Record balance sheet for FAAC: revenues at 657 million. Target one billion
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The 657 million euros in revenues achieved in 2022 by Faac Technologies, the new name of the multinational leader in the sector of automation and pedestrian and vehicular access control, are a historical record, which from its headquarters in Bologna has come to oversee the five continents with 53 companies and over 3,600 employees.
This is the highest peak in 58 years of activity and represents a growth of 12.2% on 2021 and a value more than double compared to the 283 million turnover of 2012, the year of the death of the founder Michelangelo Manini and the transition of the company in the hands of the Bolognese Curia. The budget approved yesterday by the Faac Board of Directors also sees margins rise, well beyond expectations crushed by the difficult economic context amid sharp increases in the costs of raw materials, energy and logistics, shortages of electronic components and tensions geopolitical: +6.2% on an annual basis Ebitda, which rose to 107.5 million with an operating profit of 71.3 million (+7.7%). It will therefore be a rich dividend that the Curia will be able to distribute again this year for good works. The outlook remains positive also for 2023.
Optimism for 2023
«This year we have budgeted 700 million euros for organic growth alone and the results of the first three months make us optimistic. However, we are counting on engaging in some extraordinary operations in the coming months. Our goal remains that of reaching one billion euros in revenues within three years, positioning us among the top five global players in access automation systems, to then open up the capital to third parties», explains the president Andrea Moschetti, who is now also taking the position of Executive chairman
In yesterday’s session, the BoD of Faac Technologies acknowledged the resignation of the CEO Andrea Marcellan and assigned all executive powers to the president. «An exit planned in time because Marcellan, after 16 years in the group, has chosen to take a new path – explains Moschetti -. I have appointed an internal general manager to oversee the group’s business units, while the CFO Ezechiele Galloni will lead the M&A and Extraordinary Transactions and will report to me general and commercial management, finance, IT and human resources». A change of organization, remarked the Executive chairman, «which will accompany the coming years of growth in great continuity with the results achieved up to now and in line with our vision: to become world leaders in hi-tech and sustainable solutions for mobility and access management.
M&A strategy to grow
In a niche market – that of accesses and automatisms – which is worth around twenty billion euros on a global scale, it is size that makes the difference and this explains the acceleration impressed on the M&A process by Faac in recent years: exporting the 90% of volumes is not enough, you need to control the markets directly. «However, we have decided to exit the Russian market – explains Moschetti – and to dispose of the branch in Moscow, which had a turnover of around fifteen million. A liquidation that will affect the accounts for 2023, but there were no longer any conditions for remaining, not only due to the sanctions but also because our technologies have a “dual use” potential: they work on radio waves and could be used for war purposes”. .
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