Earnings Release • Mar 10, 2022
Earnings Release
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Sant'Elpidio a Mare - March 10th, 2022
The Board of Directors approved the draft of 2021 Annual Report
Sales revenues: 883.8 million Euros EBITDA: 160.8 million Euros EBIT: 24.2 million Euros Profit before tax: 2,5 million Euros Group's Net Result: -5.9 million Euros
Net Financial Debt: 70.3 million Euros (excluding 448.6 million Euros of lease liabilities)
The Board of Directors of Tod's S.p.A., the Italian company listed on the Milan Stock Exchange and holding of the luxury goods group of the same name operating in luxury and quality shoes, accessories and apparel with the Tod's, Roger Vivier, Hogan and Fay brands, today approved the Group's preliminary sales results for the fiscal year 2021.
Diego Della Valle, Chairman and CEO of the Group, commented as follows:
"Our fiscal 2021's financial performance was very satisfactory and exceeded our expectations. Sales revenues grew by 39% compared to 2020 and returned close to pre-COVID levels, progressively improving quarter after quarter, particularly for Tod's and Roger Vivier. E-Commerce had an excellent performance, more than doubling revenues compared to 2019. Strong sales growth coupled with careful cost management in all business areas contributed to the material recovery of the Group's profitability.
Year-to-date sales trends in our stores are very good, confirming the growing appreciation of customers for both our brands and products. In addition, the Fall / Winter 2023's collections, presented during the last Fashion Week, have received an extremely positive appreciation from our customers, which translated in an excellent Fall/Winter sales campaign.
In addition to the overall management of our Group, we are very focused on the growth and positioning of our individual brands, in order to strengthen them more and more, by dedicating all the necessary investments to them.
The Group is involved in humanitarian efforts to support the people mostly affected by the ongoing war, with the hope that it will end soon.
Despite the international geo-political, economic and health uncertainties, we feel optimistic about 2022 and confident we can continue to build on a solid path of sales and profitability growth."
In the fiscal year 2021, consolidated sales were 883.8 million Euros, up 38.7% from 2020 and broadly close to the pre-pandemic level (-3.5% from 2019)1. During the year, sales recorded a progressive improvement compared to the previous year; in the fourth quarter alone, revenues amounted to 261.2 million euros, +41.6% compared to the fourth quarter of 2020 and +9.6% compared to the fourth quarter of 2019.
The above data are affected by the negative impact of exchange rates, particularly for the Tod's and Roger Vivier brands, which have the largest presence abroad; at constant exchange rates, i.e. using the same average exchange rates as in 2020, including the effects of hedging, the Group's revenues amounted to 886.8 million Euros (+39.2% compared to 2020 and -2.7%2 compared to 2019).
As already commented in the previous press releases, it is of little significance to make a comparison only with the sales results of 2020, which were heavily influenced by the Covid-19 pandemic; in the following tables we therefore also report the comparison, at constant exchange rates, with the data for the year 2019 and we refer particularly to the latter for comments.
| FY 2021 | % change | % change | |||||
|---|---|---|---|---|---|---|---|
| reported rates | 2020 constant rate |
FY 2020 | reported rates | 2020 constant rate |
vs 2019 at constant rates |
||
| Tod's | 428.3 | 430.7 | 297.5 | +44.0% | +44.8% | -6.2% | |
| Roger Vivier | 229.6 | 230.6 | 160.0 | +43.5% | +44.1% | +15.9% | |
| Hogan | 176.7 | 176.3 | 141.5 | +24.8% | +24.6% | -10.1% | |
| Fay | 48.2 | 48.2 | 37.6 | +28.4% | +28.4% | -14.5% | |
| other | 1.0 | 1.0 | 0.5 | n.m. | n.m. | n.s. | |
| TOTAL | 883,8 | 886.8 | 637,1 | +38,7% | +39,2% | -2,7% |
(million Euros)
1 In the comparison between the data of 2021 and those of 2019, it must be taken into account that in 2021, the average opening rate of stores was 91%, as a world average (a value which falls to 83% if reported to Europe alone). In 2020 this figure was 86% as a world average and 78% if reported to Europe alone. 2Calculated using 2019 average exchange rates.
The pandemic affected sales results in all geographic areas, product categories and on both distribution channels. The revenue trend of each brand reflects its geographical and channel mix.
The Tod's brand recorded a progressive and significant improvement in revenues during the year, confirming the strong appreciation by customers for the brand's new collections, both in shoes and in the new families of leather goods and accessories. This trend led the brand to record double-digit revenue growth in the fourth quarter of 2021 alone, compared to 2019, with positive trends in all geographic areas.
The Roger Vivier brand confirmed its excellent momentum, with revenues up compared to 2019 in many areas.
