Quarterly Report • Nov 9, 2023
Quarterly Report
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| Informazione Regolamentata n. 0508-30-2023 |
Data/Ora Inizio Diffusione 09 Novembre 2023 17:45:46 |
Euronext Star Milan | |||||
|---|---|---|---|---|---|---|---|
| Societa' | : | DATALOGIC | |||||
| Identificativo Informazione Regolamentata |
: | 183127 | |||||
| Nome utilizzatore | : | DATALOGICN01 - Colucci | |||||
| Tipologia | : | 2.4; REGEM; 2.2 | |||||
| Data/Ora Ricezione | : | 09 Novembre 2023 17:45:44 | |||||
| Data/Ora Inizio Diffusione |
: | 09 Novembre 2023 17:45:46 | |||||
| Oggetto | : | Interim Report at September 30, 2023 | Board of Directors approves Consolidated | ||||
| Testo del comunicato |
Vedi allegato.
Bologna, November 9, 2023 - The Board of Directors of Datalogic S.p.A. (Borsa Italiana S.p.A.: DAL), listed in the Euronext STAR Milan Segment of the Italian Stock Exchange organised and managed by Borsa Italiana S.p.A. and global leader in the automatic data capture and industrial automation segments, today approved the Consolidated Interim Report at September 30, 2023.
In the words of Datalogic Group CEO Valentina Volta: "Despite a macroeconomic and market context significantly weakened, our industrial margins and ability to generate operational cash remain strong.
Demand continues to pose difficulties. All of the Group's main end markets are still feeling the effects of lower investment, leading to fewer orders and uncertain prospects for recovery. In the fourth quarter, we expect business conditions and revenue levels to remain largely unchanged from the previous quarter.
Amidst great uncertainty, the Group remains committed to advancing both its innovation and business strategy. We aim to be ready with increasingly innovative solutions for our customers as markets level out, projected starting from the latter part of 2024. In order to alleviate the short-term impacts of declining volumes on profitability, we also continue to focus on constant efficiency and cost optimization actions".
| 30.09.2023 | % on | 30.09.2022 | % on | Change | % chg. | % chg. | |
|---|---|---|---|---|---|---|---|
| Revenue | Restated | Revenue | net FX | ||||
| Revenue | 417,025 | 100.0% | 476,496 | 100.0% | (59,471) | -12.5% | -11.6% |
| Adjusted EBITDA | 43,297 | 10.4% | 56,288 | 11.8% | (12,991) | -23.1% | -22.8% |
| Adjusted EBIT | 19,465 | 4.7% | 33,263 | 7.0% | (13,798) | -41.5% | -41.4% |
| EBIT | 13,632 | 3.3% | 27,460 | 5.8% | (13,828) | -50.4% | -50.2% |
| Profit/(Loss) for the period | 10,754 | 2.6% | 15,327 | 3.2% | (4,573) | -29.8% | -29.6% |
| Net financial position (NFP) | (44,172) | (83,640) | 39,468 |
Consolidated revenue amounted to €417.0 million at September 30, 2023, down by 12.5% versus €476.5 million in first nine months 2022, with declines affecting all geographical areas.
Gross Operating Margin, amounting to €177.1 million versus €192.3 million at September 30, 2022, improved as a percentage of sales, standing at 42.5% versus 40.4% in the same period of 2022, thanks to the positive trend in price and mix effect and industrial efficiencies, which offset the negative impact of reduced sales.
Operating costs and other expense amounted to €157.6 million (€159.1 million at September 30, 2022); while decreasing in absolute value, they increased in terms of their percentage of sales from 33.4% to 37.8%, especially on research and development and distribution expense.
Research and Development expense, amounting to €45.9 million, increased by 1.9% versus September 30, 2022. Total monetary costs in R&D, before capitalisation of internal costs and without amortisation and depreciation (R&D Cash Out), amounted to €46.8 million (€46.4 million in the same period of the prior year), with a percentage of sales of 11.2% (9.7% in first nine months 2022).
Distribution expense amounted to €72.8 million, slightly higher than in first nine months 2022 (€72.5 million in the same period of 2022), with the percentage of revenue increasing to 17.5% from 15.2% in the same period of 2022.
Administrative and General Expense amounted to €38.6 million at September 30, 2023, down by 5.9% versus first nine months 2022, and up as a percentage of sales from 8.6% to 9.2%.
