,172 | 10.9% | 45,317 | 42,591 | 6.4% | 190,247 | 162,881 | 16.8% |
Revenues of the segment are up by 31.1% compared to the same period.
There was a generalized increase in turnover in Europe, with particular reference to the Italian, French and Polish markets, while sales on the Russian market were down.
In the Americas area, sales grew slightly with reference to the North American market, while in the main markets of South America they were substantially in line with the same period.
Sales growth in Asia, Africa and Oceania was concentrated in Turkey, the Far East and China.
EBITDA, equal to € 6,967 thousand, increased compared to March 31, 2021, due to the increase in sales volumes, while the commercial policies of price rise have partially offset the increase in transport costs, raw materials and other operating costs.
Net negative financial position of € 39,040 thousand, consistent with the seasonality of the business, increasing compared to 31 December 2021, mainly due to the increase in net working capital due to the strong growth in revenues in the quarter.
Sales of the segment are up 10.9% compared to the same period of 2021.
In Europe, growth was driven by the Italian and French markets, together with the contribution of the change in the scope of consolidation. Sales through the online channel were down slightly.
In the Americas area, the good sales performance is attributable to the good performance of the North American market and the Mexican subsidiary, thanks also to the positive exchange rate effect.
Turnover in Asia, Africa and Oceania recorded a more contained increase, while sales were good in Turkey and South Korea.
EBITDA for the first quarter of 2022, equal to € 11,440 thousand, compared to € 11,477 thousand in the same period of the previous year (€ 10,869 thousand net of non-recurring income), benefited from the increase in turnover and area variation, while it was affected by increases in the price of raw materials and transport, partially covered by increases in price lists.
Net negative financial position, equal to € 105,114 thousand, is up compared to 31 December 2021, in line with the seasonality of the business and the growth in turnover for the period which led to an increase in trade receivables and inventories.
Sales of the segment are up 6.4% compared to the same period of 2021.
The growth in Europe is attributable to higher sales in the agriculture and cleaning divisions.
The increase in sales in the Americas area is due to the good performance of revenues in South America which offset the slight decline in the North American market.
The slight growth in Asia, Africa and Oceania is attributable to higher sales in Asia and Australia, as well as to the good performance of the South African subsidiary.
EBITDA in the first quarter of 2022, equal to € 9,702 thousand compared to € 10,304 thousand in the same period of the previous year, benefited from the increase in sales volumes, while it was negatively affected by an unfavorable mix and the increase the cost of raw materials, electricity and gas.
Net negative financial position, equal to € 48,845 thousand, increasing compared to the end of the 2021 financial year, is due to the increase in net working capital during the quarter linked to the growth of trade receivables and inventories, the latter to meet the good market demand.
The first quarter ended with a significantly higher turnover than last year's record quarter.
The external scenario, however, remains characterized by uncertainties related to the evolution of the pandemic and the consequences of the effects of the Russian-Ukrainian conflict, as well as by the growth trend in the costs of raw materials, energy and transport and by tensions on the supply chain.
In this context, in order to safeguard its profitability, the Group has progressively adjusted sales lists starting from last year. This activity also continues in 2022 to cope with the tightening of supply conditions.
In continuity with the past months, the Group considers the maintenance, even in objectively difficult conditions, of a high level of service to its customers to be a critical success factor. To this end, together with its partners, it actively manages stocks with the aim of minimizing the risks of product shortage.
Despite the criticalities of the period that determine a reduced visibility on demand for the next few months, the management is confident that, thanks to the order portfolio already acquired, the turnover of the first half will record a positive growth trend compared to the first six months of 2021, thus remaining at record levels compared to the historical results.
No significant events occurred after the end of the period of this report.
Significant operations: derogation from disclosure obligations
The Company has resolved to make use, with effect from 31 January 2013, of the right to derogate from the obligation to publish the informative documents prescribed in the event of significant merger, demerger, share capital increase through the transfer of goods in kind, acquisition and disposal operations, pursuant to art. 70, paragraph 8, and art. 71, paragraph 1-bis of Consob Issuers Regulations, approved with resolution no. 11971 of 14/5/1999 and subsequent modifications and integrations.
The chart below shows, in accordance with recommendation ESMA/201/1415 published on October 5, 2015, the criteria used for the construction of key performance indicators that management considers necessary to the monitoring the Group performance.
