NICE S.P.A. CONSOLIDATED FIRST QUARTER 2014 REPORT
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1 NICE S.P.A. CONSOLIDATED FIRST QUARTER 2014 REPORT
2 Nice S.p.A. Consolidated Third Quarter 2014 Report March 31, 2014
3 INDEX General Informations Directors, Officers and Corporate Informations Economic and Financial Highlights of Nice Group Report on operations Group Structure Comments on the economic and financial results Significant subsequent events Consolidated Financial Statements as of 31 March 2014 List of consolidated companies as of 31 March 2014 Declaration of the Manager charged with preparing the Company's financial reports Page 2
4 General Information Directors, Officers and Company Information Board of Directors Lauro Buoro (*) Mauro Sordini (*) Lorenzo Galberti (*) Davide Gentilini (*) Giorgio Zanutto (*) Antonio Bortuzzo Gian Paolo Fedrigo Chairman of the Board of Directors CEO Director Director Director Independent Director Independent Director (*) Powers and attributions of ordinary and extraordinary administration, within the limits of the law and of the Articles of association and in observance of the reserves within the competence of the Shareholders Meeting and of the Board of Directors according to the resolution of the Board of Directors of 28 August 2013 as subsequently amended and supplemented. Board of Auditors Giuliano Saccardi Enzo Dalla Riva Monica Berna David Moro Manuela Salvestrin Chairman of the Board of Statutory Auditors Acting Auditor Acting Auditor Alternate Auditor Alternate Auditor Control Committee Antonio Bortuzzo Gian Paolo Fedrigo Remuneration Committee Antonio Bortuzzo Gian Paolo Fedrigo Independent Auditing Firm Mazars S.p.A. Registered Offices and Corporate Details Investor Relations Nice S.p.A. Via Pezza Alta, 13 Z.I. Rustignè Tel: I Oderzo TV Italia Tel: Fax: Share Capital Euro 11,600, fully paid-in Tax Code VAT No Page 3
5 Economic and Financial Highlights of Nice Group Profit & Loss 1Q 2014 % 1Q 2013 % % Net sales 60, % 59, % 1.9% Gross profit* 34, % 34, % -1.0% Gross operating margin [EBITDA]** 8, % 9, % -7.9% Operating result 7, % 7, % -10.8% Net income 3, % 4, % -34.2% Group net income 3, % 4, % -34.5% * Note that the Gross Profit is understood to be the difference between net sales and the cost of sales (made up of purchases of base components, external processing and changes in inventories), ** Note that "EBITDA" is understood to be the result before amortization/depreciation, financial operating activities and taxes, Balance Sheet 31/03/ /12/2013 Net working capital* 94,615 80,302 Fixed assets and other non current assets 125, ,408 Non current liabilities (excluding loans) (10,474) (11,607) Net capital employed** 209, ,103 Net financial position (cash on hand) 12, of which cash and cash equivalents (53,002) (63,523) - of which financial assets (5,098) (4,858) - of which short-term borrowings 70,471 68,718 Shareholders equity 196, ,766 Total financing sources 209, ,103 * Note that Net working capital" is understood to be the sum of the inventories, trade receivables, tax receivables, other current assets, trade payables, tax payables (due within 12 months) and other current liabilities, ** Note that "Net capital employed" is understood to be the algebraic sum between the Net working capital (as defined above), fixed assets, other non-current assets and non-current liabilities, Cash Flow 1Q Q 2013 Cash flow generated (absorbed) by operating activities (10,246) (10,586) Cash flow absorbed by investment activities (1,373) (1,755) Free cash flow (11,619) (12,341) Cash flow absorbed by financing activities 1,466 (2,165) Effect of exchange rates on cash and cash equivalents (368) 65 Cash flow of the period (10,521) (14,441) Cash and cash equivalents at the beginning of the period 63,523 44,974 Cash and cash equivalents at the end of the period 53,002 30,533 Page 4