The sales figures of the Hogan and Fay brands were obviously affected by their greater exposure to the Italian and European markets and to the wholesale channel; we are however very satisfied with the excellent feedback from local customers.
| (million Euros) | ||||||
|---|---|---|---|---|---|---|
| FY 2021 | % change | % change | ||||
| reported rates | 2020 constant rate |
FY 2020 | reported rates | 2020 constant rate |
vs 2019 at constant rates |
|
| Shoes | 703.2 | 704.6 | 518.9 | +35.5% | +35.8% | -3.0% |
| Leather goods and accessories |
120.1 | 121.6 | 73.4 | +63.6% | +65.6% | +0.5% |
| Apparel | 59.5 | 59.6 | 44.3 | +34.5% | +34.6% | -4.9% |
| Other | 1.0 | 1.0 | 0.5 | n.m. | n.m. | n.s. |
| TOTAL | 883.8 | 886.8 | 637.1 | +38.7% | +39.2% | -2.7% |
All product categories recorded a significant and progressive improvement during the year.
In the fourth quarter of the year, revenues from leather goods and accessories grew at a solid double figure compared to the value of Q4 2019 and the value for the year returned above the levels of 2019; we are receiving excellent feedback on the new product families from customers worldwide.
The results of shoes in the retail channel are also very good, even if the overall figure for this category is affected by the rationalization of the wholesale channel.
(million Euros)
| FY 2021 | % change | % change | |||||
|---|---|---|---|---|---|---|---|
| reported rates | 2020 constant rate |
FY 2020 | reported rates | 2020 constant rate |
vs 2019 at constant rates |
||
| Italy | 217.2 | 217.3 | 163.7 | +32.7% | +32.7% | -16.6% | |
| Europe (excl. Italy) |
172.5 | 172.8 | 149.5 | +15.4% | +15.6% | -27.4% | |
| Americas (*) | 62.5 | 64.7 | 36.6 | +70.6% | +76.8% | -7.9% | |
| Greater China (**) |
313.4 | 310.5 | 196.5 | +59.5% | +58.0% | +45.8% | |
| Rest of World |
118.2 | 121.5 | 90.8 | +30.2% | +33.8% | -6.8% | |
| TOTAL | 883.8 | 886.8 | 637.1 | +38.7% | +39.2% | -2.7% |
(*) This line includes the whole American continent (Northern and Southern America).
(**) This line includes Mainland China, Hong Kong SAR, Macao SAR and Taiwan Region.
The analysis of the results by geographical area reflects the impact of the pandemic on the business of the various countries, both for the long periods of closure of the stores in 2020 and in the first months of 2021, and for the blocking of borders and the consequent drastic reduction in tourist flows, which resulted in the almost total absence of Asian tourists in the Western markets.
In the comparison between the different fiscal years, it must be taken into account that in 2021, the average opening rate of stores was 91%, as a world average (a value which falls to 83% if reported to Europe alone) and in 2020 this figure was equal to 86% as a world average (78% if referring to Europe alone).
Revenues in the domestic market recorded a progressive improvement during the year and in the fourth quarter they returned to the values of 2019, thanks to the solid purchases of local clients.
The rest of Europe has also improved, despite the slight slowdown in the last weeks of the year due to the new restrictions imposed by local governments to deal with the pandemic. The comparison with 2019 is obviously impacted by the absence of tourists, especially Asians.
The American market was also affected by the lack of purchases by tourists; however, it has recorded good progress during the year and revenues have returned to the levels of 2019 since the third quarter, posting a further acceleration in the fourth quarter.
For the entire year, the business in Greater China was very solid and revenues maintained a very strong doubledigit growth compared to 2019.
The "Asia and Rest of the World" region recorded an excellent fourth quarter, driven by the significant improvement in results of Japan and Korea, where revenues largely exceeded 2019 figures in the fourth quarter.
| (million Euros) | FY 2021 | % change | % change | |||
|---|---|---|---|---|---|---|
| reported rates | 2020 constant rate |
FY 2020 | reported rates | 2020 constant rate |
vs 2019 at constant rates |
|
| Retail (DOS+online) |
659.4 | 661.1 | 448.7 | +47.0% | +47.3% | +3.1% |
| Third parties (Franchised stores + Independent retailers) |
224.4 | 225.7 | 188.4 | +19.1% | +19.8% | -16.4% |
| TOTAL | 883.8 | 886.8 | 637.1 | +38.7% | +39.2% | -2.7% |
Revenues from the direct channel totaled 659.4 million euros in the year 2021, up 3.1% compared to 2019 and represent approximately 75% of the Group's turnover.
