Earnings Release • Mar 15, 2022
Earnings Release
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| Informazione Regolamentata n. 0481-4-2022 |
Data/Ora Ricezione 15 Marzo 2022 18:14:03 |
Euronext Star Milan | |
|---|---|---|---|
| Societa' | : | El.En. | |
| Identificativo Informazione Regolamentata |
: | 158509 | |
| Nome utilizzatore | : | ELENN01 - Romagnoli | |
| Tipologia | : | 1.1; REGEM; 3.1 | |
| Data/Ora Ricezione | : | 15 Marzo 2022 18:14:03 | |
| Data/Ora Inizio Diffusione presunta |
: | 15 Marzo 2022 18:14:04 | |
| Oggetto | : | draft financial statements | The BoD of El.En. Spa releases the 2021 |
| Testo del comunicato |
Vedi allegato.
1.1 3.1 REGEM
Press release
Florence, March 15th 2022, The Board of Directors of El.En. S.p.A., leader in the laser market, listed on the Euronext STAR Milan ("STAR") market of Borsa Italiana, released today the consolidated financial statements as of 31 December 2021, the draft separate financial statements 2021, and the 2021 non-financial statement, to be submitted to the shareholders' meeting.
The year 2021 closed with extremely brilliant results, well above the guidelines outlined at the beginning of the year. The consolidated turnover exceeded 571 million of euro, EBIT an Net Income of the Group were respectively equal to 64,8 and 45,4 million of euro. While the comparison with 2020, hit by the pandemic, highlights the robust growth (Revenues +40%, EBIT +115%, Group Net Result +124%), the true measure of the solidity of the results achieved is to be found in the comparison with 2019, the last year before the pandemic: despite the heavy impact of the crisis, the average growth from 2019 to 2021 was 19,4% in revenues ; 30,3% in EBIT and 32,2% in the group's Net profit.
Gabriele Clementi, President of El.En. S.p.A., said "We are deeply satisfied with the results obtained in the 2021 financial year, the outcome of long-term planning that we are pleased to share with the market and with all the Group's colleagues, who, thanks to their skills, abilities and dedication, constitute the main strength of our business. Our space requires a great commitment of multidisciplinary teams to successfully face the challenges that the technological edge and rapidly evolving markets pose to us on a daily basis. Encouraged by a solid trend in demand, our activities have been able to unfold the potential created over time by the Group, with the allocation of financial and managerial resources aimed at consolidating our skills and operating structures. We have thus created the conditions for progressive and far-reaching growth".
In 2021, revenues were up by 40%, exceeding 571 million of euro, thus confirming the solid competitive positioning of the Group and its great ability to differentiate on the markets through technical and application innovations. The year showed a net result for the Group of 45,4 million of euro, an EBIT of 64,8 million of euro (with an 11,4% Ebit margin), a notable increase compared to the 30,1 million of euro recorded in 2020, with a 115,4% upward change.
In 2021 we experienced a prolonged phase of sustained demand on the Group's reference markets: both in the medical and industrial sectors, the Group is going through a very favorable period. The growth potentials of our markets are realized thanks to the excellent competitive positioning and the historical ability to differentiate through technological and application innovations and the ability to identify effective distribution channels for our products.
Even as the effects of the pandemic continued to strongly affect people's lives, the markets have consolidated, and we received a record volume of orders from our customers. The outbreak of the war in Ukraine introduced a new important factor of uncertainty precisely at the moment when the exit from the period plagued by Covid was beginning to be glimpsed. In 2021, sales to the most directly involved areas in the conflict represented less than 2% of consolidated turnover, especially relevant for the medical-aesthetic sector and for physiotherapy. We note that the uncertain evolution of international relations could add other indirect effects to the direct effects of the conflict. These include the further increase in the cost of raw materials and energy.
In 2021 there was a significant growth in turnover towards the United States of America, partly generated by the relaunch of the collaboration with Cynosure in hair removal systems, and partly thanks to other rapidly expanding channels such as Cartessa, distributor of Deka and Quanta laser systems in medical aesthetics in the USA. The American market became the first for the group in the medical sector in 2021, also considering the important urological business developed there by Quanta. Japan, Italy and Germany followed in order, countries in which the Group mainly operates through direct distribution networks. Double-digit growth was recorded on all the most important end markets, and in all application segments.
