On 28th July, the Board of Directors of Marcolin approved the financial results of the Group as of 30th June 2022. 30th June 2022 financial results
• In the first six months of 2022 net sales increased by 19.6% to €283.7 million compared to 2021;
• At €40.5 million, adjusted EBITDA in 1H22 increased by 21.3% compared to €33 million in 1H21; the
% margin to net sales was positive at 14.3% (14.1% in 1H21).
In the first six months of the year, Marcolin net sales stood at €283.7 million, up +19.6% against the same period in 2021, thereby validating the positive performance recorded in the first quarter of 2022. Looking at the net sales figures for 1H19, there was an increase of 10.1%, which confirms a robust recovery of the market.
Compared to the same period of the previous year, the Group increased sales in all geographical areas (at current exchange rates), notably in EMEA (+17.4%) and the Americas (+18.8%), which together account for almost 90% of consolidated net sales; strong results in high-potential geographical areas such as Asia (+5.3%) and the Rest of the World (+51.2%).
Adjusted EBITDA rose to €40.5 million, up +21.3% compared to the same figure as of 30 June 2021. Adjusted EBITDA margin was also positive, rising to 14.3% of net sales, up from 12.3% in the first half of 2019. The results were made possible by an excellent sales mix, both in terms of brands and distribution channels, and by a continuous drive for production and procurement efficiency despite the difficulties related to the negative effect of inflation, which mainly impacted transport costs (with respect to the increase in electricity costs, which although present, did not have a significant effect on margins).
Despite business seasonality, which typically sees a cash outflow in the first half of the year, the adjusted net financial debt remains almost stable and consistent with the end of 2021, thanks to a disciplined net working capital management.
