Financial report • 2021
Consolidated Results
Financial report • 2021
Consolidated Results
Thinking
solutions.
Values and expertise, changes and connections: it is natural to foresee our partners’ needs. Dominating the world of ideas: the answer anticipates the question and the solution the request.
0
.5 million €
Net result
0
.3 million €
Net Invested Capital
0
.2 million €
Net financial debt
Sales Breakdown by Geographical Area and Application
Geographical area
| Table Header | Table Header | Table Header | Table Header | Table Header | Table Header | Table Header |
|---|---|---|---|---|---|---|
|
(euro thousand) |
31.12.2021 |
% |
31.12.2020 |
% |
Change |
% |
|
Italy |
321,144 |
11.6% |
244,932 |
11.1% |
76,212 |
31.1% |
|
Germany |
499,512 |
18.0% |
400,738 |
18.2% |
98,774 |
24.6% |
|
France |
94,332 |
3.4% |
81,963 |
3.7% |
12,369 |
15,1% |
|
United Kingdom |
181,732 |
6.5% |
154,396 |
7.0% |
27,336 |
17.7% |
|
Other European countries |
344,050 |
12.4% |
272,193 |
12.3% |
71,857 |
26,4% |
|
India |
93,401 |
3.4% |
72,880 |
3.3% |
20,521 |
28.2% |
|
China |
435,755 |
15.7% |
338,447 |
15.3% |
97,308 |
28.8% |
|
Japan |
26,044 |
0.9% |
23,237 |
1.1% |
2,807 |
12.1% |
|
Other Asian countries |
45,346 |
1.6% |
30,723 |
1.4% |
14,623 |
47.6% |
|
South America (Argentina and Brazil) |
39,033 |
1.4% |
31,983 |
1.4% |
7,050 |
22.0% |
|
North America (USA, Mexico and Canada) |
679,666 |
22.0% |
542,729 |
24.5% |
136,937 |
25.2% |
|
Other countries |
17,541 |
0.6% |
14,418 |
0.7% |
3,123 |
21.7% |
|
Total |
2,777,556 |
100.0% |
2,208,639 |
100.0% |
568,917 |
25.8% |
Application
| Table Header | Table Header | Table Header | Table Header | Table Header | Table Header | Table Header |
|---|---|---|---|---|---|---|
|
(euro thousand) |
31.12.2021 |
% |
31.12.2020 |
% |
Change |
% |
|
Passenger Car |
2,022,225 |
72.8% |
1,655,696 |
75.1% |
366,529 |
22.1% |
|
Motorbike |
330,618 |
11.9% |
212,983 |
9.6% |
117,635 |
55.2% |
|
Commercial Vehicle |
293,933 |
10.6% |
232,759 |
10.5% |
61,174 |
26.3% |
|
Racing |
130,750 |
4.7% |
106,604 |
4.8% |
24,146 |
22.7% |
|
Miscellaneous |
30 |
0.0% |
597 |
0.0% |
(567) |
-95.0% |
|
Total |
2,777,556 |
100.0% |
2,208,639 |
100.0% |
568,917 |
25.8% |
Sales Breakdown by Geographical Area
Sales Breakdown by Application
Consolidated Statement of Income
| Table Header | Table Header | Table Header | Table Header | Table Header |
|---|---|---|---|---|
|
(euro thousand) |
31.12.2021 |
31.12.2020 |
Change |
% |
|
Revenue from contracts with customers |
2,777,556 |
2,208,639 |
568,917 |
25.8% |
|
Cost of sales, operating costs and other net charges/income (*) |
(1,783,561) |
(1,405,317) |
(378,244) |
26.9% |
|
Income (expense) from non-financial investments |
15,318 |
10,392 |
4,926 |
47.4% |
|
Personnel expenses |
(506,617) |
(425,029) |
(81,588) |
19.2% |
|
GROSS OPERATING INCOME |
502,696 |
388,685 |
114,011 |
29.3% |
|
% on revenue from contracts with customers |
18.1% |
17.6% |
|
|
|
Depreciation, amortisation and impairment losses |
(214,715) |
(207,550) |
(7,165) |
3.5% |
|
NET OPERATING INCOME |
287,981 |
181,135 |
106,846 |
59.0% |
|
% on revenue from contracts with customers |
10.4% |
8.2% |
|
|
|
Net interest income (expense) and interest income (expense) |
(1,190) |
(25,091) |
23,901 |
-95.3% |
|
RESULT BEFORE TAXES |
286,791 |
156,044 |
130,747 |
83.8% |
|
% on revenue from contracts with customers |
10.3% |
7.1% |
|
|
|
Taxes |
(70,752) |
(17,802) |
(52,950) |
297.4% |
|
Result from discontinued operations |
(153) |
(304) |
151 |
-49.7% |
|
RESULT BEFORE MINORITY INTERESTS |
215,886 |
137,938 |
77,948 |
56.5% |
|
% on revenue from contracts with customers |