Parallel to the strong demand in 2021, in the last months of the year there was a rise in energy costs, and an increase in the costs of several raw materials and components, as well as the difficulty of the supply chains of various product categories in delivering in a timely manner to comply with the growing demand. All these phenomena had multiple effects on industrial activity. The increase in material costs in 2021 was balanced by the large increase in volumes, but will be more directly incisive in 2022. The lengthening of delivery times has led to the need to anticipate both the planning and the execution of purchases, with a greater risk on supply commitments and greater immobilization of working capital in inventories. The growth in production volume was partly hampered by the shortage of materials, the unavailability of some components, and the unreliability of the delivery times scheduled and agreed with suppliers. In this scenario, all the companies of the group have made every effort to implement the most appropriate countermeasures.
Overall growth exceeded 40% and was remarkable in all segments, more significant in the industrial sector.
The medical sector (+35,9%) representing approximately 54,5% of the Group's revenues in 2021 with 311,3 million of euro compared to 229,1 million in 2020, saw the recovery in the segments of therapy (+76,5%) and surgery (+18,1%), that had suffered the most from the effects of Covid and which returned to shine during the year, setting revenues above 2019 levels in therapy, and with the prospect of a short-term recovery, for surgery, of the record levels of 2019.
In the aesthetics segment (+45,3%) the three main families of laser systems for hair removal were decisive for the rapid growth. The Mediostar by Asclepion, the Motus and the Again by Deka are the spearheads in this application segment in terms of numbers of manufactured units and revenues, representing very well the variety and completeness of the range of which El.En. is proud. Systems for surgical applications in the urological segment (removal of stones and treatment of benign prostate hypertrophy) increased the installed base over the year, generating future income thanks to consumables, i.e. the single or multiple use optical fibers produced by the Group, to be used in every single surgical procedure.
In the industrial sector, total growth was close to 50% of revenues, equal to 260,1 million of euro, compared to 179 million of euro in 2020; the disruptive growth of the Laser Cutting sector continued in the year (+46,5%) with revenues around 216 million vs. the 147,4 million of 2020, obtained by both Chinese and Italian organizations involved in the sheet metal laser cutting business. In China, the recovery in demand, following the lock down in the first months of 2020, led to a very positive market phase, which lasted until the summer of 2021. Since then, the general slowdown of the Chinese economy, undermined by the outlook for Real estate crisis triggered by Evergrande's danger of default, cooled down the markets. The trend in the first six months was so brilliant that the slowdown seen in the second half of the year was scarcely relevant on an annual basis, with a 33% increase in turnover in China on an annual basis and an average 27% from 2019. We expect that the innovative strength of our laser systems for sheet metal cutting, supported by the expected recovery of the Chinese economy, confirm the positive signals that the market is registering in this start of fiscal year 2022, allowing another year of growth. We note that the sales performance of Cutlite Penta, active in Italy and Europe in the laser cutting sector, recorded an extraordinary growth of 68,8%, with a decisive contribution to the growth of the sector. The positive trend of the markets also involved the Brazilian branch of the Group, able to double its turnover (+ 100% in Euro, + 120% in the devalued local currency, the Real), providing a positive contribution to the Group's profitability.
Within the industrial sector, the trend in the Marking business was very positive (+30,7%), with Lasit showing a turnover of 18,1 million of euro compared to 14,3 million of euro in 2020. Lasit has also started up a branch in Poland. Excellent results were achieved in the special applications sector with the Group's own laser sources and scanning heads, which are increasingly used in innovative applications in the packaging sectors and in accessory processes for the manufacture of electric motors, such as laser hairpin stripping.
At a geographical level, there was a significant increase in revenues in Italy (+60,5%) where revenues were 116,4 million of euro compared to 72,6 million of euro in the same period of 2020; followed by Europe with a turnover of 116,4 million of euro compared to 73,9 million of euro in 2020; while the Rest of the World grew by 29,4%, registering revenues for 338,6 million of euro vs. the 261,6 million of euro for the same period of 2020.