It should be noted that alternative performance indicators are not identified as an accounting measure under the International Accounting Standards and, therefore, should not be considered a substitute measure for the evaluation of the performance of the Company and the Group. The criterion for determining these indicators applied by the Company and the Group may not be homogeneous with that adopted by other companies in the sector and, therefore, such data may not be comparable.
| FY 2021 | CONSOLIDATED INCOME STATEMENT | 1 Q 2022 | 1 Q 2021 |
|---|---|---|---|
| Revenues from sales | |||
| 588,299 5,110 |
190,247 713 |
162,881 1,381 |
|
| Other operating incomes | |||
| 48,764 | Change in inventories | 9,094 | (1,272) |
| (354,737) | Raw materials, consumable and goods | (113,573) | (85,406) |
| (98,231) | Personnel expenses | (26,601) | (24,257) |
| (111,909) | Other operating costs and provisions | (32,541) | (26,410) |
| (24,392) | Amortization, depreciation and impairment losses | (6,272) | (5,748) |
| 52,904 | Operating result | 21,067 | 21,169 |
| 1,003 | Financial income | 893 | 67 |
| (8,611) | Financial expenses | (1,092) | (1,266) |
| 589 | Exchange gains and losses | 2,108 | 375 |
| 45,885 | Profit befor taxes | 22,976 | 20,345 |
| (12,774) | Income taxes | (6,124) | (5,065) |
| 33,111 | Net profit (A) | 16,852 | 15,280 |
| (603) | (Profit)/loss attributable to non controlling interests | (241) | (138) |
| 32,508 | Net profit attributable to the Group | 16,611 | 15,142 |
| 0.199 | Basic earnings per share | 0.102 | 0.093 |
| 0.199 | Diluted earnings per share | 0.102 | 0.093 |
| FY 2021 | CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME |
1 Q 2022 | 1 Q 2021 |
| 33,111 | Net profit (A) | 16,852 | 15,280 |
| 8,102 | Profits/(losses) deriving from the conversion of foreign company accounts |
6,788 | 2,256 |
| (232) | Actuarial profits/(losses) deriving from defined benefit plans (*) | - | - |
| 65 | Income taxes on OCI (*) | - | - |
| 7,935 | Total other components to be included in the comprehensive income statement (B) |
6,788 | 2,256 |
| 41,046 | Total comprehensive income for the perdiod (A)+(B) | 23,640 | 17,536 |
| (641) 40,405 |
Comprehensive net profit attributable to non controlling interests Comprehensive net profit attributable to the Group |
(477) 23,163 |
(153) 17,383 |
(*) Items will not be classified in the income statement
| 31.12.2021 | ASSETS | 31.03.2022 | 31.03.2021 |
|---|---|---|---|
| Non-current assets | |||
| 78,558 | Property, plant and equipment | 79,201 | 77,183 |
| 24,853 | Intangible assets | 24,854 | 22,591 |
| 37,665 | Rights of use | 37,677 | 27,867 |
| 70,634 | Goodwill | 73,652 | 67,208 |
| 8 | Equity investments in other companies | 8 | 8 |
| 10,012 | Deferred tax assets | 9,662 | 8,970 |
| 984 | Other financial assets | 1,024 | 849 |
| 59 | Other assets | 60 | 58 |
| 222,773 | Total non-current assets | 226,138 | 204,734 |
| Current assets | |||
| 217,316 | Inventories | 230,545 | 163,359 |
| 127,984 | Trade and other receivables | 193,243 | 162,824 |
| 10,076 | Current tax receivables | 10,047 | 6,107 |
| 72 | Other financial assets | 332 | 619 |
| 286 | Derivative financial instruments | 1,263 | 1,047 |
| 79,645 | Cash and cash equivalents | 46,157 | 81,555 |
| 435,379 | Total current assets | 481,587 | 415,511 |
| 658,152 | TOTAL ASSETS | 707,725 | 620,245 |
| 31.12.2021 | SHAREHOLDERS' EQUITY AND LIABILITIES | 31.03.2022 | 31.03.2021 |
|---|---|---|---|
| Shareholders' Equity | |||
| 253,183 | Shareholders' Equity of the Group | 276,346 | 237,520 |
| 2,750 | Non-controlling interests | 3,227 | 2,316 |
| 255,933 | Total Shareholders' Equity | 279,573 | 239,836 |
| Non-current liabilities | |||
| 115,994 | Loans and borrowings due to banks and other lenders | 118,083 | 123,087 |
| 33,111 | Liabilities for leasing | 33,034 | 24,039 |
| 7,386 | Deferred tax liabilities | 7,774 | 6,537 |
| 7,500 | Employee benefits | 7,428 | 7,604 |
| 2,590 | Provisions for risks and charges | 2,655 | 2,422 |
| 2,197 | Other non-current liabilities | 2,135 | 3,517 |
| 168,778 | Total non-current liabilities | 171,109 | 167,206 |
| Current liabilities | |||
| 149,222 | Trade and other payables | 152,742 | 117,342 |
| 6,182 | Current tax liabilities | 12,130 | 9,279 |
| 69,707 | Loans and borrowings due to banks and other lenders | 83,992 | 79,539 |
| 5,863 | Liabilities for leasing | 6,078 | 4,896 |
