SIT Full-Year Report 2022

SIT BOD approves 2022 consolidated results

Boost in sales in Q4 provide-better than-expected performances

Highlights

In 2022, SIT returned:

• Consolidated revenues of Euro 393.3 million (+3.4% on 2021);
• Heating Division sales of Euro 315.3 million (+5.7% on 2021);
• Metering Division sales of Euro 72.5 million (-5.7% on 2021), including Smart Gas Metering sales Euro 48.4 million (-15.4%) and Water Metering sales of Euro 24.2 million (+22.2%);
• Consolidated Adjusted EBITDA of Euro 47.1 million (-8.0% on the previous year), a 12.0%
  revenue margin;
• Adjusted consolidated net profit of Euro 10.9 million (2.8% margin), compared to Euro 16.3 million in 2021 (4.3% margin);
• Operating cash flow of Euro -13.1 million, after investments of Euro 26.9 million;
• Net financial position of Euro 130.5 million (Euro 106.7 million at end of 2021).

The impact of volumes is negative for Euro 8.5 million, while the net contribution of prices is positive for Euro 9.4 million, as the increased cost of components and raw materials (and partly of processing costs) was transferred to the market. Operating costs increased Euro 5.9 million, particularly due to the impact of logistics and transport costs (increasing by approx. Euro 3.0 million) and higher R&D and production costs. EBITDA benefitted from exchange gains of Euro 1.6 million.