Gross Margin was 212,1 million of euro, up 49,7% compared to the 141,6 million of the previous year due to the increase in turnover, and to margin on sales improving from 34,7% in 2020 to 37,1%. The improvement took place in both main sectors, and despite the fact that the sales mix shifted towards the industrial sector. Specifically, the margin of sales in the medical sector rose from 41,0% to 44,8%, that of the industrial sector from 26,6% to 27,9%. The margin increase was due to the mix of products sold within the individual sectors, the savings on purchases due to efficiencies deriving from higher volumes, which in the first months of the year exceeded the cost increases given by inflation triggered in 2021, and the strengthening of the market also contributed
to this improvement; finally to the stronger US dollar together with the increase in sales to North America.
Thanks also to the control of operating costs, in particular of sales and marketing due to the drastic reduction in travel, trade fairs and congresses expenses, EBITDA reached approximately 80,1 million of euro (with a 14% Ebitda Margin) compared to 40.8 million of euro in 2020 with a positive change of 96,2%.
Net of amortization, depreciation and provisions increasing both for the volume of investments in past years and for the prudential provisions allocated during the year, EBIT was positive for approximately 64,8 million of euro, up 115,4% compared to 30,1 million of euro in 2020 and with an Ebit Margin of 11,4%, an increase compared to 7,4% in 2020.
Pre-tax income at 31 December 2021 was positive for approximately 66,4 million of euro, up by 137,9% compared to the 27,9 million of euro in 2020 and with an 11,6% margin on sales, a marked increase compared to 6,8% in 2020.
I The Group closed the financial year 2021 with a positive net result of 45,4 million of euro compared to 20,3 million last year (+124,3%). The impact on turnover for the year was 8%, up from 5,0% in the previous year.
The Net Financial Position at 31 December 2021 was positive for 115,7 million of euro, with an increase of 51,5 million of euro compared to the 64,2 million of euro at 31 December 2020, and up 41 million of euro compared to 74,7 million of euro as of 30 September 2021, highlighting the excellent cash generation and materially improving the net financial position despite the substantial investments made (for a total of around 23 million of euro) in the period, benefiting among other from the significant amount of advances received from customers for supplies in progress.
The Company recorded revenues for 118,3 million of euro at 31 December 2021, an historic record, up 84,2% compared to the 64,2 million of euro at 31 December 2020.
EBITDA marked a positive result of 19,7 million of euro compared to 3,3 million of euro in 2020 with an increase of approximately 494,0% and an Ebitda Margin of 16,7% compared to the same period of 2020.
EBIT for the period was 17,9 million of euro compared to 0,8 million of euro last year, with an increase of approximately 2.130,7%.
Pre-tax income subsequently showed a positive balance of 28,9 million of euro, compared to the result of 154 thousand of euro in the previous year with a 18.709,3% increase.
El.En. S.p.A. closed the year with a net income of 24 million of euro compared to 238 thousand of euro last year, with a change of + 9.991,44% and a 20,3% incidence on revenues.
The Net Financial Position of El.En. S.p.A, as at 31 December 2021, was positive for approximately 45,0 million of euro.
On 11 February 2022, the company Penta Laser Wenzhou completed the "Share reform" or the transformation of its corporate organization into a joint stock company, a rather complex procedure in China, which also involved the new audit of the last three financial years in compliance with international accounting standards, taking into account the practices followed in China by companies listed on regulated markets.
Penta Laser Wenzhou, renamed Penta Laser Zhejiang (respectively city and region of the company headquarters), is today the parent company of the Chinese and Italian companies of the group involved in the business of metal laser cutting. The transformation into a joint stock company, obtained upon completion of the reorganization process of the business unit structure, is a necessary condition in the path towards a possible IPO of the business unit, which, once this further step is completed, is now one of the strategic options that can be implemented in pursuing our ambitious growth targets in the business.
The Russian-Ukrainian conflict is causing great uncertainty and criticality in international relations between all parties directly and indirectly involved in the conflict. The state of war on Ukrainian territory and the severe economic sanctions imposed on Russia certainly preclude trade in these areas in the short term. In the year 2021 however revenues for these areas did not reach 2% of consolidated revenues. The Group also expects to be able to overcome the drop in sales that will have to be recorded in these areas with a better performance in the rest of the world.
The general state of demand and the backlog consistency at the end of December 2021 extend into 2022 the positive momentum of the brilliant results of 2021. In the current market context and net of the effects on the markets directly affected by the Russian - Ukrainian war, and under the assumption that the indirect effects of the war do not alter the positive conditions of the end markets and do not further hinder the supply chains, El.En. expects to continue its growth path in 2022, exceeding the turnover of 2021 by at least 10% and improving its income from operations.
