Interim / Quarterly Report • Sep 5, 2022
Interim / Quarterly Report
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Consolidated Half-Year Financial Report June 30, 2022
| STRUCTURE OF THE GROUP | page 3 |
|---|---|
| COMPOSITION OF THE CORPORATE BODIES | page 4 |
| REPORT ON OPERATIONS | page 5 |
| CONSOLIDATED FINANCIAL STATEMENTS | page 20 |
| Consolidated Statement of Financial Position | |
| Consolidated Income Statement | |
| Consolidated Statement of Comprehensive Income | |
| Consolidated Statement of Cash Flow | |
| Changes in Consolidated Shareholders' Equity |
Information on the Statement of Financial Position
Information on the Income Statement
This document includes forward-looking statements, related to future events and Group operating, economic and financial results. These statements include risk and uncertainty elements as they depend on the occurrence of events and future developments. The actual results may deviate, even to a significant extent, from the expected outcome due to multiple factors, most of which are beyond the Group's control.
Romano Volta Executive Chair (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 Statutory Auditor Roberto Santagostino Statutory Auditor
Giulia De Martino Alternate Statutory Auditor Eugenio Burani Alternate Statutory Auditor Patrizia Cornale Alternate Statutory Auditor
Angelo Manaresi Chair Chiara Giovannucci Orlandi Independent Director Vera Negri Zamagni Independent Director
Independent Auditor (4)
Deloitte & Touche S.p.A.
(1) The Board of Directors will remain in office until the Shareholders' Meeting held for the approval of the financial statements as of December 31, 2023.
(2) Legal representative as regards third parties.
This Consolidated Half-Year Financial Report as of June 30, 2022 was drawn up pursuant to Art. 154-ter of T.U.F. (Consolidated Law on Finance) and was prepared in compliance with the International Accounting Standards (IAS/IFRS) endorsed by the European Union.
The amounts reported in the tables of the Report on Operations are expressed in thousands of Euro. The notes to the accounts are expressed in millions of Euro.
Datalogic S.p.A. and its subsidiaries ("Group" or "Datalogic Group") is a global technological leader in the markets of automatic data capture and process automation. The Group is specialized in the design and production of bar code readers, mobile computers, detection, measurement and security sensors, vision and laser marking systems and RFID. Its pioneering solutions contribute to increase the efficiency and quality of processes along the entire value chain in the Retail, Manufacturing, Transportation & Logistics and Healthcare sectors.
The following table summarises the Datalogic Group's key operating and financial results as of June 30, 2022 and the comparison with the same period a year earlier, whose results has been restated in compliance with accounting principle IAS 1 (for details refer to Annex 4 of this document).
The income statement and balance sheet figures as of June 30, 2022 include the balances of the Pekat Vision consolidated following the acquisition completed on March 21, 2022.
| 30.06.2022 | % on | 30.06.2021 | % on | Change | % Ch. | % Ch. net | |
|---|---|---|---|---|---|---|---|
| Revenues | Restated | Revenues | FX | ||||
| Revenues | 314,599 | 100.0% | 290,076 | 100.0% | 24,523 | 8.5% | 3.7% |
| Adjusted EBITDA | 34,256 | 10.9% | 46,840 | 16.1% (12,584) | -26.9% | -23.5% | |
| Adjusted EBIT | 19,218 | 6.1% | 33,393 | 11.5% (14,175) | -42.4% | -36.7% | |
| EBIT | 15,626 | 5.0% | 27,693 | 9.5% (12,067) | -43.6% | -36.7% | |
| Net Profit/(Loss) for the period | 9,097 | 2.9% | 23,168 | 8.0% (14,071) | -60.7% | -52.5% | |
| Net financial position (NFP) | (71,883) | (18,198) | (53,685) |
As of June 30, 2022, the Group achieved revenues of €314.6 million, with a growth of 8.5% (3.7% at constant exchange rates) compared to €290.1 million recorded in the first half of 2021. Organic growth net of exchange rate effect was 1.9%.
The turnover for the sale of new products (Vitality Index) reached 16.5% of total turnover as of June 30, 2022, compared to 11.2% in the first half of 2021, sequentially improving for the fourth consecutive quarter.
Adjusted EBITDA margin at 10.9% (16.1% in the first half of 2021), continues to be significantly impacted by inflationary phenomena that have affected, starting from the second half of 2021, the cost of production and distribution, only partially offset by progressive sales price adjustments and higher volumes.
Adjusted EBIT stood, for the same dynamic, at 6.1% of revenues and amounted to €19.2 million (€33.4 million as of June 30, 2021).
Net profit for the period was €9.1 million (2.9% of revenues), compared to €23.2 million in the first half of 2021 (8.0% of revenues).
Net Debt as of June 30, 2022 was €71.9 million (€26.1 million as of December 31, 2021), with a change of €45.8 million, mainly due to working capital absorption, acquisitions of €16.0 million and dividend distributions of €16.9 million.
The management uses certain performance indicators, not identified as accounting measures under IFRS (NON-GAAP measures), to permit better assessment of the Group's performance. The measurement criterion applied by the Group might not be the same as that adopted by other groups and the indicators might not be comparable with their indicators. These performance indicators, determined according to provisions set out by Guidelines on 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 related to this Consolidated Half Year Financial Report and the comparative periods. The performance indicators must be considered as supplementary and do not supersede the information provided pursuant to the IFRS standards. The main indicators adopted are described below.
Free Cash Flow: this indicator is calculated as the cash flow from operating activities, net of investments in tangible and intangible assets (excluding right-of-use assets recognized over the period in accordance with IFRS 16) and financial and tax income and expenses for operating activities.
The following table shows the main economic components of the period compared with the same previous period:
| 30.06.2022 | 30.06.2021 Restated |
Change | % Ch. | |||
|---|---|---|---|---|---|---|
| Revenues | 314,599 | 100.0% | 290,076 | 100.0% | 24,523 | 8.5% |
| Cost of goods sold | (184,460) | -58.6% | (156,385) | -53.9% | (28,075) | 18.0% |
| Gross Operating Margin | 130,139 | 41.4% | 133,691 | 46.1% | (3,552) | -2.7% |
| Research and Development expenses | (30,332) | -9.6% | (28,130) | -9.7% | (2,202) | 7.8% |
| Distribution expenses | (53,671) | -17.1% | (47,937) | -16.5% | (5,734) | 12.0% |
| General and administrative expenses | (26,554) | -8.4% | (23,562) | -8.1% | (2,992) | 12.7% |
| Other (Expenses) and Income | (364) | -0.1% | (669) | -0.2% | 305 | -45.6% |
| Total operating expenses and other costs | (110,921) | -35.3% | (100,298) | -34.6% | (10,623) | 10.6% |
| Adjusted EBIT | 19,218 | 6.1% | 33,393 | 11.5% | (14,175) | -42.4% |
| Special Items - Other (Expenses) and Income | (1,112) | -0.4% | (3,212) | -1.1% | 2,100 | -65.4% |
| Special Items - D&A from acquisitions | (2,480) | -0.8% | (2,488) | -0.9% | 8 | -0.3% |
| EBIT | 15,626 | 5.0% | 27,693 | 9.5% | (12,067) | -43.6% |
| Financial income/(expenses) | (1,238) | -0.4% | (1,334) | -0.5% | 96 | -7.2% |
| Foreign exchange gains/(losses) | (3,294) | -1.0% | 977 | 0.3% | (4,271) | n.a. |
| EBT | 11,094 | 3.5% | 27,336 | 9.4% | (16,242) | -59.4% |
| Taxes | (1,997) | -0.6% | (4,168) | -1.4% | 2,171 | -52.1% |
| Net Profit/(Loss) for the period | 9,097 | 2.9% | 23,168 | 8.0% | (14,071) | -60.7% |
| Special Items - Other (Expenses) and Income | (1,112) | -0.4% | (3,212) | -1.1% | 2,100 | -65.4% |
| Special Items - D&A from acquisitions | (2,480) | -0.8% | (2,488) | -0.9% | 8 | -0.3% |
| Depreciation of tangible assets and rights of | (8,940) | -2.8% | (8,393) | -2.9% | (547) | 6.5% |
| use | ||||||
| Amortisation of intangible assets | (6,100) | -1.9% | (5,054) | -1.7% | (1,046) | 20.7% |
| Adjusted EBITDA | 34,256 | 10.9% | 46,840 | 16.1% | (12,584) | -26.9% |
Consolidated revenues of €314.6 million as of June 30, 2022, with a growth of 8.5% compared to €290.1 million achieved in the first half of 2021; at constant exchange rates, revenues were increased by 3.7%.
The breakdown by geographical area of Group's revenues, compared with the same period of the previous year, is reported below:
| 30.06.2022 | % 30.06.2021 | % | Change | % Ch. | % Ch. net FX | ||
|---|---|---|---|---|---|---|---|
| Italy | 31,710 | 10.1% | 29,302 | 10.1% | 2,407 | 8.2% | 8.2% |
| EMEAI (excluding Italy) | 138,443 | 44.0% | 131,794 | 45.4% | 6,649 | 5.0% | 4.1% |
| Total EMEAI | 170,153 | 54.1% | 161,096 | 55.5% | 9,056 | 5.6% | 4.8% |
| Americas | 96,822 | 30.8% | 85,282 | 29.4% | 11,540 | 13.5% | 2.9% |
| APAC | 47,624 | 15.1% | 43,697 | 15.1% | 3,927 | 9.0% | 1.3% |
| Total Revenues | 314,599 | 100.0% | 290,076 100.0% | 24,523 | 8.5% | 3.7% |
EMEAI region closed the first half of 2022 with a 5.6% increase in revenues compared to the same period in 2021, thanks to Italy recording a growth of 8.2%, and to a very positive performances also in the sub-area UK and Nordics. Americas grew by 13.5%, while APAC by 9.0%. Both areas benefit of positive exchange rates effect (+2.9% and +1.3% the respective growths net of exchange rate effect).
Gross operating margin was €130.1 million (41.4% of revenues) compared to €133.7 million as of June 30, 2021 (46.1% of revenues), decreasing by 4.7 basis points compared with the first half of 2021, whose results were not yet impacted by inflation on production and logistics costs started in the second half of 2021.
Operating expenses were €110.9 million (€100.3 million as of June 30, 2021), slightly increasing by 0.7 basis points as a percentage of turnover from 34.6% to 35.3%, mainly driven by distribution expenses.
Research and development expenses were €30.3 million, reached an incidence on revenues of 9.6%, in line with June 30, 2021, whose incidence was 9.7%. Total Research and Development spending, gross of investments, amounted to €31.5 million (€29.3 million in the same period of the previous year) with a percentage on turnover of 10.0%, in line with the first half of 2021.
Distribution expenses were €53.7 million, increased by 12.0% compared to the first half of 2021 (€47.9 million in 2021) with a percentage on turnover increasing by 0.6 basis points, from 16.5% to 17.1%. The change in the period is driven by commercial and marketing activities, exhibitions, events and customers visits, limited for most of 2021 due to the pandemic.
General and Administrative Expenses were €26.6 million as of June 30, 2022, recorded a slight increase in the incidence on turnover of approximately 0.3 basis points, from 8.1% to 8.4%, mainly due to the increase in costs of utilities, EDP and depreciations.
Adjusted EBITDA was €34.3 million, with an Adjusted EBITDA margin at 10.9% of the turnover, decreasing by 5.2 basis points compared to 16.1% recorded in the first half of 2021. Despite inflation and supply constraints, the Group recovered operating margin in the second quarter of the year compared to the first quarter, thanks to actions on sales prices and improved volumes.
Adjusted EBIT, improving over the first quarter of 2022, amounted to €19.2 million, 6.1% on revenues (€33.4 million as of June 30, 2021, 11.5% on revenues), also due to slightly higher depreciation than in the previous period.
Net financial charges were €4.5 million, increasing by €4.2 million compared to June 30, 2021 driven by unfavorable trend in exchange rate differences mainly due to strong US Dollar.
| Financial Income/(Expenses) | 30.06.2022 | 30.06.2021 | Change |
|---|---|---|---|
| Financial income/(expenses) | (857) | (908) | 51 |
| Foreign exchange differences | (3,294) | 977 | (4,271) |
| Fair value investments | (88) | 102 | (190) |
| Bank expenses | (571) | (608) | 37 |
| Dividends | 177 | 114 | 63 |
| Others | 101 | (34) | 135 |
| Total Net Financial Income/(Expenses) | (4,532) | (357) | (4,175) |
Net profit for the period was €9.1 million (2.9% of revenues), compared to €23.2 million as of June 30, 2021 (8.0% of revenues).
