Financial report

80-years-gruppo-mapei

Mapei Group around the world


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.

2019. Another year of growth along the
path mapped out by Giorgio Squinzi

 

2019 was an important year for Mapei and, at the same time, a very painful one. On 2nd October Giorgio Squinzi, who had guided the company with such extraordinary entrepreneurial acumen and humanity, acknowledged by all those who met him, sadly passed away. His management style was very forward-thinking: strategic vision and intuition on a routine basis, accompanied by a drive and commitment towards work that he transmitted every day to all the employees and those who collaborated with him, and right to the very end his all-important contribution was never lacking. Mapei modified their governance structure in July, 2019 and nominated a Board of Directors made up entirely of members of the Squinzi family, with his children, Marco and Veronica, taking on the role of CEO, Simona Giorgetta and Laura Squinzi as President. Their task now is to carry on along the lines already laid down and to continue with Mapei’s growth, supported by the cornerstones that have made Mapei such a success over the years: Research & Development, Internationalisation, proximity to the client. The objective is to continue offering the market products that are constantly innovative and of the highest quality. 2019 was also a year of anniversaries and inaugurations for Mapei: the 25th anniversary of the Brisbane production facility in Australia, the 25th anniversary of the Swiss subsidiary, the 50th anniversary of Polyglass, the 25th anniversary of Vinavil joining the Group, the 20th anniversary of the acquisition of the Norwegian company Rescon, and then the opening of a new production facility in Hungary and the expansion of the Mexican facility. And when you have something to celebrate in different parts of the globe, it can only be put down to years of hard work and success. And to internationalisation being a winning strategy that has yielded a good harvest. To be close to clients all around the world will continue to be a watchword for Mapei. Internationalisation and investments. This is the winning mix that has always characterised Mapei and which, once again this year, yielded such excellent results. Turnover touched 2,774 Million Euros which, if we exclude the impact of a favourable exchange rate, equates to growth 

of around 8%, confirming the figure for the previous year and resulting in one of the best performance in recent years. What makes this result even more positive is the fact that every geographical area and almost every product line expanded, confirmation that the decisions taken and the investments made recently were all fully justified. Competitiveness and the quality of our product portfolio know no bounds and are a demonstration of Mapei’s long-standing position as a key player and global point of reference in the sector of chemical products for the building industry. And, what is more, of a player that has made sustainability – be it environmental, economic or social – a point of reference and a driver behind every project and every production process. Operational earnings for 2019 more than doubled with respect to the previous year and ROI was, once again, higher than 10%. Mapei Group operates with a clear, long-term strategy and any slowdown in economic results, such as those experienced in 2018 for example, are not a symptom of problems; they are an incentive for continuous improvement. The fall in productive investments, which were still a considerable amount, with 83 Million Euros against more than 150 Million in 2018 and 110 Million in 2017, was due to physiological reasons and to certain opportunities that never materialised. But the overall strategy is still the same: to reinvest profits generated from current operating results. And the high level of capitalisation, which at the end of 2018 touched 921 Million Euros, is there as proof. We are writing this letter in 2020, a year characterised all around the world by economic uncertainty and concerns about the future. We at Mapei, while being fully aware of the overall problems, will face up to these turbulent times strengthened by such a tenacious and dynamic Group, one that can guarantee security and certainty for its employees and a positive outlook for its clients. And this is the reason we can also confirm the investment planned for 2020. To carry on looking ahead. Always. With our proverbial optimism and enthusiasm.

The Board of Directors
Mapei Spa

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