6 REPORT ON OPERATIONS Group structure The following chart presents Nice Group s corporate structure as at 31 March The Group operates via 33 companies, detailed in the attachments, located as follows: - Italy: Nice S.p.A., Silentron S.p.A., Saac S.r.l., FontanaArte S.p.A., King Gates Srl, elero Italia S.r.l.; - European Union: Nice France Sas, Nice Automatismos Espana S.A., Nice UK Ltd, Nice Belgium S.A., Nice Polska S.p. Z.o.o., Nice Deutschland Gmbh, S.C. Nice Romania S.A., AutomatNice Portugal S.A., elero GmbH, elero AB, FontanaArte France S.a.S.; - Rest of Europe: Nice Istanbul Ltd, Nice Home Automation CJSC; Nicefactory Doo B. U O.; - Asia and Oceania: Nice Shanghai Automatic Control Ltd, R.D.P. Shanghai Trading Ltd, Nice Australia Home Automation Ltd, FontanaArte Trading Co. Ltd, elero Pty Limited, elero Motors & Controls Pvt. Ltd., elero Singapore Pte. Ltd., Nice Gulf FZE; - Americas: Nice Group USA Inc., FontanaArte Corp., Peccinin Portoes Automaticos Industrial Ltda, elero Latinoamérica; - Africa: Nice Hansa (South Africa) Ltd. Page 5
7 Comments on the economic and financial results Operating performance - The Group economic results The reclassified income statement of the Nice Group for the first quarter of 2014 is presented below on a comparative basis with the same period of the previous year: (in thousands of Euro) 1Q 2014 % 1Q 2013 % % Sales 60, % 59, % 1.9% Cost of good sold (26,389) -43.4% (24,892) -41.7% Gross Margin 34, % 34, % -1.0% Industrial Costs (2,248) -3.7% (2,056) -3.4% Marketing Costs (1,717) -2.8% (1,110) -1.9% Commercial Costs (3,242) -5.3% (3,344) -5.6% General Costs (5,187) -8.5% (5,556) -9.3% Personnel Costs (13,202) -21.7% (13,131) -22.0% Total operating costs (25,596) -42.1% (25,197) -42.2% 1.6% EBITDA 8, % 9, % -7.9% D & A (1,845) -3.0% (1,760) -2.9% EBIT 7, % 7, % -10.8% Financial management and other duties (1,167) -1.9% (302) -0.5% Pre tax income 5, % 7, % -22.7% Income taxes (2,669) -4.4% (2,734) -4.6% Net income 3, % 4, % -34.2% Minority interests % % Net group income 3, % 4, % -34.5% Tax rate 45.7% 36.2% In accordance with the Consob Communication n, DEM/ of 28 July 2006 we indicate here that the alternative Performance indicators are defined on page 4 of the present document, In the first quarter of 2014 Nice Group s sales totalled 60.8 million, growing by 1.9% over the same period in the previous year. The table below sets forth net sales by geographic region: (in thousands of Euro) 1Q 2014 % 1Q 2013 % % France 10, % 11, % -11.5% Italy 9, % 9, % -2.6% EU 15 ( 1 ) 18, % 16, % 8.3% Rest of Europe 10, % 9, % 9.6% Rest of world 12, % 12, % 3.0% Total sales 60, % 59, % 1.9% (1) Excluding France and Italy Page 6
8 In 1Q14, France, which represents 16.6% of Group sales, recorded revenues of 10.1 million, down by 11.5% vs. 1Q13. Italy, with sales of 9.4 million, fall down by 2.6% vs. 1Q13. In Europe-15, 1Q14 sales totalled 18.2 million, growing by 8.3% vs. 1Q13. In the Rest of Europe in 1Q14 sales amounted to 10.5 million, growing by 9.6% vs. 1Q13. The Rest of the World, which represents 20.7% of Group sales, grew by 3% YoY with sales of 12.6 million. Profitability Gross profit (calculated as the difference between sales and the cost of goods sold) for 1Q14 was 34.4 million, down by 1% compared to 34.8 million in 1Q13 and amounting to 56.6% as a percentage of sales (compared to 58.3% in 1Q13). In 1Q14 EBITDA amounted to 8.8 million with a margin of 14.5% compared to 9.6 million with a margin of 16.1% in 1Q13. Group net income was 3.1 million compared to 4.8 million in 1Q13. Following are some figures related to the financial changes of the Group: (in thousands of Euro) 1Q Q 2013 Net profit 3,164 4,813 D&A and other non cash items 550 1,196 Change in net working capital (13,961) (16,595) Operating cash flow (10,247) (10,586) Capex (1,373) (1,755) Free cash flow (11,620) (12,341) Other movements (414) (323) Subtotal (414) (323) Variation of net financial position (12,034) (12,665) Initial net financial position (337) 3,408 Final net financial position (12,371) (9,257) Page 7