Operating segments are identified based on the management reporting used by senior management to allocate resources and evaluate results. The operating segments are indicated below:
The tables illustrated below show the comparison of the Revenues and Adjusted EBITDA achieved during the period compared with the same period of the previous year.
| 30.06.2022 | % | 30.06.2021 | % | Change | % | % Ch. | |
|---|---|---|---|---|---|---|---|
| Restated | net FX | ||||||
| Datalogic | 306,655 | 97.5% | 281,528 | 97.1% | 25,127 | 8.9% | 4.3% |
| Informatics | 8,513 | 2.7% | 8,976 | 3.1% | (463) | -5.2% -13.7% | |
| Eliminations | (569) | (428) | (141) | ||||
| Total Revenues | 314,599 100.0% | 290,076 100.0% | 24,523 | 8.5% | 3.7% |
| 30.06.2022 | % on | 30.06.2021 | % on | Change | % | |
|---|---|---|---|---|---|---|
| revenues | revenues | |||||
| Datalogic | 32,893 | 10.7% | 45,565 | 16.2% (12,672) | -27.8% | |
| Informatics | 1,423 | 16.7% | 1,258 | 14.0% | 165 | 13.1% |
| Eliminations | (60) | 17 | (77) | |||
| Total Adjusted EBITDA | 34,256 | 10.9% | 46,840 | 16.1% (12,584) | -26.9% |
Datalogic division reported revenues of €306.7 million as of June 30, 2022, increasing by 8.9% compared to the first half of 2021. Adjusted EBITDA of the division was €32.9 million, reaching 10.7% of the turnover (16.2% as of June 30, 2021). Below is the breakdown of Datalogic Division's revenues by industry:
| 30.06.2022 | % | 30.06.2021 | % | Change | % | % ch. | |
|---|---|---|---|---|---|---|---|
| Restated | net FX | ||||||
| Retail | 109,573 | 35.7% | 102,086 | 36.3% | 7,487 | 7.3% | 1.5% |
| Manufacturing | 88,261 | 28.8% | 77,648 | 27.6% | 10,613 13.7% | 10.0% | |
| Transportation & Logistics | 46,494 | 15.2% | 38,934 | 13.8% | 7,560 19.4% | 14.2% | |
| Healthcare | 8,292 | 2.7% | 9,119 | 3.2% | (827) | -9.1% | -13.1% |
| Channel | 54,034 | 17.6% | 53,741 | 19.1% | 294 | 0.5% | -2.7% |
| Total Revenues | 306,655 | 100.0% | 281,528 100.0% | 25,127 | 8.9% | 4.3% |
Retail sector, the main segment for the Group with 35.7% of divisional turnover (36.3% as of June 30, 2021) recorded an increase of 7.3% compared with the first half of 2021. The best performing area was Asia (+51.3%) followed by the Americas, ending the half-year with 31.6% growth.
Manufacturing sector achieved 13.7% growth in the first half of 2022, driven mainly by last year's acquisition of the MD Group (today Datasensing), which enabled the completion of the range of sensors and safety devices. Americas and EMEAI lead the sector's performance, recording growth of 41.3% and 17.4%, respectively; slightly down APAC, which recorded -4.8% compared to last year. The organic growth of the Manufacturing sector was 8.0%.
Transportation & Logistics is an expanding sector globally, where the Group reported an overall growth of 19.4% (+14.2% at constant exchange rates) compared to the first half of the previous year, with double-digit performances in EMEAI (+29.7%) and Americas (+17.1%).
Compared to the same period of 2021, Healthcare sector recorded a decrease of 9.1%, despite the positive results achieved in the EMEAI area (+10.7%), not fully offsetting the slowdown in other geographical areas.
Sales through distribution channels to small and medium-sized customers were stable compared to the first half of 2021 (-2.7% at constant exchange rates), despite a positive performance in EMEAI (+9.9%) followed by APAC (+3.7%).
Informatics Division recorded €8.5 million sales in the first half of 2022 (€9.0 million as of June 30, 2021) with a decrease of 5.2% compared to the same period of the previous year following the exit from the 'System ID' market, as a result of the company's strategic repositioning on higher value business segments, including the services segment with the offer of Software as a Service (SaaS).
Adjusted EBITDA margin achieved in the first half of the year was in fact 16.7%, improving of 2.7 basis points compared to 14.0% in the first half of 2021.
The following table summarises the Datalogic Group's key operating and financial results of the second quarter of 2022 in comparison with the same quarter of the previous year:
| % on | 30.06.2021 | % on | Change | % Ch. | % Ch. | ||
|---|---|---|---|---|---|---|---|
| 30.06.2022 | Revenues | Restated | Revenues | net FX | |||
| Revenues | 176,671 | 100.0% | 155,710 | 100.0% | 20,961 | 13.5% | 7.5% |
| Adjusted EBITDA | 22,504 | 12.7% | 25,238 | 16.2% | (2,734) | -10.8% | -4.4% |
| Adjusted EBIT | 14,744 | 8.3% | 18,378 | 11.8% | (3,634) | -19.8% | -9.9% |
| EBIT | 13,348 | 7.6% | 14,760 | 9.5% | (1,412) | -9.6% | 2.8% |
| Net Profit/(Loss) for the year | 7,768 | 4.4% | 14,232 | 9.1% | (6,464) | -45.4% | -32.6% |
In the second quarter of 2022, revenues increased by €21.0 million, +13.5% (+7.5% at constant exchange rates) reaching €176.7 million, marking a record quarter for the Group.
Following is the breakdown by geographical area of the Group revenues recorded in the second quarter of 2022, compared with the same quarter of 2021:
| Quarter ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| % | 30.06.2021 | % | Change | % | % Ch. | ||||
| 30.06.2022 | Restated | net FX | |||||||
| Italy | 17,261 | 9.8% | 15,272 | 9.8% | 1,988 | 13.0% | 13.5% | ||
| EMEAI (excluding Italy) | 77,315 | 43.8% | 65,022 | 41.8% | 12,293 | 18.9% | 17.5% | ||
| Total EMEAI | 94,576 | 53.5% | 80,295 | 51.6% | 14,281 | 17.8% | 16.7% | ||
| Americas | 56,044 | 31.7% | 49,791 | 32.0% | 6,253 | 12.6% | -0.1% | ||
| APAC | 26,051 | 14.7% | 25,623 | 16.5% | 427 | 1.7% | -6.5% | ||
| Total Revenues | 176,671 | 100.0% | 155,710 100.0% | 20,961 | 13.5% | 7.5% |
The best performing region is EMEAI with a 17.8% increase in turnover (16.7% at constant exchange rates). Americas and APAC closed the quarter increasing respectively by 12.6% (in line with the previous year at constant exchange rates), and by 1.7% (-6.5% at constant exchange rates).
Adjusted EBITDA for the quarter was €22.5 million (12.7% of revenues), recorded a recovery of 4.2 basis points from the first quarter of the year when it was 8.5%, mainly thanks to volume's recovery and price actions, even though still lower than 2021, when the EBITDA margin was 16.2%.
Net profit for the quarter was €7.8 million (4.4% of turnover); €14.2 million in the second quarter of 2021 (9.1% of turnover).
The tables below show the trend in Revenues and Adjusted EBITDA by division achieved in the second quarter of 2022 compared to the same quarter of 2021:
| 30.06.2022 | % | 30.06.2021 | % | Change | % | % Ch. | |
|---|---|---|---|---|---|---|---|
| Restated | net FX | ||||||
| Datalogic | 172,610 | 97.7% | 151,411 | 97.2% | 21,199 | 14.0% | 8.2% |
| Informatics | 4,404 | 2.5% | 4,551 | 2.9% | (147) | (3.2%) | -14.0% |
| Eliminations | (343) | (252) | (91) | ||||
| Total Revenues | 176,671 | 100.0% | 155,710 | 100.0% | 20,961 | 13.5% | 7.5% |
| 30.06.2022 | % on Revenues |
30.06.2021 | % on Revenues |
Change | % | |
|---|---|---|---|---|---|---|
| Datalogic | 21,891 | 12.7% | 24,517 | 16.2% | (2,626) | -10.7% |
| Informatics | 621 | 14.1% | 713 | 15.7% | (92) | -12.9% |
| Eliminations | (8) | 8 | (16) | n.a. | ||
| Total Adjusted EBITDA | 22,504 | 12.7% | 25,238 | 16.2% | (2,734) | -10.8% |
In the second quarter of 2022, Datalogic Division reported a turnover of €172.6 million, increasing by 14.0% (+8.2% at constant exchange rates) compared to the same period of 2021. The geographic area that contributed most was EMEAI, where the division developed 54.8% of turnover in the second quarter of 2022, with a growth of 17.8% (+16.7% at organic level).
Division's Adjusted EBITDA was €21.9 million, 12.7% revenues (16.2% in the second quarter of 2021), although recovering from previous quarter, thanks to pricing and volumes, still suffer the increase of the material costs and logistic, caused by component shortages and inflation.
Below is the breakdown by industry of Datalogic Division's revenues:
| Quarter ended | ||||||||
|---|---|---|---|---|---|---|---|---|
| 30.06.2022 | 30.06.2021 | % | Change | % | % ch. | |||
| % | Restated | net FX | ||||||
| Retail | 64,217 | 37.2% | 52,153 | 34.4% | 12,064 | 23.1% | 15.0% | |
| Manufacturing | 48,200 | 27.9% | 43,386 | 28.7% | 4,814 | 11.1% | 6.7% | |
| Transportation & Logistics | 25,682 | 14.9% | 23,477 | 15.5% | 2,205 | 9.4% | 3.5% | |
| Healthcare | 4,085 | 2.4% | 4,137 | 2.7% | (52) | -1.3% | -6.6% | |
| Channel | 30,426 | 17.6% | 28,258 | 18.7% | 2,168 | 7.7% | 3.8% | |
| Total Revenues | 172,610 | 100.0% | 151,411 | 100.0% | 21,199 14.0% | 8.2% |
The second quarter of 2022 recorded a growth in all sectors except Healthcare (-1.3%). Retail and Manufacturing sectors represented, particularly in the second quarter of the year, the markets with the highest growth rates, where the Group reported turnover increases of 23.1% and 11.1%, respectively.
Transportation & Logistics sector increase by 9.4% (+3.5% at constant exchange rates) over the same quarter last year, thanks to EMEAI offsetting slowdowns in the US and Asian markets. Sales through the distributors recorded a positive performance compared to the same quarter of 2021 and equal to +7.7% driven by EMEAI.
Informatics Division recorded a 3.2% (-14.0% at constant exchange rates) decrease in revenues in the second quarter of 2022. EBITDA amounted to €0.6 million at 14.1% of revenues (€0.7 million in the second quarter of 2021, 15.7% of revenues).
The following table shows the main financial and equity items as of June 30, 2022, compared with December 31, 2021.
| 30.06.2022 | 31.12.2021 | Change | Ch. % | |
|---|---|---|---|---|
| Intangible assets | 81,919 | 81,631 | 288 | 0.4% |
| Goodwill | 224,930 | 193,497 | 31,433 | 16.2% |
| Tangible assets | 118,052 | 118,918 | (866) | -0.7% |
| Financial assets and investments in associates | 11,742 | 12,335 | (593) | -4.8% |
| Other non-current assets | 53,257 | 50,889 | 2,368 | 4.7% |
| Fixed Assets | 489,900 | 457,270 | 32,630 | 7.1% |
| Trade receivables | 98,484 | 87,279 | 11,205 | 12.8% |
| Trade payables | (132,593) | (139,121) | 6,528 | -4.7% |
| Inventories | 148,665 | 136,721 | 11,944 | 8.7% |
| Net Trade Working Capital | 114,556 | 84,879 | 29,677 | 35.0% |
| Other current assets | 31,661 | 29,309 | 2,352 | 8.0% |
| Other current liabilities and provisions for risks | (66,443) | (67,349) | 906 | -1.3% |
| Net Working Capital | 79,774 | 46,839 | 32,935 | 70.3% |
| Other non-current liabilities | (47,404) | (44,923) | (2,481) | 5.5% |
| Post-employment benefits | (6,938) | (7,088) | 150 | -2.1% |
| Non-current Provisions for risks | (4,414) | (4,314) | (100) | 2.3% |
| Net Invested Capital | 510,918 | 447,784 | 63,134 | 14.1% |
| Shareholders' Equity | (439,035) | (421,724) | (17,311) | 4.1% |
| Net financial position (NFP) | (71,883) | (26,060) | (45,823) | 175.8% |
Net Invested Capital was €510.9 million (€447.8 million as of December 31, 2021), increased by €63.1 million, of which €32.9 million in Net Working Capital and €32.6 million in Fixed Assets.