The e-commerce channel recorded very solid growth throughout the year and in FY 2021 turnover more than doubled the value of 2019. We are in fact collecting the results of the important investments made in digital and we remain focused on the development of the various forms of this channel.
The results recorded in the Group's stores were also decidedly positive, thanks to the strength of local demand, also driven by local marketing initiatives and pop-up stores.
As of December 31st, 2021, the Group's distribution network was made up of 318 DOS and 88 franchised stores, compared to 300 DOS and 103 franchised stores as of December 31st, 2020.
As already commented in previous press releases, the result of the wholesale channel remains negative also due to the strategy of great caution that the Group has adopted towards this channel, which is experiencing a structural downsizing, especially in Europe and the USA. It is absolutely not significant to analyze the trend of this channel in the individual quarters of the year, given the significant influence of the different timing of shipments.
The Group's operating results improved significantly in 2021 and returned to levels higher than those recorded in 20193, driven by the progressive acceleration of revenues, registered above all in the second half, and by the policy of prudent cost management. The more favourable geographic and channel mix of revenues resulted in a significant improvement in the gross margin. The return to near-normalcy of the business, compared to what happened in 2020 due to the impact of the Covid-19 pandemic, has determined an increase in the percentage incidence on sales of costs for services (equal to 24.5% of revenues in 2021, compared to 27.2% in 2020 and 26.1% in 2019) and the cost for the use of third party assets (equal to 6.1% of revenues in 2021, compared to 4.6% in 2020 and 6.1% in 2019), also due to a lower benefit deriving from the renegotiations of the rents, due to the lockdown. On the other hand, the percentage weight of personnel costs decreased (equal to 23.9% of revenues in 2021, compared to 29.7% in 2020 and 23.4% in 2019), despite the increase in the item in absolute value, determined by the increase of the Group's workforce4 and the lesser use, compared to 2020, of the employment support measures made available by the governments of the countries affected by the pandemic.
In the year 2021, EBITDA5 amounted to 160.8 million euros, with an incidence on revenues of 18.2%, and exceeds the value of 155.9 million euros in the 20196 financial year; the comparison with the EBITDA for the year 2020, equal to 38.1 million euros, or 6% of revenues, is not meaningful.
3 The comparison is made with 2019 operating result, net of the extraordinary income of 97.5 million Euros accounted on the disposal of the Omotesando building in Tokyo.
4 The Group has 4,746 employees as of December 31st, 2021, compared to 4,588 as of December 31st, 2020.
5 Starting from this financial year, the Group, in accordance with the reference best practice, no longer displays the EBITDA, as alternative performance indicator, in the consolidated income statement, consequently also adjusting the comparative data of the previous period. This indicator is however provided in the Annual Report, together with a specific reconciliation table, for the purpose of a more comprehensive understanding of economic performances.
6 The comparison is made with 2019 operating result, net of the extraordinary income of 97.5 million Euros accounted on the disposal of the Omotesando building in Tokyo.
The amount of ordinary depreciation and amortization was broadly stable, i.e. net of depreciation on assets for right of use (which amounted to 93.6 million euros in the 2021, compared to 104.3 million euros in 2020).
The operating result was 24.2 million euros, a marked improvement compared to the operating loss of 135.4 million euros in 2020 and a positive result of 3.6 million euros in 20197.
The impact of currency fluctuations was slightly negative; at constant exchange rates, EBITDA and EBIT would have respectively been 163.8 and 26.9 million Euros.
The Group's result before taxes, which is also affected by financial charges related to the application of IFRS16, is positive for 2.5 million euros, while it presented a negative balance of 158 million euros in 2020.
Net of current and deferred taxes for the period, the Group's net result was negative and equal to 5.9 million Euros, which compares with a loss of 73.2 million Euros in 2020.
In 2021, the Group invested 44.9 million Euros in tangible and intangible fixed assets, much higher than the 30.3 million Euros of 2020 and slightly lower than the 47.3 million euros invested in 2019. As usual, the majority of these investments were devoted to the widening and update of the DOS network; the remainder was referred to the continuous renewal at industrial and corporate level, with particular focus on digital.
The net operating working capital shows a significant improvement as compared to 2020, mainly driven by the visible reduction of inventories; the balance was 262.3 million Euros as of December 31st, 2021, compared to 322.4 million Euros as of December 31st, 2020.
As required by the accounting standard IFRS 16, as of December 31st, 2021 the Group accounted for lease liabilities of 448.6 million Euros, compared to 396.4 million Euros as of December 31st, 2020. Net of these liabilities, the net financial debt was 70.3 million Euros as of December 31st, 2021, which compares to a net debt of 135.2 million Euros as of December 31st, 2020 and confirms a strong cash generation during the year. The Net Financial Position was negative and equal to 518.9 million Euros, compared to a negative debt of 531.6 million Euros, as of December 31st, 2020.
