FY 2022 results: Sustained sales growth driven by Sport and price
increases despite volume slowdown in the 4th quarter
FY 2022 results:
Sustained sales growth driven by Sport and price
increases despite volume slowdown in the 4th quarter
Improved adjusted EBITDA due to positive inflation
balance
FY 2022 results
- Q4 2022 sales up +9.4% compared to 2021, from sales
price increases and favourable foreign exchange gain, despite lower
volumes
- In 2022, net sales growth of +20.3% for the year,
including +11.7% from price increases, +8.4% linked to foreign
exchange gain and stable volumes
- Record sales and adjusted EBITDA in Sport
- Adjusted EBITDA of €235 million in 2022, or 7.0% of
sales up by +€6 million
- Positive inflation balance (+€59 million) due to sales
price increases implemented in 2022, partially offsetting the
negative impact of inflation in 2021 (-€85 million)
- EBIT of €44 million lower compared to 2021 (€60
million) due to restructuring charges
- Net loss attributable to company shareholders of €27
million in 2022, compared to 15 million net profit in
2021
- Negative free cash flow of -€148 million with a strong
impact from the increase in working capital requirement linked to
the business and inflation
- Net financial debt increased to €655 million,
representing a financial leverage of 2.8x adjusted EBITDA at end
December 2022
Paris, 15 February 2023: the
Supervisory Board of Tarkett (Euronext Paris: FR0004188670 TKTT),
met today and reviewed the Group’s consolidated results for
2022.
The Group uses alternative performance
indicators (not defined under IFRS), described in detail in
appendix 1 on page 6 of this document:
In millions of euros |
2022 |
2021 |
Change in % |
Revenue |
3,358.9 |
2,792.1 |
+20.3% |
Of which organic change |
+8.9% |
+6.4% |
Adjusted EBITDA |
234.9 |
229.0 |
+2.6% |
% of revenue |
7.0% |
8.2% |
Adjusted result from operating activities
(EBIT) |
85.8 |
80.2 |
-7.0% |
% of revenue |
2.6% |
2.9% |
Result from operating activities (EBIT) |
44.4 |
59.6 |
-25.5% |
% of revenue |
1.3% |
2.1% |
Net profit attributable to company
shareholders |
-26.8 |
15.1 |
- |
Fully diluted earnings per share (€) |
-0.41 |
0.23 |
Free cash flow |
-148.3 |
19.5 |
- |
Net debt |
654.8 |
475.7 |
- |
Leverage (Net debt to adjusted EBITDA over 12 months) |
2.8x |
2.1x |
|
|
- Fourth quarter revenue and adjusted
EBITDA by segment
Group net revenue was €789.5
million, up by +9.4% compared to the fourth quarter of 2021.
Organic growth was +1.8% including sales price increases in the CIS
region implemented at the beginning of the year(1). The total
effect of the sales price increases implemented across all segments
is +9.8% on average compared to the fourth quarter of 2021.
Momentum remained great in Sport, driven by
strong demand in the US. The residential flooring business was
adversely affected by a decline in demand in all geographies. The
commercial segments in North America (healthcare, education) held
up better.
In millions of euros |
Q4 2022 |
Q4 2021 |
Change |
Organic growth |
Organic growth(incl. CIS
price changes)(1) |
EMEA |
204.9 |
225.9 |
-9.3% |
-7.3% |
-7.3% |
North America |
221.5 |
180.7 |
+22.6% |
+10.9% |
+10.9% |
CIS, APAC & Latin America |
170.7 |
169.9 |
+0.4% |
-19.8% |
-11.6% |
Sport |
192.5 |
145.0 |
+32.8% |
+20.1% |
+20.1% |
TOTAL |
789.5 |
721.5 |
+9.4% |
-0.2% |
+1.8% |
(1) Sales price adjustments in the CIS countries
are historically intended to offset currency movements and are
therefore excluded from the “organic growth” indicator (see
Appendix 1). Significant price increases were implemented in 2021
and 2022 to offset the effects of inflation in purchasing costs,
therefore the Group also measures the change in like-for-like sales
including price adjustments in the CIS countries.
