PRESS RELEASE
B&C Speakers S.p.A.:
The Board of Directors approves the Draft Financial Statement for 2022
Record results for the Group, which closed the year for the first time in its history over 80 million in turnover with a growth in revenues of +81.5%.
Positive variations in triple digits also for margins and profits.
- Consolidated revenues amounted to Euro 82.10 million (rising by 81.5% compared to Euro 45.23 million in 2021);
- Consolidated EBITDA equal to Euro 20.25 million (up by 135.1% compared to Euro
- million in 2021);
- Overall Group profit equal to Euro 12.27 million (rising by 139% compared to Euro
- million in 2021);
- Group Net financial position equal to Euro 9.4 million (positive and equal to Euro
- million at the end of the 2021 financial year);
- Group order book amounted to Euro 46.3 million (Euro 27.9 million as of December 31, 2021).
- Proposal to distribute to shareholders an ordinary dividend of EUR 0.60 for each share held with an ex-dividend date on May 8, 2023.
Bagno a Ripoli (Florence-ITALY), March 21, 2023 -The Board of Directors of B&C Speakers S.p.A., one of the leading international players in designing, producing, distributing and marketing professional electro-acoustic transducers, approved the Draft Financial Statements for the 2022 fiscal year prepared in accordance with IFRS International Financial Reporting Standards.
CEO Lorenzo Coppini commented: "The impressive results of the past year clearly tell us that the pandemic did not change people's habits and that as soon as they could, people returned to enjoy the live experience, which remains a unique and extraordinary pleasure. And they also tell us about our ability to manage such a significant jump in demand, which is still continuing these months and makes us look forward to the current year with optimism."
Consolidate Revenues
Group Revenues reached the record figure of Euro 82.10 million, a value never achieved before in the decades-long history of B&C Speakers and were up by more than 80% compared to the same figure in 2021.
In particular, this level of turnover was made possible by a significant growth in volumes, +45% compared to 2021, while the remaining part of the growth is due to a better sales mix
Pagina 1 di 8
and by the effect of the price increase needed in order to balance increased raw material costs.
In addition, the sales volumes achieved in 2022 were about 21% higher than the corresponding data achieved in 2019, confirming a more than complete recovery of pre- pandemic levels. Furthermore, the Group, thanks to the growth achieved during 2022, brought the ten-year CAGR back to a value of 9.78%, while the same figure, before the pandemic, showed a value of 9.18%.
The chart below shows the breakdown of turnover by geographical area.
Geographical Area | 2022 | % | 2021 | % | Change | % Change |
Latin America | 5,092,439 | 6% | 2,704,387 | 6% | 2,388,053 | 88% |
Europe | 38,378,014 | 47% | 19,146,275 | 42% | 19,231,739 | 100% |
Italy | 4,854,479 | 6% | 2,784,614 | 6% | 2,069,865 | 74% |
North America | 18,730,998 | 23% | 8,603,430 | 19% | 10,127,568 | 118% |
Middle East & Africa | 693,237 | 1% | 410,788 | 1% | 282,449 | 69% |
Asia & Pacific | 14,352,501 | 17% | 11,583,469 | 26% | 2,769,032 | 24% |
Total revenues | 82,101,668 | 100% | 45,232,962 | 100% | 36,868,706 | 82% |
All geographic areas confirm growth over 2021; the European and American markets both showed growth of more than 10 million Euros compared to the turnover in 2021.
Cost of Sales
The cost of sales at the end of 2022 improved compared to the same figure in 2021 and its incidence on revenues decreased from 64.5% to 63.6%; this figure, contextualized in the 2022 macroeconomic background that was characterized by strong tensions on the cost of raw materials and on the logistics front, best represents the level of Group's performance; in this scenario, the important contribution given by the efficiency of the direct workforce, which showed the best figure since 2019, should not be forgotten,.
Indirect Personnel
The cost for indirect personnel, while increasing compared to 2022, reduced their incidence on turnover from 7.74% to 5.0%, thanks to the increase in production and sales volumes achieved in the period. In addition to the reduced cost incidence, the company maintained its process of strengthening the structure by adding new people in various company divisions and in the technical department.
Commercial Expenses
Commercial expenses returned to their usual levels, as a direct result of the regained possibility to participate in trade shows and to deal directly with international customers.
Administrative and General
General and administrative costs increased compared to 2021 (mainly due to higher costs incurred for the general structure and for the increased rewarding of company management), although to a much lower extent than revenues; as a result, their share of revenues has decreased to 5.7% from 9.2% at the end of 2021.
Pagina 2 di 8
EBITDA and EBITDA Margin
As a result of the dynamics illustrated above, EBITDA in 2022 is equal to Euro 20.25 million, figure never reached throughout company history, with an increase of 135% compared to 2021.
EBITDA Margin for 2022 is equal to 27. 7% of revenues and is clearly up on the 2021 figure, when it was equal to 19% of revenues.
Depreciation
The depreciation of tangible and intangible fixed assets and rights of use are basically stable compared to 2021.
EBIT and EBIT Margin
EBIT for 2022 amounts to Euro 18.14 million, a significant increase compared to 2021, when it was equal to Euro 6.55 million. EBIT margin is equal to 22.1% of revenues (14.5% in 2021).
