"Fedrigoni Group's financial results over the past 12 months exceed all market expectations." the Italian paper manufacturer was pleased to announce its annual results for 2021 and the first quarter of 2022.
In the period from the end of March 2021 to the end of March 2022, the manufacturer of self-adhesive materials and specialty papers generated sales of EUR 1,760.2 million, i.e. +9.8% compared with the same period last year, and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of EUR 250 million, i.e. +16.4% (adjusted proforma EBITDA of EUR 258.7 million).
Revenues up by nearly 22
For the year 2021, Fedrigoni will post sales of 1,602.9 million euros, up 21.9% compared to 2020, divided between Italy (393.5 million euros, +20.9%), other European countries (752.2 million euros, +16.6%) and the rest of the world (457.2 million euros, +32.8%).
Adjusted EBITDA for 2021 amounts to 214.8 million euros, i.e. +29% compared to 2020 (and adjusted proforma EBITDA to 221 million euros, i.e. +12.1% compared to 2020).
Over the past three years, the group has repositioned its business units towards premium product segments. In 2021, its two divisions have grown in terms of volumes and revenues.
The unit Luxury Packaging and Creative Solutions (LPCS) dedicated to luxury packaging and creative solutions achieved 700.2 million euros in revenues (up 22.8% on 2020).
This increase was mainly due to higher sales volumes of high-end luxury packaging products, creative solutions due to the reduction in the use of plastics, and higher sales prices due to raw material inflation.
The unit Fedrigoni Self-Adhesive/Labels (FSA) dedicated to label materials and self-adhesives achieved sales of 937.6 million euros (+20.7% compared to 2020). For Fedrigoni, this increase is explained by the increase in sales in the wine sector and its industrial products, and sales due to the consolidation of the group IP Venus from December 2020 and Acucote and Rimark from June 2021.
One year "of great intensity"
The year 2021 was also marked by the hiring of 377 people worldwide (the workforce now stands at 4,500 in 27 countries) and the acquisition of three companies: the American Acucote the Mexican Rimark and 70% of a new company in joint venture with Tecnoform for the production of new solutions for thermoformed cellulose packaging. In 2022, the number of acquisitions already reaches two: the Spanish company Divipa and the French company Tageos, specialized in RFID.
In terms of environmental impact, CO2 emissions were reduced by 1.5% despite a 5% increase in volumes, clean water returned to the environment exceeded the 2030 target (97% against a target of 95%) and the rate of waste recovery reached 84%, and volumes of products with advanced environmental, social and governance (ESG) criteria doubled.
"It's been a very intense year" commented Marco Nespolo, CEO of the Fedrigoni Group, "but we have been able to pursue our strategic plan with determination (euros). And, based on the excellent results, especially for the last 12 months (March 2021-March 2022), we remain optimistic for the future, despite the tensions related to the war in Ukraine."
New acquisitions on the agenda
Fedrigoni intends to continue its strategy of offering high-end, more sustainable products and is looking to make acquisitions aimed at geographic expansion and diversification of offerings in the world of high-end self-adhesive labels and materials and luxury packaging and other creative solutions.
