Financial results
With an annual turnover of 66.9 million euros, Rimadesio confirms a trend of substantial and steady growth, with both domestic and foreign markets as equal protagonists.
Rimadesio closed 2021 with an unprecedented turnover of 66.9 million euros, + 8.6% compared to the record set in 2018 (61.6 million) and + 23% compared to 2020 (54.1 million euros). EBIT 2021 reached 10.4 million euros for the first time (compared to 6.6 million euros in 2020 and 8.3 million euros in the pre-Covid period): a new milestone that was not affected by the investments made with a view to production efficiency and environmental defence. In this regard, the company has equipped itself with a new plant for the purification and recycling of wastewater from glass processing. This system saves over 13,000 liters of water per day, with only 70 litres of water resources being used, or 0.5% of the previous daily consumption.
The EBITDA has also recorded an historical record, standing at 12.5 million (compared to 8.1 in 2020 and 9.8 before Covid), confirming the prudent management of operating costs and a consolidated ability to create margin, despite the problems linked to the increase in energy and raw material prices.
Both the resilience of the domestic market and the continuing consolidation of exports contributed to the results, especially in two high-potential areas like the USA and China. In the United States – where Rimadesio recorded 58% more sales compared to the pre-Covid period – the New York flagship store was recently inaugurated. A corporate benchmark in North America, the space on Madison Avenue offers a completely up-to-date collection, technical training courses and a consulting and design service in the residential and contract sectors. In addition to the flagship store and single-brand stores in New York-Soho, Chicago and Houston, the new opening in Miami is scheduled for December 2022.
Also in China Rimadesio pursues a carefully selected distribution policy, through the opening of single-brand showrooms managed by skilled local dealers. The stores in Zhengzhou, Suzhou, Taizhou, Shenzhen and Guangzhou will be operational by the end of the year, in addition to the spaces already inaugurated in Ningbo, Wuxi and Dongguan.
“We are very satisfied with the results achieved in recent months” comments Luigi Malberti, CFO of Rimadesio. “This is despite the difficulties affecting the supply chain, which has been hit by continuous and unjustified price increases in raw materials, semi-finished products, gas and electricity. In this regard, for the past 14 years we have had a photovoltaic system consisting of 5,242 solar panels and a lithium-ion battery storage system installed at the Giussano headquarters, which allow us to cover over 60% of daily requirements with self-produced clean energy. It helps us to make savings but first and foremost it’s a practical, eco-friendly measure, meaning 800 tons of atmospheric CO2 are saved every year”.
This outcome also rewards the choice of adopting a short and highly specialised supply chain, 71% located in Lombardy, of which 60% in Brianza. A network of selected suppliers is increasingly interconnected to the Rimadesio headquarters, the benefits of which are reflected in the reduction in the error rate on the execution of orders, in the well-thought-out purchase of materials using precise knowledge of stock values and in the real-time monitoring of the production progress.
The workforce increased by 8% compared to July 2021, with a total of 281 resources employed between the Giussano headquarters and the three directly managed flagship stores in Milan, London and New York.
“Rimadesio’s success is the result of a winning strategy that involves all company branches: from design to production, from logistics to distribution, to constant investments in innovation, research into materials, sustainability and human capital” adds CEO Davide Malberti. “One team – ours – continues to grow in the name of corporate values, safeguarding the territory and the well-being of employees”.