Fixed assets, amounting to €489.9 million (€457.3 million as of December 31, 2021), increased by €32.6 million mainly due to exchange rate differences for €15.7 million and the provisional recognition of goodwill arising from the acquisition of Pekat Vision for approximately €15.8 million.
Net Trade Working Capital as of June 30, 2022 was €114.6 million, increasing by €29.7 million compared to December 31, 2021, from 14.2% to 18.4% on sales at the end of the first half of 2022. The change in the period was affected both by the stock increase, particularly raw materials and semi-finished goods, driven by shortage phenomena and longer sales' orders conversion due to the shortage itself, and from seasonality which led to a lower commercial exposure to suppliers of approximately €6.5 million and to an increase in trade receivables of €11.2 million, also driven by volumes recorded in the second quarter.
Net Financial Position as of June 30, 2022 was negative by €71.9 million. Cash flows, which brought about the change in consolidated Net Financial Position compared to December 31, 2021, are summarised as follows:
| 30.06.2022 | 30.06.2021 | Change | |
|---|---|---|---|
| Net Financial Position (Net Debt) at the beginning of the period | (26,060) | 8,218 | (34,278) |
| Adjusted EBITDA | 34,256 | 46,840 | (12,584) |
| Change in net trade working capital | (31,887) | (15,748) | (16,138) |
| Other changes in net working capital | 1,944 | 3,997 | (2,052) |
| Net investments | (10,310) | (13,554) | 3,245 |
| Taxes | (2,368) | (2,983) | 615 |
| Net financial income (expenses) | (4,532) | (357) | (4,175) |
| Dividend distribution | (16,934) | (9,638) | (7,296) |
| Acquisitions | (15,994) | (34,972) | 18,978 |
| Change in Net Financial Position | (45,823) | (26,416) | (19,407) |
| Net Financial Position (Net Debt) at the end of the period | (71,883) | (18,198) | (53,685) |
Cash generated from operations before changes in working capital during the first quarter of 2022 was absorbed, more than in the same period of the previous year, with a greater absorption mainly to a decrease in marginality and by working capital as illustrated above. The Group's equity and financial solidity made it possible to finalise the acquisition of Pekat Vision in the first quarter of 2022, which involved a financial outlay of approximately €16.0 million and investments of €10.3 million. Dividends of €16.9 million were also distributed in the first half of 2021.
As of June 30, 2022, the Net Debt/(Net Financial Position) is broken down as follows:
| 30.06.2022 | 31.12.2021 | |
|---|---|---|
| A. Cash | 100,348 | 106,068 |
| B. Cash equivalents | 13 | 12 |
| C. Other current financial assets | 2,407 | 2,207 |
| D. Cash and cash equivalents (A) + (B) + (C) | 102,768 | 108,287 |
| E. Current financial debt | 4,916 | 8,041 |
| E1. of which lease payables | 3,971 | 4,446 |
| F. Current portion of non-current financial debt | 107,331 | 62,888 |
| G. Current financial debt (E) + (F) | 112,247 | 70,929 |
| H. Current Net Debt (Net Financial Position) (G) - (D) | 9,479 | (37,358) |
| I. Non-current financial debt | 62,404 | 63,418 |
| I1. of which lease payables | 12,934 | 13,100 |
| J. Debt instruments | - | - |
| K. Trade and other non-current payables | - | - |
| L. Non-current financial Debt (I) + (J) + (K) | 62,404 | 63,418 |
| M. Net Debt/(Net Financial Position) (H) + (L) | 71,883 | 26,060 |
As of June 30, 2022, the Group had outstanding financial credit lines of approximately €253.0 million, of which approximately €200.0 million were committed. Unused and immediately available financial lines amount to €95.0 million.
Indirect debt subject to conditions as of June 30, 2022 is represented exclusively by the provision for Group postemployment benefits, amounting to €6.9 million.
On March 21, 2022, the acquisition of the entire share capital of Pekat S.r.o., a company based in Brno in the Czech Republic, through the subsidiary Datalogic S.r.l., was finalized. Pekat Vision is a start-up that develops proprietary machine and deep learning algorithms in vision systems for process automation mainly in the Manufacturing and T&L sectors, with further potential in the Retail sector. Pekat solutions, highly innovative and performing, are interoperable and easily integrated with devices and platforms in different application areas. The acquisition, which took place for a consideration of €16.0 million, enables the Group to pursue its strategic objectives of growth and technological innovation, enhancing the Datalogic offer with cutting-edge solutions based on Artificial Intelligence (AI).
On April 29, 2022, the Shareholders' Meeting appointed the new Board of Directors, to hold office for the financial years 2021-2023, and resolved to distribute an ordinary unit dividend of €0.30 per share, gross of legal withholdings, for a maximum total amount of €17.5 million.
The same Shareholders' Meeting also resolved to
Socio-political tensions that resulted in a conflict between Russia and Ukraine on February 24, 2022, the developments of which at present are not yet predictable, led Western countries to enact economic sanctions against Russia. The Group does not have offices in the countries currently directly affected by the conflict, nor do these represent significant outlet or supply markets for the same. The potential effects of this event on the Group's economic and equity results are however subject to constant monitoring.
Nothing to report.
First-half results, a strong backlog and the actions undertaken on pricing and supply chain, allow us to remain confident in achieving the results expected for the second half of 2022, where we expect to grow sales compared to the previous year, and keep operating margin substantially in line with that of the first half, despite higher uncertainties for the last quarter of the year due to macroeconomic scenarios, the continuing supply chain constraints and the reversal of the booking trends occurred in the last quarter.
The Parent Company has no secondary locations.
The Chairman of the Board of Directors (Mr Romano Volta)
| ASSETS (€/000) | Notes | 30.06.2022 | 31.12.2021 |
|---|---|---|---|
| A) Non-current assets (1+2+3+4+5+6+7) | 489,900 | 457,270 | |
| 1) Tangible assets | 101,573 | 101,780 | |
| Land | 1 | 12,913 | 12,524 |
| Buildings | 1 | 53,497 | 52,649 |
| Other assets | 1 | 31,949 | 32,600 |
| Assets in progress and payments on account | 1 | 3,214 | 4,007 |
| 2) Intangible assets | 306,849 | 275,128 | |
| Goodwill | 2 | 224,930 | 193,497 |
| Development costs | 2 | 27,129 | 21,786 |
| Other | 2 | 37,067 | 39,703 |
| Assets in progress and payments on account | 2 | 17,723 | 20,142 |
| 3) Right-of-use assets | 3 | 16,479 | 17,138 |
| 4) Equity investments in associates | 4 | 460 | 530 |
| 5) Non-current financial assets | 11,282 | 11,805 | |
| Equity investments | 6 | 11,282 | 11,805 |
| 6) Trade and other receivables | 7 | 792 | 821 |
| 7) Deferred tax assets | 12 | 52,465 | 50,068 |
| B) Current assets (8+9+10+11+12) | 381,578 | 361,596 | |
| 8) Inventories | 148,665 | 136,721 | |
| Raw and ancillary materials and consumables | 8 | 84,144 | 83,681 |
| Work in progress and semi-finished products | 8 | 26,153 | 19,865 |
| Finished products and goods | 8 | 38,368 | 33,175 |
| 9) Trade and other receivables | 118,385 | 105,145 | |
| Trade receivables | 7 | 98,484 | 87,279 |
| of which from associates | 7 | 2,804 | 2,435 |
| of which from related parties | 7 | 9 | 7 |
| Other receivables, accrued income and prepaid expenses | 7 | 19,901 | 17,866 |
| 10) Tax receivables | 9 | 11,760 | 11,443 |
| of which to Parent Company | 1,807 | 1,807 | |
| 11) Current financial receivables | 6 | 2,407 | 2,207 |
| 12) Cash and cash equivalents | 100,361 | 106,080 | |
| Total Assets (A+B) | 871,478 | 818,866 |
| LIABILITIES (€/000) | Notes | 30.06.2022 | 31.12.2021 |
|---|---|---|---|
| A) Total Shareholders' Equity (1+2+3+4+5+6) | 10 | 439,035 | 421,724 |
| 1) Share capital | 10 | 30,392 | 30,392 |
| 2) Reserves | 10 | 144,798 | 119,668 |
| 3) Retained earnings (losses) | 10 | 251,613 | 229,691 |
| 4) Profit/(Loss) for the period | 10 | 8,843 | 38,913 |
| 5) Group Shareholders' Equity | 10 | 435,646 | 418,665 |
| Profit/Loss for the period of Minority interests | 10 | 254 | 627 |
| Shareholders' Equity of Minority interests | 10 | 3,135 | 2,432 |
| 6) Minority interests | 3,389 | 3,060 | |
| B) Non-current liabilities (7+8+9+10+11+12) | 121,160 | 119,743 | |
| 7) Non-current financial payables | 11 | 62,404 | 63,418 |
| 8) Tax payables | 864 | 793 | |
| 9) Deferred tax liabilities | 12 | 26,861 | 25,844 |
| 10) Post-employment benefits | 13 | 6,938 | 7,088 |
| 11) Provisions for risks and charges, non-current | 14 | 4,414 | 4,314 |
| 12) Other liabilities | 15 | 19,679 | 18,286 |
| C) Current liabilities (13+14+15+16) | 311,283 | 277,399 | |
| 13) Trade and other payables | 187,735 | 190,566 | |
| Trade payables | 15 | 132,593 | 139,121 |
| of which to associates | 15 | 72 | 156 |
| of which to related parties | - | 105 | |
| Other payables, accrued liabilities and deferred income | 15 | 55,142 | 51,445 |
| 14) Tax payables | 9 | 7,949 | 12,420 |
| of which to Parent Company | 3,450 | 3,450 | |
| 15) Provisions for risks and charges, current | 14 | 3,352 | 3,484 |
| 16) Current financial payables | 11 | 112,247 | 70,929 |
| Total Liabilities (A+B+C) | 871,478 | 818,866 |
| (€/000) | Notes | 30.06.2022 | 30.06.2021 |
|---|---|---|---|
| Restated | |||
| 1) Revenues | 16 | 314,599 | 290,076 |
| Revenues from sale of products | 292,971 | 271,477 | |
| Revenues from services | 21,628 | 18,599 | |
| of which to related parties and associates | 6,058 | 4,382 | |
| 2) Cost of goods sold | 17 | 184,497 | 156,524 |
| of which to related parties and associates | 146 | 311 | |
| Gross Operating Margin (1-2) | 130,102 | 133,552 | |
| 3) Other revenues | 18 | 719 | 711 |
| 4) Research and development expenses | 17 | 30,638 | 29,113 |
| of which to related parties and associates | 275 | 272 | |
| 5) Distribution expenses | 17 | 54,573 | 48,867 |
| of which to related parties and associates | 91 | 62 | |
| 6) General and administrative expenses | 17 | 28,902 | 27,113 |
| of which to related parties and associates | 98 | 110 | |
| of which to Parent Company | 90 | - | |
| 7) Other operating expenses | 17 | 1,083 | 1,477 |
| Total operating costs | 115,195 | 106,570 | |
| Operating result | 15,626 | 27,693 | |
| 8) Financial income | 19 | 20,160 | 9,684 |
| 9) Financial expenses | 19 | 24,692 | 10,041 |
| Financial income/(expenses) (8-9) | (4,532) | (357) | |
| Profit/(Loss) before taxes from continuing operations | 11,094 | 27,336 | |
| Income taxes | 20 | 1,997 | 4,168 |
| Profit/(Loss) for the period from continuing operations | 9,097 | 23,168 | |
| Net Profit/(Loss) for the period | 9,097 | 23,168 | |
| Basic earnings/(loss) per share (€) | 21 | 0.16 | 0.40 |
| Diluted earnings/(loss) per share (€) | 21 | 0.16 | 0.40 |
| Attributable to: | |||
| Shareholders of the Parent Company | 8,843 | 22,804 | |
| Minority interests | 254 | 364 |
| (€/000) | Notes | 30.06.2022 | 30.06.2021 |
|---|---|---|---|
| Restated | |||
| Net Profit/(Loss) for the period | 9,097 | 23,168 | |
| Other components of the statement of comprehensive income: | |||
| Other components of the statement of comprehensive income which will be subsequently reclassified to Profit/(Loss) for the |
|||
| period | |||
| Profit/(Loss) on hedging financial instruments (cash flow hedge) | 10 | 48 | 70 |
| Profit/(Loss) due to translation of the accounts of foreign companies | 10 | 25,950 | 7,589 |
| Total other components of the Statement of comprehensive income | |||
