Thursday 23 March 2023
Approved the draft Separate and the Consolidated Financial Statements at 31 December 2022
Increase in all the key economic and financial indicators, mainly driven by the healthcare sector and International business.
The Board of Directors of Rekeep examined and approved the draft Separate and the Consolidated Financial Statements at 31 December 2022, which recorded an increase in all the key economic and financial indicators, as well as in total backlog thanks to a good performance in the healthcare sector and International business.
“Despite an extremely complex year from a macroeconomic point of view and marked by great uncertainty, our Group closed the 2022 financial year with revenues, margins and profits up compared to 2021. These positive values allow us to look forward to the new year with renewed confidence, aware of the expertise, competitiveness, and know-how of our Group. Particularly important in prospective terms are both our steady growth abroad, driven by good performances in Poland and the appreciation of our knowledge and competencies in healthcare in France, where we have been awarded several new contracts, and the increase in the total order backlog” – stated Giuliano Di Bernardo, Chairman and Chief Executive Officer of Rekeep S.p.A.
In 2022, global economy was affected by exceptionally high inflation, worsening financial conditions, uncertainty surrounding the conflict in Ukraine, and difficulties in procurement along value chains.
In spite of this context, the Rekeep Group confirmed a growth trend in revenues, profit margins, net income and total portfolio, also in relation to the growth in turnover from energy contracts, as well as to the trend in International Markets, thanks to the excellent performance of Rekeep Polska and from the French subsidiaries in the healthcare sector.
Rekeep Group main Consolidated Results at 31 December 2022
At 31 December 2022, Revenue for the Rekeep Group came to €1.29 billion, up by 15.4% compared to €1.12 billion at 31 December 2021. The growth was achieved in all markets, mainly due to an increase in turnover under energy contracts and a good performance in international markets, as well as to a significant resumption of work at full capacity for any different type of customer after the restrictions imposed as a result of the Covid-19 pandemic. In particular, on the international markets, the Group benefited in Poland from contract renewals and contractual adjustments, as well as from the development of new portfolio, while in France cleaning services came on stream in the healthcare sector.
Adjusted EBITDA amounted to €129.7 million, showing an improvement of 10.7% compared to €117.2 million at 31 December 2021, due to the general increase in the prices of energy raw materials and transport.
Adjusted EBIT amounted to €72.1 million at 31 December 2022, showing a slight increase (+0.1%) compared to €72.0 million achieved at 31 December in the previous year. The performance was mainly attributable to the trend already reported for the adjusted EBITDA in absolute terms.
Net Profit at 31 December 2022 came to €27.5 million, showing a substantial increase compared to a loss of €21.0 million at 31 December 20213, which had been affected by non-recurring costs incurred for the Group's refinancing operation that was put in place in January and February 2021, and relating to both the new issue of Senior Secured Notes and the redemption of the previous ones.
Net Financial Indebtedness at 31 December 2022 amounted to €449.8 million compared to €380.6 million at 31 December 2021, on the rise due to an increase in volumes recorded during the year as a result of rising energy prices, but down in terms of performance compared to previous quarters due to the results achieved by actions put in place by the Group Management and a slowdown in inflation in the latter part of the year.
Business highlights
During the 2022 financial year, the Rekeep Group won tendered contracts and renewed existing contracts generating new orders totaling about €762 million compared to €898 million at 31 December 2021. In particular, the value of the contracts awarded in the healthcare sector was equal to about 70.4% of total, while the value of the contracts gained on International Markets was equal to about 18.7% of total (compared to 15.5% in the previous year).
The Rekeep Group’s total backlog of tendered contracts and renewed existing contracts at 31 December 2022 was therefore equal to €3.1 billion, showing an improvement of 3.4% compared to €3.0 billion at 31 December 2021.
Press Release | Q4 2022 Results