9 Following is the Group s net financial position as at 31 March 2014: Net financial position 31/03/ /12/2013 A. Cash B. Other cash equivalents 52,960 63,466 C. Shares held for trading 0 0 D. Liquidity (A) + (B) + (C) 53,002 63,523 E. Current finance receivables 1,586 1,358 F. Current bank loans (3,025) (1,011) G. Current portion of non-current debt (40,077) (50,033) H. Other current finance payables (973) (944) I. Current financial debt (F) + (G) + (H) (44,075) (51,988) J. Net current financial debt (I) (E) (D) 10,513 12,893 Non-current finance receivables (*) 3,512 3,500 K. Non-current bank loans (22,800) (13,134) L. Bonds issued 0 0 M. Other non-current payables (3,596) (3,596) N. Non-current financial debt (K) + (L) + (M) (**) (22,884) (13,230) O. Net financial debt (J) + (N) (12,371) (337) (*) Non-current finance receivables are included in the item Other non-current assets of the Consolidated statement of financial position. (**) Non-current financial debt includes also non-current finance receivables. The Group's net financial position was negative to the tune of 12.4 million as at 31 March 2014, compared to -0.3 million at 31 December Significant subsequent events Tehre are no significant subsequent events after the end of the period. Oderzo, May 12, 2014 For the Board of Directors The Chairman Lauro Buoro Page 8
10 CONSOLIDATED FINANCIAL STATEMENTS AS OF 31 MARCH 2014 Consolidated Balance Sheet as of 31 March 2014 and 31 December 2013 (in thousands of Euro) 31/03/ /12/2013 ASSETS Non-current assets Intangible assets 76,850 77,044 Tangible assets 34,824 35,119 Other non-current assets 3,877 3,818 Deferred tax assets 12,990 12,927 Total non-current assets 128, ,908 Current assets Inventories 72,391 68,228 Trade receivables 70,873 65,406 Other current assets 3,205 3,871 Tax credits 7,590 7,105 Other financial assets 1,586 1,358 Cash and cash equivalents 53,002 63,523 Total current assets 208, ,491 Total assets 337, ,399 EQUITY AND LIABILITIES Group Shareholders equity 198, ,956 Minorities interest (1,411) (1,190) Total equity 196, ,766 Non-current liabilities Provision for risk and charges 2,980 3,674 Termination indemnities 1,809 1,835 Long term debts 22,800 13,134 Other non current liabilities 3,596 3,596 Tax payables (due after 12 months) Deferred tax liabilities 5,498 5,911 Total non-current liabilities 36,870 28,337 Current liabilities Short-term borrowings 43,102 51,044 Other financial liabilities Trade payables 41,648 48,969 Other current liabilities 8,890 7,951 Tax liabilities (within 12 months) 8,906 7,388 Total current liabilities 103, ,296 Total liabilities 140, ,633 Total liabilities and Shareholders equity 337, ,399 Page 9
11 Consolidated Income Statement as of 31 March 2014 and 2013 (Euro Thousands) 1Q Q 2013 Net sales 60,831 59,698 Operating costs: Cost of base components and other consumables (23,899) (22,015) Cost of services (12,966) (12,740) Rental and lease costs (2,003) (2,067) Personnel costs (13,202) (13,131) Other operating expenses (719) (782) Amortization and depreciations (1,846) (1,760) Other revenues Operating result (EBIT) 7,001 7,849 Financial income Other expenses (1,449) (743) Other duties (216) (300) Profit before tax 5,834 7,547 Income taxes (2,669) (2,734) Net income 3,165 4,813 Minority interests Net group income 3,141 4,798 Consolidated earnings per share 1Q Q 2013 (In thousands of Euro) Average n, of shares 110,664, ,664,000 Group net income 3,141 4,798 Data per share (Euro) Basic, for earnings for the period attributable to the Parent Company s ordinary shareholders Diluted, for earnings for the period attributable to the Parent Company s ordinary shareholders Page 10
12 Consolidated statement of comprehensive income as at 31 March 2014 and 2013 (thousands of Euro) 1Q Q 2013 Net profit 3,165 4,813 Other items of comprehensive income after taxes not reclassified to profit or loss 0 0 Other items of comprehensive income after taxes reclassified to profit or loss (132) 1,505 - Exchange differences on translation of foreign financial statements (132) 1,505 Total comprehensive income (loss) after taxes 3,033 6,318 Attributable to: Non-controlling interests (221) 41 Owners of the parent 3,254 6,277 Page 11