| which will be subsequently reclassified to Profit/(Loss) for the | 25,998 | 7,659 | |
| period | |||
| Other components of the Statement of comprehensive income | |||
| which will not be subsequently 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 | (762) | 835 |
| of which tax effect | 9 | (11) | |
| Total other components of the Statement of comprehensive income | |||
| which will not be subsequently reclassified to Profit/(Loss) for the | (762) | 835 | |
| period | |||
| Total profit/(loss) in the Statement of comprehensive Income | 25,236 | 8,494 | |
| Total comprehensive Profit/(Loss) for the period | 34,333 | 31,662 | |
| Attributable to: | |||
| Shareholders of the Parent Company | 33,975 | 31,298 | |
| Minority interests | 358 | 364 |
| (€/000) | Notes | 30.06.2022 | 30.06.2021 |
|---|---|---|---|
| Profit/(Loss) before taxes | 11,094 | Restated 27,859 |
|
| Depreciation of tangible assets and write-downs | 1, 2 | 6,725 | 6,315 |
| Amortisation of intangible assets and write-downs | 1, 2 | 8,579 | 7,522 |
| Depreciation of right-of-use assets | 3 | 2,215 | 2,097 |
| Losses (Gains) from sale of fixed assets | 17, 18 | 6 | 115 |
| Change in provisions for risks and charges | 14 | (32) | 164 |
| Financial Income/(Expenses) | 19 | 4,532 | 357 |
| Other non-monetary changes | 637 | 3,900 | |
| Cash flow generated (absorbed) from operations before | 33,756 | 48,329 | |
| changes in working capital | |||
| Change in trade receivables | 7 | (12,291) | (18,491) |
| Change in inventories | 8 | (11,944) | (28,566) |
| Change in trade payables | 15 | (6,591) | 31,300 |
| Change in other current assets | 7 | (2,035) | (135) |
| Change in other current liabilities | 15 | 3,506 | 6,713 |
| Change in other non-current assets | 6 | 106 | 278 |
| Change in other non-current liabilities | 5 | 1,393 | (263) |
| Cash flow generated (absorbed) from operations after changes in working capital |
5,901 | 39,165 | |
| Change in taxes | (6,272) | (2,983) | |
| Interest paid | (1,380) | (1,603) | |
| Interest collected | 218 | 268 | |
| Cash flow generated (absorbed) from operations (A) | (1,533) | 34,847 | |
| Increase in intangible assets | 2 | (7,076) | (7,561) |
| Decrease in intangible assets | 2 | 13 | - |
| Increase in tangible assets | 1 | (3,857) | (3,755) |
| Decrease in tangible assets | 1 | 22 | (63) |
| Cash paid for business acquisition, net of cash acquired | (15,994) | (34,972) | |
| Change in investments and current and non-current financial assets |
5 | (293) | 10,150 |
| Cash flow generated (absorbed) from investments (B) | (27,185) | (36,201) | |
| Payment of financial liabilities | 11 | (46,603) | (24,977) |
| New financial liabilities | 11 | 90,000 | 15,000 |
| Other changes in financial liabilities | 11 | (2,868) | 280 |
| Payments of financial liabilities for leasing | (2,285) | (2,081) | |
| (Purchase)/sale of treasury shares | 10 | - | - |
| Dividend payment | 10 | (16,934) | (9,638) |
| Effect of change in cash and cash equivalents | 1,692 | (863) | |
| Other changes | (4) | - | |
| Cash flow generated (absorbed) from financial activity (C) | 22,998 | (22,279) | |
| Net increase (decrease) in available cash (A+B+C) | (5,720) | (23,633) | |
| Net cash and cash equivalents at beginning of period | 106,080 | 137,451 | |
| Net cash and cash equivalents at end of period | 100,361 | 113,818 |
| Description | Share capital |
Share premium reserve |
Treasury shares |
Translation reserve |
Other reserves |
Retained earnings |
Group Profit (Loss) |
Group Shareholders' Equity |
Profit (Loss) of Minority interests |
Minority interest capital and reserve |
Minority interests |
Profit (Loss) | Shareholders' Equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 earnings | - | - | - | - | - | 38,913 | (38,913) | - | (627) | 627 | - | (39,540) | - |
| Dividends | - | - | - | - | - | (16,934) | - | (16,934) | - | - | - | - | (16,934) |
| Share-based incentive plan | - | - | 4,698 | - | (4,933) | 235 | - | - | - | - | - | - | - |
| Other changes | - | - | - | - | 233 | (291) | - | (58) | - | (28) | (28) | - | (86) |
| Net Profit/(Loss) for the period | - | - | - | - | - | - | 8,843 | 8,843 | 254 | - | 254 | 9,097 | 9,097 |
| Other components of the | |||||||||||||
| Statement of comprehensive | - | - | - | 25,846 | (714) | - | - | 25,132 | - | 104 | 104 | 25,236 | |
| income | |||||||||||||
| Total comprehensive Profit | |||||||||||||
| (Loss) | - | - | - | 25,846 | (714) | - | 8,843 | 33,975 | 254 | 104 | 358 | 9,097 | 34,333 |
| 30.06.2022 | 30,392 | 111,779 | (21,398) | 48,592 | 5,825 | 251,613 | 8,843 | 435,646 | 254 | 3,135 | 3,389 | 9,097 | 439,035 |
| Description | Share capital |
Share premium reserve |
Treasury shares |
Translation reserve |
Other reserves |
Retained earnings |
Restated Group Profit (Loss) |
Restated Group Shareholders' Equity |
Profit (Loss) of Minority interests |
Minority interest capital and reserve |
Minority interests |
Profit (Loss) Restated |
Shareholders' Equity Restated |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 01.01.2021 | 30,392 | 111,779 | (21,899) | 2,331 | 6,204 | 225,816 | 13,582 | 368,205 | 300 | 1,853 | 2,153 | 13,882 | 370,358 |
| Allocation of earnings | - | - | - | - | - | 13,582 | (13,582) | - | (300) | 300 | - | (13,882) | - |
| Dividends | - | - | - | - | - | (9,638) | - | (9,638) | - | - | - | - | (9,638) |
| Share-based incentive plan | - | - | - | - | 1,804 | - | - | 1,804 | - | - | - | - | 1,804 |
| Other changes | - | - | - | - | - | 18 | - | 18 | - | 101 | 101 | - | 119 |
| Net Profit/(Loss) for the period | - | - | - | - | - | - | 22,804 | 22,804 | 364 | - | 364 | 23,168 | 23,168 |
| Other components of the | |||||||||||||
| Statement of comprehensive | - | - | - | 7,589 | 905 | - | - | 8,494 | - | - | - | - | 8,494 |
| income | |||||||||||||
| Total comprehensive Profit | |||||||||||||
| (Loss) | - | - | - | 7,589 | 905 | - | 22,804 | 31,298 | 364 | - | 364 | 23,168 | 31,662 |
| 30.06.2021 | 30,392 | 111,779 | (21,899) | 9,920 | 8,913 | 229,778 | 22,804 | 391,687 | 364 | 2,254 | 2,618 | 23,168 | 394,305 |
The Datalogic Group is the global leader in the markets of automatic data capture and process automation. The Company is specialised in the design and production of bar code readers, mobile computers, sensor, measurement and security sensors, vision and laser marking and RFID systems.
Its pioneering solutions contribute to 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 address of the registered office is Via Candini, 2 - Lippo di Calderara (BO).
This Consolidated Half-Year Financial Report as of June 30, 2022 includes the figures of the Parent Company and its subsidiaries (defined hereinafter as the "Group") and the minority interests in associated companies.
The publication of the Datalogic Group's Consolidated Half-Year Financial Report as of June 30, 2022 was authorised by resolution of the Board of Directors on August 4, 2022.
This Consolidated Half-Year Financial Report was drawn up pursuant to Art. 154-ter of Italian Legislative Decree 58 (TUF) of February 24, 1998, as subsequently amended and supplemented, as well as to the Consob Issuer Regulation. These drafting criteria comply with IAS 34 "Interim Financial Statements" providing the abbreviated notes required by this international accounting standard, supplemented to provide additional information, as necessary.
This Consolidated Half-Year Financial Report must therefore be read together with the Consolidated Financial Statements as of December 31, 2021, which were prepared in accordance with the IFRS accounting standards, endorsed by the European Union, approved by the Board of Directors on March 10, 2022 and available in the Investor Relations section of the Group's website (www.Datalogic.com).
This Consolidated Half-Year Financial Report is drawn up in thousands of euros, which is the Group's functional and presentation currency.
The financial statements adopted are compliant with those required by IAS 1 and were used in the Consolidated Financial Statements for the year ended as of December 31, 2021, in particular:
current and non-current assets, as well as current and non-current liabilities are disclosed separately in the Statement of Financial Position. Current assets, which include cash and cash equivalents, are those set to be realised, sold or used during the Group's normal operational cycle; current liabilities are those whose extinction is envisaged during the Group's normal operating cycle or in the 12 months after the end of the period;
with regard to the Income Statement, cost and revenue items are disclosed based on grouping by function, as this classification was deemed more explanatory for understanding the Group's economic result;
On January 1, 2022, the following amendments to the accounting standards currently in force entered into effect:
The adoption of these amendments had no impact on the Group's consolidated financial statements.
At the reporting date of this Consolidated Half-Year Financial Report, some accounting criteria were issued but are not yet applicable, as described in the Group Consolidated Financial Statements as of December 31, 2021, to which reference is made. The Group intends to adopt these standards and interpretations, if applicable, when they will enter into force.
The preparation of the IFRS-compliant Consolidated Half-Year Financial 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 such estimates and assumptions affects the amounts related to revenues, costs, assets and liabilities, as well as contingent liabilities disclosed and any relevant information. 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 Half-Year Financial Report as of June 30, 2022 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 equity investments included in the consolidation area is included in Annex 2 of the Explanatory Notes, with an indication of the methodology used.
As of June 30, 2022, there was a change in the scope of consolidation due to the acquisition, on March 21, 2022, of the entire share capital of the company Pekat S.r.o.
The exchange rates used to determine the countervalue in Euro of financial statements expressed in foreign currency of subsidiaries (currency for 1 Euro) are shown hereunder:
| Currency (ISO Code) | Quantity of currency for 1 Euro | |||||||
|---|---|---|---|---|---|---|---|---|
| June 2022 | June 2022 | December 2021 | June 2021 | |||||
| Final exchange | Average | Final exchange | Average | |||||
| change | exchange rate for | change | exchange rate for | |||||
| the period | the period | |||||||
| US Dollar (USD) | 1.04 | 1.09 | 1.13 | 1.21 | ||||
| British Pound Sterling (GBP) | 0.86 | 0.84 | 0.84 | 0.87 | ||||
| Swedish Krona (SEK) | 10.73 | 10.48 | 10.25 | 10.13 | ||||
| Singapore Dollar (SGD) | 1.45 | 1.49 | 1.53 | 1.61 | ||||
| Japanese Yen (JPY) | 141.54 | 134.31 | 130.38 | 129.87 | ||||
| Australian Dollar (AUD) | 1.51 | 1.52 | 1.56 | 1.56 | ||||
| Hong Kong Dollar (HKD) | 8.15 | 8.56 | 8.83 | 9.36 | ||||
| Chinese Renminbi (CNY) | 6.96 | 7.08 | 7.19 | 7.80 | ||||
| Brazilian Real (BRL) | 5.42 | 5.56 | 6.31 | 6.49 | ||||
| Mexican Peso (MXN) | 20.96 | 22.17 | 23.14 | 24.33 | ||||
| Hungarian Forint (HUF) | 397.04 | 375.13 | 369.19 | 357.88 | ||||
| Czech crown (CZK) | 24.74 | 24.65 | n.a. | n.a. |
On March 21, 2022, the acquisition of the entire share capital through the subsidiary Datalogic S.r.l. of the company Pekat S.r.o. was completed.
Pekat S.r.o. is a company based in Brno in the Czech Republic that develops machine learning and deep learning algorithms for applications in the supply chain and industrial automation areas.
