F I L A Fabbrica Italiana Lapis ed Affini S p A : Q1 2021 F.I.L.A. Group Results

Q1 2021 FILA Group Results

Disclaimer

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Q1 2021 Highlights

• Adjusted Core Business Sales of 141,7mln €, -2,8%(-4,1mln €) on the same period of the previous year (145,8mln € in Q1 2020); +3,1% at comparable FX rates (+4,6mln €), Fine Art + 15,7% and Industrial +14,2% vs Q1 2020;
• Adjusted EBITDA, excluding IFRS 16 impact, of 20,1mln €, +19,6% (+3,3mln €) on the same period of the previous year (16,8mln € in Q1 2020); +21,2% at comparable FX rates (+3,6mln €), mainly related to Europe and North America performance;
• EBITDA margin at 14,2% (11,5% in Q1 2020) due to better operating margin related to the continuous Fine Art growth, to the strong recovery in School&Office sales in Europe and to a better Price/Mix compared to Q1 2020;
• COVID-19impacts on India and Mexico Sales (-5mln € vs Q1 2020 and -6,5mln € vs Q1 2019) and EBITDA (-2,4mln € vs Q1 2020 and -2,4mln € vs Q1 2019), including FX rates effects;
• Adjusted Net Result of 7,1mln € with a strong improvement vs Q1 2020 (-0,2mln € in Q1 2020);
• Net Bank Debt of 423,2mln € (396,1mln € as at 31 December 2020 and 486,5mln € as at 31 March 2020) with a decrease in last twelve months of 63,3mln € including positive FX effect of approx. 12,9mln €;
• "Free Cash Flow to Equity" at -18,4mln € due to business seasonality impact, better than Q1 2020 (-39mln €).

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Q1 2021 Highlights

For a better analysis of Q1 2021 results, hereunder the comparison of the last three years, considering the Covid 19 impacts on FY 2020 ad FY 2021.

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Q1 2021 Core Business Sales

(€ million)
	-4,1mln€
	-2,8%
145,8	141,7
Q1 2020A	Q1 2021A
	Adjusted

• Adjusted Core Business Sales of 141,7mln €, - 2,8% on the same period of the previous year; +3,1% (+4,6mln €) at comparable FX rates of which:
• • By Geographic Area: Europe +8,6mln € (+18,3%), Other Countries +0,1mln € (+20,4%) partially offset by North America -2,7mln € (-3,9%), Asia -1,0mln € (-5,4%), Centre & South America -0,4mln € (-4,2%);
  • By Product line: Fine Art, Hobby & Digital +7,5mln € (+15,7%), Industrial +0,7mln € (+14,2%) partially offset by School & Office -3,6mln € (-3,9%).
  • 0,2mln € adjustment in Q1 2021 due to customer claims for Covid- 19 mainly of Dixon Ticonderoga Company (US); 0,1mln € adjustment in Q1 2020 due to customer claims for Covid-19 mainly of Dixon Ticonderoga Company (US).

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

(€ million)	Q1 2019A		Q1 2020A		Q1 2021A
Dixon (Mexico)		6,3		5,6		3,9
DOMS Industries PVT Ltd (India)	17,7	16,9	13,6
Total 3rd Parties Sales	24,0		22,5		17,5

Data in millions of euros; for precise data refer to 3M FILA financial report

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