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Holding Company
esprinet.com

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About Esprinet

Esprinet is the holding of a Group engaged in the B2B distribution of technology products at the top of the market in Italy and Spain.

Esprinet Headquarter Location

Via Energy Park, 20

Vimercate, 20871,

Italy

+39 02/40498800

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Latest Esprinet News

Esprinet closes the best year in its history: Group net profit at Euro 44.1 million (+39%). Proposed dividend of Euro 0.54 per share. The ordinary and extraordinary Shareholders' Meeting called.

Mar 8, 2022

THE ORDINARY AND EXTRAORDINARY SHAREHOLDERS' MEETING CALLED SALES FROM CONTRACTS WITH CUSTOMERS: Euro 4,691 million, +4% (2020: Euro 4,492 million) ADJUSTED EBITDA: Euro 86.1 million, +25% (2020: Euro 69.1 million) EBIT: Euro 68.4 million, +44% (2020: Euro 47.6 million) NET INCOME: Euro 44.1 million, +39% (2020: Euro 31.8 million) ROCE: 20.5% (2020: 25.1%); NFP: positive for Euro 227.2 million (2020: positive for Euro 302.8 million) Vimercate (Monza Brianza), 8 March 2022 - The Board of Directors of ESPRINET, group leader in Southern Europe in advisory services, sale and rental of technological products and cybersecurity, which met under the chairmanship of Maurizio Rota, approved the Consolidated financial statements and the Draft separate financial statements as at 31 December 2021, drafted in compliance with the international accounting standards (IFRS). Alessandro Cattani, Chief Executive Officer of ESPRINET: "We have closed an exceptional year in which we exceeded our targets, setting an all-time record not just in terms of sales but also, in particular, of net profit. It is with great satisfaction that we can announce - consistently with its growth strategy focused on high profit margin business lines - that the Group posted sales in the Advanced Solutions segment that topped Euro 870 million, marking an increase of +46% over the previous year. The growth we registered in the Cloud segment was even more remarkable, sitting at +183%, almost reaching Euro 141 million in sales. We also recorded growth of +12% in the Business Customer segment, where ESPRINET consolidated its market share, thanks to the constant focus on customer satisfaction indexes. The Cash Conversion Cycle stood at 13 days, in line with our objective of keeping it below 18 days, hence ensuring optimal financial flexibility to support our generous dividend policy and the hoped- for search for attractive external growth opportunities, also in other areas of Western Europe, in addition to the countries in which the Group is already operating. We believe that, in 2022, in the absence of external shocks and assuming that the ongoing war in Ukraine quickly comes to an end or, nonetheless, does not have too much of an impact on the macroeconomic scenario, the Group can record further growth in the reference market in Southern Europe. In view of the performance of the first two months of this year which confirm the effectiveness of the business model adopted, we estimate for the current fiscal year to be able to obtain a further increase in profitability in line with the growth path underpinning the business plan announced in November 2021. All this despite the backdrop of a market that for the first part of the year will continue to be rather challenging and then is expected to recover". MAIN CONSOLIDATED RESULTS AS AT 31 DECEMBER 2021 Sales from contracts with customers amounted to Euro 4,690.9 million, +4% compared to Euro 4,491.6 million euro in 2020. Contributions to this result were provided by both organic growth (+1%) and the Euro 153.6 million deriving from the activities of Gruppo GTI acquired in Spain in Q4 2020 and Dacom S.p.A. and idMAINT S.r.l. in Italy, acquired at the start of Q1 2021. (€/millions) 4,491.6 An analysis of the details of the product categories shows an increase of 2% in sales in the Consumer Electronics segment, where the growth in White goods (+27%), Gaming (+27%) and Other products (+6%), whose perimeter also incorporates televisions, more than offset the decrease in Smartphones (-1%). Despite the growth of 15% in Accessories and Components (Other products), the IT Clients segment recorded a drop of 1% due to the performance of PCs (-4%) and Printing devices and supplies (-3%). According to Context data, in 2021, the IT Clients market recorded growth of 3%, where PCs and Printing posted growth of 2%. In the Consumer Electronics market (+8%), the drivers of growth were Smartphones (+4%) and Other products (+17%), in which, it should be pointed out, televisions are classified. In the Advanced Solutions segment, the Group registered sales of Euro 873.9 million, +46% compared to Euro 597.5 million in 2020, with growth of 63% in Software, Services and Cloud, and an increase of 37% in Hardware (networking, storage, servers and other). Also thanks to the strategic acquisitions signed in 2020 (GTI Group in the Cloud domain) and January 2021 (Dacom and idMAINT in the Automatic Identification and Data Capture area), the Group significantly boosted its position in the Advanced Solutions segment, whose market grew by 6% according to Context data. (€/millions) Sales from contracts with customers A glance at the customer segments shows that, in 2021, the market recorded growth of 5% in the Business Segment (IT Reseller) and 6% in the Consumer Segment (Retailer, E-tailer). Group sales declined in the Consumer Segment (Euro 2,190.2 million, -1%), and increased in the Business Segment (Euro 2,648.2 million, +12%), where ESPRINET, thanks to the constant focus on customer satisfaction indexes, consolidated its market share. Gross profit totaled Euro 232.9 million, +20% compared to 2020 (Euro 194.5 million) due to both greater sales and the significant increase in the percentage margin (4.96% in 2021 compared to 4.33% in 2020), in turn a result of the greater incidence of high profit margin product categories that, in line with the Group's strategy, accounted for 41% of sales, up from 35% in 2020. It should also be noted that profit margins improved on all business lines. Adjusted EBITDA amounted to Euro 86.1 million, up by 25% compared to Euro 69.1 million in 2020. The incidence on sales increased to 1.84% compared to 1.54% in 2020, despite the increase in the weight of operating costs (from 2.79% in 2020 to 3.13% in 2021), mainly as a result of the acquisitions of Gruppo GTI, Dacom S.p.A. and idMAINT S.r.l.. Adjusted EBIT, gross of Euro 1.4 million in non-recurring costs1, amounted to Euro 69.8 million, +27% compared to Euro 54.8 million in 20202; the incidence on sales increased to 1.49% from 1.22% in 2020. EBIT amounted to Euro 68.4 million, +44% compared to Euro 47.6 million in 2020. Profit before income taxes amounted to Euro 60.8 million, up by 43% compared to Euro 42.5 million in 2020. Net income amounted to Euro 44.1 million, +39% compared to Euro 31.8 million in 2020. Group net income amounted to Euro 44.2 million, +41% compared to Euro 31.4 million in 2020. Basic earnings per ordinary share, equal to Euro 0.89, showed an increase of 41% compared with the value in 2020 (Euro 0.63). The Cash Conversion Cycle3 closed at 13 days (+5 days compared to Q4 20 and unchanged with respect to Q3 21). In particular, the following trends were recorded: Non-recurringcosts in 2021 related to the expansion of the warehouses in Italy and the fitting out of the new headquarters in Madrid, in which the personnel taken on as a result of the various acquisitions and located in several areas of the city were concentrated. Non-recurringcosts in 2020, amounting to Euro 7.2 million, include Euro 0.9 million connected with the transaction aimed at the acquisition of the Spanish distributor of cloud software and solutions, GTI Software y Networking S.A., Euro 1.2 million incurred as a result of the termination of the contract of former Group director and CFO, Euro 2.6 million relating to the write-off of the residual balance of the receivables due to the parent company from the importing supplier of the 'Sport Technology' product line, following the settlement of the legal dispute, Euro 0.2 million incurred to deal with the Covid-19 pandemic and Euro 2.3 million for impairment of goodwill relating to the CGU attributable to the distribution of mobile telephone accessories, which are handled by the subsidiary Celly. Equal to the average of the last 4 quarters of days of turnover of Operating Net Working Capital calculated as the sum of trade receivables, inventories and trade payables. Days sales of inventory (DSI): +3 days vs Q4 20 (+2 days vs Q3 21); Days sales outstanding (DSO): +2 days vs Q4 20 and unchanged vs Q3 21; Days payable outstanding (DPO): unchanged vs Q4 20 (+2 days vs Q3 21). The Net Financial Position, amounted to a positive Euro 227.2 million, compared with a positive Euro 302.8 million as at 31 December 2020. The value of the exact net financial position as at 31 December is influenced by technical factors like the seasonality of the business, the trend in 'non-recourse' factoring of trade receivables (factoring, confirming and securitisation) and the trend in the behavioural models of customers and suppliers in the different periods of the year. Therefore, it is not representative of the average levels of net financial indebtedness noted during the period. The aforementioned factoring and securitisation programmes, which define the complete transfer of risks and benefits to the assignees and therefore involve the derecognition of receivables from the statement of financial position assets in compliance with IFRS 9, determine an overall effect on the level of consolidated net financial payables as at 31 December of Euro 561.0 million (Euro 536.6 million euro as at 31 December 2020). Net Equity totaled Euro 386.1 million, a slight reduction compared with Euro 389.0 million as at 31 December 2020. The ROCE stood at 20.5%, compared to 25.1% in 2020. The main changes related to this trend can be summarised as follows: the "NOPAT - Net Operating Profit Less Adjusted Taxes" grew compared to 2020; the Average Net Invested Capital, measured before the effects of the introduction of IFRS 16, increased (+53%) due to the increase in the Average Net Working Capital. (€/millions)