The following table shows preliminary fair value as of June 30, 2022 of the assets and liabilities of the acquisition, the preliminary goodwill deriving from the transaction and the net cash used for the acquisition:
| Provisional PPA as of June 30, 2022 | Book value | Fair value |
|---|---|---|
| Tangible assets | 7 | 7 |
| Intangible assets | 384 | 384 |
| Other non-current receivables | - | - |
| Inventories | - | - |
| Trade and other current receivables | 77 | 77 |
| Cash and cash equivalents | 6 | 6 |
| Financial liabilities | - | - |
| Liabilities for defined employee benefits | - | - |
| Deferred tax liabilities | - | - |
| Trade payables | (63) | (63) |
| Other payables | (191) | (191) |
| Net assets at acquisition date | 221 | 221 |
| % pertaining to Group | 100% | 100% |
| Group net assets | 221 | 221 |
| Consideration | 16,000 | 16,000 |
| Goodwill at acquisition date | 15,779 | 15,779 |
| Net cash used in acquisition: | ||
| Cash and cash equivalents of acquiree | [A] | 6 |
| Payments made to the seller | [B] | 16,000 |
| Consideration | 15,994 | |
| Net cash used in acquisition | [A] - [B] | 15,994 |
Since the acquisition is a business combination, the Group has recognised it using the purchase method, in its accounting, pursuant to the revised IFRS 3. The cost of an acquisition is measured as the sum of the consideration transferred, measured at fair value on the acquisition date.
The preliminary goodwill emerging from this transaction amounted to €15,779 thousand. It should be noted that for the purposes of preparing this Consolidated Half-Year Financial Report, the accounting for the above-mentioned business combination was carried out on a provisional basis as the activities aimed at determining the fair value of assets, liabilities or contingent liabilities are in progress. As envisaged by IFRS 3, any possible adjustments shall be recognised within 12 months from the acquisition date.
Operating segments are identified based on the management reporting used by senior management to allocate resources and evaluate results. Sales transactions amongst the operating segments indicated hereunder are executed at arm's length conditions, based on the Group transfer pricing policies. For 2022, the operating segments are identified as follows:
The Financial information related to segments as of June 30, 2022 and June 30, 2021 is as follows:
| Datalogic | Informatics | Adjustments | Total Group | |
|---|---|---|---|---|
| Segment economic position | Business | 30.06.2022 | ||
| Revenues | 306,655 | 8,513 | (569) | 314,599 |
| Adjusted EBITDA | 32,893 | 1,423 | (60) | 34,256 |
| % Revenues | 10.73% | 16.72% | 10.89% | |
| EBIT | 14,466 | 1,220 | (60) | 15,626 |
| Segment economic position | Datalogic Business |
Informatics | Adjustments | Total Group 30.06.2021 |
|---|---|---|---|---|
| Restated | ||||
| Revenues | 281,528 | 8,976 | (428) | 290,076 |
| Adjusted EBITDA | 45,565 | 1,258 | 17 | 46,840 |
| % Revenues | 16.18% | 14.01% | 16.15% | |
| EBIT | 26,575 | 1,101 | 17 | 27,693 |
The Equity information related to operating sectors as of June 30, 2022 and December 31, 2021 is as follows.
| Segment financial position | Datalogic Business |
Informatics | Adjustments | Total Group 30.06.2022 |
|---|---|---|---|---|
| Total Assets | 875,436 | 26,937 | (30,895) | 871,478 |
| Total Liabilities | 431,506 | 7,464 | (6,527) | 432,443 |
| Shareholders' Equity | 443,930 | 19,473 | (24,368) | 439,035 |
| Segment financial position | Datalogic Business |
Informatics | Adjustments | Total Group 31.12.2021 |
|---|---|---|---|---|
| Total Assets | 824,658 | 24,891 | (30,683) | 818,866 |
| Total Liabilities | 395,093 | 7,784 | (5,735) | 397,142 |
| Shareholders' Equity | 429,565 | 17,107 | (24,948) | 421,724 |
Tangible assets as of June 30, 2022 amounted to €101,573 thousand. Over the period, investments of €3,829 thousand and depreciation and amortisation of €6,725 thousand were recognised, while translation differences of balances shown in foreign currencies were positive for the amount of €2,682 thousand. The following is a breakdown of tangible assets as of June 30, 2022, compared with December 31, 2021.
| 30.06.2022 | 31.12.2021 | Change | |
|---|---|---|---|
| Land | 12,913 | 12,524 | 389 |
| Buildings | 53,497 | 52,649 | 848 |
| Other assets | 31,949 | 32,600 | (651) |
| Assets in progress and payments on account | 3,214 | 4,007 | (793) |
| Total | 101,573 | 101,780 | (207) |
Other assets as of June 30, 2022 include the following categories: industrial equipment and moulds (€12,649 thousand), plant and machinery (€9,044 thousand), office furniture and machines (€6,274 thousand), general plants related to buildings (€2,464 thousand), light constructions (€484 thousand), commercial equipment and demo rooms (€658 thousand), maintenance on third-party assets (€312 thousand), and motor vehicles (€64 thousand).
The balance of "Assets in progress and payments on account", equal to €3,214 thousand, is composed primarily of €2,067 thousand for moulds under construction, €868 thousand for self-built equipment and production lines, €123 thousand for improvements to owned properties and €95 thousand for improvements to third-party buildings.
Intangible assets as of June 30, 2022 amounted to €306,849 thousand. In the first half of 2022, the following were recognised: investments of €7,063 thousand, goodwill from acquisitions following the provisional accounting of the purchase price allocation inherent in the acquisition of Pekat Vision of €15,779 thousand, and depreciation and amortisation of €8,580 thousand, while exchange rate effects were positive and amounted to €17,075 thousand. The following is a breakdown of intangible assets as of June 30, 2022, compared with December 31, 2021:
| 30.06.2022 | 31.12.2021 | Change | |
|---|---|---|---|
| Goodwill | 224,930 | 193,497 | 31,433 |
| Development costs | 27,129 | 21,786 | 5,343 |
| Other | 37,067 | 39,703 | (2,636) |
| Assets in progress and payments on account | 17,723 | 20,142 | (2,419) |
| Total | 306,849 | 275,128 | 31,721 |
Goodwill, amounting to €224,930 thousand, shows an overall increase of €31,433 thousand in the first half of 2022, €15,654 of which can be attributed to translation differences and 15,779 to goodwill recognized upon first consolidation of the newly acquired Pekat S.r.o. following the provisional accounting of the Purchase Price Allocation.
| 30.06.2022 | 31.12.2021 | Change | |
|---|---|---|---|
| Datalogic CGU | 210,573 | 180,101 | 30,472 |
| Informatics CGU | 14,357 | 13,396 | 961 |
| Total | 224,930 | 193,497 | 31,433 |
Goodwill has been allocated to the CGUs (Cash Generating Units) represented by the individual companies and/or subgroups to which they refer. The estimated recoverable value of each cash generating unit (CGU), associated with each Goodwill being measured, is estimated through the corresponding value in use. In accordance with IAS 36, the Datalogic Group estimates value in use by discounting operating cash flows at a rate equal to the weighted average cost of debt and capital (Weighted Average Cost of Capital or "WACC") in order to dtermine the Enterprise Value.
As of June 30, 2022, the absence of impairment indicators that could cause a reduction in the value of reported assets was assessed and confirmed, as required by IAS 36, taking into account both internal and external sources of information.
Development costs, amounting to €27,129 thousand as of June 30, 2022, consists of product development projects; the change for the period of €5,343 is determined by investments of €9,462 thousand in projects previously recorded as assets in progress and depreciation for the period of €4,121 thousand.
The "Other" item, amounting to €37,067 thousand, consists of intangible assets acquired through business combinations carried out by the Group and software licences as detailed below:
| 30.06.2022 | 31.12.2021 | Change | |
|---|---|---|---|
| Patents | 8,663 | 9,056 | (394) |
| Know-how | 5,647 | 6,307 | (660) |
| Customer list | 12,292 | 12,742 | (450) |
| Licences | - | 440 | (440) |
| Software | 10,466 | 11,158 | (693) |
| Total | 37,067 | 39,703 | (2,636) |
Assets in progress and payments on account, equal to €17,723 thousand, are related, in the amount of €17,274 thousand, to the capitalisation of costs for ongoing product development projects (€19,955 thousand as of December 31, 2021) as well as, for the amount of €449 thousand, to software implementations that are not yet completed. The change for the period is represented by €8,159 thousand from the reclassification of ongoing projects under 'Development Costs' and new investments for the period of €5,740 thousand.
Over the period, net investments amounted to €1,503 thousand, and depreciation to €2,215 thousand, while the exchange rate effects were positive for €53 thousand. Below is a breakdown of the item as of June 30, 2022 and December 31, 2021.
| 30.06.2022 | 31.12.2021 | Change | |
|---|---|---|---|
| Buildings | 14,284 | 14,989 | (705) |
| Vehicles | 1,998 | 1,974 | 24 |
| Office equipment | 197 | 175 | 22 |
| Total | 16,479 | 17,138 | (659) |
The non-controlling interests held by the Group, details of which can be found in Annex 2, amounted to €460 thousand as of June 30, 2022.
The following table provides a breakdown of "Financial assets and liabilities", reported according to IFRS 9.
| Financial assets at amortised cost |
Financial assets at FV through the Profit and Loss |
Financial assets at FV through OCI |
30.06.2022 | |
|---|---|---|---|---|
| Non-current financial assets | 792 | 1,672 | 9,610 | 12,074 |
| Financial assets - Equity investments | - | 1,672 | 9,610 | 11,282 |
| Other receivables | 792 | - | - | 792 |
| Current financial assets | 218,746 | 2,407 | - | 221,153 |
| Trade receivables | 98,484 | - | - | 98,484 |
| Other receivables | 19,901 | - | - | 19,901 |
| Financial assets - Loans | - | 2,407 | - | 2,407 |
| Cash and cash equivalents | 100,361 | - | - | 100,361 |
| Total | 219,538 | 4,079 | 9,610 | 233,227 |
| Financial assets at amortised cost |
Financial assets at FV through Profit and Loss |
Financial assets at FV through OCI |
31.12.2021 | |
|---|---|---|---|---|
| Non-current financial assets | 821 | 1,301 | 10,504 | 12,626 |
| Financial assets - Equity investments | - | 1,301 | 10,504 | 11,805 |
| Other receivables | 821 | - | - | 821 |
| Current financial assets | 211,225 | 2,207 | - | 213,432 |
| Trade receivables | 87,279 | - | - | 87,279 |
| Other receivables | 17,866 | - | - | 17,866 |
| Financial assets - Loans | - | 2,207 | - | 2,207 |
| Cash and cash equivalents | 106,080 | - | - | 106,080 |
| Total | 212,046 | 3,508 | 10,504 | 226,058 |
| Derivatives | Financial liabilities at amortised cost |
30.06.2022 | |
|---|---|---|---|
| Non-current financial liabilities | - | 82,083 | 82,083 |
| Financial payables | - | 62,404 | 62,404 |
| Other payables | - | 19,679 | 19,679 |
| Current financial liabilities | - | 299,982 | 299,982 |
| Trade payables | - | 132,593 | 132,593 |
| Other payables | - | 55,142 | 55,142 |
| Current financial payables | - | 112,247 | 112,247 |
| Total | - | 382,065 | 382,065 |
| Derivatives | Financial liabilities at amortised cost |
31.12.2021 | |
|---|---|---|---|
| Non-current financial liabilities | - | 81,704 | 81,704 |
| Financial payables | - | 63,418 | 63,418 |
| Other payables | - | 18,286 | 18,286 |
| Current financial liabilities | - | 261,495 | 261,495 |
| Trade payables | - | 139,121 | 139,121 |
| Other payables | - | 51,445 | 51,445 |
| Current financial payables | - | 70,929 | 70,929 |
| Total | 343,199 | 343,199 |
The fair value of financial assets and financial liabilities is determined according to methods that can be classified in the various levels of the fair value hierarchy as defined by IFRS 13. In particular, the Group has adopted internal valuation models that are generally used in finance and based on prices supplied by market operators, or prices taken from active markets.
All the financial instruments measured at fair value are classified in the three categories defined 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 | 30.06.2022 |
|---|---|---|---|---|
| Financial assets - Equity investments | 9,610 | - | 1,672 | 11,282 |
| Financial assets - Other | - | - | 2,407 | 2,407 |
| Total | 9,610 | - | 4,079 | 13,689 |
Financial assets include the following:
| 30.06.2022 | 31.12.2021 | Change | |
|---|---|---|---|
| Non-current financial assets | 11,282 | 11,805 | (523) |
| Current financial assets | 2,407 | 2,207 | 200 |
| Total | 13,689 | 14,012 | (323) |
The change in the item "Non-current financial assets" is detailed below:
| 30.06.2022 | 30.06.2021 | |
|---|---|---|
| As of January 1 | 11,805 | 7,823 |
| Investments (Divestments) | 195 | 430 |
| Change in consolidation area | - | 3 |
| Profits/losses recognised in OCI | (771) | 834 |
| Gains/(losses) recognised in the Income Statement | (18) | (3) |
| Exchange rate adjustments | 71 | 24 |
| As of June 30, | 11,282 | 9,111 |
Non-current financial assets amounted to €11,282 thousand and by €9,435 thousand are related to the 1.2% in the share capital investment in a Japanese company, namely Idec Corporation, while the remainder balance relates to investments in equity instruments of other companies by €438 thousand and investment funds by €1,409 thousand.
