Sabaf S p A : Interim management statement at 31 March 2023

INTERIM MANAGEMENT

STATEMENT

AT 31 MARCH 2023

SABAF S.p.A.

Via dei Carpini, 1 - OSPITALETTO (BS) ITALY

Fully paid-in share capital: € 11,533,450

www.sabafgroup.com

Table of contents
Group structure and corporate officers	3
Consolidated statement of financial position	4
Consolidated Income Statement	5
Consolidated statement of comprehensive income	6
Statement of changes in consolidated shareholders' equity	7
Consolidated statement of cash flows	8
Total financial debt	9
Explanatory notes	10
Management Statement	13
Statement of the Financial Reporting Officer pursuant to Article 154-bis (2) TUF	16

Sabaf Group | Interim management statement at 31 March 2023

2

Group structure and corporate officers

Parent company

SABAF S.p.A.

Subsidiaries and equity interest attributable to the Group

Companies consolidated on a line-by-line basis
Faringosi Hinges s.r.l.		Italy	100%
Sabaf do Brasil Ltda. (Sabaf Brazil)	Brazil	100%
Sabaf Beyaz Esya Parcalari Sanayi Ve Ticaret Limited	Turkey	100%
Sirteki (Sabaf Turkey)
Sabaf Appliance Components (Kunshan) Co., Ltd.	China	100%
(Sabaf China)
Okida Elektronik Sanayi ve Tickaret A.S	Turkey	100%
Sabaf US Corp. (Sabaf US)		U.S.A.	100%
A.R.C. s.r.l.		Italy	100%
Sabaf India Private Limited (Sabaf India)	India	100%
Sabaf Mexico Appliance Components S.A. de c.v.		100%
(Sabaf Mexico)		Mexico
C.M.I. s.r.l.		Italy	100%
C.G.D. s.r.l.		Italy	100%
P.G.A. s.r.l.		Italy	100%
PGA2.0 s.r.l.		Italy	100%
Board of Directors
Chairman	Claudio Bulgarelli
Vice Chairman (*)	Nicla Picchi
Chief Executive Officer	Pietro Iotti
Director	Gianluca Beschi
Director	Alessandro Potestà
Director	Cinzia Saleri
Director (*)	Carlo Scarpa
Director (*)	Daniela Toscani
Director (*)	Stefania Triva
(*) independent directors
Board of Statutory Auditors
Chairman	Alessandra Tronconi
Statutory Auditor	Maria Alessandra Zunino de Pignier
Statutory Auditor	Mauro Vivenzi

Sabaf Group | Interim management statement at 31 March 2023

3

Consolidated statement of financial position

	31/03/2023	31/12/2022	31/03/2022
(€/000)
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment	102,855	99,605	86,078
Investment property	898	983	2,194
Intangible assets	55,717	54,168	34,897
Equity investments	97	97	83
Non-current receivables	2,901	2,752	1,037
Deferred tax assets	13,223	13,145	8,125
Total non-current assets	175,691	170,750	132,414
CURRENT ASSETS
Inventories	65,826	64,426	70,395
Trade receivables	62,799	59,159	78,780
Tax receivables	7,166	8,214	6,926
Other current receivables	3,546	2,910	4,396
Financial assets	2,531	2,497	999
Cash and cash equivalents	21,865	20,923	30,849
Total current assets	163,733	158,129	192,345
ASSETS HELD FOR SALE	526	526	0
TOTAL ASSETS	339,950	329,405	324,759
SHAREHOLDERS' EQUITY AND LIABILITIES
SHAREHOLDERS' EQUITY
Share capital	11,533	11,533	11,533
Retained earnings, Other reserves	148,901	129,380	112,476
Net profit/(loss) for the period	(791)	15,249	7,454
Total equity interest pertaining to the Parent Company	159,643	156,162	131,463
Minority interests	-	-	-
Total shareholders' equity	159,643	156,162	131,463
NON-CURRENT LIABILITIES
Loans	81,016	78,336	85,005
Post-employment benefit and retirement provisions	3,810	3,661	3,510
Provisions for risks and charges	453	639	851
Deferred tax liabilities	5,215	5,828	3,816
Total non-current liabilities	90,494	88,464	93,182
CURRENT LIABILITIES
Loans	29,344	28,876	21,467
Other financial liabilities	388	574	830
Trade payables	43,932	39,628	58,765
Tax payables	2,823	2,545	6,559
Other payables	13,326	13,156	12,493
Total current liabilities	89,813	84,779	100,114
LIABILITIES HELD FOR SALE	0	0	0
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	339,950	329,405	324,759

Sabaf Group | Interim management statement at 31 March 2023

4

Consolidated Income Statement

(€/000)

INCOME STATEMENT COMPONENTS

OPERATING REVENUE AND INCOME Revenue

Other income

Total operating revenue and income

OPERATING COSTS Materials

Change in inventories Services Personnel costs Other operating costs

Costs for capitalised in-house work

Total operating costs

OPERATING PROFIT BEFORE DEPRECIATION & AMORTISATION, CAPITAL GAINS/LOSSES AND WRITE- DOWNS/WRITE-BACKS OF NON- CURRENT ASSETS (EBITDA)

Depreciations and amortisation

Capital gains/(losses) on disposals of non- current assets

Value adjustments of non-current assets

OPERATING PROFIT (EBIT)

Financial income Financial expenses

Net income/(expenses) from hyperinflation Exchange rate gains and losses

Profits and losses from equity investments

PROFIT BEFORE TAXES

Income taxes

NET PROFIT/(LOSS) FOR THE PERIOD

	Q1 2023		Q1 2022	12M
		2022

58,063	100.0%	70,852	100.0%	253,053	100.0%
2,348	4.0%	2,585	3.6%	10,188	4.0%
60,411	104.0%	73,437	103.6%	263,241	104.0%
(31,066)	-53.5%	(39,336)	-55.5%	(124,331)	-49.1%
1,350	2.3%	5,943	8.4%	(513)	-0.2%
(11,220)	-19.3%	(14,035)	-19.8%	(50,180)	-19.8%
(13,170)	-22.7%	(13,462)	-19.0%	(49,926)	-19.7%
(542)	-0.9%	(444)	-0.6%	(1,631)	-0.6%
766	1.3%	921	1.3%	3,432	1.4%
(53,882)	-92.8%	(60,413)	-85.3%	(223,149)	-88.2%
6,529	11.2%	13,024	18.4%	40,092	15.8%
(5,032)	-8.7%	(4,068)	-5.7%	(18,267)	-7.2%
-	0.0%	129	0.2%	251	0.1%
-	0.0%	-	0.0%	(189)	-0.1%
1,497	2.6%	9,085	12.8%	21,887	8.6%
90	0.2%	529	0.7%	1,917	0.8%
(786)	-1.4%	(291)	-0.4%	(2,009)	-0.8%
(1,407)	-2.4%	-	0.0%	(9,023)	-3.6%
(531)	-0.9%	(126)	-0.2%	(515)	-0.2%
-	0.0%	(48)	-0.1%	(48)	0.0%
(1,137)	-2.0%	9,149	12.9%	12,209	4.8%
346	0.6%	(1,695)	-2.4%	3,040	1.2%
(791)	-1.4%	7,454	10.5%	15,249	6.0%

Sabaf Group | Interim management statement at 31 March 2023

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