7 The comparison is made with 2019 operating result, net of the extraordinary income of 97.5 million Euros accounted on the disposal of the Omotesando building in Tokyo.
TOD'S S.P.A. – SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID – REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)–VIA FILIPPO DELLA VALLE N. 1 FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com
As of December 31st, 2021, the Group's shareholders' equity was 998.5 million Euros, compared to the 1,007.2 million Euro balance as of December 31st, 2020.
The Board of Directors also approved the draft of the 2021 Annual Report for the parent company Tod's SpA, whose sales were 528.2 million Euros, up 37.6% from the 384 million Euros sales of 2020.
Net result was negative and equal to 13 million Euros; income per share was negative for 0.39 Euro.
In 2021, the parent company invested a total amount of 20.6 million Euros in tangible and intangible fixed assets, which compares to 15.1 million Euros invested in the previous year.
Net of lease liabilities, as of December 31st, 2021 the parent company's Net Financial Debt was 168 million Euros, compared to 185.3 million Euros of 2020.
The shareholders' equity of the parent company was 826.4 million Euros, which compares to 842.4 million Euros as of December 31st, 2020.
The Board approved also to propose not to distribute a dividend.
This proposal will be submitted to the approval of the Ordinary Shareholders' Meeting, convened in first call for next April 27th, 2022, at the registered office, and, if necessary, in second call for April 28th, 2022. Please note that, in compliance with the containment measures imposed by the exceptional epidemiological emergency situation by Covid-19, pursuant to art. 106, paragraph 4 of the Law Decree no. 18 (the so-called "Cura Italia Decree", converted into Law no. 27 of April 24th, 2020 as last amended by Law Decree no. 228 of December 31st , 2021), the participation in the Shareholders' Meeting of those who have the right to vote will be allowed only through the representative designated by the Company, pursuant to art. 135-undecies of the TUF.
Furthermore, the Board of Directors today approved: (i) the Report on Corporate Governance and Ownership Structures for fiscal year 2021 prepared pursuant to article 123-bis of Legislative Decree no. 58/1998, and (ii) the Remuneration Report prepared pursuant to Article 123-ter of Legislative Decree no. 58/1998.
The above documents shall be made available to the public, together with the 2021 Financial Annual Report (including, the non-financial statement pursuant to Legislative Decree no. 254/16, the Report of the Board of the Statutory Auditors and the Report of the Independent Auditors), by April 6th, 2022, at the Company's registered office, in the Company's website www.todsgroup.com and in the authorized storage device at .
Please note that the audit process on the data presented in this press release has not been completed yet.
The manager responsible for preparing the company's financial reports, Mr. Rodolfo Ubaldi, declares, pursuant to article 154 bis, paragraph 2, of Legislative Decree n. 58/98 (the "Unified Financial Act"), that the accounting information contained in this press release corresponds to the document results, books and accounting records.
Should you need explanations, please contact: Investor Relations Office - tel. +39 02 77 22 51 e-mail: [email protected] Corporate website: www.todsgroup.com
| euro 000's | ||
|---|---|---|
| FY 21 | FY 20 | |
| Revenue | ||
| Sales revenue | 883,807 | 637,111 |
| Other income | 16,554 | 9,932 |
| Total revenue and income | 900,361 | 647,043 |
| Operating Costs | ||
| Change in inventories of work in progress and finished goods | (52,271) | (19,948) |
| Cost of raw materials, supplies and materials for consumption | (180,523) | (174,619) |
| Costs for services | (216,769) | (173,245) |
| Costs of use of third party assets | (54,122) | (29,343) |
| Personnel costs | (211,536) | (189,025) |
| Other operating charges | (23,239) | (21,879) |
| Amortisation and depreciation | (133,000) | (144,766) |
| Write downs/Reversing of assets | (4,744) | (29,580) |
| Total operating costs | (876,205) | (782,405) |
| EBIT | 24,156 | (135,362) |
| Financial income and expenses | ||
| Financial income | 26,801 | 26,986 |
| Financial expenses | (48,486) | (49,599) |
| Total financial income (expenses) | (21,685) | (22,613) |
| Income (losses) from equity investments | ||