Adjusted EBITDA came to €43.3 million, with an Adjusted EBITDA margin at 10.4% of sales, decreasing by 1.4% from 11.8% recorded in first nine months 2022, due to the higher impact of operating costs as a result of the reduction in sales, partly offset by the improvement in the gross contribution margin.
Adjusted EBIT stood at 4.7% of revenue and amounted to €19.5 million (€33.3 million at September 30, 2022).
Net financials closed with a negative €0.7 million, improving by €8.1 million versus September 30, 2022, thanks to favourable exchange rate differences in the current period and the income from the disposal of the 15% minority interest still held in Solution Net Systems LLC (SNS).
Net profit for the period amounted to €10.7 million, or 2.6% of revenue (€15.3 million at September 30, 2022, or 3.2% of revenue).
Net Trade Working Capital at September 30, 2023 amounted to €92.4 million and decreased by €16.7 million versus December 31, 2022, with the percentage of sales decreasing from 16.7% at December 31, 2022 to 15.5% at September
30, 2023. The change in the period is affected by a decrease in trade receivables of €36.9 million and a decrease in inventory of €5.8 million, offset by a decrease in trade payables of €26.1 million.
Net Invested Capital, at €478.2 million (€493.6 million at December 31, 2022), shows an overall decrease of €15.4 million, of which €6.7 million on Net Working Capital and €10.5 million on Fixed Capital.
Net Financial Debt at September 30, 2023 stood at €44.2 million, an improvement of €39.5 million versus September 30, 2022, and a deterioration of €2.2 million versus December 31, 2022.
The breakdown by geographical area of Group revenue for the period, versus the same period of the prior year, is shown in the table below:
| 30.09.2023 | % | 30.09.2022 | % | Change | % chg. | % chg. net FX |
|
|---|---|---|---|---|---|---|---|
| Italy | 42,793 | 10.3% | 46,690 | 9.8% | (3,896) | -8.3% | -8.3% |
| EMEAI (excluding Italy) | 184,563 | 44.3% | 209,494 | 44.0% | (24,931) | -11.9% | -11.7% |
| Total EMEAI | 227,356 | 54.5% | 256,183 | 53.8% | (28,827) | -11.3% | -11.1% |
| Americas | 134,890 | 32.3% | 147,110 | 30.9% | (12,220) | -8.3% | -7.6% |
| APAC | 54,779 | 13.1% | 73,203 | 15.4% | (18,424) | -25.2% | -21.2% |
| Total revenue | 417,025 | 100.0% | 476,496 | 100.0% | (59,471) | -12.5% | -11.6% |
EMEAI was down by 11.3% in first nine months 2023, with Italy dropping by 8.3%. Americas dropped by 8.3%, while APAC fell more sharply with a 25.2% decline versus the same period of 2022.
| 30.09.2023 | % | 30.09.2022 | % | Change | % chg. | % chg. net FX |
|
|---|---|---|---|---|---|---|---|
| Datalogic | 404,800 | 97.1% | 464,195 | 97.4% | (59,395) | -12.8% | -11.9% |
| Informatics | 12,634 | 3.0% | 13,734 | 2.9% | (1,100) | -8.0% | -7.2% |
| Intersegment adjustments | (409) | -0.1% | (1,433) | -0.3% | 1,024 | ||
| Total revenue | 417,025 | 100.0% | 476,496 | 100.0% | (59,471) | -12.5% | -11.6% |
| 30.09.2023 | % on | 30.09.2022 | % on | Change | % chg. | |
|---|---|---|---|---|---|---|
| Revenue | Revenue | |||||
| Datalogic | 40,998 | 10.1% | 54,717 | 11.8% | (13,719) | -25.1% |
| Informatics | 2,145 | 17.0% | 1,813 | 13.2% | 332 | 18.3% |
| Intersegment adjustments | 154 | (242) | 396 | |||
| Total Adjusted EBITDA | 43,297 | 10.4% | 56,288 | 11.8% | (12,991) | -23.1% |
The Datalogic division reported revenue from sales of €404.8 million at September 30, 2023, down by 12.8% versus the same period of 2022. The geographical area that most affected the decline was APAC, down by 25.2%, followed by EMEAI with an 11.3% decline, and Americas with a 9.0% decrease.
