In FY2021, Marcolin reported net sales of €455.6 million, an increase of 34% over 2020 and confirming a recovery from the Covid-19 pandemic. The net profit of 153 million euros is partly due to the proceeds from the participation in Thélios SpA. The first quarter of 2022 also went well.
The Marcolin headquarters (Image: Marcolin)
Compared to 2020, the Marcolin Group managed to increase its sales in all geographical regions, in particular in the EMEA region (+31.7%) and in the Americas (+38.8%), which together account for almost 90% of net sales turn off; the results are also positive in the geographical regions with high potential such as Asia (+27.1%) and the rest of the world (+24.8%).
Adjusted EBITDA was EUR 50.1 million, representing +90.5% of the 2020 result. The adjusted EBITDA margin was also positive, rising to 11% of net sales, a result that returned the company to pre-pandemic levels.
In 2021, Marcolin also recorded a significant reduction in net debt thanks to the divestiture of the Thélios joint venture and the implementation of new business models that allowed better management of net working capital.
The strategy pursued by Marcolin in 2021 envisaged the optimization and development of the existing brand portfolio; extensive investments in various management areas, including logistics and production, have helped to increase the company's efficiency.
In late 2021, Marcolin completed the sale of shares in Thélios, a joint venture with French luxury goods group LVMH. This transaction enabled both groups to pursue their respective future strategies separately, as the company's start-up phase was successfully completed to the satisfaction of both parties.
First Quarter Marcolin Results
According to the company, the growth course set in the previous year continued in the first quarter of 2022: net sales were 129.8 million rubles, which corresponds to an increase of 19.5% compared to the same period in 2021 (108.7 million euros), with a particularly significant growth in all geographical regions of the world: EMEA (+19.8%), Americas (+17.9%) and the rest of the world (+36.5%).
Adjusted EBITDA increased by +27.1% to EUR 18.2 million, which corresponds to a margin of 14.0% of net sales, an excellent result also compared to the first three months of 2019.
Fabrizio Curci, CEO and General Manager of Marcolin: “Marcolin is a solid, high-performing company that has managed to respond and achieve important results despite two difficult years due to the pandemic. Thanks to the introduction of new processes to optimize the organization, investments in the areas of production and logistics and in the brand portfolio, the company is heading for a new phase of growth. We are pleased that 2021, which marked the company's 60th anniversary, marks a return to profitability. The growth recorded in the first quarter of 2022 is an additional incentive to keep improving.”
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