Group adjusted EBITDA was €25.1
million, or 3.2% of sales, compared to €41.9 million in the Q4
2021, or 5.8% of sales. Sales price increases have more than offset
purchase price inflation, but lower sales volumes and the inventory
reduction to match demand levels negatively impacted
performance.
In millions of euros |
Q4 2022 |
Q4 2021 |
Margin 2022 |
Margin 2021 |
TOTAL |
25.1 |
41.9 |
3.2% |
5.8% |
- Group results 2022
Group net revenue was €3,359
million, up by +20.3% compared to 2021. Organic growth reached
8.9%, or 11.7% including sales price increases in the CIS countries
implemented to counter the inflation in purchasing costs (price
adjustments in the CIS are historically excluded from organic
growth to offset currency movements). The effect of sales price
increases implemented across all segments is +11.7% on average in
2022 compared to 2021. Volumes were stable for the year. Record
activity in Sport and growth in the commercial segments in North
America offset the slowdown in the CIS and residential segments.
The foreign exchange impact made a positive contribution,
particularly thanks to the strengthening of the dollar against the
euro.
In millions of euros |
2022 |
2021 |
Change |
Organic growth |
Organic growth(incl. CIS
price changes)(1) |
EMEA |
912.3 |
888.5 |
+2.7% |
+3.9% |
+3.9% |
North America |
923.7 |
727.2 |
+27.0% |
+13.5% |
+13.5% |
CIS, APAC & Latin America |
652.8 |
588.6 |
+10.9% |
-13.9% |
-0.3% |
Sport |
870.2 |
587.7 |
+48.1% |
+33.4% |
+33.4% |
TOTAL |
3,358.9 |
2,792.1 |
+20.3% |
+8.9% |
+11.7% |
(1) Sales price adjustments in the CIS countries
are historically intended to offset currency movements and are
therefore excluded from the “organic growth” indicator (see
Appendix 1). Significant price increases were implemented in 2021
and 2022 to offset the effects of inflation in purchasing costs,
therefore the Group also measures the change in like-for-like sales
including price adjustments in the CIS countries.
Adjusted EBITDA was €234.9
million, or 7.0% of revenue, compared to €229 million in 2021, or
8.2% of revenue.
Inflation in raw materials, energy and transport
is unprecedented. It was €268 million and was accompanied by
tensions on the supply of certain raw materials in the first part
of the year. Tarkett successfully implemented sales price increases
throughout the year achieving a favourable effect of €327 million
compared to 2021, resulting in a positive inflation balance of €59
million, beyond the initial inflation neutralisation target.
Although volumes were broadly constant, the
product mix deteriorated and had a negative effect on
profitability.Industrial productivity was €13 million, lower than
expected, mainly due to lower business volumes. It therefore only
partially compensated for the increase in salaries and
overheads.
The adjusted EBITDA margin is lower (7.0% of
sales versus 8.2% in 2021) due to the dilutive effect of the level
of sales price increases of around 80bps.
In millions of euros |
2022 |
2021 |
Margin 2022 |
Margin 2021 |
EMEA |
76.6 |
102.0 |
8.4% |
11.5% |
North America |
44.0 |
43.4 |
4.8% |
6.0% |
CIS, APAC & Latin America |
84.8 |
88.7 |
13.0% |
15.1% |
Sport |
86.5 |
46.0 |
9.9% |
7.8% |
Central |
-57.0 |
-51.0 |
- |
- |
TOTAL |
234.9 |
229.0 |
7.0% |
8.2% |
EBIT amounted to €44.4 million
in 2022 down from €59.6 million in 2021. EBIT
adjustments (detailed in Appendix 1) amounted to €39.5
million in 2022 compared to €20.4 million in 2021. They mainly
consisted of restructuring costs related to the implementation of
cost saving plans and the closure of underperforming businesses, as
well as the depreciation of trade receivables and inventories in
Ukraine.
