Healthy balance sheet for Technogym, the data referring to 2021 of the Cesenate wellness giant founded by Nerio Alessandri are positive. The results were not influenced by the events that hit the American competitor Peloton. In fact, the Cesena-based company closed last year with revenues of 611.41 million euros, an increase of 20% compared to 509.68 million in 2020.
Adjusted EBITDA also rose sharply, from 96.9 million to 107 million (+10.5%). However, the margin fell from 19% to 17.5%, following the impact of raw material, logistics and energy costs. Adjusted net profit last year was €51 million, up 18% from 2020, while earnings per share was €0.31. In addition, at the end of 2021, the net financial position was positive for 96 million, compared to 59.5 million at the beginning of the year, and over the whole year, the operational activities of the company generated cash. for 80.6 million. The management of Technogym has proposed the distribution of the 2022 dividend of 0.16 euros per share, for a total amount of 32 million euros. The coupon will be detached on Monday May 23, 2022 and paid on May 25.
“The year 2021 – notes the company – was characterized by the progress of the vaccination campaign against Covid-19 in many countries which allowed a gradual easing of restrictive measures. Thanks to the reopening of many activities , the climate of greater optimism recorded between the various economic players and the ever-increasing interest in Wellness, Technogym recorded significant growth in its turnover, supported, from the second quarter, by a strong recovery in the segments BtoB.In terms of adjusted EBITDA, an increase was recorded compared to last year thanks to higher sales volumes and price increases effective from May 2021. These price increases partially contained , during the year 2021, the negative impacts of the increase in the costs of raw materials, logistics and energy; given the nature of the activity, it will be necessary to wait a few months for the Group’s turnover to take full advantage of the rise in PR ezzi. The net financial position is significantly improved compared to 2020 thanks to the significant cash generation recorded over the year, which enabled Technogym to increase the net cash position at the end of the year to 96 million euros, despite an acceleration of investments, which is strategic for the medium-long term development of the company”.
Regarding the company’s exposure in Russia, Technogym clarified that it was not significantly influenced from a financial and commercial point of view. It operates on the Russian market through the subsidiary Tecnhogym Zao, whose turnover represents 2% of the group’s total turnover. The Cesena giant has stopped exports and closed its stores.
Nerio Alessandri, President and CEO, said: “For 40 years, we have worked every day with the aim of being innovative, different and better. At this moment, more than ever, the singularity of our positioning and our business model is emerging: “Technogym – The Wellness Company”. The Technogym team has been able to adapt with speed, passion and a sense of responsibility to changing demand in the various market segments. 2021 was a year back to normal, with a strong recovery in BtoB, global revenue of +20%, EBITDA of 120 million and strong cash generation. All over the world, people have returned to indoor training faster than expected and, above all, with a strong predisposition to “connected fitness” acquired during confinement. Despite the recovery in gym activity, home wellness nevertheless maintained double-digit growth rates. People train in the gym, at home, at work, and on the go, even logging into their personalized fitness and sports training program. This consumer lifestyle represents an extraordinary opportunity for Technogym, through its industry-unique connected ecosystem, to deliver engaging video-on-demand workout experiences. In 2021, Technogym deployed the highest investments in innovation in history with the aim of supporting operators in the sector to evolve their offer towards new economic models, capable of offering customers new value-added services. , thanks to a full range of solutions for different needs and trends”.