The division's adjusted EBITDA amounted to €41.0 million, equal to 10.1% of sales (11.8% at September 30, 2022).
To better align with its strategic goals and prioritize product and solution offerings, starting from the first quarter of the current year, Datalogic reviewed its operating model and introduced two new Market Segments, which feature distinct sales models, customers with varying purchasing needs, and different stakeholders: Data Capture and Industrial Automation.
Reflecting the new operating model, the revenue breakdown for the Datalogic Division is now presented by the new segments, in place of the previous breakdown by Industries:
| 30.09.2023 | % | 30.09.2022 | % | Change | % chg. | % chg. net | |
|---|---|---|---|---|---|---|---|
| FX | |||||||
| Data Capture | 250,426 | 61.9% | 288,249 | 62.1% | (37,823) | -13.1% | -12.3% |
| Industrial Automation | 154,374 | 38.1% | 175,946 | 37.9% | (21,572) | -12.3% | -11.2% |
| Total revenue | 404,800 | 100.0% | 464,195 | 100.0% | (59,395) | -12.8% | -11.9% |
The Data Capture segment, with 61.9% of divisional sales (62.1% at September 30, 2022), fell by 13.1% versus first nine months 2022, across all geographical areas.
The Industrial Automation segment declined by 12.3% in first nine months 2023, with decreases reported across all geographical areas, particularly in APAC, while EMEAI and Americas fell less.
The Informatics Division recorded sales of €12.6 million in first nine months 2023, down versus the same period of 2022.
The adjusted EBITDA margin in first nine months stood at 17.0%, improving by 3.8% versus 13.2% in the same period of the prior year.
| Quarter ended | |||||||
|---|---|---|---|---|---|---|---|
| 30.09.2023 | % on | 30.09.2022 | % on | Change | % chg. | % chg. | |
| Revenue | Restated | Revenue | net FX | ||||
| Revenue | 119,050 | 100.0% | 161,897 | 100.0% | (42,847) | -26.5% | -24.3% |
| Adjusted EBITDA | 10,286 | 8.6% | 22,032 | 13.6% | (11,746) | -53.3% | -57.6% |
| Adjusted EBIT | 2,511 | 2.1% | 14,045 | 8.7% | (11,534) | -82.1% | -89.5% |
| EBIT | 1,002 | 0.8% | 12,149 | 7.5% | (11,147) | -91.8% | -100.3% |
| Profit/(Loss) for the period | (1,367) | -1.1% | 6,485 | 4.0% | (7,852) | -121.1% | -137.2% |
In third quarter 2023, revenue decreased by €42.8 million in absolute terms and by 26.5% in percentage terms to €119.1 million.
The breakdown of Group revenue by geographical area in third quarter 2023 versus the same quarter of 2022 is shown below:
| Quarter ended | |||||||
|---|---|---|---|---|---|---|---|
| 30.09.2023 | % | 30.09.2022 | % | Variazione | Var. % | % chg. net | |
| FX | |||||||
| Italia | 12,123 | 10.2% | 14,962 | 9.2% | (2,839) | -19.0% | -19.0% |
| EMEAI (escluso Italia) | 51,226 | 43.0% | 70,874 | 43.8% | (19,648) | -27.7% | -26.7% |
| Totale EMEAI | 63,349 | 53.2% | 85,836 | 53.0% | (22,488) | -26.2% | -25.4% |
| Americas | 43,248 | 36.3% | 50,933 | 31.5% | (7,685) | -15.1% | -12.3% |
| APAC | 12,453 | 10.5% | 25,127 | 15.5% | (12,675) | -50.4% | -45.3% |
| Ricavi totali | 119,050 | 100.0% | 161,897 | 100.0% | (42,848) | -26.5% | -24.3% |
Sales in the third quarter dropped across all geographical areas, especially in APAC and EMEAI.
Adjusted EBITDA in the quarter came to €10.3 million (8.6% of revenue), down versus 13.6% recorded in third quarter 2022.
In the quarter, the Group posted a net loss of €1.4 million (-1.1% of sales) versus a profit of €6.5 million in third quarter 2022 (4.0% of sales).
On April 3, 2023, a transaction was finalized to transfer the 15% minority interest still held in Solution Net Systems LLC (SNS) by the subsidiary Datalogic USA Inc.