The Board of Directors approved the separate financial statements and the consolidated financial statements in the XHTML electronic format, the latter including the markings according to the taxonomy of the ESEF Regulation, empowering the chairman and the managing directors also in separate form and with free signature to make any minor changes.
The manager in charge of preparing the corporate accounting records, Enrico Romagnoli, declares, pursuant to paragraph 2, article 154-bis of the Consolidated Finance Law, that the accounting disclosures provided in this document correspond to the accounting records, books and entries.
* * * * * * * * *
In fulfillment of legal and regulatory obligations, El.En. S.p.A. has approved the second part of the "Report on the remuneration policy and the remuneration paid" which will be filed and published as a separate report.
The first part of the Report remains unchanged. This report is available on the website www.elengroup.com - section "Investor relations/governance/corporate documents"
In compliance with legal and regulatory obligations, El.En. S.p.A. drafted the "Consolidated Non-Financial Statement" referring to the year 2021, to be filed and published as a separate report pursuant to art. 5 paragraph 1 letter b) of Legislative Decree 30 December 2016, n. 254.
The Board of Directors has approved the annual report on Corporate Governance and Ownership Structure for the 2021 financial year, which will be published as part of the annual financial report.
Appointment of the new Board of Statutory Auditors The 2022 Shareholders' Meeting shall appoint the new Board of Statutory Auditors for the years 2022-2024.
The Board of Directors also assessed, on the basis of the information received by the relevant directors, the persistence of the independence requirements. It also received the positive result of the annual self-evaluation of the Board of Statutory Auditors regarding the persistence of their independence requirements.
* * * * * * * * *
The Board of Directors has resolved to call the annual Shareholder meeting for April 29th, 2022 (first call) and May 3th , 2022 (second call) and resolved to propose to distribute a dividend of 0,20 euro per share, in compliance with art. 2357-ter c.c., to be paid on May 25th, 2022, to be assigned on May 23th, 2022 (coupon no. 1) with record date May 24th, 2022.
* * * * * * * * *
On 3rd October 2012 the board of directors resolved, by opting-out as allowed by artt. 70, paragraph 8 and 71, paragraph 1-bis of the Issuers' Regulation CONSOB 11971/99, to make exceptions to make available to the public the provided informative documents in the event of significant mergers, spin-offs, share capital increase by means of the conferral of assets in kind, takeover and transfers.
* * * * * * * * *
Should the financial audit opinions be expressed in a timely manner, the annual financial Report, including the yearly financial Report draft, the consolidated financial Report, the management Report and the statement as required by art. 154-bis, comma 5, TUF, the consolidated non-financial statement, the Auditors report and the Board of Statutory Auditors Report, the Board of Directors report on the agenda of the Shareholders meeting and also the report on remuneration ex art. 123-
ter TUF will be available to the public at the company's premises, on the internet site www.elengroup.com, at Borsa Italiana and in the authorized storage device within the time deadlines required by the law. Within the term provided by law and regulation further documents and information about the shareholders' meeting shall be available on the website of the company.
On March 16th, 2022, at 3:00pm (CET) - 2.00pm (GMT) 9.00am (EST), El.En. S.p.A. will hold a conference call discussing the group's financial results. The following link can be used to participate:
https://polytemshir-it.zoom.us/j/86098737759?pwd=TWtFeHJNOWJlaGxKeDc5MlRMb0pTZz09
ID meeting: 860 9873 7759 Passcode: 293940
Find your local number: https://polytemshir-it.zoom.us/u/kdEPa9hnSR
Prior to the conference call, download of the presentation will be available on the Investor relation page of the El.En. website: http://www.elengroup.com/en/investor-relations-en/companypresentations.
* * * * * * *
This press release may contain forecast elements on future events and financial results of the El.En. Group based on current expectations, estimates and projections regarding the sector in which the Group operates and on the current opinions of the management. By their nature, these elements have a component of risk and uncertainty as they depend on the occurrence of future events. It should be noted that the actual results could differ even significantly from those announced in relation to a multiplicity of factors beyond the control of the Group including: global economic conditions, impact of competition, political and regulatory developments in Italy and abroad.