Financial expenses were €53.8
million in 2022, compared to €39.7 million in 2021; the increase in
the cost of debt is due to the increase in financial interest net
of hedging effects related to the Group's new financial structure.
The tax burden was €18.1 million in 2022, up from
the previous year (€11 million) due to higher taxable income in
North America with the good performance in Sport. Net
profit attributable to company shareholders in 2022
demonstrated a loss of €26.8 million, i.e., a diluted earning per
share of €0.41.
Comments by segment
The EMEA segment achieved a
revenue of €912 million, an increase of +2.7% compared 2021.
Organic growth was +3.9% thanks to sales price increases. Business
volume was down in residential, mainly due to a drop in demand,
which was particularly pronounced in the second half of the year.
The Commercial business held up better overall, particularly in
carpet and luxury vinyl tiles (LVT).
The segment’s adjusted EBITDA amounted to €77
million, or 8.4% of sales, versus €102 million (11.5% of sales) in
2021. This change reflects the decrease in volumes combined with
the dilutive effect of inflation on the adjusted EBITDA margin.
The North America segment
reported revenue of €924 million, an increase of +27.0% compared to
2021, reflecting solid organic growth of +13.5% driven by sales
price increases. The foreign exchange effect due to the
appreciation of the dollar against the Euro is extremely positive
(13.6%). The Commercial segments (Offices, Health and Education)
saw growth in volumes mainly in accessories. The volume of
Residential business slowed down in an environment marked by
inflation and rising interest rates.
The segment’s adjusted EBITDA remained stable at
€44 million, or 4.8% of sales, versus €43 million (6.0% of sales)
in 2021. The favourable effects of volumes, the appreciation of the
US dollar against the euro and the positive inflation balance were
neutralised by the drop-in production activity due to destocking
and an industrial performance that was insufficient to compensate
for salary and overhead cost
increases.
Revenue of the CIS, APAC and Latin
America segment amounted to €653 million, up 10.9%.
Like-for-like sales were stable (-0.3%) including sales price
increases in the CIS countries. The effect of lower volumes in
Russia (approximately -25% compared to 2021) and Ukraine (-60%) was
offset by price increases and a significant positive foreign
exchange effect due to the significant appreciation of the Russian
ruble. Sales in Russia and Ukraine represent respectively 9% and
less than 0.5% of total Group sales.
Adjusted EBITDA for the CIS, APAC, Latin America
segment is down slightly: €85 million, or 13% of sales, compared to
€89 million (15.1% of sales) in 2021. The lower margin stems from
the drop in volumes in the CIS countries and the dilutive effect of
sales price increases.
Revenue in the Sport
segment reached a record level at €870 million, an
extremely strong increase of 48.1% compared to 2021. This excellent
performance reflects Tarkett's leading position in sports fields
and athletic tracks in North America, where the market has been
particularly dynamic. Organic growth was +33.5% and the segment
also benefited from the strengthening of the dollar.
As a result of this sustained activity, the
Sports segment posted a clear increase in adjusted EBITDA: €86.5
million, or 9.9% of sales, compared to €46 million (7.8% of sales)
in 2021.
- Balance sheet and cash flow
2022
Working capital requirement was
€233 million at the end of December 2022, compared to €90 million
at the end of December 2021, a historically low level. Inventories
have increased due to inflation, growing activities, and the need
to replenish inventories of raw materials and certain finished
products in an environment with supply difficulties, and in value
due to inflation. They represent 86 days of activity versus 83 days
at the end of 2021. The inventory reduction actions implemented
since summer have borne fruit. Combined with seasonality, they
reduced the working capital requirement by €228 million compared to
the end of September 2022. Factoring programs represented a net
financing of €166 million at the end of December 2022, slightly
higher than at the end of December 2021 (€162 million).
Capital expenditure was €96.7
million compared to €72.8 million in 2021.