| Profit before taxes | 2,471 | (157,975) |
| Income taxes | (8,409) | 84,785 |
| Profit/(loss) for the period | (5,938) | (73,190) |
| Non-controlling interests | ||
| Profit/(loss) of the Group | (5,938) | (73,190) |
| EPS (in euro) | -0.18 | -2.21 |
| EPS diluted (in euro) | -0.18 | -2.21 |
| euro 000's | ||
|---|---|---|
| Year 21 | Year 20 | |
| Profit (loss) for the period (A) | (5,938) | (73,190) |
| Other comprehensive income that will be reclassified subsequently to profit and | ||
| loss: | ||
| Gains/(Losses) on derivative financial instruments (cash flow hedge) | (5,748) | 763 |
| Gains/(Losses) on currency translation of foreign subsidiaries | 2,568 | (2,177) |
| Gains/(Losses) on net investments in foreign operations | 1,128 | 3,284 |
| Total other comprehensive income that will be reclassified subsequently to profit | ||
| and loss (B) | (2,053) | 1,870 |
| Other comprehensive income that will not be reclassified subsequently to profit | ||
| and loss: | ||
| Cumulated actuarial gains/(losses) on defined benefit plans | (165) | (123) |
| Total other comprehensive income that will not be reclassified subsequently to | ||
| profit and loss (C) | (165) | (123) |
| Total Comprehensive Income (A) + (B) + (C) | (8,156) | (71,443) |
| Of which: | ||
| Attributable to Shareholders of the Parent company | (8,156) | (71,443) |
| Attributable to non-controlling interests |
| euro 000's | ||
|---|---|---|
| 12.31.21 | 12.31.20 | |
| Non current assets | ||
| Right of use assets | ||
| Right of use assets | 436,786 | 382,521 |
| Total Right of use assets | 436,786 | 382,521 |
| Intangible fixed assets | ||
| Assets with indefinite useful life | 554,234 | 554,234 |
| Other intangible assets | 27,551 | 25,628 |
| Total Intangible fixed assets | 581,785 | 579,862 |
| Tangible fixed assets | ||
| Buildings and land | 53,741 | 53,706 |
| Plant and machinery | 9,011 | 9,563 |
| Equipment | 11,298 | 10,700 |
| Leasehold improvement | 34,108 | 31,507 |
| Others | 32,352 | 30,652 |
| Total Tangible fixed assets | 140,511 | 136,127 |
| Other assets | ||
| Investment properties | 8 | 11 |
| Deferred tax assets | 109,392 | 105,655 |
| Others | 22,287 | 18,329 |
| Total other assets | 131,687 | 123,995 |
| Total non current assets | 1,290,770 | 1,222,505 |
| Current assets | ||
| Inventories | 306,985 | 353,982 |
| Trade receivables | 87,564 | 73,653 |
| Tax receivables | 15,082 | 15,437 |
| Derivative financial instruments | 318 | 2,739 |
| Others | 70,248 | 65,987 |
| Cash and cash equivalents | 223,312 | 330,940 |
| Total current assets | 703,508 | 842,739 |
| Total assets | 1,994,278 | 2,065,244 |
| to be continued |
| euro 000's | ||
|---|---|---|
| (continuing) | 12.31.21 | 12.31.20 |
| Equity | ||
| Share capital | 66,187 | 66,187 |
| Capital reserves | 416,588 | 416,588 |
| Hedging and translation reserves | 15,258 | 17,311 |
| Other reserves | 506,440 | 580,280 |
| Profit/(loss) attributable to the Group | (5,938) | (73,190) |
| Total Equity attributable to the Group | 998,535 | 1,007,176 |
| Non-controlling interest | ||
| Share capital and reserves | ||
| Profit/(loss) attributable to non-controlling interests | ||
| Total Equity attributable to non-controlling interests | ||
| Total Equity | 998,535 | 1,007,176 |
| Non-current liabilities | ||
| Provisions for risks | 15,778 | 12,692 |
| Deferred tax liabilities | 10,745 | 4,030 |
| Employee benefits | 16,814 | 15,234 |
| Derivative financial instruments | ||
| Bank borrowings | 228,149 | 9,375 |
| Non-current lease liabilities | 353,975 | 305,013 |
| Others | 11,738 | 12,801 |
| Total non-current liabilities | 637,198 | 359,145 |
| Current liabilities | ||
| Trade payables | 132,235 | 105,270 |
| Tax payables | 17,066 | 11,426 |
| Derivative financial instruments | 6,719 | 1,827 |
| Others | 56,322 | 40,350 |
| Banks | 50,396 | 446,501 |
| Current lease liabilities | 94,640 | 91,337 |
| Provisions for risks | 1,167 | 2,213 |
| Total current liabilities | 358,545 | 698,924 |
| Total Equity and liabilities | 1,994,278 | 2,065,244 |
Unaudited
| euro 000's | ||
|---|---|---|
| 12.31.21 | 12.31.20 | |
| Profit/(Loss) for the period | (5,938) | (73,190) |
| Adjustments to reconcile net profit (loss) to net cash provided by (used in) | ||
| operating activities: | ||
| Amortizat., deprec., revaluat., and write-downs | 139,168 | 210,708 |
| Other non monetary expenses/(income) | 13,424 | (2,493) |
| Income taxes for the period | 8,409 | (84,785) |
| Changes in operating assets and liabilities: | ||