"Current financial assets" equal to €2.407 thousand relates to the investment in a capital convertible financial instrument issued by the company AWM Smart Shelf.
The following is a breakdown of "Trade and other receivables" as of June 30, 2022, compared with December 31, 2021:
| 30.06.2022 | 31.12.2021 | Change | |
|---|---|---|---|
| Trade receivables | 88,754 | 80,389 | 8,365 |
| Contract assets - Invoices to be issued | 10,660 | 7,105 | 3,556 |
| Bad debt provisions | (3,743) | (2,657) | (1,086) |
| Net trade receivables | 95,671 | 84,837 | 10,834 |
| Receivables from associates | 2,804 | 2,435 | 369 |
| Receivables from related parties | 9 | 7 | 2 |
| Sub-total - Trade receivables | 98,484 | 87,279 | 11,205 |
| Other receivables - current accrued income and prepaid expenses | 19,901 | 17,866 | 2,035 |
| Other receivables - non-current accrued income and prepaid expenses | 792 | 821 | (29) |
| Sub-total - Other receivables - accrued income and prepaid expenses | 20,693 | 18,687 | 2,006 |
| Less: non-current portion | 792 | 821 | (29) |
| Trade and other receivables – current | 118,385 | 105,145 | 13,240 |
"Trade receivables" which amounted to €98,484 thousand as of June 30, 2022, showed an increase of €11,205 thousand compared to December 31, 2021. As of June 30, 2022, trade receivables factored without recourse amounted to €38,885 thousand (compared to €33,052 thousand as of December 31, 2021). Trade receivables from associates arise from commercial transactions carried out at arm's length conditions.
The details of the "Other receivables - accrued income and prepaid expenses" are shown below.
| 30.06.2022 | 31.12.2021 | Change | |
|---|---|---|---|
| Other current receivables | 3,233 | 1,763 | 1,470 |
| Other non-current receivables | 792 | 821 | (29) |
| VAT receivables | 12,514 | 12,632 | (118) |
| Accrued income and prepaid expenses | 4,154 | 3,471 | 683 |
| Total | 20,693 | 18,687 | 2,006 |
The increase in "Other current receivables" is mainly attributable to advances, guarantee deposits and INAIL receivables related to Italian companies.
"VAT credit" equal to €12,514 thousand relates to usual trade operations.
"Accrued income and prepaid expenses" item is mainly composed of the recognition of insurance contracts and hardware and software licenses, the change in the period is attributable to contractual renewals of license contracts.
Inventories amounting to €148,665 thousand show an increase of €11,944 thousand in the period. The change in the period is determined by the shortage of critical components and by the supply's policies implemented to manage the increased demand, and the lengthening of the order fulfillment.
| 30.06.2022 | 31.12.2021 | Change | |
|---|---|---|---|
| Raw, ancillary materials and consumables | 84,144 | 83,681 | 463 |
| Work in progress and semi-finished products | 26,153 | 19,865 | 6,288 |
| Finished products and goods | 38,368 | 33,175 | 5,193 |
| Total | 148,665 | 136,721 | 11,944 |
Inventories are disclosed net of an obsolescence provision totalling €12,240 thousand as of June 30, 2022 (€10,777 thousand as of December 31, 2021).
| 30.06.2022 | 31.12.2021 | Change | |
|---|---|---|---|
| Tax receivables | 11,760 | 11,443 | 317 |
| of which to Parent Company | 1,807 | 1,807 | - |
| Tax payables | (7,949) | (12,420) | 4,471 |
| of which to Parent Company | (3,450) | (3,450) | - |
| Total | 3,811 | (977) | 4,788 |
As of June 30, 2022, the net balance of "Tax receivables and payables" was positive and equal to €3,811 thousand, showing a change of €4,788 thousand compared to December 31, 2021. The change in the period is due to the settlement of withholding tax liabilities as well as advance payments from Italian companies.
The composition of the Shareholders' Equity as of June 30, 2022 is shown below:
| 30.06.2022 | 31.12.2021 | Change | |
|---|---|---|---|
| Share capital | 30,392 | 30,392 | - |
| Share premium reserve | 111,779 | 111,779 | - |
| Treasury shares held in portfolio | (21,398) | (26,096) | 4,698 |
| Share capital and reserves | 120,773 | 116,075 | 4,698 |
| Translation reserve | 48,592 | 22,746 | 25,846 |
| Other reserves | 5,825 | 11,239 | (5,414) |
| Retained earnings | 251,613 | 229,691 | 21,922 |
| Profit for the period | 8,843 | 38,913 | (30,070) |
| Total Group Shareholders' equity | 435,646 | 418,664 | 16,982 |
| Profit/Loss for the period of Minority interests | 254 | 627 | (373) |
| Shareholders' Equity of Minority interests | 3,135 | 2,433 | 702 |
| Total consolidated Shareholders' Equity | 439,035 | 421,724 | 17,311 |
As of June 30, 2022, the share capital of €30,392 thousand represents the share capital fully subscribed and paid in by the Parent Company Datalogic S.p.A. It comprises a total number of ordinary shares of 58,446,491, of which 1,735,853 are held as treasury shares for a value of €21,398 thousand, for which the outstanding shares as of that date amounted to 56,710,638. The shares have a nominal value of €0.52 each.
As of June 30, 2022, there was a change in the 'Treasury share reserve' of €4,698 thousand following the completion of the 2019-2021 share-based incentive plan for which vested rights assignment to the beneficiaries has been initiated.
'Translation reserve' marks an incremental change of €25,846 thousand in the first half of the year, in particular due to the effects of the US dollar trend, currency to whom the Group is mainly exposed.
"Financial payables" as of June 30, 2022 amounted to €174,651 thousand, recording an increase of €40,304 thousand as detailed below.
| 30.06.2022 | 31.12.2021 | Change | |
|---|---|---|---|
| Bank borrowings | 157,018 | 113,206 | 43,812 |
| Lease financial payables | 16,905 | 17,546 | (641) |
| Payables to factoring companies | 430 | 2,537 | (2,107) |
| Other financial liabilities | 192 | 998 | (806) |
| Bank overdrafts | 106 | 60 | 46 |
| Total | 174,651 | 134,347 | 40,304 |
The change in the "Bank borrowings" for the period is a result of the draw down of credit lines of €90,000 thousand, of which €55,000 thousand are long-term on 'Roller Coaster' and 'RCF' loans and €35,000 thousand on short-term 'Hot Money' lines. Loans and credit lines repaid during the six-month period totalled €46,603 thousand.
| 30.06.2022 | 30.06.2021 | |
|---|---|---|
| As of January 1 | 113,206 | 130,753 |
| Increases | 90,000 | 15,000 |
| Change in consolidation area | - | 1.544 |
| Decreases for borrowing repayments | (46,603) | (24,477) |
| Other changes | 415 | 280 |
| As of June 30, | 157,018 | 123,100 |
The breakdown of financial payables divided between current and non-current portion is shown below:
| 30.06.2022 | 31.12.2021 | Change | |
|---|---|---|---|
| Non-current financial payables | 62,404 | 63,418 | (1,014) |
| Current financial payables | 112,247 | 70,929 | 41,318 |
| Total | 174,651 | 134,347 | 40,304 |
Some loan agreements require the Group to comply with financial covenants, measured on a half-yearly basis as of June 30 and December 31, summarised in the following table:
| Financing | 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 |
As of June 30, 2022, all requirements under the covenants had been met.
Deferred tax assets and liabilities derive both from positive components already posted to the Income statement, the taxation of which is deferred in application of current tax regulations, and from differences of a temporary nature between the value of the assets and liabilities posted to the Consolidated Financial Statements and their relative value for tax purposes.
Deferred tax assets are recorded in accordance with the assumptions of the future recoverability of the temporary differences from which they originated, i.e. on the basis of strategic plans of an economic and tax nature.
The temporary differences that generate deferred tax assets are mainly represented by tax losses and taxes paid in foreign countries, provisions for risks and charges and exchange rate differences. Deferred tax liabilities are mainly attributable to temporary differences for exchange rate differences and statutory and tax differences of the amortisation/depreciation of tangible and intangible assets, as well as to fair value measurements of assets as part of business combinations carried out by the Group.
| 30.06.2022 | 31.12.2021 | Change | |
|---|---|---|---|
| Deferred tax assets | 52,465 | 50,068 | 2,397 |
| Deferred tax liabilities | (26,861) | (25,844) | (1,017) |
| Net deferred taxes | 25,604 | 24,224 | 1,380 |
The change in deferred taxes is linked to the release of deferred taxes recognised on income and charges that have become fiscally relevant in the period.
Deferred tax assets include assets related to receivables for taxes paid foreign countries, the recoverability of which is subject to time limits. Estimates of taxable income are periodically reviewed in order to verify the recoverability of assets recorded in the balance sheet.
The breakdown of changes in the "Post-employment and retirement benefits" item as of June 30, 2022 and June 30, 2021 is shown below:
| 30.06.2022 | 30.06.2021 | |
|---|---|---|
| As of January 1 | 7,088 | 6,862 |
| Accruals | 1,789 | 928 |
| Payments | (1,175) | (1,110) |
| Change in consolidation area | - | 469 |
| Receivable from INPS (Social Security Agencies) | (766) | (77) |
| Other movements | 2 | 13 |
| As of June 30 | 6,938 | 7,085 |
As of June 30, 2022, the "Provisions for risks and charges" amounted to €7,766 thousand (€7,798 thousand as of December 31, 2021) and are represented by the best estimate of the contingent liabilities to which the Group is exposed in relation to contractual obligations for product warranties, as well as contingent liabilities of a tax, labour law and agents' supplementary indemnity nature, as illustrated below.
| 31.12.2021 | Increases | (Uses) and (Releases) |
Currency exchange differences |
30.06.2022 | |
|---|---|---|---|---|---|
| Product warranty provision | 6,844 | 105 | (165) | 3 | 6,787 |
| Other provisions | 954 | 20 | (2) | 7 | 979 |
| Total | 7,798 | 125 | (167) | 10 | 7,766 |
The "Product warranty provision" covers the estimated cost of repairing products sold up to June 30, 2022 and covered by a warranty period; said provision amounted to €6,787 thousand (of which €3,866 thousand long-term).
The "Others" item as of June 30, 2022 amounted to €979 thousand and is composed primarily of allocations made against agents' supplementary indemnity and for contingent liabilities of a fiscal and labour law nature.
The breakdown of provisions for risks is shown below, broken down into current and non-current portions:
| 30.06.2022 | 31.12.2021 | Change | |
|---|---|---|---|
| Provisions for risks and charges, current | 3,352 | 3,484 | (132) |
| Provisions for risks and charges, non-current | 4,414 | 4,314 | 100 |
| Total | 7,766 | 7,798 | (32) |
| 30.06.2022 | 31.12.2021 | Change | |
|---|---|---|---|
| Trade payables | 128,862 | 135,427 | (6,566) |
| Contractual liabilities - customer advances | 3,659 | 3,433 | 227 |
| Trade payables | 132,521 | 138,860 | (6,339) |
| Payables to associates | 72 | 156 | (84) |
| Payables to related parties | - | 105 | (105) |
| Total Trade payables | 132,593 | 139,121 | (6,528) |
| Other current liabilities | 34,124 | 33,091 | 1,033 |
| Accrued liabilities and deferred income - current | 21,018 | 18,354 | 2,664 |
| Accrued liabilities and deferred income - non-current | 19,679 | 18,286 | 1,393 |
| Total Other payables - accrued liabilities and deferred income | 74,821 | 69,731 | 5,090 |
| Less: non-current portion | 19,679 | 18,286 | 1,393 |
| Current portion | 187,735 | 190,566 | (2,831) |
Trade payables amounted to €132,593 thousand, decreasing by €6,528 thousand compared to the previous year.
| 30.06.2022 | 31.12.2021 | Change | |
|---|---|---|---|
| Payables to employees | 22,027 | 20,402 | 1,625 |
| Payables to pension and social security | 6,901 | 7,028 | (127) |
| Other payables | 2,183 | 2,525 | (342) |
| VAT payables | 3,013 | 3,136 | (123) |
| Total | 34,124 | 33,091 | 1,033 |
The item "Other current liabilities", amounting to €34,124 thousand as of June 30, 2022, is mainly represented by "Payables to employees" for the fixed and variable component of remuneration, for holidays, as well as the related "Payables to pension and social security" for the related social security contributions. The change in the period is mainly attributable to unused holiday entitlements and currency exchange effects.
