sit closes on 2022 with results higher than expected despite the uncertain context. For the multinational, leader in the technological components sector, i revenues consolidated amounted to 393,3 million, up 3,4% compared to 2021 (380,5 million). In particular, the sales of the Heating Division grew by 5,7% compared to 2021, while sales of the Metering Division decreased (-5,7% compared to 2021). L'adjusted ebitda is equal to 47,1 million equal to 12,0% of revenues, marking a reduction of 8,0% compared to 51,2 million (13,5% of revenues) in 2021.
“Today we approved with great satisfaction the better than expected results obtained in 2022 – he commented Federico de' Stefani, president and managing director of Sit –. In this very challenging 2022, Sit has committed itself to its sustainable growth strategies, balancing short-term volatility with innovation objectives, supporting customers in finding solutions for energy efficiency and the reduction of emissions. The substantial investments in R&D and new laboratories must be interpreted in this direction, but also the opening to business strategies based on partnerships and valuable synergies in sectors such as new smart meters for water and applications for controlled mechanical ventilation”.
E for 2023? De' Stefani reassures that despite the uncertainty, "we face with the same vision and ability to adapt to evolving scenarios, confident in the leading role of Sit in managing the energy transition towards sustainable development".
Sit: the increase in prices compensates for the weakness in volumes
THEvolume impact is negative for 8,5 million while the net contribution of prices it is positive for 9,4 million, having managed to transfer the increase in the costs of components and raw materials and part of the transformation costs to the market. Operating costs increased by 5,9 million mainly due to the impact of logistics and transport costs (marking growth of around 3 million) and increases in R&D and production costs. The impact of exchange rates on EBITDA is positive for 1,6 million.
THEebit 2022 is equal to 10,6 million, equal to 2,7% of revenues after amortization and depreciation of 27,8 million, while the adjusted ebit is equal to 19,4 million, 4,9% of revenues, against 24,3 million, 6,4% of revenues, from the previous year.
In the 2022 financial year they are recorded net financial income for 4,5 million for the positive effect deriving from the change in the fair value of the Sit warrants, extinguished during the third quarter, with a positive impact of 8,7 million. The adjusted net financial expenses they amount to 4,2 million, 1,1% of revenues, compared to 3,7 million in the previous year, equal to 1,0% of revenues.
Net of non-recurring income and expenses, theNet income adjusted in 2022 is equal to 10,9 million against 16,3 million in 2021 (2,8% and 4,3% of revenues respectively).
As of 31 December 2022 thefinancial debt net is equal to 130,5 million against 106,7 million as at 31 December 2021.
Sales trend: Heating Division and Metering Division
Sales of the Heating Division in 2022 they amounted to 315,3 million, +5,7% compared to the 298,3 million euros of 2021 (+2,4% at constant exchange rates), while sales of the Metering Division in 2022 they amounted to 72,5 million compared to 76,9 million in the previous year, down by 5,7%.
In particular, sales in the sector Smart Gas Metering they amounted to 48,4 million, down by 15,4% compared to 2021. This trend reflects the curve for the first installation of smart meters on the Italian market which has now reached over 80% of replacement. Sales in Italy accounted for 92,5% of the total, while sales abroad equal to 7,5% of the total are made in Greece, Central Europe, the UK and India.
Sales in Water metering amounted to 24,2 million, an increase of 22,2% compared to 2021. Sales were achieved in Portugal for 24,6%, Spain for 30%, rest of Europe for 32,5% America and Asia for 7% and 6% respectively.
Sales, Sit: stable in Italy, declining in Europe, strong Asia
Sales in Italy remain substantially in line with 2021, reaching 56,1 million against 55,7 million in the previous year. A good performance was recorded in the Catering sector, which grew by 1,4 million euros, +34,7%, while Direct Heating recorded an increase of 0,6 million, equal to 8,1%, thanks above all to the Space Heaters; in Central Heating there was a reduction of 1,8 million, equal to 5,3%, above all due to the decrease in Integrated Systems (-1,9 million, -45,1%) and in electronics (-0,6 million); Fans report an overall growth of 1 million, +12,1%, making up for the delays suffered in the first few months of the year due to the lack of components.
in the rest of theEurope, excluding Italy, in 2022 there will be a reduction in sales of 2,1 million equal to 1,5% compared to the previous year. Turkey, the leading shipping market with 12,1% of divisional sales, recorded a growth trend of 7,9% compared to 2021 especially in the Central Heating segment; while the UK, 6,4% of divisional sales, marks a 9,5% reduction in Central Heating largely due to the Flues product family. The positive trend in Central Europe continues thanks to the introduction of new products, with an increase of 3,9 million, +8,1% compared to 2021.
Sales in America recorded an increase of 15% (+3,6% at constant exchange rates) thanks to the growth in fireplaces for 5,9 million, equal to 15,6% and the performance of Central Heating electronics which marks a growth of 5,1 million equal to +50% compared to 2021; Storage Water Heating applications recorded a decrease of 12,3% equal to 2,7 million.
Area sales Asia/Pacific mark an increase of 25,9% (+20% at constant exchange rates) reaching 38,4 million against 30,5 million in 2021. The increases are recorded in China (7,6% of the division) with a +22,7, 4,4%, +1,1 million due to the recovery of the retail market in the Central Heating segment and in Australia with an increase of 15,7 million equal to +XNUMX%.