The Group generated a negative free cash
flow for the year of -€148.3 million, down from 2021
(€19.5 million), impacted by the significant increase in working
capital requirement. Free cash flow generation was particularly
significant in the fourth quarter thanks to inventory reduction
actions.
Net financial debt was €655
million at the end of December 2022, compared with €476 million at
the end of December 2021, including an increase of €20 million
related to the currency effect on dollar-denominated debt.
Debt leverage stands at 2.8x adjusted EBITDA at
the end of December 2022.
The Group had a good amount of
liquidity, €479 million, at the end of 2022 comprising the
undrawn RCF in an amount of €215 million, other confirmed and
unconfirmed credit lines in an amount of €44 million and €221
million in cash.
- Dividends
Given the remaining high level of uncertainty,
the Group will continue to take action to preserve cash flow in
2023. Therefore, the Management Board will not propose paying a
dividend in 2023 with respect to the fiscal year 2022.
- 2023 Outlook
The macroeconomic environment will continue to
impact the level of demand in 2023, particularly due to the level
of inflation and interest rate rises.
Based on trends at the end of 2022, Tarkett
expects the business volume of flooring products to slow down in
the first half of 2023. The Sport business continues to benefit
from a strong market and is expected to continue to grow thanks to
a solid order book, albeit at a slower pace than observed in 2022
(+33% organic growth).
The geopolitical situation in Russia and Ukraine
is having a significant impact on demand in the region's main
markets. In Russia, where Tarkett generated approximately 9% of its
revenue in 2022 (based on average exchange rates in 2022), the
Group observed an approximately 25% lower of business volume than
in 2021.
In this context, the Group has taken immediate
steps to reduce discretionary spending. At the same time, actions
to reduce the cost structure are being implemented in the regions
most affected by the slowdown in activity.
Prices of the Group's main raw materials have
stabilised and in some cases are decreasing in an environment of
slowing demand. Energy prices are also lower than at the end of
2022, but further price increases in 2023 cannot be ruled out,
especially in Europe due to tensions in the gas supply chain and
capacity constraints at some electricity suppliers. Salary
increases will be higher overall than in previous years.
The Group is also implementing all necessary
measures to reduce debt leverage. The level of activity in the
factories has been significantly reduced in order to adapt the
level of production to demand and to reduce inventories in areas
where sales volumes are slowing down. Structural measures to
simplify product ranges and optimise inventory management are also
contributing to the control of working capital requirement.
Investments will be made selectively,
prioritising innovation, carbon footprint reduction and automation
projects with a rapid return on investment. The level of capital
expenditure will be limited to €90 million.
This press release may contain forward-looking
statements. These statements do not constitute forecasts regarding
results or any other performance indicator, but rather trends or
targets. These statements are by their nature subject to risks and
uncertainties as described in the Company’s Registration Document
available on its website
(https://www.tarkett-group.com/en/category/urd/). They do not
reflect the future performance of the Company, which may differ
significantly. The Company does not undertake to provide updates to
these statements.