The item "Accrued liabilities and deferred income", amounting to €40,697 thousand as of June 30, 2022 is mainly composed of deferred revenues related to the Ease of Care multi-year maintenance contracts. The increase for the year of €4,057 thousand (€36,640 thousand as of December 31, 2021) is due to the execution of new contracts especially related to American companies.
Revenues divided by type are shown in the following table:
| 30.06.2022 | 30.06.2021 Restated |
Change | |
|---|---|---|---|
| Revenues from sale of products | 292,971 | 271,477 | 21,494 |
| Revenues from services | 21,628 | 18,599 | 3,029 |
| Total Revenues | 314,599 | 290,076 | 24,523 |
As of June 30, 2022, consolidated net revenues amounted to €314,599 thousand, with a growth of 8.5% compared with €290,076 thousand in the same period of 2021. The Group's revenues, classified by recognition method and business segment, are broken down as follows:
| Revenues broken down by recognition method | Datalogic | Informatics | Adjustments | 30.06.2022 |
|---|---|---|---|---|
| Revenues from sale of goods and services - point in time | 275,958 | 5,142 | (569) | 280,531 |
| Revenues from sale of goods and services - over the time | 30,697 | 3,371 | - | 34,068 |
| Total | 306,655 | 8,513 | (569) | 314,599 |
| Revenues broken down by recognition method | Datalogic | Informatics | Adjustments | 30.06.2021 Restated |
| Revenues from sale of goods and services - point in time | 256,354 | 6,480 | (428) | 262,407 |
| Revenues from sale of goods and services - over the time | 25,173 | 2,496 | - | 27,669 |
The Group recognises revenues from the sale of goods and services in a specific moment, i.e. when the control of the assets has been transferred to the customer, generally upon delivery of the goods or the rendering of the service. Revenue is recognised over time instead, based on the stage of completion of the contractual obligations, when the service does not create an asset that has an alternative use for the Group and the Group has the right to payment of the completed service until the date in question.
| Revenues broken down by type | Datalogic | Informatics | Adjustments | 30.06.2022 |
|---|---|---|---|---|
| Sale of goods | 288,720 | 4,820 | (569) | 292,971 |
| Sale of services | 17,935 | 3,693 | - | 21,628 |
| Total | 306,655 | 8,513 | (569) | 314,599 |
| Revenues broken down by type | Datalogic | Informatics | Adjustments | 30.06.2021 Restated |
| Sale of goods | 265,765 | 6,140 | (428) | 271,477 |
| Sale of services | 15,763 | 2,836 | - | 18,599 |
| Total | 281,528 | 8,976 | (428) | 290,076 |
The following table shows the trends in cost of goods sold and operating costs as of June 30, 2022, compared with the same period of the previous year, including non-recurring costs and expenses.
| 30.06.2022 | 30.06.2021 | Change | |
|---|---|---|---|
| Restated | |||
| Cost of goods sold | 184,497 | 156,524 | 27,973 |
| Operating expenses | 115,195 | 106,570 | 8,625 |
| Research and development expenses | 30,638 | 29,113 | 1,525 |
| Distribution expenses | 54,573 | 48,867 | 5,706 |
| General and administrative expenses | 28,902 | 27,113 | 1,789 |
| Other operating expenses | 1,083 | 1,477 | (394) |
| Total | 299,692 | 263,094 | 36,598 |
Cost of goods sold as of June 30, 2022 amounted to €184,497 thousand with a change for the period of 17.9% following the increase in volumes particularly in the second quarter of the year. The incidence on turnover increased from 54.0% to 58.6%, as a result of inflationary phenomena that progressively led to a higher cost of supply of materials and components, as well as the increase in transportation and logistics costs.
Operating expenses, amounting to €115,195 thousand, increased by €8,625 thousand (+8.1%) in the period compared to the same period in 2021, with the incidence on turnover substantially unchanged from 36.7% to 36.6%.
"Research and development expenses", which amounted to €30,638 thousand as of June 30, 2022, showed an increase of €1,525 thousand compared with the same period of the previous year, accounting for 9.7% of turnover (10.0% during the first half of the previous year). The increase in the period is mainly attributable to technical consulting services due to ongoing development projects and amortisation of intangible assets arising from acquisitions.
"Distribution expenses" amounted to €54,573 thousand, increasing compared to the same period of 2021 by €5,706 thousand (+11.7%). The incidence on turnover increased from 16.8% to 17.3%, with the increase for the period driven particularly by marketing expenses, business travel and visits to customers, trade fairs and commercial events, which were still contained in the same period of the previous year due to the pandemic. Expenses for installation services in the T&L segment and logistics and shipping costs also increased.
"General and administrative expenses" amounted to €28,902 thousand as of June 30, 2022, an increase of €1,789 thousand compared with the same half of 2021, with an improvement of the incidence on turnover from 9.3% to 9.2%.
"Other operating expenses", amounting to €1,083 thousand, decreased compared to the same period of the previous year and primarily consist of non-income taxes and duties and other operating costs.
The following table provides the details of total costs (cost of goods sold and total operating costs) by nature:
| 30.06.2022 | 06.30.20201 | Change | |
|---|---|---|---|
| Restated | |||
| Purchases | 145,710 | 148,687 | (2,977) |
| Change in inventories | (8,090) | (32,966) | 24,876 |
| Personnel costs | 90,923 | 87,685 | 3,238 |
| Amortisation, depreciation and write-downs | 17,524 | 15,935 | 1,589 |
| Goods receipt and shipment expenses | 17,488 | 15,241 | 2,247 |
| Consumables and R&D material | 3,732 | 3,219 | 513 |
| Travel and meetings expenses | 3,541 | 1,593 | 1,948 |
| EDP expenses | 3,323 | 2,576 | 747 |
| Legal, tax and other advisory consultancies | 2,632 | 3,679 | (1,047) |
| Marketing expenses | 2,224 | 1,102 | 1,122 |
| R&D technical consultancies | 2,027 | 1,123 | 904 |
| Utilities | 1,934 | 1,036 | 898 |
| Royalties | 1,555 | 1,461 | 94 |
| Directors' remuneration | 1,173 | 1,070 | 103 |
| Building expenses | 1,125 | 1,150 | (25) |
| Installations | 1,008 | 320 | 688 |
| Repairs and warranty provision accrual | 999 | 1,294 | (295) |
| Telephone expenses | 946 | 883 | 63 |
| Commissions | 887 | 779 | 108 |
| Expenses for plant and machinery and other assets | 880 | 724 | 156 |
| Recruitment Fees | 857 | 517 | 340 |
| Sundry service costs | 839 | 811 | 28 |
| Repairs not under warranty | 716 | 508 | 208 |
| Quality certification expenses | 664 | 664 | - |
| Vehicle expenses | 586 | 410 | 176 |
| Insurance | 569 | 449 | 120 |
| Audit Fees | 548 | 525 | 23 |
| Subcontracted work | 403 | 510 | (107) |
| Entertainment expenses | 297 | 184 | 113 |
| Others | 2,672 | 1,925 | 747 |
| Total Cost of goods sold and operating costs | 299,692 | 263,094 | 36,598 |
Costs for purchases and changes in inventories are up €21,899 thousand (+18.9%) compared to the same period in 2021. The incidence on turnover is 43.7%, up from the first half of 2021 when it was 39.9%, due to the increase in material and procurement costs.
Personnel costs, amounting to €90,923 thousand (€87,685 thousand in the first half of 2021) show a change of €3,238 thousand compared to the previous year (+3.7%), although improving in terms of incidence on turnover, they are down by 1.3 basis points compared to the same period in 2021, from 30.2% to 28.9%. The change in the period is attributable to the change in the consolidation area of approximately €1,600 thousand, as well as to foreign exchange effects, offset by a lower impact of the variable compensation component. The detailed breakdown of personnel costs is as follows:
| 30.06.2022 | 30.06.2021 | Change | |
|---|---|---|---|
| Wages and salaries | 70,454 | 67,637 | 2,817 |
| Social security charges | 14,433 | 13,847 | 586 |
| Post-employment benefits | 1,375 | 1,353 | 22 |
| Severance indemnities and similar benefits | 1,003 | 835 | 168 |
| Other labour costs | 3,658 | 4,013 | (355) |
| Total | 90,923 | 87,685 | 3,238 |
The item "amortisation, depreciation and write-downs", amounting to €17,524 thousand, increased by €1,589 thousand, due to the higher investments made in recent years as well as the change in consolidation area and the amortisation of intangible assets recognised as a result of purchase price allocations.
"Goods receipt and shipment expenses", equal to €17,488 thousand, increased by €2,247 thousand compared to the same period of the previous year. The incidence on turnover was 5.6% (5.3% in the first half of 2021). The performance can be attributed to the increase of transportation and logistics expenses in the current economic environment.
"Travel and meeting expenses" and "Marketing expenses", respectively €3,541 thousand and €2,224 thousand, are increased overall by €3,070 thousand compared to the same period of the previous year, following the resumption of site visits to customers, events and trade fairs, suspended for most of 2021 due to the pandemic.
"Utilities", equal to €1,934 thousand, up by €898 thousand compared to the same period of the previous year, reflect the increase in the cost of energy caused by inflationary phenomena.
"Consumables and R&D material", "R&D technical consultancies," overall increased by €1,417 thousand compared to the same period of the previous year in relation to the development of ongoing R&D projects.
As of June 30, 2022, "Other revenues" amounted to €719 thousand, in line with the same period of the previous year and is mainly represented by indemnities and reimbursements. Below is the breakdown of other revenues:
| 30.06.2022 | 30.06.2021 | Change | |
|---|---|---|---|
| Grants to Research and Development expenses | 8 | 49 | (41) |
| Miscellaneous income and revenues | 601 | 510 | 91 |
| Rents | 51 | 13 | 38 |
| Income on disposal of fixed assets | 13 | 79 | (66) |
| Contingent assets | 22 | 28 | (6) |
| Others | 24 | 32 | (8) |
| Total | 719 | 711 | 8 |
| 30.06.2022 | 30.06.2021 | Change | |
|---|---|---|---|
| Financial income/(expenses) | (857) | (908) | 51 |
| Foreign exchange differences | (3,294) | 977 | (4,271) |
| Fair Value investments | (88) | 102 | (190) |
| Bank expenses | (571) | (608) | 37 |
| Dividends | 177 | 114 | 63 |
| Others | 101 | (34) | 135 |
| Total Net Financial income/(expenses) | (4,532) | (357) | (4,175) |
Net financial income/(Expenses) was negative by €4,532 thousand, worsening by €4,175 thousand compared to the same period in the previous year, the change in the period is mainly determined by the unfavourable trend in currency exchange differences due to the appreciation of the US dollar against the euro.
Taxes as of June 30, 2022 amounted at€1,997 thousand, with a Tax Rate of 18%, compared with 15.3% recorded in the first half of 2021 as shown below.
| 30.06.2022 | 30.06.2021 | Change | |
|---|---|---|---|
| Restated | |||
| Profit/(Loss) before taxes | 11,094 | 27,336 | -16,242 |
| Tax income (expenses) - for current taxes | 1,217 | 13,220 | -12,003 |
| Tax income (expenses) - for deferred and advance taxes | 780 | (9,052) | 9,832 |
| Total Taxes | 1,997 | 4,168 | -2,171 |
| Tax rate | 18.0% | 15.3% | 2.8% |
The tax rate as of June 30, 2022 reflects the annual effective tax rate expected for the entire financial year.
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 profit and/or loss for the period, attributable to the Shareholders of the Parent Company, by the weighted average number of ordinary shares outstanding during the reference period. For the purposes of calculation of diluted EPS, the weighted average number of outstanding shares is determined assuming translation of all potential shares with a dilutive effect (such as the stock-based incentive plan), and the Group's net profit is adjusted for the post-tax effects of translation.
| 30.06.2022 | 30.06.2021 | |
|---|---|---|
| Restated | ||
| Group profit/(loss) for the period | 9,097 | 23,168 |
| Average number of shares (thousands) | 56,451 | 57,904 |
| Basic earnings/(loss) per share | 0.16 | 0.40 |
| Group profit/(loss) for the period | 9,097 | 23,168 |
| Average number of shares (thousands) - Diluted effect | 56,451 | 58,644 |
| Diluted earnings/(loss) per share | 0.16 | 0.40 |
For the definition of "Related parties", see both IAS 24, approved by EC Regulation no. 1725/2003, and the Procedure for Transactions with Related Parties approved by the Board of Directors on November 4, 2010 (most recently amended on June 23, 2021), available on the Company's website www.datalogic.com. The parent company of the Datalogic Group is Hydra S.p.A.
