Financial report
Financial report
The dialogue
between Mapei set-ups worldwide and building professionals strengthens the Group and helps everyone have the share of the developments. Mapei continues to grow by building on the knowledge and relationships from both within and outside the company.
In 2022 we celebrated 85 years of our company’s story.
A story that started on the outskirts of Milan when Rodolfo Squinzi decided to
found a company supplying materials for the building sector: Mapei, marking
the start of a journey that would lead to our Group, also thanks to the vision
and entrepreneurial audacity of Giorgio Squinzi, becoming an international
reality, a champion of Italian excellence all around the world.
Eighty five years later the Mapei figures tell the story of its evolution: three
generations of entrepreneurs, 102 subsidiaries located throughout 57
countries, 90 manufacturing sites operating in 35 countries and more than
11,900 employees.
Ours is a truly solid Group, always looking to the future, guided by a balanced
strategy of organic growth and through targeted acquisitions which, in 2022,
enabled us to achieve a consolidated turnover of 3,977 million Euros, an
increase of 21.9 % against 2021, and a homogeneous, double-figure growth all
around the world, particularly North America, Latin America, the Middle East
and Africa.
In spite of the difficulties and uncertainties of the global market, over the
course of the year we have continued to believe in ourselves and to invest
in revamping our existing plants and commissioning new ones to meet the
needs of local markets. In 2022 the Group acquired fixed assets for a value
of more than 152 million Euros, an increase of 50% on the previous year’s
figure. Around one half of the investments was focused on developing North
America, a market which, with a turnover of 1.2 billion Euros, is second only to Europe, while the remainder was used to strengthen Mapei’s position in
Europe, Africa, India and China, in line with that strategy of internationalisation
that has always characterised our company.
Also in 2022 we made the most of opportunities offered by the market and
extended our portfolio of products and systems for the construction industry
by acquiring Profilpas, an Italian group, specialised in technical profiles,
skirting, shower systems, spacers and levelling systems for floor and wall
coverings, with manufacturing facilities in Italy and Poland and commercial
branches in many other European countries.
Ours is a company with a high level of innovation that believes in responsible
growth, to the benefit of people and with respect for the Planet. Every day
in our research laboratories we study cutting-edge solutions to reduce the
environmental impact of the Group’s activities and to spread a culture of
quality building that remains durable over time.
Eleven years ago Mapei was the first company from the sector to introduce
fully offset CO2 emissions for the cementitious ceramic tiling adhesive,
Keraflex Maxi S1 Zero, calculated throughout its entire life cycle, through
the acquisition of certified environmental credits for renewable energy and
reforestation projects. In 2022 a grouting mortar was added: Ultracolor Plus,
with an initiative launched on the Italian market and then quickly extended to
all our subsidiaries around the world, continuing along a virtuous journey that
will involve even more products.
For Mapei growth means investing responsibly: embracing the circular
economy, caring about the wellbeing of people, the importance of social
inclusion and adopting technologies that improve the quality of life. Training,
growth and meritocracy are all part of our way of doing business, all around
the world, and are the levers that have enabled us, this year just like before,
to attract talent, to help our people grow, and to have a great family of almost
twelve thousand members.
We also bring added value to the communities in which we operate and in
2022 the Group funded projects in the world of culture, sports and social
development, always selecting initiatives in line with our values and our
passions. And it is precisely the passion for our work that drives us to never
stop, to never rest on our laurels and to always think of the next step
The Board of Directors
Mapei Spa