The consolidated financial statements have been
audited. The statutory auditor’s certification report is being
completed and the consolidated financial statements for 2022 are
available on Tarkett’s website
https://www.tarkett-group.com/en/document/?_categories=financial-documents
Financial calendar
- 20 April 2023: Q1 2023 revenues - press release after the close
of trading
- 21 April 2023: Annual General Shareholders’ Meeting
- 26 July 2023: H1 2023 financial results – press release after
the close of trading
- 19 October 2023: Q3 2023 revenues – press release after the
close of trading
Investor Relations and Individual Shareholders
Contact
investors@tarkett.com
Media contactsBrunswick -
tarkett@brunswickgroup.com - Tel.: +33 (0) 1 53 96 83 83Hugues
Boëton – Tel.: +33 (0) 6 79 99 27 15 – Benoit Grange – Tel.: +33
(0) 6 14 45 09 26
About TarkettWith a history of
more than 140 years, Tarkett is a worldwide leader in innovative
and sustainable flooring and sports surface solutions, generating
net sales of € 3.4 billion in 2022. The Group employs 12,000
employees and has 25 R&D centers, 8 recycling centers and 34
production sites. Tarkett creates and manufactures solutions for
hospitals, schools, housing, hotels, offices, stores and sports
fields, serving customers in over 100 countries. To build “The Way
to Better Floors,” the Group is committed to circular economy and
sustainability, in line with its Tarkett Human-Conscious Design®
approach. Tarkett is listed on the Euronext regulated market
(compartment B, ISIN: FR0004188670, ticker: TKTT)
www.tarkett-group.com
***
Appendices
1/ Definition of alternative performance indicators (not
defined under IFRS)
- Organic growth measures the change in revenue
as compared with the same period in the prior year, outside of the
exchange rate effect and changes in scope. The foreign exchange
effect is obtained by applying the prior year’s exchange rate to
sales for the current year and calculating the difference with
sales for the current year. It also includes the effect of price
adjustments in the CIS countries intended to offset the change in
local currencies against the euro. In 2022, a €79.8 million
negative impact of sales price adjustments is excluded from organic
growth and included in the foreign exchange effect.
- The effect of changes in scope is composed of:
- current year sales by entities not included in the scope of
consolidation in the same period of the prior year, until the
anniversary of their consolidation; the reduction in sales due to
discontinued operations that are not included in the current year's
scope of consolidation but were included in sales for the same
period of the prior year, until the anniversary of their
disposal.
In millions of euros |
2022 revenue |
2021 revenue |
Change |
Of which volume |
Of which sales prices |
Of which CIS sales prices |
Of which exchange rate effect |
Of which effect of changes in scope |
Q1 Group Total |
684.7 |
558.8 |
+22.5% |
+6.4% |
+8.8% |
+4.1% |
+3.3% |
- |
Of which organic growth |
+15.2% |
|
|
|
Of which sales price increases |
|
+12.9% |
|
|
Group Total Q2 |
879.3 |
702.4 |
+25.2% |
+3.3% |
+9.3% |
+3.3% |
+9.3% |
+0.1% |
Of which organic growth |
+12.6% |
|
|
|
Of which sales price increases |
|
+12.6% |
|
|
Group Total H1 |
1,564.0 |
1,261.2 |
+24.0% |
+4.6%
|
+9.1%
|
+3.6% |
+6.6% |
+0.1% |
Of which organic growth |
+13.8% |
|
|
|
Of which sales price increases |
|
+12.7% |
|
|
Group Total Q3 |
1,005.4 |
809.4 |
+24.2% |
+0.1% |
+9.6% |
+2.3% |
+12.2% |
+0.1% |
Of which organic growth |
+9.7% |
|
|
|
Of which sales price increases |
|
+11.9% |
|
|
Group Total Q4 |
789.5 |
721.5 |
+9.4% |
-8.0% |
+7.8% |
+2.0% |
+7.3% |
+0.3% |
Of which organic growth |
-0.2% |
|
|
|
Of which sales price increases |
|
+9.8% |
|
Group Total H2 |
1,794.9 |
1,530.9 |
+17.2% |
-3.8%
|
+8.7%
|
+2.2% |
+9.9% |
+0.2% |
Of which organic growth |
+4.9% |
|
|
|
Of which sales price increases |
|
+10.9% |
|
Group Total |
3,358.9 |
2,792.1 |
+20.3% |
+0.0%
|
+8.9%
|
+2.8% |
+8.4% |
+0.2% |
Of which organic growth |
+8.9% |
|
|
|
Of which sales price increases |
|
+11.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Adjusted EBITDA is the result from operating
activities before depreciation and amortisation restated for the
following income and expenses: restructuring costs with the aim of
increasing the Group’s future profitability, gains and losses on
significant asset disposals, provisions and reversals of provisions
for impairment, costs related to business combinations and legal
reorganizations, expenses related to share-based payments and other
one-off expenses considered non-recurring by their nature.
