The first 9 months of 2022 were significantly marked by the war in Ukraine and its consequences. As soon as the conflict began, Lectra SA, Paris/France, decided to cease its operations in Russia, by suspending the activity of its subsidiary Lectra Russia and stopping all deliveries of products or services. The conflict has accelerated price increases, energy shortfalls and shortages in some raw materials. However, their impact on the group's financial statements was limited due to its low exposure to energy costs and a limited dependency on those raw materials affected the most.
Sales in the 3rd
quarter (Q3) of 2022 totaled €141.2 million, an increase of 22%. In Q3/2022, the group fully caught up with any delays in deliveries of equipment and accompanying software caused by the long lockdown in China during Q2/2022.
EBITDA before non-recurring items (€29.7 million) increased by 47%. Compared to the 2021 Pro forma, EBITDA increased by 49%. Income from operations before non-recurring items amounted to €22.1 million, up 64% compared to Q3/2021. This includes a €3.1 million charge for amortization of intangible assets arising from the acquisitions of Gerber, Neteven and Gemini, and from the activity of Glengo Teknoloji.
In the first 9 months (January-September 2022) sales were €392.1 million, up 50%.
EBITDA before non-recurring items totaled €74.9 million (+73%) and the EBITDA margin before non-recurring items was 19.1%.
Income from operations before non-recurring items amounted to €52.8 million (€29.6 million in the same period 2021), up 78%. This includes an €8.7 million charge for amortization of intangible assets arising from the acquisitions of Gerber, Neteven and Gemini, and of the activity of Glengo Teknoloji.
After recognizing a non-recurring charge of €1.6 million in the first 9 months of 2022 for impairment of the group's net assets in Russia (€0.9 million) and for costs relating to the acquisition of Gerber (€0.7 million), income from operations amounted to €51.1 million.