* * * * * * * *
(With reference to the attached financial statements, it should be noted that the audit has not yet been completed on December 31st, 2021).
El.En., an Italian company, is the parent of a high-.tech industrial group operating in the optoelectronics sector. Based on proprietary technology and multidisciplinary know-how, the El.En Group manufactures laser sources (gas, semiconductor, solid-state and liquid) and innovative laser systems for medical and industrial applications. The El.En. Group is the laser market leader in Italy and among the top operators in Europe. It designs, manufactures and sells worldwide:
- Medical laser equipment used in dermatology, cosmetics, physiotherapy, dentistry and gynecology;
- Industrial laser systems for applications ranging from cutting, marking and welding metals, wood, plastic and glass to decorating leather and textiles and restoring/conserving artwork;
- Laser systems for scientific research
EL.EN. has been listed on the EURONEXT STAR MILAN (MTA) of Borsa Italiana. Its market capitalization amounts to Euro 1 billion of euro.
Cod. ISIN: IT0005453250 Code: ELN Listed on Euronext STAR Milan ("STAR") Mkt cap.: 1 billion of euro Cod. Reuters: ELN.MI Cod. Bloomberg: ELN IM
For further information:
Financial Communication, IR and Press Office Bianca FERSINI MASTELLONI - [email protected] Paolo SANTAGOSTINO - [email protected] Silvia MARONGIU - [email protected] Tel. +39 06-69923324
| Income Statement | 31/12/2021 | Inc % | 31/12/2020 | Inc % | Var. % |
|---|---|---|---|---|---|
| Revenues | 571.402 | 100,0% | 408.083 | 100,0% | 40,02% |
| Change in inventory of finished goods and WIP | 21.425 | 3,7% | 12.751 | 3,1% | 68,02% |
| Other revenues and income | 5.987 | 1,0% | 5.734 | 1,4% | 4,40% |
| Value of production | 598.814 | 104,8% | 426.569 | 104,5% | 40,38% |
| Purchase of raw materials | 358.601 | 62,8% | 255.211 | 62,5% | 40,51% |
| Change in inventory of raw material | (19.255) | -3,4% | (3.156) | -0,8% | 510,02% |
| Other direct services | 47.395 | 8,3% | 32.877 | 8,1% | 44,15% |
| Gross margin | 212.073 | 37,1% | 141.637 | 34,7% | 49,73% |
| Other operating services and charges | 47.812 | 8,4% | 34.131 | 8,4% | 40,08% |
| Added value | 164.262 | 28,7% | 107.506 | 26,3% | 52,79% |
| Staff cost | 84.170 | 14,7% | 66.692 | 16,3% | 26,21% |
| EBITDA | 80.091 | 14,0% | 40.814 | 10,0% | 96,24% |
| Depreciation, amortization and other accruals | 15.234 | 2,7% | 10.703 | 2,6% | 42,34% |
| EBIT | 64.858 | 11,4% | 30.111 | 7,4% | 115,39% |
| Net financial income (charges) | 1.752 | 0,3% | (1.762) | -0,4% | |
| Share of profit of associated companies | (195) | 0,0% | (425) | -0,1% | -54,01% |
| Other net income and charges | 10 | 0,0% | 0 | 0,0% | |
| Income (loss) before taxes | 66.424 | 11,6% | 27.924 | 6,8% | 137,87% |
| Income taxes | 17.300 | 3,0% | 5.382 | 1,3% | 221,43% |
| Income (loss) for the financial period | 49.124 | 8,6% | 22.542 | 5,5% | 117,92% |
| Net profit (loss) of minority interest | 3.688 | 0,6% | 2.287 | 0,6% | 61,24% |
| Net income (loss) | 45.436 | 8,0% | 20.255 | 5,0% | 124,32% |
| Statement of financial position | 31/12/2021 | 31/12/2020 | Variation |
|---|---|---|---|
| Intangible assets | 4.914 | 4.488 | 426 |
| Tangible assets | 100.822 | 85.576 | 15.245 |
| Equity investments | 1.949 | 1.991 | -42 |
| Deferred tax assets | 10.364 | 9.297 | 1.068 |
| Other non-current assets | 18.599 | 15.486 | 3.112 |
| Total non current assets | 136.648 | 116.838 | 19.810 |
| Inventories | 155.939 | 111.594 | 44.346 |
| Accounts receivable | 146.774 | 94.009 | 52.765 |