On July 1, 2023, Pietro Todescato, a key management personnel, left the Group due to age limit. Mr. Todescato will continue to serve as a director of Datalogic S.p.A.
Starting from the first quarter of the current year, to provide a clearer picture of Group performance, certain costs related mainly to installations, previously shown in distribution expense, have been classified in cost of goods sold; additionally, certain quality-related expense has been itemized and allocated based on the intended purpose. Comparative figures have been consistently restated; reference is made to the table in Annex 4 of this document for details of the amounts.
On April 27, 2023, the Shareholders' Meeting approved the Financial Statements at December 31, 2022, and reviewed the Group's Consolidated Financial Statements at December 31, 2022, and resolved to distribute an ordinary unit dividend, gross of tax, of 30 Euro cents per share, for a maximum total amount of €17.0 million.
The same Meeting also resolved to:
strategic responsibilities for the current year (2023) and for the portion of the following year (2024), until the date of approval of the Company's 2023 financial statements, with the explicit exclusion of compensation plans based on financial instruments approved by the Shareholders' Meeting, leaving to the discretion of the Board itself any decision regarding the allocation of the above maximum global amount among the different Directors;
The socio-political tensions that escalated into a conflict between Russia and Ukraine on February 24, 2022, the developments of which are unpredictable to date, have led Western countries to impose economic sanctions on Russia. The Group has no offices in the countries currently directly affected by the conflict, nor do they represent significant outlet or supply markets for it. The ongoing conflict has triggered inflationary pressure, which has persisted since last year and into 2023, impacting mainly energy and certain commodity prices, and contributing to market volatility, leading to an increase in interest rates.
The potential effects of this situation on the Group's income and financial results are constantly monitored.
Since the outbreak of the conflict and the adoption of sanctions by the EU against Russia, a cross-functional working group has been established to assess and ascertain (including monitoring of "Denied Parties"), from a technical point of view, which Datalogic products and which business partner relationships could potentially be subject to sanctions. Following entry into force of the ninth European sanctions package, the Group companies have suspended all sales and post-sales activities with Russia (trade with Belarus had already been blocked) and have implemented control systems in order to prevent business transactions with sanctioned countries.
Nothing to report.
The macroeconomic outlook for 2023 confirms a transition from a state of uncertainty to one marked by reduced investment and consumption. This is due to persistent inflationary pressure, restrictive monetary policies, and continued geopolitical tensions.
Demand continues to pose difficulties. All of the Group's main end markets are still feeling the effects of lower investment, leading to longer order times, while the trend of inventory reduction in distribution channels continues. In the fourth quarter, business conditions and revenue levels are expected to remain largely unchanged from the previous quarter.
Nevertheless, the Group remains committed to achieving medium- to long-term growth and continues to invest in research and development. The aim is to be ready with increasingly innovative products and solutions for its customers as markets level out, projected starting from the latter part of 2024. In an effort to alleviate the short-term impacts of declining volumes on profitability, the Group also continues to focus on constant efficiency and cost optimization actions.
The Company also announces the appointment today of an intermediary of primary standing to resume its treasury share buy-backs, in implementation of the shareholders' resolution authorizing the purchase and disposal of treasury shares on April 27, 2023. The resumption of the buy-back program confirms Management's confidence in the Group's medium-term prospects and financial strength.
To date, the Company holds 3,910,813 treasury shares, or 6.69% of the share capital and 4.06% of the voting rights, as it has adopted the so-called "increased voting rights system". The Company's subsidiaries do not own shares in the Company.
The buy-back, executed to retain shares for later use in accordance with the April 27, 2023 resolution, envisages the purchase of up to 889,187 shares and a term from November 10, 2023 to February 12, 2024. The maximum value of the shares that can be purchased under the buy-back may not exceed the amount of distributable profits and available reserves shown in the most recent duly approved financial statements.
The intermediary will coordinate and carry out the purchases in full independence, in compliance with contractually predefined parameters and criteria, as well as with the constraints of applicable regulations and the shareholders' resolution of April 27, 2023, to which reference should be made for further details. Purchases will be made on the Euronext Milan market of Borsa Italiana S.p.A., in compliance with Article 144-bis, paragraph 1, letter b) of CONSOB Regulation 11971/1999 and other applicable provisions, to ensure compliance with the equal treatment of shareholders pursuant to Article 132 of the TUF, as well as in accordance with the operating procedures established in the organization and management regulations of Borsa Italiana S.p.A..
