F.I.S. – FABBRICA ITALIANA SINTETICI: IN 2021 REVENUES INCREASED BY 14% AT €562 MILLION WITH AN EBITDA PROFORMA ADJUSTED UP BY 12%
THE GROWTH TREND CONTINUED IN THE FIRST QUARTER OF 2022 CLOSED WITH REVENUES OF APPROXIMATELY €117 MILLION, UP BY 12% COMPARED TO THE FIRST QUARTER OF 2021
Montecchio Maggiore (VI), 25 June 2022 – The Shareholders’ meeting of F.I.S. – Fabbrica Italiana Sintetici S.p.A., the leading developer and manufacturer of active GMP intermediates and APIs for the pharmaceutical industry in Italy and among the main players in Europe, has approved the FYI 2021 financial statements.
The financial results achieved in 2021 show a general improvement of all the main economic indicators compared to 2020, with revenue and margin growth, driven by the excellent performance of Custom (+23%) and of active GMP intermediates and APIs for the animal health (+74%) business lines. In 2021, there was also an increase in the value of investments aimed at enhancing the production of intermediates and active ingredients which are now at risk of discontinuity due to disruptions in the supply chain, through a reshoring process that will involve the FIS Lonigo plant. Due to the need to effectively manage the business development projects included in the Strategic Plan approved at the end of 2021, the number of employees grew to reach the new level of 1920, with an additional 65 new hires already recorded in the first quarter of 2022.
Highlights from the 2021 figures:
Despite the difficult macroeconomic scenario facing FIS in 2022, with energy costs increased by 14% in the first quarter of the year, F.I.S. continued its growth in the first quarter of 2022. Revenues amounted to approximately €117 million, up by 12% in comparison to the same period last year.
Michele Gavino, Chief Executive Officer of F.I.S. – Fabbrica Italiana Sintetici S.p.A. has commented: “We are truly satisfied with the results achieved in 2021, where the company continued to grow, demonstrating how the initiatives undertaken to make our production activities more flexible and responsive are proving to represent the best strategy to face the current macro-economic scenario. In fact, we have been facing for several months the well-known problems related to raw material supply and rising energy costs as a consequence of the conflict between Russia and Ukraine. 2022 is therefore still proving to be a very complex year, albeit balanced by the National Recovery Plan investments targeting our sector and the important business development projects in which we are currently engaged, both in terms of production and research. In order to deal with the critical issues that are affecting the entire pharmaceutical industry, we hope that the regulatory entities will continue to support the operations of the companies, and we believe it is essential that the dialogue initiated with the institutions continues in a fruitful manner, through the several set up tables to which we are collaborating with conviction”.
Manuel Barreca, chief financial officer of F.I.S. – Fabbrica Italiana Sintetici S.p.A, has added: "In terms of results, 2021 confirmed the growth path undertaken by the Company since 2019. The main indicators confirm the economic-financial solidity of F.I.S. - Fabbrica Italiana Sintetici SpA, which was able to meet its targets, even during a year marked by financial and supply chain difficulties. The recent issue of a sustainability linked bond has further strengthened the company's financial structure in view of future development plans. Similarly, in a particularly complex macro-economic scenario, the results of the first quarter are in line with the directions indicated by the Strategic Plan and confirm a significant growth in terms of turnover. The company’s growth is supported by constant activities to improve the efficiency of internal processes, aimed at guaranteeing satisfactory profitability, even in the face of costs, especially energy costs, which have risen sharply”.
