Legrand fully met its targets, with sales up +19.2% and adjusted operating margin at 20.4% amid a continued very unsettled environment
Very solid integrated 2022 performance
Growth in sales: +19.2%
Adjusted operating margin: 20.4% of sales
Rise in adjusted1 net profit attributable to the Group: +26.8%
Free cash flow: €1,036 million
CSR roadmap achievement rate: 123% in 2022
Ongoing implementation of strategic roadmap
including 7 acquisitions over one year, of which 2 announced today
2023 full-year targets2
Sales excluding exchange rate impacts: +2% to +6%
Adjusted operating margin before acquisitions3: ~20% of sales
Benoît Coquart, Legrand’s Chief Executive Officer, commented:
“In 2022 we turned in another outstanding financial and extra-financial performance, very much in line with our mid-term targets despite unprecedented challenges linked to a continued very unsettled environment.
Sales rose a steep +19.2% to over €8.3 billion, reflecting strengthened competitive positions. Our profitability indicators remained very robust: adjusted operating margin came to 20.4% of sales and normalized free cash flow totaled 14.5% of full-year sales.
Our extra-financial performance was equally remarkable in 2022: in the first 12 months of our three-year 2022-2024 CSR roadmap, our achievement rate was 123%. This reflects our Group’s commitment to responsible growth, in terms of the climate impact of our business and that of our partners, as well as our diversity and inclusion policy.
These achievements confirm once again the relevance of Legrand’s model for growing our business and accelerating value creation. In the past five years, sales have increased by over 50% and our adjusted operating margin, free cash flow and ESG performance have all been exemplary.
Given the uncertain economic outlook, and driven by the unwavering, determined engagement of our teams, in 2023 Legrand will deploy initiatives to seize any growth opportunities that arise and to optimize its cost structures.”
1 Adjusted net profit attributable to the Group for 2022 is excluding the effect of expenses in the amount of €147.1 million corresponding to assets impairment in Russia. Growth in net profit attributable to the Group was +10.5%.
2 Excluding impacts linked to the Group’s disengagement from Russia.
3 At 2022 scope of consolidation, excluding impacts linked to the Group’s disengagement from Russia.
For more information, readers are invited to consult the press release of January 25, 2023.