Letter to Shareholders
Dear Shareholders,
2021 was an extraordinary year which will be remembered as one of unimaginable events, immediately
following the pandemic that plagued humanity and still continues to claim victims worldwide.
We witnessed the storming of the US parliament, the halting of world trade - due to an ordinary accident in
the Suez Canal - the withdrawal of the West from Afghanistan that set the Afghan people and democracy
back a hundred years, the great global vaccination campaign, the launch of the green pass era.
The year 2021 will leave its mark on history, as will the present time, which is opening up with glimpses of
world war in the heart of Europe no less.
Within the smaller scope of our being a company and an economic player, Exprivia has continued its mission
of innovating its customers' business models through digital transformation, interpreting the greatest
changes underway. These transformations are now as inevitable as they are urgent: ecological and energy
transitions, Europe's various national versions of the NRRP which have become central to the social and
economic policies of each country.
We can certainly say that the market in which we operate is experiencing a privileged situation: we were able
to continue operating during the pandemic, thus ensuring the continuity of our customers' processes. Indeed,
it was precisely technology that enabled new approaches to service with remote working, while today we find
ourselves at the centre of the largest industrial plan that our country has seen since the Second World War.
And yet it was not an easy year for Exprivia due to the fact that the industrial affair that began with the
acquisition of Italtel in December 2017 came to an end. During 2021, we focused on consolidating the
positions we acquired in the market, supporting our customers in that recovery phase during which our
country's GDP has grown by more than 6%.
We can say that we have latched on to the economic recovery following the acute phase of the pandemic,
that we have managed to grow in line with the trends in the Italian digital market and, above all, that we have
preserved, or rather increased, our margins and, finally, reduced our debt, which, to tell the truth, has always
been within the parameters of Exprivia's size. It is precisely with solid industrial and financial fundamentals
that we are now preparing to relaunch our group, through new strategic lines of development that will see us
increasingly and better oriented towards the challenges that lie ahead: the digitalisation of the country, the
environmental challenges that can only be met by a strong political will and a conscious use of technology.
In this context, which is no ordinary one, we can and want to say it: we are really satisfied with the way 2021
ended for Exprivia SpA. We grew more than market analysts had assumed, recording +8% in revenues and
an EBITDA of 13.5% of value of production, above the averages for companies in our sector. Net financial
debt improved by as much as Euro 14 million to just over Euro 26 million. All this results in a bottom line of
Euro 10 million.
We are satisfied and therefore I would like to use this opportunity to thank our customers who have
maintained their confidence in our ability to support them in their business decisions, the more than two
thousand employees of our Group and the management supporting me every day in the strategies and their
implementation.
As a group with sound foundations and cohesive management, we are steering the future. It has never been
easy to make predictions, and is more difficult than ever today: the war in Ukraine has surprised us and left
us incredulous. We quickly stopped reading about pandemics and the NRRP to make room for daily war
bulletins. But we do not want to give up the responsibility of developing the future, our future.
Once again, I can say that we started the new year 2022 with an awareness of our strengths and with a
financial structure that will allow us to continue investing in growth: innovation in services, in solutions,
continuous training of our employees. We are looking very closely at Artificial Intelligence, at how pervasive it