Esprinet Acquisitions

5 Acquisitions

Esprinet acquired 5 companies. Their latest acquisition was Celly on October 04, 2021.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

10/4/2021

$99M

Acquired

1

12/1/2020

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$99M

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10

12/1/2020

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$99M

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10

6/22/2020

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$99M

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10

3/22/2019

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$99M

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10

Date

10/4/2021

12/1/2020

12/1/2020

6/22/2020

3/22/2019

Investment Stage

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Total Funding

Note

Acquired

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Sources

1

10

10

10

10

Esprinet Partners & Customers

3 Partners and customers

Esprinet has 3 strategic partners and customers. Esprinet recently partnered with GXS Group on November 11, 2012.

Date

Type

Business Partner

Country

News Snippet

Sources

11/27/2012

Vendor

United States

GXS to Manage Connectivity to Esprinet’s Customers and Suppliers

As a cloud-based integration offering , GXS Managed Services enables companies to build and grow B2B networks without making additional investment in hardware , software or human resources .

2

11/27/2012

Vendor

United States

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10

Vendor

Canada

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10

Date

11/27/2012

11/27/2012

Type

Vendor

Vendor

Vendor

Business Partner

Country

United States

United States

Canada

News Snippet

GXS to Manage Connectivity to Esprinet’s Customers and Suppliers

As a cloud-based integration offering , GXS Managed Services enables companies to build and grow B2B networks without making additional investment in hardware , software or human resources .

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Sources

2

10

10

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