| Tax receivables | 15.725 | 11.032 | 4.694 |
| Other receivables | 13.155 | 13.157 | -2 |
| Financial instruments | 1.091 | 0 | 1.091 |
| Cash and cash equivalents | 181.363 | 123.744 | 57.619 |
| Total current assets | 514.047 | 353.535 | 160.512 |
| Total Assets | 650.695 | 470.373 | 180.322 |
| Total shareholders' equity | 287.701 | 240.665 | 47.037 |
| Severance indemnity | 5.101 | 5.147 | -46 |
| Deferred tax liabilities | 2.506 | 2.210 | 295 |
| Reserve for risks and charges | 10.470 | 5.717 | 4.753 |
| Financial debts and liabilities | 36.982 | 30.763 | 6.219 |
| Other non current liabilities | 6.184 | 5.000 | 1.184 |
| Total non current liabilities | 61.242 | 48.838 | 12.405 |
| Financial liabilities | 23.522 | 23.827 | -305 |
| Accounts payable | 158.072 | 94.923 | 63.148 |
| Income tax payables | 9.906 | 2.945 | 6.961 |
| Other current payables | 110.252 | 59.175 | 51.076 |
| Total current liabilities | 301.751 | 180.871 | 120.881 |
| Total Liabilities and Shareholders' equity | 650.695 | 470.373 | 180.322 |
| Net financial position | 31/12/2021 | 31/12/2020 |
|---|---|---|
| Cash and bank | 181.363 | 123.744 |
| Financial instruments | 1.091 | 0 |
| Cash and cash equivalents | 182.454 | 123.744 |
| Current financial receivables | 1 | 14 |
| Bank short term loan | (20.388) | (20.659) |
| Part of financial long term liabilities due within 12 months |
(3.134) | (3.168) |
| Financial short term liabilities | (23.522) | (23.827) |
| Net current financial position | 158.932 | 99.931 |
| Bank long term loan | (27.204) | (23.366) |
| Other long term financial liabilities - non current part | (9.778) | (7.398) |
| Other non current liabilities | (6.184) | (5.000) |
| Financial long term liabilities | (43.166) | (35.763) |
| Net financial position | 115.766 | 64.168 |
| Cash flow statement | 31/12/21 | 31/12/20 |
|---|---|---|
| Cash flow by operating activity | 79.481 | 39.443 |
| Cash flow by investment activity | (20.227) | (9.666) |
| Exchange rate effect on cash and cash equivalents | (3.506) | (2.518) |
| Translation difference effect on cash and cash equivalents | 1.870 | (546) |
| Increase/(decrease) in cash and cash equivalents | 57.619 | 26.713 |
| Cash and cash equivalents at the beginning of the financial period | 123.744 | 97.031 |
| Cash and cash equivalents at the end of the financial period | 181.363 | 123.744 |
| Income Statement | 31/12/2021 | Inc % | 31/12/2020 | Inc % | Var. % |
|---|---|---|---|---|---|
| Revenues | 118.278 | 100,0% | 64.216 | 100,0% | 84,19% |
| Change in inventory of finished goods and WIP | 1.270 | 1,1% | 730 | 1,1% | 73,98% |
| Other revenues and income | 1.261 | 1,1% | 777 | 1,2% | 62,22% |
| Value of production | 120.809 | 102,1% | 65.724 | 102,3% | 83,81% |
| Purchase of raw materials | 62.671 | 53,0% | 32.878 | 51,2% | 90,62% |
| Change in inventory of raw material | (7.795) | -6,6% | (2.019) | -3,1% | 286,08% |
| Other direct services | 18.227 | 15,4% | 10.122 | 15,8% | 80,07% |
| Gross margin | 47.706 | 40,3% | 24.743 | 38,5% | 92,81% |
| Other operating services and charges | 7.483 | 6,3% | 5.990 | 9,3% | 24,92% |
| Added value | 40.224 | 34,0% | 18.753 | 29,2% | 114,49% |
| Staff cost | 20.506 | 17,3% | 15.433 | 24,0% | 32,87% |
| EBITDA | 19.718 | 16,7% | 3.319 | 5,2% | 494,03% |
| Depreciation, amortization and other accruals | 1.842 | 1,6% | 2.518 | 3,9% | -26,84% |
| EBIT | 17.876 | 15,1% | 801 | 1,2% | 2130,74% |
| Net financial income (charges) | 10.820 | 9,1% | 70 | 0,1% | 15349,99% |
| Other net income and charges | 205 | 0,2% | (718) | -1,1% | |
| Income (loss) before taxes | 28.901 | 24,4% | 154 | 0,2% | 18709,30% |