The Interim Report at September 30, 2023 of Datalogic S.p.A. will be available at the Company's registered office, at Borsa Italiana S.p.A. (www.borsaitaliana.it), at the authorized storage mechanism "eMarket STORAGE", managed by Teleborsa S.r.l., and on the Company website www.datalogic.com (Investor Relations section) within the time limits of law.
***
***
The Manager responsible for the preparation of the Company's financial reports - Alessandro D'Aniello - declares, pursuant to paragraph 2 of Article 154-bis of the TUF, that the accounting information contained herein is consistent with the underlying accounting documents, books and records.
***
Additionally, this press release contains forward-looking statements concerning the Group's intentions, beliefs, or current expectations regarding the financial results and other aspects of the Group's activities and strategies. Readers
of this press release should not place undue reliance on these forward-looking statements as the final results could differ materially from those contained in said forecasts, due to a variety of factors, most of which beyond the Group's control.
***
The Datalogic Group has been a global technology leader in the automatic data capture and factory automation markets since 1972, specialised in the design and production of barcode readers, mobile computers, detection, measurement and safety sensors, machine vision and laser marking systems. Datalogic solutions help increase the efficiency and quality of processes in the Retail, Manufacturing, Transportation & Logistics, and Healthcare industries along the entire value chain.
The main global players in the four target industries use Datalogic products, confident of the customer attention and quality the Group has guaranteed for 50 years now.
Today the Datalogic Group, headquartered in Lippo di Calderara di Reno (Bologna, Italy), employs over 3,000 people worldwide, spread over 29 countries, with 11 manufacturing and repair facilities in the United States, Hungary, Slovakia, Italy, China, Vietnam and Australia, 11 R&D centres and 3 Datalogic Labs in Italy, the United States, Vietnam, the Czech Republic and China.
In 2022, Datalogic recorded sales of €654.6 million and invested over €62 million in Research & Development, with a portfolio of approximately 1,200 patents and patent applications.
Datalogic S.p.A. has been listed in the Euronext STAR Milan segment of the Italian Stock Exchange since 2001 as DAL.MI. Learn more about Datalogic at www.datalogic.com.
Datalogic and the Datalogic logo are registered trademarks of Datalogic S.p.A. in many countries, including the U.S.A. and the E.U.
DATALOGIC S.p.A. Investor Relations: Alessandro D'Aniello Tel. 051 31 47 011 [email protected]
Investor Relations Advisor CDR Communication S.r.l. Vincenza Colucci Tel. 051 31 47 011 - 3356909547 [email protected]
Management uses certain performance measures, not identified as accounting measures under IFRS (NON-GAAP measures), to provide a clearer picture of the Group's performance. The measurement criterion applied by the Group might not be the same as the one adopted by other Groups and the measures might not be comparable with theirs. These performance measures, determined according to provisions set out by the Guidelines on performance measures, issued by ESMA/2015/1415 and adopted by CONSOB with Communication no. 92543 of December 3, 2015, refer only to the performance in the period related to this Consolidated Interim Report and the comparison periods. The performance measures must be considered as supplementary and do not supersede the information provided under the IFRS standards. The main measures adopted are described below.
