ICF – 1Q22 Results
In 1Q 2022, revenues reached €21 million, +14.1% vs 1Q 2021 and above pre-Covid levels
The Board of Directors of Industrie Chimiche Forestali S.p.A. (“ICF”), meeting today under the chairmanship of Ing. Guido Cami, reviewed the consolidated management results for the first quarter of 2022.
In 1Q22, revenues amounted to €21.0 million, up 14.1% compared to 1Q21, driven by strong contributions from the technical and luxury footwear sectors, luxury leather goods, packaging, and industrial applications. The figure also includes a contribution of approximately €2 million from Morel and exceeds the pre-Covid performance of the Group (€17.6 million in 1Q19).
EBITDA stood at €1.2 million (€1.9 million in 1Q21), reflecting the persistent global inflationary pressure on raw materials and the sharp increase in electricity and gas costs.
Net financial debt amounted to €9.3 million, up from €7.4 million at 31/12/2021, mainly due to the seasonal increase in working capital (€1.5 million), the final tranche payment for the acquisition of Morel (€0.3 million in March), and buy-back purchases for €0.1 million.
As resolved by the Shareholders’ Meeting on 29 April 2022, ICF distributed a dividend of €0.14 per share on 9 May for a total amount of €955,419.
Guido Cami, Chairman and CEO of Industrie Chimiche Forestali S.p.A., commented: “In 2022 we resumed our activities with great momentum in the technical sports and luxury footwear sectors, leather goods, flexible packaging, and industrial applications. Unfortunately, the automotive sector remains slowed down due to logistical issues affecting all car manufacturers globally. Our presence in different market segments allows us to continue working regardless of external conditions. Unfortunately, the ongoing rise in raw material prices throughout the quarter and the surge in utility costs – electricity and gas – have eroded margins. In April, we signed a contract for the purchase of a photovoltaic system to be installed at the Marcallo con Casone plant, which will supply about one-third of our electricity needs. Sales also remained very strong in April, and we are seeing early signs of possible raw-material price stabilisation in the second half of the year.”