| Trade receivables | (12,134) | 24,264 |
| Inventories | 40,957 | (7,366) |
| Tax receivables and tax payables | 1,599 | (1,994) |
| Trade payables | 26,965 | (31,921) |
| Other assets and liabilities | 6,510 | (2,983) |
| Change in reserve for employee | (758) | (1,305) |
| Cash flows from operating activities | 218,203 | 28,935 |
| Interests (paid)/collected | (6,659) | (2,054) |
| Interests (paid) on lease liabilities | (11,945) | (13,202) |
| Income taxes (paid)/refunded | (1,035) | (15,867) |
| Net cash flows from operating activities (A) | 198,563 | (2,188) |
| Acquisitions of intangible and tangible fixed assets | (44,933) | (30,267) |
| Transfers of intangible and tangible fixed assets | 1,089 | 572 |
| Other changes in fixed assets | ||
| Sale of Omotesando building | ||
| Cash flows generated (used) in investing activities (B) | (43,845) | (29,695) |
| Dividends paid | ||
| Capital increase | ||
| Other changes in Equity | ||
| Repayments of lease liabilities | (94,608) | (77,030) |
| Repayments of financial liabilities | (417,292) | (241,792) |
| Proceeds from financial liabilities | 250,000 | 507,000 |
| Cash flows generated (used) in financing (C) | (261,900) | 188,178 |
| Translation differences (D) | 6,716 | (733) |
| Cash flows from continuing operations (E)=(A)+(B)+(C)+(D) | (100,465) | 155,563 |
| Cash flow from assets held for sale (F) | ||
| Cash flows generated (used) (G)=(E)+(F) | (100,465) | 155,563 |
| Net cash and cash equivalents at the beginning of the period | 316,172 | 160,609 |
| Net cash and cash equivalents at the end of the period | 215,706 | 316,172 |
| Change in net cash and cash equivalents | (100,465) | 155,563 |
Unaudited
| Year 21 euro 000's |
Share Capital |
Capital reserves |
Hedging and reserve for translation |
Retained earnings |
Group interests |
Non controlling interests |
Total |
|---|---|---|---|---|---|---|---|
| Balances as of 01.01.21 | 66,187 | 416,588 | 17,311 | 507,090 | 1,007,176 | 1,007,176 | |
| Profit & Los s account | (5,938) | (5,938) | (5,938) | ||||
| Directly in equity | (2,053) | (165) | (2,218) | (2,218) | |||
| Total Comprehensive Income | (2,053) | (6,103) | (8,156) | (8,156) | |||
| Dividend paid | |||||||
| Capital increase | |||||||
| Share based payments | |||||||
| Other | (484) | (484) | (485) | ||||
| Balances as of 12.31.21 | 66,187 | 416,588 | 15,258 | 500,503 | 998,535 | 998,535 |
| Year 20 euro 000's |
Share Capital |
Capital reserves |
Hedging and reserve for translation |
Retained earnings |
Group interests |
Non controlling interests |
Total |
|---|---|---|---|---|---|---|---|
| Balances as of 01.01.20 | 66,187 | 416,588 | 15,441 | 583,421 | 1,081,637 | (1,089) | 1,080,548 |
| Profit & Los s account | (73,190) | (73,190) | (73,190) | ||||
| Directly in equity | 1,870 | (123) | 1,747 | 1,747 | |||
| Total Comprehensive Income | 1,870 | (73,313) | (71,443) | (71,443) | |||
| Dividend paid | |||||||
| Capital increase | |||||||
| Share based payments | |||||||
| Other | (3,019) | (3,019) | 1,089 | (1,930) | |||
| Balances as of 12.31.20 | 66,187 | 416,588 | 17,311 | 507,090 | 1,007,176 | 1,007,176 |
Unaudited
| euro 000's | ||
|---|---|---|
| Year 21 | Year 20 | |
| Revenues | ||
| Sales revenues (1) | 528,150 | 383,983 |
| Other income | 13,622 | 8,982 |
| Total revenues and income | 541,773 | 392,965 |
| Operating costs | ||
| Change in inventories of work in progress and finished goods | (42,717) | (12,235) |
| Cost of raw materials, supplies and material for consumption | (151,273) | (155,617) |
| Costs for services | (163,452) | (141,627) |
| Costs of use of third party assets | (19,285) | (14,736) |
| Personnel costs | (107,024) | (93,966) |
| Other operating charges | (12,184) | (11,987) |
| Amortisation and depreciation | (44,969) | (45,905) |
| Write downs/Reversing of assets | (590) | (17,228) |
| Total operating costs | (541,495) | (493,302) |
| EBIT | 278 | (100,337) |
| Financial income and expenses | ||
| Financial income | 23,009 | 24,359 |
| Financial expenses | (35,942) | (38,406) |
| Total financial income (expenses) | (12,932) | (14,047) |
| Income (losses) from equity investments | (5,973) | (62,826) |
| Profit before taxes | (18,627) | (177,209) |
| Income taxes | 5,589 | 60,421 |
| Profit for the period | (13,038) | (116,788) |
| EPS (Euro) | (0.39) | (3.53) |
| EPS diluted (Euro) | (0.39) | (3.53) |
Note:
(1) Sales revenues include transactions with Group's entities for 214.5 and 126 million euros, respectively, in the fiscal year 2021 and 2020.
