INCOME STATEMENT 2022

Announcement Results of the year 2022

05/04/2023

Income Statement 2022

Highlights

  • Turnover reaches 143 million euros, an increase of 22.5%compared to the previous year;
  • EBITDA of 27.5 million eurosrepresents an increase of 21.3%compared to the analogous period in 2021;
  • Operating income of 11.3 million eurosrepresents an increase of 21.3%compared to the previous year;
  • The consolidated gross debt decreased by 11.7 million euros in 2022 compared to 2021.

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Vista Alegre Atlantis, SGPS, S.A. * Public company * Head office: Lugar da Vista Alegre, Ílhavo * Registered with the Commercial Registry of Ílhavo * Taxpayer no 500 978 654 * Share capital 134,120,048.00 Euros

Announcement Results of the year 2022

05/04/2023

Activity

2022 was marked by a strong increase in the costs of energy, fuel and raw materials, as a result of the increase in inflation namely caused by the conflict between Russia and Ukraine, thus generating an increase in uncertainty in the macroeconomic context at a global level. However, in this adverse environment, Vista Alegre demonstrated resilience and adaptability, mitigating some of this negative impact, both through the development of a series of investments over recent years aimed at improving the efficiency of its processes and through more efficient management of consumption and means of production.

In December 2022, Vista Alegre reached an accumulated turnover of 143 million euros and an EBITDA of 27.5 million euros.

In 2022 the cost of gas was 19.1 million euros, compared to 3.4 million euros in the same period of 2021, an increase of 15.7 million euros directly penalising the company's EBITDA and operating income.

The stoneware and porcelain segments were the main drivers of sales growth, although the increase was evident in all business segments. Thus, porcelain revenues reached 49.8 million euros, representing a 17.2% increase compared to the previous year, and the stoneware revenues amounted to 62.3 million euros representing a 23.8% growth compared to 2021.

Segments

Porcelain and related products Earthenware

Stoneware Crystal and Glass

Total

12M 2022

49.8

15.9

62.3

15.3

143.3

M€

12M 2021 Var 12M (%)

42.5 17.2%

12.4 27.5%

50.4 23.8%

11.7 31.2%

117.0 22.5%

The highlight of own-brand product sales (Vista Alegre and Bordallo Pinheiro) was growth of 21.3% compared to 2021 via physical and online retail channels, nationally and

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Vista Alegre Atlantis, SGPS, S.A. * Public company * Head office: Lugar da Vista Alegre, Ílhavo * Registered with the Commercial Registry of Ílhavo * Taxpayer no 500 978 654 * Share capital 134,120,048.00 Euros

Announcement Results of the year 2022

05/04/2023

internationally, excellent performance and illustrative of the growing recognition of our brands worldwide.

The Horeca channel recovered quite strongly in 2022 compared to 2021, with an increase in sales of 67%, and was one of the largest contributors to the growth of own-brand sales, nationally and internationally.

The international markets of Brazil and the United States of America, and the markets of the Netherlands, France, Spain and Germany in Europe, were the main contributors to sales in the foreign market, representing 72% of the turnover of Vista Alegre, with 103 million euros in sales.

Results

The consolidated results for the 2022 financial year of the Grupo Vista Alegre presented an excellent performance compared to the same period of 2021, with a turnover increasing 22.5% to 143 million euros, and EBITDA with a growth of 21.3%, of around 27.5 million euros.

It should be noted that the escalating conflict between Russia and Ukraine has accentuated inflationary pressure in Vista Alegre's main export market (Europe), with a direct impact on increased production costs, namely the cost of energy, logistics and raw materials, thereby adversely affecting the company's results.

Headings

12M 2022

12M 2021

Var. 12M

Amount

%

Turnover

143.3

117.0

26.3

22.5%

E B I T D A

27.5

22.7

4.8

21.3%

EBITDA Margin

19.2%

19.4%

-0.2 pp

Operating Income

11.3

9.3

2.0

21.3%

Operating Margin

7.9%

8.0%

-0.1 pp

Income before taxes

6.5

3.6

2.9

82%

Income tax

-0.9

-2.0

Net income

5.6

1.6

4.0

250%

4/7

Vista Alegre Atlantis, SGPS, S.A. * Public company * Head office: Lugar da Vista Alegre, Ílhavo * Registered with the Commercial Registry of Ílhavo * Taxpayer no 500 978 654 * Share capital 134,120,048.00 Euros

Announcement Results of the year 2022

05/04/2023

The Group recorded an operating income of 11.3 million euros, more 21.3% compared to the same period of 2021, and the net income for the financial year grew by 4 million euros, compared to the same period of 2021, reaching 5.6 million euros.

The development of new products and new collections, strategic partnerships with suppliers and designers, as well as the improvement of production processes and technological innovation, were key factors for the good operational performance of Vista Alegre.

Debt

As a result of the Group's good operational performance, and efficient management of resources, in 2022, the consolidated net debt reduced 11.7 million euros compared to 2021, maintaining a high level of cash and cash equivalents, thus indicating the solidity of its treasury:

Variation

M€

31/12/2022

31/12/2021

2022/2021

Financial debt (bank loans, bond and leasing)

82.7

88.6

-5.9

Operating debt (exports, confirming and factoring)

7.2

8.6

-1.4

Operating lease (IFRS 16)

7.2

7.9

-0.7

Consolidated debt

97.1

105.1

-8.0

Availabilities

-27.7

-24.1

-3.7

Consolidated net debt

69.4

81.0

-11.7

EBITDA LTM

27.5

22.7

4.8

Net debt / EBITDA

2/5x

3/6x

-1/0x

Investments

During 2022 investments made amounted to approximately 7 million euros, namely as regards purchasing equipment for the porcelain and stoneware sectors, and they have enhanced greater operational efficiency and reducing costs, reinforcing the positioning of Vista Alegre as an owner of the most technologically advanced factories in the world.

5/7

Vista Alegre Atlantis, SGPS, S.A. * Public company * Head office: Lugar da Vista Alegre, Ílhavo * Registered with the Commercial Registry of Ílhavo * Taxpayer no 500 978 654 * Share capital 134,120,048.00 Euros

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VAA - Vista Alegre Atlantis SGPS SA published this content on 06 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 June 2023 09:53:08 UTC.