F I L A Fabbrica Italiana Lapis ed Affini S p A : .I.L.A. S.p.A. Presentazione risultati al 31 dicembre 2021

FY2021 FILA Group Results

Disclaimer

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FY2021 Highlights

• Adjusted Core Business Sales of 653,5 mln €, +7,5% (+45,3mln €) on the same period of the previous year (608,2mln € in FY 2020); +9,4% at comparable FX rates (+57,2mln €). School&Office +15,9%, Fine Art -3,3% (mainly related to North America) and Industrial +26,1% vs FY 2020;
• Adjusted EBITDA, excluding IFRS 16 impact, of 109,1mln €, +14,4% (+13,7mln €) on the same period of the previous year (95,4mln € in FY 2020); +15,7% at comparable FX rates (+15,0mln €), mainly related to the positive performance in Europe and North America;
• Adjusted EBITDA margin at 16,7% (15,7% in FY 2020) due to better operating margin related to the growth in School&Office sales in Europe and North America, better Fine Art Sale Price/Mix and good operating cost management compared to FY 2020;
• COVID-19impacts on India and Mexico Sales (+26,8mln € vs FY 2020 but -41,6mln € vs FY 2019) and EBITDA (+1,9mln € vs FY 2020 and -10,9 mln € vs FY 2019), including FX rates effects;
• Adjusted Net Result of 42,5mln € with a strong improvement respect to 23,1mln € in FY 2020 (+84,3%);
• Net Bank Debt of 343,8mln € (396,0mln € as at 31 December 2020) with a decrease in last twelve months of 65,3mln €, excluding negative FX effect of approx. -13,1mln €;
• "Free Cash Flow to Equity" at +72,3mln €, better than FY 2020 (30,2mln €) for EBITDA growth and NWC improvement.

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FY2021 Highlights

For a better analysis of 2021A results, hereunder the comparison of the last three years, considering the Covid 19 impacts on 2020A and 2021A (FX effects included).

(€ million)		2019A		2020A		2021A
Core Business Sales Adjusted	687,4	608,2	653,5
Ebitda Adjusted (excluded IFRS16)	110,8	95,4	109,1
Ebitda Margin %	16,1%	15,7%	16,7%

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FY2021 Core Business Sales

(€ million)

+45,3mln €

• Adjusted Core Business Sales of 653,5mln €, +7,5% on the same

608,2

+7,5%

653,5

period of the previous year; +57,2mln € (+9,4%) at comparable FX

rates, of which:

‒

By Geographic Area: Europe +23,7mln € (+11,1%),

Asia

0,2

+17,8mln € (+34,5%), Middle and South America +17,2mln €

0,8

(+56,8%) and Other Countries +0,5mln € (+16,3%) partially

offset by North America -2,0mln € (-0,7%);

653,3

‒

By Product line: School & Office +59,5mln € (+15,9%),

Industrial +4,9mln € (+26,1%) partially offset by Fine

Art,

607,4

Hobby & Digital -7,2mln € (-3,3%).

‒ 0,2mln € adjustment in FY 2021; 0,8mln € adjustment in FY

2020, both due to customer claims for Covid-19 supply chain

disruption.

2020A

Reported

Adjustment 2021A

F.I.L.A.- Arches S.A.S. consolidated in FY 2020 since the month of March.

(€ million)	2019A		2020A		2021A
December		December		December
Dixon (Mexico)	47,7	15,7	27,5
DOMS Industries PVT Ltd (India)	74,9	38,5	53,5
Total 3rd Parties Sales	122,6	54,2	81,0

Data in millions of euros; for precise data refer to 12M FILA financial report

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