BoD Report 2022 and ongoing plans: report by Chairman Massimo Vidal

Mavive ended 2022 with a turnover of +18% over 2021 and +26% over 2019 pre-covid. This is a particularly significant result in view of the difficulties that marked the financial year that has just ended due to both the outbreak of the Russia-Ukraine conflict - the main cause of the global increase in prices of raw materials and utilities, delays in deliveries and shipments as well as the scarcity of production resources - and the continuing effects of the pandemic.

The 2022 turnover configuration of € 37 million results in a wholesale valuation of the business at € 70 million.

Exports at over € 23.4 million constitute 63% of the entire turnover: growth over 2021 was +19% and +33% over 2019.

Internationally, markets are growing overall, particularly those in the Far East (+24%), Middle East (+48%), Oceania (+161%) and the Americas (+27%), the most strategic and those on which the company is particularly focusing.

Europe, which, without counting the domestic market, accounts for 63% of all exports and 40% of total turnover, achieved a significant increase of +9%: the main countries are confirmed as Germany, Great Britain, Hungary, Poland, the Czech Republic, Spain and Russia.

The Italian market with a total turnover of over € 13.3 million also confirms the positive trend with +19% over 2021 and +10% over 2019.

E-commerce, although still a small share of the business and in the start-up phase, maintains its doubledigit growth trend.

Although the financial year was characterised by purchasing levels more than proportional to turnover due to the need to stock raw materials and components in the face of instability and rising inflation in supply markets, margins per item were kept in line with previous years and even improved with EBITDA estimates in the double-digit range in the wake of the 10% by 2021.

The year 2022 saw Mavive SpA continue to support initiatives with a charitable impact on organisations, associations and dioceses through donations.

A Welfare Plan was activated towards employees, which intervened on the high cost of living front with petrol bonus and utility bill bonus and on the education front with a book bonus.

Social and environmental commitment are the pillars on which the Green Value Project is based, which from 2019 publishes the company's achievements in the areas of environmental sustainability, culture and social issues.

"The most important goal for 2023 will be the construction of the new company headquarters, called Isola dei Profumi, designed to accompany the company's development over the next decade," says Massimo Vidal, President and CEO of the Board of Mavive S.p.A. The Municipality of Venice has in fact given the go-ahead in these days for the construction of a 3500 square meter building that is modern, design-oriented and has a very low environmental impact, set in a park with an olfactory and didactic itinerary designed to upgrade the industrial context in which it is located.

It will be a true oasis of perfume, from which the Venetian company intends to build its near future in order to achieve the goals set out in its 5-year Industrial Plan, which envisages ambitious growth targets and will be supported by projects that can sustain the company's vision of international development.

Among these we mention ALPS (Alps, Life, Pure, Sensations), a new proprietary brand developed around the concept of the outdoors and Alpine origin, linked to the theme of sustainability, with natural raw materials, sustainable and km 0 packaging and fragrances tested with innovative neuroscientific techniques to provide real well-being.

In addition, the company's brand portfolio will be expanded with important new global licences, such as that for BMW Group, world’s leading premium manufacturer of cars and motorcycles that has chosen Mavive as global licensing partner for the development and distribution of an innovative and creative fragrance line to debut in October 2023.

Lastly, we recall the fashion brand GENNY, which will see this year with Mavive the relaunch of the iconic fragrance Genny Noir with the introduction of two new fragrances in order to expand the offer in the beauty sector and a strategy aimed at accompanying the growth of the fashion brand.

All of the company's brands are performing very well, both in terms of sell-in and sell-out.

Furla: + 80% in 2022

Police: + 31% in 2022 of which Export +28% and Italy +36%.

The Merchant of Venice: +47% of which Export +53% and Italy +26%.

Monotheme: +21%

Pino Silvestre: only Export +44%

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