| euro 000's | ||
|---|---|---|
| Year 21 | Year 20 | |
| Profit/(loss) for the period (A) | (13,038) | (116,788) |
| Other Comprehensive Income that will be reclassified subsequently to profit and loss: |
||
| Gain/(Losses) on derivative financial instruments (cash flow hedge) | (2,368) | 787 |
| Total other Comprehensive Income that will be reclassified | ||
| subsequently to profit and loss (B) | (2,368) | 787 |
| Other Comprehensive Income that will not be reclassified subsequently to profit and loss: |
||
| Cumulated actuarial gains/losses) on defined benefit plans | (132) | (117) |
| Total other Comprehensive Income that will not be reclassified | ||
| subsequently to profit and loss (C) | (132) | (117) |
| Total Comprehensive Income (A)+(B)+(C) | (15,539) | (116,118) |
Unaudited
| euro 000's | ||
|---|---|---|
| 12.31.21 | 12.31.20 | |
| Non current assets | ||
| Right of use assets | ||
| Right of use assets | 131,612 | 132,394 |
| Total right of use assets | 131,612 | 132,394 |
| Intangible fixed assets | ||
| Assets with indefinite useful life | 139,219 | 139,219 |
| Others | 25,324 | 23,864 |
| Total intangible fixed assets | 164,543 | 163,083 |
| Tangible fixed assets | ||
| Buildings and land | 53,656 | 53,616 |
| Plant and machinery | 8,567 | 8,939 |
| Equipment | 8,283 | 8,314 |
| Leasehold improvement | 7,945 | 9,311 |
| Others | 6,786 | 7,385 |
| Total property, plant and equipment | 85,236 | 87,566 |
| Other assets | ||
| Investments properties | 8 | 11 |
| Investments in subsidiaries | 509,238 | 463,534 |
| Deferred tax assets | 69,756 | 59,628 |
| Others | 5,283 | 6,315 |
| Total other assets | 584,285 | 529,487 |
| Total non-current assets | 965,677 | 912,531 |
| Current assets | ||
| Inventories | 193,450 | 229,648 |
| Trade receivables (1) | 159,633 | 177,513 |
| Tax receivables | 9,056 | 9,350 |
| Derivative financial instruments | 52 | 2,739 |
| Others | 63,301 | 62,226 |
| Cash and cash equivalents | 112,259 | 252,488 |
| Total current assets | 537,750 | 733,964 |
| Total assets | 1,503,426 | 1,646,495 |
| to be continued |
Note:
(1) Trade receivables include transactions with Group's entities for 106.2 and 130.8 million euros, respectively, in the fiscal year 2021 and 2020.
| euro 000's | ||
|---|---|---|
| 12.31.21 | 12.31.20 | |
| Shareholders' equity | ||
| Share capital | 66,187 | 66,187 |
| Capital reserves | 416,507 | 416,507 |
| Treasury stock | ||
| Hedging reserve | (1,709) | 660 |
| Other reserves | 358,490 | 475,843 |
| Profit/(Loss) for the period | (13,038) | (116,788) |
| Shareholders' equity | 826,438 | 842,408 |
| Non-current liabilities | ||
| Provisions for risks | 3,429 | 5,813 |
| Deferred tax liabilities | ||
| Employee benefits | 9,495 | 8,048 |
| Derivative financial instruments | ||
| Bank borrowings | 228,149 | 9,375 |
| Non-current lease liabilities | 116,995 | 117,585 |
| Others | 19,984 | 15,522 |
| Total non-current liabilities | 378,051 | 156,343 |
| Current liabilities | ||
| Trade payables (2) | 143,181 | 109,181 |
| Tax payables | 12,660 | 8,214 |
| Derivative financial instruments | 6,386 | 769 |
| Others | 71,334 | 62,757 |
| Bank borrowings | 39,434 | 428,481 |
| Current lease liabilities | 23,658 | 22,282 |
| Provisions for risks | 2,284 | 16,059 |
| Total current liabilities | 298,938 | 647,744 |
| Total Shareholders' equity and liabilities | 1,503,426 | 1,646,495 |
Note:
(2) Trade payables include transactions with Group's entities for 38.9 and 23 milion euros, respectively, in the fiscal year 2021 and 2020.
