Press release
FIS – FABBRICA ITALIANA SYNTETICI: revenues up 20% in 2022 to €672.5 million with proforma adjusted ebitda up 20%
The growth trend is also confirmed in the first quarter of 2023 closed with revenues of 153 million euros, up by 31% compared to the first quarter of 2022
Montecchio Maggiore (VI), 6 June 2023 – The Shareholders' Meeting of FIS – Fabbrica Italiana Sintetici SpA, leader in Italy and among the main operators in Europe in the production of active ingredients for the pharmaceutical industry, has approved the financial statements for the year 2022.
The company continued its growth, confirming the forecasts of the Business Plan. This result was achieved in a context characterized by the effects of the conflict in Ukraine, the energy crisis, inflation and the persistence of critical issues related to the pandemic.
In July, the company presented a loan application to InvItalia SpA under the "PNRR Investment 5.2 Competitiveness and Productive Chains" for a project that contains part of the investments already envisaged in the Strategic Plan. In December, InvItalia communicated the start of the investigation, still underway, aimed at verifying the existence of the conditions necessary for the admissibility of the application.
FIS has further strengthened its commitment on ESG issues with the issue of a Sustainability Linked Bond which has met with great success also among international investors and represents an important recognition of the work carried out by the company in over sixty years of activity.
Among the data for 2022 we highlight:
consolidated revenues of €672.5 million, with an increase of 19.6% compared to €562.1 million recorded in 2021. 67% of revenues was recorded in Europe (of which 11% in Italy), 18% in North America, 14% in Asia and 1% in South America;
the sale of custom products increased by 20% and that of generic products by 25%;
Adjusted EBITDA of €105 million, up 19.6% compared to the 2021 value of €87.8 million;
the closing net financial position is equal to €333.8 million, following the issue of the high yield sustainability-linked bond on February 10, 2022;
in 2022 investments amounted to €55.6 million, up by 13.7% compared to €48.9 million in 2021.
FIS continued its growth also in the first quarter of 2023. Revenues were in fact equal to approximately €153 million, with an increase of 30.7% compared to the same period last year. In this period, the company has also further strengthened its investment plan which amounted to €14.4 million, up by 103% compared to €7.1 million in Q1 2022. New hires were made in the first three months of the year and the number of employees grew to 2,072.
Michele Gavino, CEO of FIS – Fabbrica Italiana Sintetici SpA commented as follows: “The positive results achieved in 2022 and confirmed in the first quarter of 2023, despite the persistence of geopolitical situations of strong instability and the critical issues related to the energy crisis, confirm the positive trend of organic growth that we have designed in our strategic plan and allow us to face the next few years with a good dose of optimism.
These results were also achieved thanks to the commitment of the entire team, the reorganization of the commercial area as well as other company functions and the investments in innovation made and envisaged in the strategic plan approved in 2021. Over the past year we have also further strengthened our positioning both on the European and North American markets, without however neglecting the others, including the emerging ones. Furthermore, starting this year, we will be even more present on the veterinary products market thanks to a series of dedicated investments that will allow us to have strong growth in this segment.
If we analyze the last four years, FIS records a double CAGR growth compared to the CDMO sector average, testifying to how the management and the entire organization are facing this historic moment through the main and different guidelines that guide the strategic plan: increase in production capacity, safety, quality, sustainability and digitization."
Manuel Barreca, Chief Financial Officer of FIS – Fabbrica Italiana Sintetici SpA, added: “The economic and financial results achieved in 2022 testify to the resilience and solidity of the company in another year characterized by macroeconomic turbulence and during which, in the face of an easing of restrictions related to the pandemic, the costs and business continuity of many production activities were severely tested by the consequences of the conflict in Ukraine.
In relation to a top line growth of 19%, reported EBITDA shows an increase of approximately 16%, while adjusted EBITDA records an increase of almost 19%. This result was also achieved thanks to the company's ability to transfer a significant part of the higher costs externally. The issue of a high yield sustainability-linked bond in February has also allowed us to concentrate financial resources on sustainable growth of the business, which also continues in the first quarter of 2023, in which the main economic and financial KPIs are further improving compared to the first quarter of 2022.”
Received in the editorial staff on 6 June 2023