| 581 | Derivative financial instruments | 479 | 906 |
| 1,886 | Provisions for risks and charges | 1,622 | 1,241 |
| 233,441 | Total current liabilities | 257,043 | 213,203 |
| 658,152 | TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 707,725 | 620,245 |
| SHARE CAPITAL |
SHARE PREMIUM |
Treasury Shares |
OTHER RESERVES | RETAINED EARNINGS | EQUITY | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Thousand of Euro | Legal reserve |
Revaluation reserve |
Cumulative translation adjustment |
Reserve IAS 19 |
Other reserves |
Retained earnings |
Net profit of the period |
TOTAL GROUP |
ATTRIBUTABLE TO NON CONTROLLING INTERESTS |
TOTAL | |||
| Balance at 31.12.2020 | 42,623 | 41,513 | (2,029) | 3,611 | 4,353 | (7,889) | (1,320) | 31,702 | 88,273 | 19,300 | 220,137 | 2,163 | 222,300 |
| Profit reclassification | 139 | 183 | 11,619 | (19,300) | (7,359) | (54) | (7,413) | ||||||
| Other changes | - | - | |||||||||||
| Net profit for the period | 8,064 | (167) | 32,508 | 40,405 | 641 | 41,046 | |||||||
| Balance at 31.12.2021 | 42,623 | 41,513 | (2,029) | 3,750 | 4,353 | 175 | (1,487) | 31,885 | 99,892 | 32,508 | 253,183 | 2,750 | 255,933 |
| Profit reclassification | 32,508 | (32,508) | - | - | |||||||||
| Other changes | - | - | |||||||||||
| Net profit for the period | 6,552 | 16,611 | 23,163 | 477 | 23,640 | ||||||||
| Balance at 31.03.2022 | 42,623 | 41,513 | (2,029) | 3,750 | 4,353 | 6,727 | (1,487) | 31,885 | 132,400 | 16,611 | 276,346 | 3,227 | 279,573 |
The interim report has been prepared under disclosure continuity, comparability, international best practice and transparency to the market. Despite the lack of legal obligation, the Board of Directors of Emak S.p.A. has in fact decided, also because of his membership in the STAR segment of the MTA, to continue in drafting and systematic publication of quarterly reports, in compliance with art. 2.2.3, paragraph 3, letter. a) of the Regulation of Markets organized and managed by Borsa Italiana S.p.A. The reports are made available to the public in the usual forms of deposit at the registered office, the company website and the "eMarket Storage" storage mechanism.
In relation to the above, it is confirmed that the accounting principles and policies adopted by the Group in preparing the quarterly consolidated financial statements are consistent with those adopted in the consolidated financial statements at 31 December 2021, with the peculiarities shown below.
In this interim report IAS 19 is not applied as far as the quantification of changes in actuarial gains accrued in the period is concerned. In addition, in the context of disclosure of synthetic and essential character, are not observed all the detailed requirements of IAS 34, whenever it is assessed that its application does not bring meaningful information.
It should be noted that:
| 31.12.2021 | Amount of foreign for 1 Euro | Average 3 M 2022 | 31.03.2022 | Average 3 M 2021 | 31.03.2021 |
|---|---|---|---|---|---|
| 0.84 | GB Pounds (UK) | 0.84 | 0.85 | 0.87 | 0.85 |
| 7.19 | Renminbi (China) | 7.12 | 7.04 | 7.81 | 7.68 |
| 1.13 | Dollar (Usa) | 1.12 | 1.11 | 1.20 | 1.17 |
| 4.60 | Zloty (Poland) | 4.62 | 4.65 | 4.55 | 4.65 |
| 18.06 | Zar (South Africa) | 17.08 | 16.17 | 18.03 | 17.35 |
| 30.92 | Uah (Ukraine) | 32.25 | 32.48 | 33.68 | 32.63 |
| 6.31 | Real (Brazil) | 5.87 | 5.30 | 6.60 | 6.74 |
| 10.48 | Dirham (Morocco) | 10.63 | 10.71 | 10.78 | 10.63 |
| 23.14 | Mexican Pesos (Mexico) | 22.99 | 22.09 | 24.53 | 24.05 |
| 964.35 | Chilean Pesos (Chile) | 907.57 | 875.81 | 872.41 | 854.90 |
| 10.25 | Swedish krona (Sweden) | 10.48 | 10.34 | 10.12 | 10.24 |
There are no noteworthy events.
Bagnolo in Piano (RE), May 13, 2022 On behalf of the Board of Directors
The Chairman
Massimo Livatino
The executive in charge of preparing corporate accounting statements of EMAK S.p.A., Roberto Bertuzzi, based on his own knowledge,
certifies,
in accordance with the second paragraph of Art. 154-bis, of Italian Legislative Decree No. 58 of 24 February 1998, that the accounting information contained in the Quarterly Report at 31 March 2022, examined and approved today by the Board of Directors of the company, corresponds with the accounting documents, ledgers and records.
Faithfully, Bagnolo in Piano (RE), May 13, 2022
Roberto Bertuzzi Executive in charge of preparing the accounting statements
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