The Board of Directors of Digital360 S.p.A. approved the consolidated financial statements and the draft financial statements at 31 December 2022. The results show strong growth, thanks to the acquisitions concluded in the period, with consolidated revenues up 64% compared to the previous year to 56.4 million euros . Reported and pro forma net profits are respectively equal to 2.6 and 7.9 million euros, while the Debt Net Financial Position is -14.4 million euros, compared to the credit position of 3.1 million euros in 2021 .
Fifteen acquisitions were completed during the year, seven of which abroad and the remainder in Italy. The new equity investments have significantly changed the scope of consolidation, making the reading of the income statement and balance sheet data uneven. The acquisitions that had the greatest weight from the point of view of the new perimeter were completed in the second half of 2022 and consolidated in the financial statements on a pro rata temporis basis, with a still very limited impact on the economic result of the consolidated financial statements.
Despite the lack of homogeneity between the two years, the pro-forma data of the income statement have been highlighted, simulating the effect of consolidation as if it were referred to the entire year. The pro-forma data are useful for better representing the managerial effects of the acquisitions on the Group’s business and the overall dimensional impact of costs and revenues, increasing their significance also in the future.
EBITDA at 9.7 million euros
The EBITDA of the consolidated financial statements reaches 9.7 million euros, with an increase of 39% compared to the previous year, but the EBITDA margin is slightly reduced from 20% in 2021 to 17% in 2022, due to the investment made by the most senior executives in supporting the integration of the acquired companies and the important strengthening of the managerial structure and of the corporate staff organizational units necessary to effectively deal with the significant growth in size.
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Like-for-like growth was slower than in the past, with revenues and EBITDA of +10% and +5% respectively. The EBIT of the consolidated financial statements amounted to 4.6 million euros as at 31 December 2022, with an increase of 28% compared to that of 2021, but the growth was contained due to the depreciation deriving from the substantial consolidation differences due to the fifteen acquisitions made during the period.
Andrea Rangone, President of DIGITAL360, underlines how “despite the overall macroeconomic scenario presenting many elements of uncertainty, the specific markets in which DIGITAL360 operates (for example, demand generation, martech, cybersecurity, data protection, smart working, digital transformation of the PA, etc. ) nonetheless offer many opportunities for growth”, while Raphael BaloccoChief Executive Officer of DIGITAL360 in turn specifies: “The evolution and growth of DIGITAL360 are therefore driven, on the one hand, by a favorable market dynamics and impulse, on the other by the ability to know how to grasp, above all in a context in which phase of profound transformation, valid aggregative solutions (build up) in fragmented markets to improve one’s strategic and competitive positioning and acquiring, together with the companies, valid co-entrepreneurs, with the same vision and the same culture as DIGITAL360”.
In the end, Gabriel FaggioliChief Executive Officer of DIGITAL360, declares “2022 was also a very important year for the Advisory business. In fact, important companies have joined the Group which are going to strengthen our presence in the key development sectors where we have decided to invest – – In particular in the Public Administration (acquisition of Meridiana Italia), in HR transformation (acquisition of the Methodos group) and in cybersecurity (acquisition of Cryptonet Labs). These are companies that bring to the Group skills and presence on the market of the highest professional level, important and well-established businesses with ample growth potential in terms of volumes and with extremely interesting margins, and, above all, smart and ambitious co-entrepreneurs”.