| Income taxes | 4.857 | 4,1% | (85) | -0,1% | |
| Net income (loss) | 24.044 | 20,3% | 238 | 0,4% | 9991,44% |
| Statement of financial position | 31/12/2021 | 31/12/2020 | Variation |
|---|---|---|---|
| Intangible assets | 193 | 292 | -99 |
| Tangible assets | 19.289 | 19.197 | 92 |
| Equity investments | 18.368 | 18.218 | 150 |
| Deferred tax assets | 1.999 | 2.527 | -528 |
| Other non-current assets | 30.862 | 40.141 | -9.279 |
| Total non current assets | 70.711 | 80.375 | -9.664 |
| Inventories | 37.139 | 28.127 | 9.012 |
| Accounts receivable | 45.382 | 31.842 | 13.540 |
| Tax receivables | 5.359 | 3.463 | 1.896 |
| Other receivables | 5.567 | 7.813 | -2.246 |
| Cash and cash equivalents | 45.702 | 17.649 | 28.053 |
| Total current assets | 139.149 | 88.894 | 50.255 |
| Total Assets | 209.860 | 169.269 | 40.591 |
| Total shareholders' equity | 158.619 | 138.212 | 20.407 |
| Severance indemnity | 794 | 848 | -54 |
| Deferred tax liabilities | 357 | 265 | 92 |
| Reserve for risks and charges | 1.774 | 2.125 | -351 |
| Financial debts and liabilities | 161 | 370 | -210 |
| Other non current liabilities | 186 | 0 | 186 |
| Total non current liabilities | 3.272 | 3.609 | -337 |
| Financial liabilities | 321 | 4.318 | -3.997 |
| Accounts payable | 26.217 | 17.325 | 8.892 |
| Income tax payables | 4.774 | 5 | 4.769 |
| Other current payables | 16.658 | 5.802 | 10.856 |
| Total current liabilities | 47.969 | 27.449 | 20.521 |
| Total Liabilities and Shareholders' equity | 209.860 | 169.269 | 40.591 |
| Net financial position | 31/12/2021 | 31/12/2020 |
|---|---|---|
| Cash and bank | 45.702 | 17.649 |
| Cash and cash equivalents | 45.702 | 17.649 |
| Current financial receivables | 1 | 7 |
| Bank short term loan | (3) | (4.003) |
| Part of financial long term liabilities due within 12 months | (318) | (314) |
| Financial short term liabilities | (321) | (4.318) |
| Net current financial position | 45.382 | 13.339 |
| Other long term financial liabilities - non current part | (161) | (370) |
| Other non current liabilities | (186) | 0 |
| Financial long term liabilities | (347) | (370) |
| Net financial position | 45.035 | 12.969 |
| Cash flow statement | 31/12/21 | 31/12/20 |
|---|---|---|
| Cash flow by operating activity | 25.616 | 6.843 |
| Cash flow by investment activity | 10.217 | (19.468) |
| Exchange rate effect on cash and cash equivalents | (7.781) | 825 |
| Increase/(decrease) in cash and cash equivalents | 28.053 | (11.801) |
| Cash and cash equivalents at the beginning of the financial period | 17.649 | 29.450 |
| Cash and cash equivalents at the end of the financial period | 45.702 | 17.649 |
The El.En. Group uses some alternative performance indicators that are not identified as IFRS accounting measures, in order to better assess the Group's performance. Therefore criteria of determination applied by the group may not be homogeneous with that adopted by other groups and the value obtained may not be comparable.
These alternative performance indicators, determined in accordance with the Guidelines on Alternative Performance Indicators issued by ESMA / 2015/1415 and adopted by CONSOB with communication no. 92543 of December 3, 2015, refer only to the performance of the accounting period covered by this release and the periods to be compared.
The Group uses the following alternative performance indicators to evaluate the financial performance:
The Group uses as alternative performance indicators to evaluate their ability to cope with financial obligations:
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