Financial results

1Q 2022 consolidated results

Consolidated Income Statement Data
(Thousands of euro)	1Q 2022	1Q 2021
Total net sales	59,156	41,038
Gross profit	26,032	15,915
% on sales	44.0%	38.8%
Operating income	10,254	2,238
% on sales	17.3%	5.5%
EBITDA	13,683	5,007
% on sales	23.1%	12.2%
Income before taxes	4,320	2,490
% on sales	7.3%	6.1%
Group net income	1,869	1.381
% on sales	3.2%	3.4%

Consolidated Balance Sheet Data
(Thousands of euro)	March 31, 2022	December 31, 2021
Group shareholders' equity	258,327	253,799
Net financial position	71,014	74,801

STRONG ORGANIC GROWTH IN CONSOLIDATED REVENUES AND IN ALL OPERATING INDICATORS COMPARED TO BOTH 1Q 2021 AND 4Q 2021

Consolidated net revenues equal to €59.2 million, up by 44.1% compared to €41 million in 1Q 2021 still penalized by the pandemic
Consolidated net revenues up by 11.5% compared to €53.1 million in 4Q 2021
Consolidated gross profit equal to €26 million, compared to €15.9 million in 1Q 2021 (€23.3 million in 4Q 2021)
Gross margin up from 38.8% to 44% in 1Q 2022 (43.9% in 4Q 2021)
Consolidated operating income equal to €10.3 million, compared to €2.2 million in 1Q 2021 (€5.6 million in 4Q 2021)
Consolidated EBITDA equal to €13.7 million (23.1%), compared to €5 million in 1Q 2021 (12.2%) and €10.4 million (19.6%) in 4Q 2021
Consolidated net income equal to €1.9 million, heavily penalized by the negative performance of securities portfolio (-€5.5 million) due to the Ukraine-Russia crisis
Consolidated net financial position positive and equal to €71 million as at March 31, 2022
Due diligence for the acquisition of 100% of SAES RIAL Vacuum S.r.l. completed