Intercompany transactions are executed as part of the ordinary operations and at arm's length conditions. Furthermore, there are other relationships with related parties, always carried out as part of ordinary operations and at arm's length conditions, of an immaterial amount and in accordance with the "Procedure for Transactions with Related Parties", chiefly with Hydra S.p.A. or entities under joint control (with Datalogic S.p.A.), or with individuals that carry out the coordination and management of Datalogic S.p.A. (including entities controlled by the same and close relatives).
Related-party transactions refer chiefly to commercial and real estate transactions (instrumental and non-instrumental premises for the Group under lease or leased) and advisory activities as well as to companies joining the scope of tax consolidation. None of these assumes particular economic or strategic importance for the Group since receivables, payables, revenues and costs referred to the related parties are not a significant proportion of the total amount of the financial statements.
Pursuant to Art. 5, paragraph 8, of the Consob Regulations, it should be noted that, over the period 01.01.2022 – 30.06.2022, the Company's Board of Directors did not approve any relevant transaction, as set out by Art. 3, paragraph 1, letter b) of the Consob Regulations, or any transaction with minority related parties that had a significant impact on the Group's equity position or profit/(loss).
| Parent Company |
Company controlled by Chair of B.o.D. |
Companies not consolidated on a line-by line basis |
30.06.2022 | |
|---|---|---|---|---|
| Equity investments | - | - | 460 | 460 |
| Trade receivables and other, accrued income, prepaid expenses | - | 9 | 2,804 | 2,813 |
| Receivables pursuant to tax consolidation | 1,807 | - | - | 1,807 |
| Financial receivables | - | - | - | - |
| Payables pursuant to tax consolidation | 3,450 | - | - | 3,450 |
| Trade payables and other, accrued liabilities, deferred income | - | - | 72 | 72 |
| Financial payables | - | - | - | - |
| Commercial and service costs | 90 | 581 | 29 | 700 |
| Revenues and other operating revenues | - | - | 6,058 | 6,058 |
| Other revenues | - | - | 65 | 65 |
| 30.06.2022 | 30.06.2021 | Change | |
|---|---|---|---|
| Datalogic | 2,946 | 2,929 | 17 |
| Informatics | 70 | 75 | (5) |
| Total | 3,016 | 3,004 | 12 |
The Chairman of the Board of Directors (Mr Romano Volta)
Lippo di Calderara di Reno, August 4, 2022
Chief Executive Officer
Valentina Volta
Manager in charge of drawing up the accounting statements
Alessandro D'Aniello
The Consolidated Half-Year Financial Report includes interim reports of the Parent Company and the companies that are directly and/or indirectly controlled by the Parent Company or on which the latter has a significant influence. Reports of subsidiaries were duly adjusted, as necessary, to render them consistent with the accounting criteria of the Parent Company. The companies included in the consolidation area as of June 30, 2022, consolidated on a line-by-line basis, are disclosed hereunder:
| Company | Registered office | Share capital | Total Shareholders' Equity (€/000) |
Profit/loss for the period (€/000) |
% Ownership |
|
|---|---|---|---|---|---|---|
| Datalogic S.p.A. | Bologna – Italy | € | 30,392,175 | 358,741 | 28,185 | |
| Datalogic Real Estate France Sas | Courtabeuf Cedex – France |
€ | 2,227,500 | 3,893 | 59 | 100% |
| Datalogic Real Estate UK Ltd. | Redbourn - United Kingdom of Great Britain |
GBP | 3,500,000 | 4,688 | 29 | 100% |
| Datalogic IP Tech S.r.l. | Bologna – Italy | € | 65,677 | 36,224 | (1,251) | 100% |
| Informatics Holdings, Inc. | Plano, Texas - USA | USD | 1,568 | 19,219 | 792 | 100% |
| Wasp Barcode Technologies Ltd | Redbourn - United Kingdom of Great Britain |
GBP | 0 | 254 | 13 | 100% |
| Datalogic (Shenzhen) Industrial Automation Co. Ltd. |
Shenzhen - China | CNY | 2,136,696 | 5,522 | 806 | 100% |
| Datalogic Hungary Kft | Balatonboglar - Hungary | HUF | 3,000,000 | (3,198) | (4,948) | 100% |
| Datalogic S.r.l. | Bologna – Italy | € | 10,000,000 | 150,240 | 8,082 | 100% |
| Datalogic Slovakia S.r.o. | Trnava - Slovakia | € | 66,388 | 2,176 | 629 | 100% |
| Datalogic USA Inc. | Eugene, OR - USA | USD | 100 | 247,655 | 3,357 | 100% |
| Datalogic do Brazil Comercio de Equipamentos e Automacao Ltda. |
Sao Paulo - Brazil | BRL | 20,257,000 | 444 | 102 | 100% |
| Datalogic Technologia de Mexico S.r.l. |
Colonia Cuauhtemoc - Mexico |
MXN | 0 | (396) | (9) | 100% |
| Datalogic Scanning Eastern Europe GmbH |
Langen - Germany | € | 25,000 | 3,995 | 38 | 100% |
| Datalogic Australia Pty Ltd | Mount Waverley (Melbourne) - Australia |
AUD | 3,188,120 | 1,398 | 77 | 100% |
| Datalogic Vietnam LLC | Vietnam | USD | 3,000,000 | 26,639 | 3,359 | 100% |
| Datalogic Singapore Asia Pacific Pte Ltd. |
Singapore | SGD | 3 | 3,434 | 255 | 100% |
| Datasensing S.r.l. | Modena - Italy | € | 2,500,000 | 17,812 | 998 | 100% |
| M.D. Micro Detectors (TIANJIN) CO., LTD. |
Tianjin - China | CNY | 13,049,982 | 1,310 | (32) | 100% |
| Micro Detectors Ibérica, S.A.U. | Barcelona - Spain | € | 120,000 | 1,564 | 399 | 100% |
| Datalogic Japan Co., Ltd. | Tokyo - Japan | JPY | 9,900,000 | 25 | (48) | 100% |
| PEKAT s.r.o. | Brno - Czech Republic | CKZ | 202,000 | 27 | (194) | 100% |
| Suzhou Mobydata Smart System Co. Ltd. |
Suzhou, JiangSu - China | CNY | 161,224 | 6,810 | 519 | 51% |
| Company | Registered office | Share capital | Total Shareholders' Equity (€/000) |
Profit/loss for the period (€/000) |
% Ownership |
|
|---|---|---|---|---|---|---|
| Datasensor Gmbh (*) | Otterfing - Germany | € | 150,000 | 1 | 10 | 30% |
| CAEN RFID S.r.l. (***) | Viareggio LU - Italy | € | 150,000 | 756 | (114) | 20% |
| R4I S.r.l. (***) | Benevento - Italy | € | 131,250 | 279 | (108) | 20% |
| Datalogic Automation AB (**) | Malmö, Sweden | SEK | 100,000 | 1,273 | 500 | 20% |
(*) data as of December 31, 2020
(**) data as of June 30, 2021
(***) data as of December 31, 2021
The following table shows the reconciliation between EBIT and Adjusted EBIT as of June 30, 2022 compared with June 30, 2021:
| 30.06.2022 | 30.06.2021 Restated |
Change | |||
|---|---|---|---|---|---|
| Adjusted EBIT | 19,218 | 6.11% | 33,393 | 11.44% | (14,175) |
| Special Items - Other expenses and (income) | 1,112 | 0.35% | 3,212 | 1.10% | (2,100) |
| Special Items - D&A from acquisitions | 2,480 | 0.79% | 2,488 | 0.85% | (8) |
| Total | 3,592 | 1.14% | 5,700 | 1.95% | (2,108) |
| EBIT | 15,626 | 5.0% | 27,693 | 9.5% | (12,067) |
The following table shows the reconciliation between the EBITDA and the Adjusted EBITDA as of June 30, 2022, compared with June 30, 2021.
| 30.06.2022 | 30.06.2021 Restated |
Change | |||
|---|---|---|---|---|---|
| Adjusted EBITDA | 34,256 | 10.89% | 46,840 | 16.15% | (12,584) |
| Cost of goods sold | 37 | 0.01% | 140 | 0.05% | (103) |
| Research and Development expenses | - | 0.00% | 779 | 0.27% | (779) |
| Distribution expenses | 452 | 0.14% | 630 | 0.22% | (178) |
| General and administrative expenses | 623 | 0.20% | 1,567 | 0.54% | (944) |
| Other (expenses) and income | - | 0.00% | 97 | 0.03% | (97) |
| Total | 1,112 | 0.35% | 3,212 | 1.11% | (2,100) |
| EBITDA | 33,144 | 10.54% | 43,628 | 15.04% | (10,484) |
The alternative performance indicators previously illustrated are adjusted for income components arising from nonrecurring events or transactions, restructuring activities, business reorganisation, write-downs of fixed assets, ancillary expenses related to acquisitions of businesses or companies or their disposals including amortisation resulting from the recognition of the purchase price allocation, any other event not representative of normal business activities.
The comparative results as of June 30, 2021 have been restated following the definitive accounting of the purchase price allocation (PPA) related to the acquisition of the MD Group which took place in the fourth quarter of 2021, as required by the accounting standards IFRS 3 revised and IAS 1, as well as the reclassifications of some balance sheet items in order to ensure full comparability of the 2021 results with those of 2022.
The table below shows the reconciliation between the Income Statement presented in the Half-Year Financial Report as of June 30, 2021 and the Income Statement restated at the same date.
| 30.06.2021 | Restatement | 30.06.2021 | |
|---|---|---|---|
| (€/000) | Restated | ||
| 1) Revenues | 292,010 | (1,934) | 290,076 |
| Revenues from sale of products | 273,411 | (1,934) | 271,477 |
| Revenues from services | 18,599 | - | 18,599 |
| 2) Cost of goods sold | 158,458 | (1,934) | 156,524 |
| Gross Operating Margin (1-2) | 133,552 | - | 133,552 |
| 3) Other revenues | 711 | - | 711 |
| 4) Research and development expenses | 28,909 | 204 | 29,113 |
| 5) Distribution expenses | 48,567 | 300 | 48,867 |
| 6) General and administrative expenses | 27,094 | 19 | 27,113 |
| 7) Other operating expenses | 1,477 | - | 1,477 |
| Total operating costs | 106,047 | 523 | 106,570 |
| Operating result | 28,216 | (523) | 27,693 |
| 8) Financial income | 9,684 | - | 9,684 |
| 9) Financial expenses | 10,041 | - | 10,041 |
| Financial income/(expenses) (8-9) | (357) | - | (357) |
| Profit/(Loss) before taxes from continuing operations | 27,859 | (523) | 27,336 |
| Income taxes | 4,325 | (157) | 4,168 |
| Profit/(Loss) for the period from continuing operations | 23,534 | (366) | 23,168 |
| Net Profit/(Loss) for the period | 23,534 | (366) | 23,168 |
| Basic earnings/(loss) per share (€) | 0.41 | (0.01) | 0.40 |
| Diluted earnings/(loss) per share (€) | 0.40 | - | 0.40 |
| Attributable to: | |||
| Shareholders of the Parent Company | 23,164 | (360) | 22,804 |
| Minority interests | 370 | (6) | 364 |
| 30.06.2021 | Restatement | 30.06.2021 | |
|---|---|---|---|
| Restated | |||
| Italy | 29,121 | 181 | 29,302 |
| EMEAI (excluding Italy) | 133,698 | (1,904) | 131,794 |
| Total EMEAI | 162,819 | (1,722) | 161,096 |
| Americas | 85,637 | (354) | 85,282 |
| APAC | 43,555 | 142 | 43,697 |
| Total Revenues | 292,010 | (1,934) | 290,076 |
| 30.06.2021 | Restatement | 30.06.2021 | |
|---|---|---|---|
| Restated | |||
| Retail | 101,769 | 317 | 102,086 |
| Manufacturing | 76,206 | 1,442 | 77,648 |
| Transportation & Logistics | 39,099 | (165) | 38,934 |
| Healthcare | 7,966 | 1,153 | 9,119 |
| Channel | 58,420 | (4,679) | 53,741 |
| Total Revenues | 283,460 | (1,932) | 281,528 |
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