| 30.09.2023 | 30.09.2022 | Change | % chg. | |||
|---|---|---|---|---|---|---|
| Restated | ||||||
| Revenue | 417,025 | 100.0% | 476,496 | 100.0% | (59,471) | -12.5% |
| Cost of goods sold | (239,973) | -57.5% | (284,147) | -59.6% | 44,174 | -15.5% |
| Gross Operating Margin | 177,052 | 42.5% | 192,349 | 40.4% | (15,297) | -8.0% |
| Research and Development expense | (45,931) | -11.0% | (45,089) | -9.5% | (842) | 1.9% |
| Distribution expense | (72,833) | -17.5% | (72,466) | -15.2% | (367) | 0.5% |
| Administrative and General expense | (38,558) | -9.2% | (40,975) | -8.6% | 2,417 | -5.9% |
| Other (expense) income | (265) | -0.1% | (556) | -0.1% | 291 | -52.3% |
| Total operating costs and other expense | (157,587) | -37.8% | (159,086) | -33.4% | 1,499 | -0.9% |
| Adjusted EBIT | 19,465 | 4.7% | 33,263 | 7.0% | (13,798) | -41.5% |
| Special Items - Other (Expense) and Income | (2,277) | -0.5% | (1,777) | -0.4% | (500) | 28.1% |
| Special Items - D&A from acquisitions | (3,556) | -0.9% | (4,026) | -0.8% | 470 | -11.7% |
| EBIT | 13,632 | 3.3% | 27,460 | 5.8% | (13,828) | -50.4% |
| Financials | 1,542 | 0.4% | (2,109) | -0.4% | 3,651 | n.a. |
| Foreign exchange gains/(losses) | (2,219) | -0.5% | (6,667) | -1.4% | 4,448 | -66.7% |
| EBT | 12,955 | 3.1% | 18,684 | 3.9% | (5,729) | -30.7% |
| Tax | (2,201) | -0.5% | (3,357) | -0.7% | 1,156 | -34.4% |
| Profit/(Loss) for the period | 10,754 | 2.6% | 15,327 | 3.2% | (4,573) | -29.8% |
| EBIT | 13,632 | 3.3% | 27,460 | 5.8% | (13,828) | -50.4% |
| Special Items - Other (Expense) and Income | 2,277 | 0.5% | 1,777 | 0.4% | 500 | 28.1% |
| Special Items - D&A from acquisitions | 3,556 | 0.9% | 4,026 | 0.8% | (470) | -11.7% |
| Depreciation Tang. Fixed Assets and Rights of Use | 12,084 | 2.9% | 13,513 | 2.8% | (1,429) | -10.6% |
| Amortisation Intang. Fixed Assets | 11,748 | 2.8% | 9,512 | 2.0% | 2,236 | 23.5% |
| Adjusted EBITDA | 43,297 | 10.4% | 56,288 | 11.8% | (12,991) | -23.1% |
| 30.09.2023 | 31.12.2022 | Change | % chg. | |
|---|---|---|---|---|
| Intangible fixed assets | 89,742 | 91,971 | (2,229) | -2.4% |
| Goodwill | 213,137 | 212,043 | 1,094 | 0.5% |
| Tangible fixed assets | 107,298 | 114,557 | (7,259) | -6.3% |
| Financial assets and investments in associates | 8,148 | 8,679 | (531) | -6.1% |
| Other fixed assets | 55,373 | 56,975 | (1,602) | -2.8% |
| Fixed Assets | 473,698 | 484,225 | (10,527) | -2.2% |
| Trade receivables | 54,380 | 91,299 | (36,919) | -40.4% |
| Trade payables | (85,986) | (112,054) | 26,068 | -23.3% |
| Inventory | 123,989 | 129,824 | (5,835) | -4.5% |
| Net Trade Working Capital | 92,383 | 109,069 | (16,686) | -15.3% |
| Other current assets | 33,313 | 32,681 | 632 | 1.9% |
| Other liabilities and provisions for current risks | (62,229) | (71,605) | 9,376 | -13.1% |
| Net Working Capital | 63,467 | 70,145 | (6,678) | -9.5% |
| Other non-current liabilities | (48,031) | (49,440) | 1,409 | -2.8% |
| Post-employment benefits | (5,816) | (6,163) | 347 | -5.6% |
| Provisions for non-current risks | (5,155) | (5,193) | 38 | -0.7% |
| Net Invested Capital | 478,163 | 493,574 | (15,411) | -3.1% |
| Equity | (433,991) | (451,567) | 17,576 | -3.9% |
| Net financial position (NFP) | (44,172) | (42,007) | (2,165) | 5.2% |
| 30.09.2023 | 31.12.2022 | |
|---|---|---|
| A. Cash | 70,088 | 107,469 |
| B. Cash equivalents | - | 13 |
| C. Other current financial assets | - | - |
| D. Liquid assets (A) + (B) + (C) | 70,088 | 107,482 |
| E. Current financial debt | 5,816 | 36,612 |
| E1. of which lease payables | 3,978 | 4,164 |
| F. Current portion of non-current financial debt | 14,669 | 33,810 |
| G. Current Financial Debt (E) + (F) | 20,485 | 70,422 |
| H. Current Net Financial Debt (Financial Position) (G) - (D) | (49,603) | (37,060) |
| I. Non-current financial debt | 93,775 | 79,067 |
| I1. of which lease payables | 8,374 | 11,962 |
| J. Debt instruments | - | - |
| K. Trade and other non-current payables | - | - |
| L. Non-Current Financial Debt (I) + (J) + (K) | 93,775 | 79,067 |
| M. Total Net Financial Debt/(Net Financial Position) (H) + (L) | 44,172 | 42,007 |
| 30.09.2023 | 30.09.2022 | Change | |||
|---|---|---|---|---|---|
| Adjusted EBIT | 19,465 | 4.7% | 33,263 | 7.0% | (13,798) |
| Special Items - Other Expense and (Income) | 2,277 | 0.5% | 1,777 | 0.4% | 500 |
| Special Items - D&A from acquisitions | 3,556 | 0.8% | 4,026 | 0.8% | (470) |
| Total | 5,833 | 1.4% | 5,803 | 1.2% | 30 |
| EBIT | 13,632 | 3.3% | 27,460 | 5.8% | (13,828) |
Below is a reconciliation of EBIT and Adjusted EBIT at September 30, 2023 versus September 30, 2022.
