Annual Report 2022
Issuer: Exprivia
Website: www.exprivia.it
Contents
Corporate Bodies | 6 |
Directors' Report at 31 December 2022 | 6 |
Significant Group Figures and Result Indicators | 7 |
Summary of the Operations in 2022 | 9 |
Significant Exprivia Figures and Result Indicators | 10 |
Profile of Exprivia Group | 12 |
Performance Trend of the Exprivia Group | 27 |
Risks and Uncertainties | 34 |
Material Events in 2022 | 40 |
Events after 31 December 2022 | 40 |
Corporate Governance and Ownership Structures | 41 |
Non-financial Data Report | 41 |
Exprivia's Stock Market Performance | 41 |
Business Outlook | 42 |
Investments | 43 |
Management Training and Development | 46 |
Staff and Turnover | 47 |
Integrated Management System | 48 |
Organisation, Management and Control Model (pursuant to Italian Legislative Decree no. | |
231/2001) | 50 |
Inter-Company Relations | 50 |
Relations with Related Parties | 51 |
Report on Management and Coordination Activities | 51 |
Group Relations with the Parent Company | 52 |
Consolidated Financial Statements of the Exprivia Group at 31 December 2022 | 54 |
Consolidated Financial Statements at 31 December 2022 | 55 |
Explanatory Notes to the Consolidated Financial Statements of the Exprivia Group at 31 December
2022 | 61 |
Related Parties | 124 |
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Annual Report at 31 December 2022
Certification of the Consolidated Financial Statements pursuant to art. 154-bis of Italian Legislative
Decree no. 58/98 | 130 |
Independent Auditors' Report on the Consolidated Financial Statements of the Exprivia Group at
31 December 2022 | 131 |
Statutory Auditors' Report to the General Shareholders' Meeting pursuant to art. 153 of Italian | |
Legislative Decree no. 58/98 ("T.U.F.") and art. 2429 of the Italian Civil Code. | 139 |
Financial statements of Exprivia SpA at 31 December 2022 | 152 |
Explanatory Notes to the Separate Financial Statements of Exprivia SpA at 31 December 2022 159
Report on Management and Coordination Activities | 159 |
Exprivia Shares held directly by members of the Board of Directors | 199 |
Certification of the Financial Statements pursuant to Art. 154-bis of Italian Legislative Decree no.
58/98 | 232 |
Independent Auditors' Report on the financial statements of Exprivia SpA at 31 December 2022 233
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Annual Report at 31 December 2022
Letter to Shareholders
Dear Shareholders,
I wrote last year that the events of 2021 would have qualified the year as an exceptional year, one that would leave its mark on history. And certainly 2022 was no different. World GDP surpassed the 100 trillion threshold despite glimpses of recession and rising interest rates in response to rising inflation. The end of 2022 led to cautious optimism in GDP growth in 2023. In this context, the Italian economy has recovered to pre-pandemic levels, defying the numerous forecasts of a contraction in GDP in 2023.
The Italian market in which Exprivia operates, ICT, is estimated to grow by more than 3% according to industry analysts. Exprivia has consolidated its mission and its market position, as a subject of innovation, contributing to the modernisation of the country through a widespread digitalisation that, through the NRRP, also the Public Administration is investing in with unprecedented volumes.
At the end of 2022, Exprivia is among the best "industrial platforms" with Italian private capital and with the financial strength enabling it to pursue a continuous growth path. Our turnover, reaching almost Euro 184 million, grew over 2022, also with growth that has nevertheless promoted margins, with EBITDA at 13.7% of revenues, on a par with the best companies in the benchmark and with debt falling down to around Euro 18 million compared to Euro 27 million last year.
We remain convinced that solid business and financial fundamentals guarantee our strategic development lines along the lines of the transformations underway. Digitalisation is certainly one of the major agents of change for rethinking business models through the extensive management of the enormous amounts of data that is increasingly available today.
We have started our path towards the use of data at the service of people: we want to equip all our applications and services with Artificial Intelligence, convinced as we are that it represents one of the best technologies to facilitate the changes underway. We have achieved a position of excellence in Cybersecurity: our quarterly observatory is now mentioned in many authoritative contexts. We have consolidated our presence in the Space Economy by engaging in important collaborations with players in that market who consider us as playing a complementary role and bearers of a significant specialisation. In the Healthcare world, we are recognised as one of the key players and our systems are used by millions of citizens in many Italian regions.
Outside Italy, in 2022 we consolidated our presence in Spain, China and Brazil and we continue to support our large Italian customers in the world, for example in Latin America, with a special focus on profitability.
We are committed to spreading a sustainability culture. Our sustainability report (non-financial statement) every year includes additional reporting elements and information that we like to provide on the aspects of the company's activity that are not strictly economic, convinced as we are that sustainable success, hoped for by all governance bodies, is achievable through the widespread and constant attention to ESG issues.
Once again this year I must not fail to thank our customers who continue to place their trust in us, with the consideration that we owe to reliable subjects, always present in their change choices, and all our collaborators who are committed, with the management, to implement them.
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Annual Report at 31 December 2022
We are always convinced to be able to contribute, with our ideas and extensive expertise, to the growth of our people, of our company size, of the value we create for our shareholders and of our country.
Domenico Favuzzi
Chairman and Chief Executive Officer, Exprivia
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Annual Report at 31 December 2022
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Exprivia S.p.A. published this content on 13 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 June 2023 09:17:05 UTC.