7.8% |
6.2% |
|
|
|
Minority interests |
(349) |
(1,405) |
1,056 |
-75.2% |
|
NET RESULT |
215,537 |
136,533 |
79,004 |
57.9% |
|
% on revenue from contracts with customers |
7.8% |
6.2% |
|
|
|
BASIC AND DILUTED EARNINGS PER SHARE (euro) |
0.67 |
0.42 |
|
|
Statement of Financial Position
| Table Header | Table Header | Table Header | Table Header |
|---|---|---|---|
|
(euro thousand) |
31.12.2021 |
31.12.2022 |
Change |
|
Property, plant and equipment |
1,274,733 |
1,183,280 |
91,453 |
|
Intangible assets |
297,319 |
219,567 |
77,752 |
|
Financial assets/liabilities |
365,352 |
261,210 |
104,142 |
|
Other receivables and non-current liabilities |
92,845 |
80,082 |
12,763 |
|
Fixed capital |
2,030,249 |
1,744,139 |
286,110 |
|
|
|
|
16.4% |
|
Inventories |
482,924 |
354,887 |
128,037 |
|
Trade receivables |
468,222 |
385,439 |
82,783 |
|
Other receivables and current assets |
136,162 |
119,315 |
16,847 |
|
Current liabilities |
(802,011) |
(640,924) |
(161,087) |
|
Provisions/deferred taxes |
(84,144) |
(71,286) |
(12,858) |
|
Hedging assets/liabilities |
(29) |
0 |
(29) |
|
Net working capital |
201,124 |
147,431 |
53,693 |
|
|
|
|
36.4% |
|
Net invested capital from discontinued operations |
(79) |
(77) |
(2) |
|
NET INVESTED CAPITAL |
2,231,294 |
1,891,493 |
339,801 |
|
|
|
|
18.0% |
|
Equity |
1,796,120 |
1,481,041 |
315,079 |
|
Employees’ leaving entitlement and other personnel provisions |
23,992 |
26,567 |
(2,575) |
|
Medium/long-term financial debt |
721,639 |
736,588 |
(14,949) |
|
Short-term net financial debt |
(309,802) |
(351,911) |
42,109 |
|
Net financial debt |
411,837 |
384,677 |
27,160 |
|
|
|
|
7.1% |
|
Net financial debt from discontinued operations |
(655) |
(792) |
137 |
|
COVERAGE |
2,231,294 |
1,891,493 |
339,801 |
|
|
|
|
18.0% |
Statement of Cash Flows
| Table Header | Table Header | Table Header |
|---|---|---|
|
(euro thousand) |
31.12.2021 |
31.12.2020 |
|
NET FINANCIAL POSITION AT BEGINNING OF YEAR (*) |
(384,677) |
(346,189) |
|
Net operating income |
287,981 |
181,135 |
|
Depreciation, amortisation and impairment losses |
214,715 |
207,550 |
|
Gross operating income |
502,696 |
388,685 |
|
Investments in property, plant and equipment |
(210,248) |
(162,052) |
|
of which right of use assets |
(26,407) |
(37,755) |
|
Investments in intangible assets |
(31,789) |
(28,273) |
|
Investments in financial assets |
(168) |
(182,862) |
|
Disposals |
5,862 |
2,510 |
|
Amounts (paid)/received for the acquisition/disposal of subsidiaries, |
(116,908) |
0 |
|
Net investments |
(353,251) |
(370,677) |
|
Change in inventories |
(108,167) |
(23,913) |
|
Change in trade receivables |
(57,760) |
4,387 |
|
Change in trade payables |
99,173 |
910 |
|
Change in other liabilities |
19,836 |
10,028 |
|
Change in receivables from others and other assets |
(4,371) |
(10,857) |
|
Translation reserve not allocated to specific items |
22,468 |
(16,379) |
|
Change in working capital |
(28,820) |
(35,824) |
|
Change in provisions for employee benefits and other provisions |
3,498 |
46,461 |
|
Operating cash flows |
124,123 |
28,645 |
|
Interest income and expense |
(991) |
(24,794) |
|
Result from discontinued operations |
(153) |
(304) |
|
Current taxes paid |
(63,625) |
(48,873) |
|
Dividend paid in the year to minority shareholders |
(640) |
(640) |
|
Interest (income)/expense from investments, net of dividends received |
(298) |
(303) |
|
Dividends paid in the year |
(71,132) |
0 |
|
Net cash flows |
(12,717) |
(46,269) |
|
Effect of translation differences on net financial position |
(14,443) |
7,781 |
|
NET FINANCIAL POSITION AT END OF YEAR (*) |
(411,837) |
(384,677) |