RESULTS
FOR THE YEAR 2021
Announcement Results of the year 2021 30th of March 2022
Income Statement 2021
Highlights
>> Turnover reached 117 million euros, an increase of 6.0% compared to the previous year;
>> EBITDA of 22.7 million euros represents an increase of 41.7% compared to the analogous period in 2020;
>> The consolidated gross debt decreased by 7.3 million euros in 2021 compared to 2020;
>> Accumulated consolidated net income went into positive territory and reached 1.6 million positive euros;
>> Markets in Spain, the USA and Brazil were the biggest contributors to the sales of own-brand products, with a growth of 69% compared to 2020 and a growth of 50% compared to 2019 (pre-pandemic);
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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 2021 30th of March 2022
Activity
In December 2020 Grupo Vista Alegre recorded a turnover of 117 million euros and an EBITDA of 22.7 million euros. Foreign markets represented 75.1% of Vista Alegre's turnover, with 87.8 million euros of sales.
During the second half of 2021, economic activity in Portugal and worldwide was slowly recovering from the crisis created by the spread of the SARS-CoV-2 virus and renewed pandemic containment measures at the beginning of the year. The different measures taken by authorities aimed at mitigating the negative effects of the pandemic had a positive effect on the economic climate, as can be seen in the recovery of retail activity, with a visible impact on results.
Branded products, namely in Vista Alegre Porcelain and Bordallo Pinheiro Earthenware sectors, contributed most to the growth in turnover during 2021. Porcelain revenues reached 42.5 million euros, representing a 42.7% increase compared to the previous year, and the Earthenware revenues amounted to 12.4 million euros representing a 53.2% growth compared to 2020.
T € | |||
Segments | 31-12-2021 | 31-12-2020 | Variation (%) |
Porcelain and related products | 42.5 | 29.8 | 42.7% |
Earthenware | 12.4 | 8.1 | 53.2% |
Stoneware | 50.4 | 60.8 | -17.1% |
Crystal and Glass | 11.7 | 11.7 | -0.1% |
Total | 117.0 | 110.4 | 6.0% |
Excluding the hotel industry, the turnover generated by the sale of own-brand products, via physical and online retail channels, at the national and international level, grew
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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 2021 30th of March 2022
36.7% compared to 2020 and grew 11% compared to 2019 (pre-pandemic) which clearly attests to the excellent performance and growing recognition of our brands globally.
Internationally, it's worth noting that the markets of Spain, the USA and Brazil were the biggest contributors to the sales of own-brand products, with a growth of 69% compared to 2020 and a growth of 50% compared to 2019 (pre-pandemic).
The Ria Stone factory, which produces for Ikea, also delivered excellent performance in 2021, growing 14% compared to 2020 and 10% above 2019 sales.
Results
Despite the severe confinement which marked the first half of the year, with retail stores closed for most of this period, Grupo Vista Alegre's consolidated results during 2021 showed excellent performance, well above what had been recorded during the same period of the previous year. Turnover reached 117 million euros (6% higher compared to the same period in 2020) and EBITDA amounted to 22.7 million euros (representing an improvement of 42% compared to the EBITDA achieved in the same period of 2020). The EBITDA Margin also recovered during the last quarter, standing at 19.4%, or 4.9 pp above what was recorded in 2020.
Consolidated Results
M€
Headings
31-12-2021
31-12-2020
Turnover 117.0 110.4
Variation Amount % 6.6 6%
E B I T D A 22.7 16.0 6.7 42%
EBITDA Margin 19.4% 14.5%
Operating Income 9.3 2.5 6.9 281%
Operating Margin
8.0% 2.2%
Income before taxes 3.6 -2.2 5.8 260%
Income tax -2.0 -0.3 -1.7
Net income 1.6 -2.5 4.1 164%
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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 2021 30th of March 2022
The Grupo recorded a positive operating result of 9.3 million euros (exceeding the operating result of the same period the year before by 281%) and a positive net result of 1.6 million euros, contrasting with the negative result recorded in 2020 in the same period.
Debt
As a result of the Grupo's good operational performance, consolidated net debt fell by around 7.3 million euros compared to 2020, with the Company maintaining a high level of cash and cash equivalents, thereby indicating a solid treasury position:
T€ | 2021 |
Financial debt (bank loans, bond and leasings)
2020
Operating debt (exports, confirming and factoring)
Operating lease (IFRS 16)
88,585 84,566 8,612 13,588 7,898 7,640
Consolidated debt 105,095 105,794
Availabilities
Consolidated net debt
EBITDA
-24,060 81,035 22,699
Net debt / EBITDA | 3.57x |
-17,501 88,293 16,012 5.51x
Consolidated net debt
81,035 88,293
Grants to be converted
-5,704 -8,470
Consolidated net debt after converted prizes
75,331 79,822
Net debt after converted premiums / EBITDA | 3.32x |
22,699 16,012 4.99x
EBITDA
Investments
Investments made amounted to approximately 7.3 million euros, including the purchase of equipment for the Porcelain, Crystal and Glass and Ovenware segments, enhancing operational efficiency, reducing costs and reinforcing the positioning of Vista Alegre as the operator of the most technologically advanced factories in the world within the ceramic, crystal and glass market segments.
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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
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VAA - Vista Alegre Atlantis SGPS SA published this content on 30 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 March 2022 17:04:25 UTC.