Group Net Profit
The Group's net profit at the end of 2022 amounted to Euro 12.27 million, representing 14.9% of consolidated revenues, with an overall increase of 140% compared to 2021.
The overall Net Financial Position is equal to Euro 9.4 million against a value of Euro 3.9 million at the end of 2021. The Net Financial Position was affected by the liquidity- absorbing working capital needed to fund the recovery, as well as the distribution of dividend, equal to Euro 3.5 million, taking place in May 2022.
In terms of cash flows it should be noted that, while during the first half of the year there was a significant cash absorption, for Euro 3.7 million, needed to finance the strong recovery in orders, the second part of the year it was able to produce operating cash flow of approximately 5.4 million, confirming the recovered and high financial efficiency of the Group.
31 december | 31 december | ||
(values in Euro thousands) | 2022 (a) | 2021 (a) | Change |
A. Cash | 5,825 | 8,075 | -28% |
C. Other current financial assets | 8,574 | 10,829 | -21% |
D. Cash and cash equivalent (A+C) | 14,399 | 18,904 | -24% |
E. Current financial indebtness | (476) | 0 | |
F. Current portion of non current borrowings | (11,519) | (10,275) | 12% |
G. Current borrowingse (E+F) | (11,994) | (10,275) | 17% |
H. Current net financial indebtness (G+D) | 2,405 | 8,628 | -72% |
I. Non current financial indebtness | (11,818) | (12,542) | -6% |
L. Non current financial indebtness | (11,818) | (12,542) | -6% |
M. Total financial indebteness (H+L) | (9,414) | (3,912) | 141% |
Pagina 3 di 8
The following chart shows the reclassified Group Income Statement relating 2022 financial year, compared with the previous year:
(€ thousands) | 2022 | Incidence | 2021 | Incidence | |
Revenues | 82,102 | 100.00% | 45,233 | 100.0% | |
Cost of sales | (52,233) | -63.62% | (29,157) | -64.5% | |
Gross margin | 29,869 | 36.38% | 16,076 | 35.5% | |
Other revenues | 307 | 0.37% | 811 | 1.8% | |
Cost of indirect labour | (4,145) | -5.05% | (3,501) | -7.7% | |
Commercial expenses | (1,114) | -1.36% | (633) | -1.4% | |
General and administrative expenses | (4,667) | -5.68% | (4,141) | -9.2% | |
Ebitda | 20,250 | 24.66% | 8,612 | 19.0% | |
Depreciation and Amortization | (2,009) | -2.45% | (2,010) | -4.4% | |
Writedowns | (102) | -0.12% | (49) | -0.1% | |
Earning before interest and taxes (Ebit) | 18,138 | 22.09% | 6,553 | 14.5% | |
Writedown of investments in non controlled associates | 0 | 0.00% | - | 19.18 | 0.0% |
Financial costs | (3,220) | -3.92% | (491) | -1.1% | |
Financial income | 1,889 | 2.30% | 640 | 1.4% | |
Earning before taxes (Ebt) | 16,808 | 20.47% | 6,683 | 14.8% | |
Income taxes | (4,565) | -5.56% | (1,708) | -3.8% | |
Profit for the year | 12,243 | 14.91% | 4,975 | 11.0% | |
Minority interest | 0 | 0.00% | 0 | 0.0% | |
Group Net Result | 12,243 | 14.91% | 4,975 | 11.0% | |
Other comprehensive result | 23 | 0.03% | 142 | 0.3% | |
Total Comprehensive result | 12,266 | 14.94% | 5,117 | 11.3% |
SIGNIFICANT EVENTS AFTER DECEMBER 31, 2022
The company's business performance remained very brilliant even in the beginning of 2023, always showing the growth trend in production volumes and sales, significantly up compared to the same period in 2022.
SUSTAINABILITY TOPICS
The Group has continued on its path towards sustainable and responsible growth by approving a sustainability policy and making it available on the company website in the Investors section. The policy defines the priority areas of commitment as part of the path towards an ever more complete integration of sustainability in the conduct of daily activities. The sustainability policy has been included in a sustainability plan which defines the concrete actions to be implemented over the next three years and the related KPIs for monitoring the achievement of the objectives. Group Management considers this commitment a priority in order to achieve sustainable growth in an increasingly complex and challenging environmental and social context.
CdA Other Resolutions adopted by the same BoD
The Board convened the Ordinary Shareholders' Meeting, in single call, for April 28, 2023 with the following Agenda
- Statutory and consolidated financial statements as at December 31, 2022. Pagina 4 di 8
Related and consequent resolutions;
- Report on Remuneration pursuant to art. 123-ter of Legislative Decree 58/98. Related and consequent resolutions;
- Proposal for confirmation as Director of the board member Valerie Sun, already appointed by co-optation pursuant to Article 2386 of the Civil Code.
- Authorization for the purchase and sale of own shares. Related and consequent resolutions.
The Board of Directors proposes to the Issuer's shareholders' meeting to resolve the distribution of a dividend equal to EUR 0.60 per each outstanding share.
The dividend for the 2022 financial year will be payable as of May 10, 2023, with the "ex- dividend" date on May 8 and the "record date" (i.e. the date when the dividend payment itself is authorized, pursuant to Article 83-terdecies of the TUF) coinciding with May 9."
Pagina 5 di 8
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
B&C Speakers S.p.A. published this content on 21 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 March 2023 13:50:02 UTC.