Unaudited
| euro 000's | ||
|---|---|---|
| 12.31.21 | 12.31.20 | |
| Profit/(Loss) for the period | (13,038) | (116,788) |
| Adjustments to reconcile net profit (loss) to net cash provided by (used in) operating activities: |
||
| Amortizat., deprec., revaluat., and write-downs | 55,570 | 154,279 |
| Other non monetary expenses/(income) | 17,494 | 2,037 |
| Income taxes for the period | (5,589) | (60,421) |
| Changes in operating assets and liabilities: | ||
| Trade receivables | 8,213 | 9,402 |
| Inventories | 39,213 | (9,503) |
| Tax receivables and tax payables | 2,968 | (2,346) |
| Trade payables | 34,142 | (29,009) |
| Other assets and liabilities | (1,001) | 22,328 |
| Change in reserve for employee | (704) | (1,794) |
| Cash flows from operating activities | 137,267 | (31,816) |
| Interests (paid)/collected | (6,301) | (1,806) |
| Interests (paid) on lease liabilities | (4,914) | (5,678) |
| Income taxes (paid)/refunded | (1,251) | (16,995) |
| Net cash flows from operating activities (A) | 124,801 | (56,295) |
| Acquisitions of intangible and tangible fixed assets | (20,622) | (15,114) |
| Transfers of intangible and tangible fixed assets | 944 | 353 |
| (Increase) decrease from mergers | 1,951 | |
| (Increase) decrease of equity investments | (65,329) | (3,566) |
| Reduction (increase) of other non-current assets | 1,032 | 1,738 |
| Cash flows generated (used) in investing activities (B) | (82,023) | (16,588) |
| Dividends paid | ||
| Capital increase | ||
| Other changes in Equity | ||
| Loans to subsidiaries | 5,741 | (8,720) |
| Repayments of lease liabilities | (21,457) | (17,481) |
| Repayments of financial liabilities | (417,292) | (241,792) |
| Proceeds from financial liabilities | 250,000 | 507,000 |
| Cash flows generated (used) in financing (C) | (183,008) | 239,007 |
| Translation differences (D) | ||
| Cash flows from continuing operations (E)=(A)+(B)+(C)+(D) | (140,229) | 166,124 |
| Cash flow from assets held for sale (F) | ||
| Cash flows generated (used) (G)=(E)+(F) | (140,229) | 166,124 |
| Net cash and cash equivalents at the beginning of the period | 252,488 | 86,364 |
| Net cash and cash equivalents at the end of the period | 112,258 | 252,488 |
| Change in net cash and cash equivalents | (140,229) | 166,124 |
Unaudited
| Year 2021 | |||||
|---|---|---|---|---|---|
| euro 000's | Share capital | Capital | Hedging | Retained | Total |
| reserves | reserve | earnings | |||
| Balances as of 01.01.21 | 66,187 | 416,507 | 660 | 359,055 | 842,409 |
| Profit & Loss account | (13,038) | (13,038) | |||
| Directly in equity | (2,368) | (132) | (2,500) | ||
| Total Comprehensive Income | (2,368) | (13,170) | (15,539) | ||
| Dividends | |||||
| Capital increase | |||||
| Share based payments | |||||
| Other (1) | (433) | (433) | |||
| Balances as of 12.31.21 | 66,187 | 416,507 | (1,709) | 345,452 | 826,438 |
| Year 2020 | |||||
|---|---|---|---|---|---|
| euro 000's | Share capital | Capital | Hedging | Retained | Total |
| reserves | reserve | earnings | |||
| Balances as of 01.01.20 | 66,187 | 416,507 | (128) | 476,416 | 958,983 |
| Profit & Loss account | (116,788) | (116,788) | |||
| Directly in equity | 787 | (117) | 670 | ||
| Total Comprehensive Income | 787 | (116,905) | (116,118) | ||
| Dividends | |||||
| Capital increase | |||||
| Share based payments | |||||
| Other | (457) | (457) | |||
| Balances as of 12.31.20 | 66,187 | 416,507 | 660 | 359,055 | 842,409 |
Note:
(1) Other changes recorded in 2021 relate to the effects of two merger by incorporation transactions that took place during the year, i.e. the merger by incorporation of Del.Pav S.r.l. and of Filangieri 29 S.r.l. which became effective for accounting and tax purposes from January 1st, 2021.
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