In millions of euros |
Adjusted EBITDA 2022 |
Adjusted EBITDA 2021 |
Margin 2022 |
Margin 2021 |
|
|
Group Total - Q1 |
37.3 |
34.0 |
5.5% |
6.1% |
|
Group Total – Q2 |
88.9 |
78.7 |
10.1% |
11.2% |
|
Group Total - H1 |
126.2 |
112.7 |
8.1% |
8.9% |
|
Group Total - Q3 |
83.6 |
74.5 |
8.3% |
9.2% |
|
Group Total - Q4 |
25.1 |
41.9 |
3.2% |
5.8% |
|
Group Total – H2 |
108.7 |
116.4 |
6.1% |
7.6% |
|
Group Total |
234.9 |
229.0 |
7.0% |
8.2% |
|
In millions of euros |
of which adjustments |
2022 |
Restructuring |
Gains/losses on asset disposals/impairment |
Business combinations |
Share-based payments |
Other |
adjusted 2022 |
Result from operating activities (EBIT) |
44.4 |
18.7 |
7.3 |
0.5 |
6.3 |
8.6 |
85.8 |
Depreciation and amortization |
152.0 |
-2.2 |
0.3 |
- |
- |
- |
150.1 |
Other |
-1.0 |
- |
- |
- |
- |
- |
-1.0 |
EBITDA |
195.4 |
16.5 |
7.7 |
0.5 |
6.3 |
8.6 |
234.9 |
In millions of euros |
of which adjustments |
2021 |
Restructuring |
Gains/losses on asset disposals/impairment |
Business combinations |
Share-based payments |
Other |
adjusted 2021 |
Result from operating activities (EBIT) |
59.6 |
11.5 |
-1.9 |
0.6 |
3.1 |
7.3 |
80.2 |
Depreciation and amortization |
149.2 |
-0.1 |
0.0 |
- |
- |
- |
149.0 |
Other |
-0.1 |
- |
- |
- |
- |
- |
-0.1 |
EBITDA |
208.6 |
11.4 |
-1.9 |
0.6 |
3.1 |
7.3 |
229.0 |
- Free cash flow is defined as cash generated
from operations before change in working capital, plus or minus the
following inflows and outflows: change in working capital
requirement, repayment of lease liabilities, net interest received
(paid), net income tax collected (paid), various operating items
collected (disbursed), acquisition of intangible assets and
property, plant and equipment, and proceeds (loss) from sale of
fixed asset.
Free cash flow (in millions of euros) |
2022 |
2021 |
Cash flow from operations before change in working capital
and repayment of lease liabilities |
182.6 |
202.8 |
Repayment of lease liabilities |
-35.1 |
-32.2 |
Cash flow from operations before change in working capital;
including repayment of lease liabilities |
147.5 |
170.5 |
Change in working capital |
-134.7 |
-11.2 |
of which change in receivables transfer programmes |
4.2 |
30.5 |
Net interest paid |
-31.2 |
-21.5 |
Net income taxes paid |
-24.0 |
-26.3 |
Miscellaneous operating items paid |
-11.8 |
-26.1 |
Acquisition of intangible assets and property, plant and
equipment |
-96.7 |
-72.8 |
Proceeds from sale of property, plant and equipment |
2.5 |
6.9 |
Free cash flow |
-148.3 |
19.5 |
- Net financial debt is defined as the sum of
interest-bearing loans and borrowings minus cash and cash
equivalents. Interest-bearing loans and borrowings refer to any
obligation for the repayment of funds received or raised that are
subject to repayment terms and interest charges. They also include
liabilities on leases.
- Financial leverage is the ratio of net
financial debt, including leases accounted for as per IFRS 16, to
adjusted EBITDA over the last 12 months.
