In 2022, Safilo’s preliminary net sales stood at €1076.7 million, up 11.1% at current exchange rates and 4.2% at constant exchange rates compared to the €969.6 million recorded in 2021 This is what Safilo announced in a press release, on the day (yesterday January 26, 2023) in which the Board of Directors examined some
of the main preliminary data for the year ended December 31, 2022. 2022, Safilo remarked, was “another year of revenue growth and improvement in margins”.
The note specified that “the economic-financial results for the entire year will be approved by the Board of Directors on 9 March 2023, when the medium-term economic-financial targets will also be approved, which management will present to the market during the Capital Market Day which will be held in Milan on the day immediately following”.
In FY 2022, Safilo’s organic sales “grew by 7.7% at constant exchange rates, recording another significant improvement after the +10.5% achieved in 2021 compared to 2019”.
On a preliminary basis, “Safilo closed FY2022 with an adjusted EBITDA of approximately €101 million, equal to a margin on sales of approximately 9.4% (10.3% before IFRIC SaaS impact). Adjusted EBITDA for 2022, although slightly below management’s expectations, is up by approximately 24% compared to the €81.5 million recorded in 2021, and with the margin improving by approximately 100 basis points compared to 8.4% of the previous year”.
Again on a preliminary basis, “as at 31 December 2022, the Group’s net financial debt amounted to approximately 113 million euros (approximately 70 million euros pre-IFRS 16, corresponding to a financial leverage, also pre-IFRIC SaaS, of 0 ,7x), slightly down on the €115.4 million at 30 September 2022 (€67.2 million pre-IFRS 16, corresponding to a financial leverage, also pre-IFRIC SaaS, of 0.7x) and slightly growth compared to the position of 94.0 million euros as at 31 December 2021 (52.8 million euros pre-IFRS 16, corresponding to a financial leverage, also pre-IFRIC SaaS, of 0.7x)”.
“By geographical area – specifies the press release – in 2022 Europe confirmed itself as the main engine of growth, with the most important markets in the area and the growing business in Turkey and Poland contributing to an increase in revenues of 12, 3% at current exchange rates, 12.0% at constant exchange rates and 16.1% at the level of organic sales”.
“During the year, the North American market benefited from the strengthening of the dollar against the euro, closing up by 6.8% at current exchange rates. On the other hand, the trend in revenues at constant exchange rates, down overall by 4.7%, was substantially stable compared to 2021 in terms of organic sales (-0.3%), due to a base of
particularly challenging comparison, especially in the second half of the year”.
Safilo pointed out that “the owned brands represented an important driver of the overall performance of the Group, in particular Smith, which with a further strong leap in sales, confirmed its position among the leading brands in a rapidly developing segment and distribution channel such as that of eyewear and outdoor sports products. Carrera and Polaroid have also grown by double digits again, thanks to a progression that has involved all the main distribution channels and all product categories, and which has allowed Carrera to far exceed pre-pandemic business levels”.
“It was a year of solid improvement for Safilo also on the licensing business front, thanks above all to the voucher
development registered by the collections of the main brands, and the inclusion in the portfolio of new licenses they have
effectively contributed to offset the sales made in 2021 with the discontinued brands”.