F I L A Fabbrica Italiana Lapis ed Affini S p A : .I.L.A. S.p.A. H1 2022 Results Presentation

H1 2022 FILA Group Results

Disclaimer

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H1 2022 Highlights

• Adjusted Core Business Sales of 390,6mln €, +20,3% (+65,9mln €) on the same period of the previous year (324,7mln € in H1 2021); +13,9% at comparable FX rates (+20,7mln €). Asia +26,8mln € (+103,9%), Middle and South America +13,1mln € (+59,7%), North America +3,4mln € (+2,2%) and Europe +2,1mln € (+1,7%) partially offset by Other Countries -0,2mln € (-9,0%);
• Adjusted EBITDA, excluding IFRS 16 impact, of 64,8mln €, +10,7% (+6,3mln €) on the same period of the previous year (58,5mln € in H1 2021); +6,5% at comparable FX rates (+3,8mln €), mainly related to the positive performance in Asia, Middle and South America;
• Adjusted EBITDA margin at 16,6% (18,0% in FY 2021) due to different sales mix and growth in areas with lower margins and to inflation impact on raw material and transportation partially mitigated through sale price increase and good operating fixed cost management compared to H1 2021A;
• Total adjusted Net Profit excluding IFRS 16 impact, of 28,6mln €, + 1,8mln € (+6,9%) on H1 2021A.
• Net Bank Debt of 428,2mln € (425,4mln € as at 30 June 2021) with a decrease in last twelve months of 26,3mln €, excluding negative FX effect of approx. 27,4mln € and M&A effect of approx. 1,7mln €;
• "Free Cash Flow to Equity" at -50,0mln € (-16,2mln € in H1 2021), due to business seasonality impact and trade receivables and inventory increase to support the strong revenue growth, in an unpredictable difficulty scenario on an almost daily basis (in particular related to difficulties on of the world supply chain amplified after the pandemia by the Russian-Ukrainian crisis)

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H1 2022 Core Business Sales

(€ million)

390,6	• Adjusted Core Business Sales of 390,6mln €, +20,3% on H1 2021A;
324,7	+45,2mln € (+13,9%) at comparable FX rates, of which:

‒ By Geographic Area: Asia +26,8mln € (+103,9%), Middle and South America +13,1mln € (+59,7%), North America +3,4mln € (+2,2%) and Europe +2,1mln € (+1,7%) partially offset by Other Countries -0,2mln € (-9,0%);

‒ 0,1mln € adjustment in H1 2021A due to customer claims for Covid-19 mainly of Dixon Ticonderoga Company (US).

SALES BY GEOGRAPHICAL AREA

H1 2021A							H1 2022A	9,5%
6,8%			Europe					Europe
47,0%	8,0%			N. America				14,4%			N. America
	0,6%			C&S America			44,0%	0,4%			C&S America
				Asia							Asia
	37,6%			RoW				31,7%			RoW

Data in millions of euros; for precise data refer to 6M FILA financial report	4

H1 2022 EBITDA Adjusted (Excluded IFRS 16)

Margin (%) 18,0 +6,3mln€16,6 (€ million)

	+10,7%
58,5	64,8

• Adjusted EBITDA of 64,8mln €, +10,7% on H1 2021A; +3,8mln €

(+6,5%) at comparable FX rates;

• 0,5mln € of extraordinary costs in H1 2022A mainly related to FILA

Group reorganization costs - restructuring costs and consultancy

fees (0,8mln €) and Covid-19 pandemic (0,6mln €) partially offset by

Shares-Based premium (-0,9mln €); 2,6mln € of extraordinary costs

2,6

0,5

in H1 2021A mainly related to Covid-19 pandemic, FILA Group

reorganization costs, consultancy fees and Shares-Based Premium.

55,9

64,3

H1 2021A		Reported		Adjustment	H1 2022A

ADJUSTED EBITDA BY GEOGRAPHICAL AREA

H1 2021A	46,6%

2,9%

3,1%

47,3%

			H1 2022A
		Europe	8,9%				Europe
		N. America	40,8%				N. America
			11,4%
		C&S America					C&S America
		Asia					Asia
		RoW: 0,1%					RoW

38,9%

Data in millions of euros; for precise data refer to 6M FILA financial report

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