Marcolin headquarters in Italy
Eyewear company Marcolin's Board of Directors have presented a draft of the Group's financial statements for the year ended December 31, 2022, reporting net sales up 20.1% compared to the previous year.
According to a news release, "In 2022, Marcolin's net sales amounted to €547.4 million (US$593.9 million), up 20.1% compared to the previous year at current exchange rates (+ 13.2% at constant exchange rates), confirming the strength of the business strategy in a year marked by international geopolitical challenges and instability.
"Compared to 2021, the company has improved its performance in all geographical areas: significant growth in a high potential market such as Asia (+ 47% at current exchange rates and + 33% at constant exchange rates), while EMEA (+ 18% at current exchange rates and + 17% at constant exchange rates) and Americas (+ 17% at current exchange rates and + 4% at constant exchange rates) are confirmed as the main geographical areas, together accounting for approximately 90% of revenue."
Adjusted EBITDA reached €61.0 million (US$66.2 million), showing an increase of 21.7% compared to the previous year. The trend in the adjusted EBITDA margin was positive as well, reaching 11.1% of net sales.
"Various factors contributed to the achievement of these important results, including the consolidation of the numerous brands in the portfolio, the implementation of a digital transformation process based on the central role played by the relationship with customers in all its phases, and the continuous push towards production and procurement efficiency."
The net financial position amounted to €137.4 million (US$149 million), an improvement of €10.7 million (US$11.6 million) compared to the previous year, thanks to the liquidity generated by both operating results and a regulated control of working capital in all its components (trade receivables, trade payables and inventory levels).
"Last year confirmed how Marcolin is a high-performance and sound company capable of tackling a complex historical period with vision and far-sightedness while consolidating its leadership position among the reference players at global level in a sector that, today more than ever, is experiencing a moment of great dynamism and change," said Fabrizio Curci, CEO & General Manager of Marcolin.
"2022 results provide a drive for the company's divisions to elevate our expectations even higher: the year ahead of us is just as challenging, but full of important events, in which we will have to prove once again that we are a modern, agile company, capable of reading economic trends and supporting a sector in which Italy acts as a leader."