Below is a reconciliation of EBITDA and Adjusted EBITDA at September 30, 2023 versus September 30, 2022.
| 30.09.2023 | 30.09.2022 | Change | |||
|---|---|---|---|---|---|
| Adjusted EBITDA | 43,297 | 10.4% | 56,288 | 11.81% | (12,991) |
| Cost of goods sold | 103 | 0.0% | 415 | 0.1% | (312) |
| Research and Development expense | 231 | 0.1% | - | 0.0% | 231 |
| Distribution expense | 414 | 0.1% | 632 | 0.1% | (218) |
| Administrative and General expense | 1,529 | 0.4% | 730 | 0.1% | 799 |
| Other (expense) income | - | 0.0% | - | 0.0% | - |
| Total | 2,277 | 0.5% | 1,777 | 0.4% | 500 |
| EBITDA | 41,020 | 9.8% | 54,511 | 11.4% | (13,491) |
Comparative results at September 30, 2023 have been restated following reclassifications of a number of items in order to ensure full comparability of 2022 results with those of 2023, as well as the purchase price allocation (PPA) related to the acquisition of Pekat S.r.o. on March 21, 2022, the final accounting for which took place in the fourth quarter of 2022, as prescribed by IFRS 3 revised and IAS 1.
| 30.09.2022 | Restatement | 30.09.2022 | |
|---|---|---|---|
| (Euro/000) | Restated | ||
| 1) Revenue | 476,496 | 476,496 | |
| Revenue from sale of products | 442,691 | 442,691 | |
| Revenue from services | 33,805 | 33,805 | |
| 2) Cost of goods sold | 275,930 | 8,632 | 284,562 |
| Gross contribution margin (1-2) | 200,566 | (8,632) | 191,934 |
| 3) Other revenue | 1,152 | 1,152 | |
| 4) Research and development expense | 46,140 | 39 | 46,179 |
| 5) Distribution expense | 82,980 | (9,207) | 73,773 |
| 6) Administrative and general expense | 42,798 | 1,168 | 43,966 |
| 7) Other operating expense | 1,708 | 1,708 | |
| Total operating costs | 173,626 | (8,000) | 165,626 |
| EBIT | 28,092 | (632) | 27,460 |
| 8) Financial income | 33,533 | 33,533 | |
| 9) Financial expense | 42,309 | 42,309 | |
| Financials (8-9) | (8,776) | (8,776) | |
| 10) Profits from associates | - | - | |
| Profit/(Loss) before tax from continuing operations | 19,316 | (632) | 18,684 |
| Income tax | 3,477 | (120) | 3,357 |
| Profit/(Loss) for the period | 15,839 | (512) | 15,327 |
| Basic earnings/(loss) per share (€) | 0.28 | (0.01) | 0.27 |
| Diluted earnings/(loss) per share (€) | 0.28 | (0.01) | 0.27 |
| Attributable to: | |||
| Shareholders of the Parent Company | 15,574 | 15,062 | |
| Non-controlling interests | 265 | 265 |
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