Federico Toussaint Elosúa
Chairman of the Board of Directors and Chief Executive Officer of Grupo Lamosa S.A.B. de C.V.
The results of Grupo Roca’s tile business, acquired during the third quarter of 2021, and of Fanosa, acquired at the beginning of 2022, have been incorporated into the 2022 consolidated results. These companies performed outstandingly, as did the other Grupo Lamosa companies, and this was reflected in remarkable 2022 overall growth.
Total 2022 sales reached $35,412 million pesos, an annual increase of 30%. Operating income was $6,767 million pesos, a growth of 5% year-over-year, and EBITDA was $8,102 million pesos, 10% more than the previous year.
The reduced post-pandemic demand and high inflation rates and global disruptions in supply chains which impacted the cost of the company’s main inputs were factors that led to a normalization of Grupo Lamosa’s operating margins. Nonetheless, the operating income and EBITDA to sales margins remained high, being 19% and 23%, respectively.
One of the great challenges of the year was operating the new acquisitions and integrating them into the “Lamosa Culture”, in its many different aspects, from the exchange of values and work styles to the homologation of systems. The incorporation of the new businesses is an ongoing process but, as with previous acquisitions, is going in the right direction, and in some cases even generating better-than-expected results.
The ability of Grupo Lamosa’s tile segment to incorporate new businesses and capitalize on synergies in different countries was once again demonstrated with the integration throughout 2022 of Grupo Roca’s tile operations in Spain, Brazil and the United States. This business, that produces and markets a wide range of high value-added products, faced changing environments in its different markets, enabling it to leverage important opportunities across the world’s main ceramics markets.
Consistent with the company’s growth and diversification strategy, the adhesives business furthered the integration of the operations of Fanosa, a Mexican company that manufactures and markets expanded polystyrene (EPS) products mainly used as insulation and lighteners in the construction industry. This integration implied significant growth for the adhesives business, and opens up a great opportunity for leveraging synergies in the different stages of construction, from the sitework and foundations to finishing and fittings.
The resizing of Grupo Lamosa and the results achieved in 2022 enabled it to continue with the more than $500-million-dollar investment plan approved for the last two years and to maintain its healthy financial structure. These achievements were recognized by different securities rating agencies, which favorably increased the company’s risk rating.
During the year, Grupo Lamosa made progress with its sustainable development plan, managing the different Environmental, Social and Governance (ESG) indicators in accordance with its sustainability strategy. This made it possible to offer the market its first integrated annual report under GRI (Global Reporting Initiative) and SASB (Sustainability Accounting Standards Board) standards, thereby satisfying the requirements of the company’s different stakeholders.
Grupo Lamosa reaffirms its voluntary commitment to adhere to the principles of the United Nations Global Compact and will continue to carry out actions to promote social responsibility, fight corruption, and respect human and labor rights. It will also continue to promote sustainable practices for the benefit of the environment and its neighboring communities.
Grupo Lamosa appreciates once again the trust of its stockholders and the support of its people, suppliers, distributors, customers and friends.
Federico Toussaint Elosúa
Chairman of the Board of Directors and Chief Executive Officer
of Grupo Lamosa S.A.B. de C.V.
February 15, 2023