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

FY2022 FILA Group Results

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FY2022 Highlights

• Adjusted Core Business Sales of 764,6mln €, +17,0% (+111,1mln €) on the same period of the previous year (653,5mln € in FY2021); +10,1% at comparable FX rates (+65,8mln €). Asia +47,7mln € (+70,2%), Middle and South America +27,3mln € (+59,6%), partially offset by North America -8,6mln € (-2,9%). Europe and Other Countries substantially in line with the previous year.
• Indian Market at 109mln € (third parties revenues) in FY2022 in line with expectations, +92% on the previous year at comparable FX rates.
• Adjusted EBITDA, excluding IFRS 16 impact, of 110,3mln €, +1,1% (+1,2mln €) on the previous year (109,1mln € in FY2021) mainly related to the positive performance in Asia, Middle and South America (-2,3% at comparable FX rates, -2,5mln€).
• Adjusted EBITDA margin at 14,4% (16,7% in FY2021) due to different sales mix and growth in areas with lower margins as India and Mexico and to the inflation impact on raw material and transportation partially mitigated through by sale price increase.
• Total adjusted Net Profit excluding IFRS 16 impact, of 42,8mln €, -1,2mln € (-2,7%) on FY2021.
• Net Bank Debt of 351,6mln € (343,8mln € in FY2021) with a decrease in the last twelve months of 14,0mln €, excluding negative FX effect of approx. 14,4mln €, Upfront and consultancies Fees for Refinancing of approx. 6,0mln € and M&A effect of approx. 1,4mln €.
• Adjusted "Free Cash Flow to Equity"* at 29,2mln € (72,3mln € in FY2021), mainly due to the temporary increase in inventories, amplified by inflationary effects and by a still complex scenario, characterized by the persistence of the difficulties of the world supply chain worldwide, amplified post-pandemic by the Russian-Ukrainian crisis and by inflation. It is worth also to highlight that FY2022 "Free Cash Flow to Equity" was impacted by the recovery of investments and higher interests paid.
• • Excluding the non recurrent cashout related to the Upfront and consultancies Fees for Refinancing of approx. 6,0mln €

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FY2022 Core Business Sales
(€ million)
+111,1mln €	764,6
+17,0%
653,5			• Adjusted Core Business Sales of 764,6mln €, +17,0% on 2021A;
			+65,8mln € (+10,1%) at comparable FX rates, of which:
			‒	By Geographic Area: Asia +47,7mln € (+70,2%), Middle and
0,2				South America +27,3mln € (+59,6%) partially offset by North
				America -8,6mln € (-2,9%), Europe -0,6mln € (-0,2%) and Other
		764,6		Countries -0,03mln € (-0,7%).
		‒	0,2mln € adjustment in 2021A due to customer claims for
653,3
			Covid-19 mainly of Dixon Ticonderoga Company (US).
2021A	Adjustment	2022A
Reported

SALES BY GEOGRAPHICAL AREA

2021A

7,0%

45,7%10,4%

0,6%

36,3%

Europe

N. America

C&S America

Asia

RoW

2022A10,2%

	16,0%
42,5%	0,5%

30,8%

Europe

N. America

C&S America

Asia

RoW

Data in millions of euros; for precise data refer to 12M FILA financial report	4

FY2022 EBITDA Adjusted (Excluded IFRS 16)

Margin (%) 16,7

109,1

105,0

+1,2mln € +1,1%

4,1

14,4	(€ million)
110,3

6,8

103,5

• Adjusted EBITDA of 110,3mln €, +1,1% on 2021A; -2,5mln€ (-2,3%)at comparable FX rates;
• 6,8mln € of extraordinary costs in 2022A mainly related to FILA consultancy fees (3,5mln € of which 2,2mln € for refinancing), Group reorganization costs/restructuring costs (3,1mln €) and Covid-19pandemic (1,1mln €), partially offset by Shares-Basedpremium (-0,9mln€); 4,1mln € of extraordinary costs in 2021A mainly related to Covid-19pandemic, FILA Group reorganization costs, consultancy fees and Shares-BasedPremium.

2021A	Reported	Adjustment	2022A

ADJUSTED EBITDA BY GEOGRAPHICAL AREA

2021A

45,6%

3,7%

6,3%

44,3%

Europe

N. America

C&S America

Asia

RoW: 0,1%

2022A9,8%

17,2%

36,3%

36,7%

Europe

N. America

C&S America

Asia

RoW

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Data in millions of euros; for precise data refer to 12M FILA financial report