In millions of euros |
|
31 December 2022 |
31 December 2021 |
Financial debts - long term |
|
711.0 |
531.5 |
Financial debts and bank overdrafts - short term |
|
45.2 |
41.5 |
Financial debts excluding IFRS 16 (A) |
|
756.2 |
573.0 |
Lease liabilities - long term |
|
91.7 |
82.9 |
Lease liabilities - short term |
|
27.7 |
25.1 |
Lease liabilities - IFRS 16 (B) |
|
119.4 |
108.0 |
Gross debt - long term |
|
802.7 |
614.4 |
Gross debt - short term |
|
72.9 |
66.7 |
Gross debt (C) = (A) + (B) |
|
875.6 |
681.1 |
|
|
|
|
Cash and cash equivalents (D) |
|
220.8 |
205.4 |
|
|
|
|
Net debt (E) = (C) - (D) |
|
654.8 |
475.7 |
|
|
|
|
Adjusted EBITDA 12 months (F) |
|
234.9 |
229.0 |
|
|
|
|
Ratio (E) / (F) |
|
2.8x |
2.1x |
2/ Bridges in millions of euros 2022, H2 and Q4
2022
Net revenue by segment
Adjusted EBITDA by type
Q4 2021 |
721.5 |
+/- EMEA |
-16.6 |
+/- North America |
19.3 |
+/- CIS, APAC & Latin America |
-33.6 |
+/- Sport |
28.8 |
Q4 2022 Like-for-Like |
719.3 |
+/- Currencies |
36.0 |
+/- Lag effect in CIS (1) |
31.2 |
+/- Scope |
2.9 |
Q4 2022 |
789.5 |
- Including sales price increases
Q4 2021 |
41.9 |
+/- Volume / Mix |
-35.7 |
+/- Sales price |
56.6 |
+/- Raw materials and Transport |
-36.9 |
+/- Salary increases |
-5.2 |
+/- Productivity |
-0.7 |
+/- SG&A |
-3.3 |
+/- Non-recurring and other |
-4.8 |
+/- Lag effect in CIS (1) |
14.9 |
+/- Currencies |
-2.2 |
+/- Scope |
0.6 |
Q4 2022 |
25.1 |
- Including sales price increases
H2 2021 |
1,530.9 |
+/- EMEA |
-10.7 |
+/- North America |
41.7 |
+/- CIS, APAC & Latin America |
-56.3 |
+/- Sport |
98.8 |
H2 2022 Like-for-Like |
1,604.4 |
+/- Currencies |
110.6 |
+/- Lag effect in CIS(1) |
75.6 |
+/- Scope |
4.3 |
H2 2022 |
1,794.9 |
- Including sales price increases
H2 2021 |
116.3 |
+/- Volume / Mix |
-49.8 |
+/- Sales price |
132.6 |
+/- Raw materials and Transport |
-107.3 |
+/- Salary increases |
-10.4 |
+/- Productivity |
-1.2 |
+/- SG&A |
-8.2 |
+/- Non-recurring and other |
-6.0 |
+/- Lag effect in CIS(1) |
38.2 |
+/- Currencies |
3.0 |
+/- Scope |
1.3 |
H2 2022 |
108.7 |
2021 |
2,792.1 |
+/- EMEA |
34.5 |
+/- North America |
97.9 |
+/- CIS, APAC & Latin America |
-81.6 |
+/- Sports |
196.4 |
FY 2021 Like-for-Like |
3,039.3 |
+/- Currencies |
183.7 |
+/- Lag effect in CIS(1) |
130.5 |
+/- Scope |
5.5 |
2022 |
3,358.9 |
- Including sales price increases
2021 |
229.0 |
+/- Volume / Mix |
-39.1 |
+/- Sales prices |
247.5 |
+/- Raw materials and Transport |
-268.4 |
+/- Salary increases |
-19.4 |
+/- Productivity |
12.7 |
+/- SG&A |
-15.2 |
+/- Non-recurring and other |
-15.0 |
+/- Lag effect in CIS |
91.2 |
+/- Currencies |
9.3 |
+/- Scope |
2.2 |
2022 |
234.9 |
- Press release - Tarkett - FY Results 2022
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