13 Cash Flow Statement as of 31 March 2014 and Q Q 2013 CASH FLOW FROM OPERATING ACTIVITIES: Group net profit for the period 3,141 4,798 Minorities interest in income Amortization and write downs 1,846 1,760 Net change in deferred tax assets and liabilities (463) 418 Other provisions (833) (982) Net changes in current assets and liabilities: Trade receivables (5,525) (8,499) Other current assets 666 (1,640) Inventories (3,795) (5,125) Trade payables (7,348) (3,141) Other current liabilities Tax liabilities/assets 1,103 1,205 Subtotal (13,387) (15,384) Net cash provided (absorbed) by operating activities (10,246) (10,586) CASH FLOW FROM INVESTING ACTIVITIES: Additions to intangible assets: (263) (178) Additions to tangible assets: (1,110) (1,578) Net cash flow used in investing activities (1,373) (1,755) CASH FLOW FROM FINANCING ACTIVITIES: Net changes in medium-long term loans 9,667 20,003 Net changes in short-term loans (7,943) (21,453) Net changes in other financial liabilities Net changes in other non current liabilities 0 (1) Net changes in other non current assets (59) (17) Net changes in other financial assets (274) (143) Translation differences and other movements on equity 75 (733) Net cash used in financing activities 1,466 (2,165) Effect of exchange rate differences on cash and cash equivalents (368) 65 Increase (decrease) in cash and cash equivalents (10,521) (14,441) Cash and cash equivalents at the beginning of the period 63,523 44,974 Cash and cash equivalents at the end of the period 53,002 30,533 Page 12
14 Statements of Changes in Equity as of 31 March 2014 (in thousands of Euro) Share capital Legal reserve Share premium reserve Treasury shares Retained earnings and reserves Translation reserve Group shareholders equity Profit (loss) of noncontrolling interests Capital and reserves attributable to noncontrolling interests Total Shareholders Equity Balance at 31/12/ ,600 2,320 32,179 (20,771) 183,475 (13,847) 194, (1,315) 193,766 Income for the period 3,141 3, ,165 Translation difference (245) (132) Comprehensive income 3, , (245) 3,033 Balance at 31/03/ ,600 2,320 32,179 (20,771) 186,616 (13,734) 198, (1,435) 196,799 Statements of Changes in Equity as of 31 March 2013 (in thousands of Euro) Share capital Legal reserve Share premium reserve Treasury shares Retained earnings and reserves Translation reserve Group shareholders equity Profit (loss) of noncontrolling interests Capital and reserves attributable to noncontrolling interests Total Shareholders Equity Balance at 31/12/ ,600 2,320 32,179 (20,771) 186,741 (5,883) 206,186 (1,021) ,438 Income for the period 4,798 4, ,813 Translation difference 1,479 1, ,505 Comprehensive income 4,798 1,479 6, ,318 Balance at 31/03/ ,600 2,320 32,179 (20,771) 191,539 (4,404) 212, (722) 211,756 Page 13
15 List of consolidated companies as of 31 March 2014 Name Nice S.p.A. Nice UK LTD Registered office Reporting date Currency Share capital % Ownership direct indirect total Oderzo (Province of Treviso), Italy 31/12/2014 Euro 11,600,000 Nottinghamshire, United Kingdom 31/12/2014 GBP 765, % 100.0% Nice Belgium S.A. Hervelee, Belgium 31/12/2014 Euro 212, % 99.7% Nice Polska S.p. Z.o.o. Pruszkov, Poland 31/12/2014 PLN 1,000, % 100.0% Nice Automatismos Espana S.A. Mostoles, Madrid, Spain 31/12/2014 Euro 150, % 60.0% Nice Group USA Inc. San Antonio, Texas, USA 31/12/2014 USD 1, % 100.0% Nice France S.a.s. Buchelay, France 31/12/2014 Euro 600, % 100.0% S.C. Nice Romania S.A. Bucharest, Romania 31/12/2014 RON 383, % 99.0% Nice Deutschland Gmbh Billerbeck, Germany 31/12/2014 Euro 25, % 100.0% Nice Shanghai Automatic Control Co. LTD Shanghai, China 31/12/2014 Euro 800, % 100.0% R.D.P. Shanghai Trading Co. LTD Shanghai, China 31/12/2014 Euro 200, % 100.0% Nice Istanbul Makine Ltd Istanbul, Turkey 31/12/2014 TRY 720, % 99.0% Nice Australia Home Automation PTY Ltd Sydney, Australia 31/12/2014 AUD 3,359, % 100.0% AutomatNice Portugal S.A. Lisbon, Portugal 31/12/2014 Euro 50, % 100.0% Silentron S.p.A. Turin, Italy 31/12/2014 Euro 500, % 100.0% Johannesburg, South Nice Hansa South Africa Africa 31/12/2014 ZAR 22,000, % 100.0% Nice Home Automation CJSC Moscow - Russia 31/12/2014 RUB 20, % 75.0% SAAC S.r.l. Treviso (Italy) 31/12/2014 Euro 25, % 100.0% Fontana Arte S.p.A. Milan (Italy) 31/12/2014 Euro 2,670, % 100.0% Wilmington - Delaware FontanaArte Corp. (USA) (USA) 31/12/2014 USD 12, % 100.0% FontanaArte Trading Co. Ltd Shanghai (China) 31/12/2014 CNY 1,136, % 100.0% FontanaArte France S.a.S. Aubagne, France 31/12/2014 EUR 10, % 76% Peccinin Portoes Automaticos Industrial Ltda Limeira, Brazil 31/12/2014 BRL 24,095, % 100.0% King Gates S.r.l. Pordenone, Italy 31/12/2014 EUR 100, % 100.0% elero GmbH Beuren, Germany 31/12/2014 EUR 1,600, % 80.0% elero Italia S.r.l. (in liquidation) Milan, Italy 31/12/2014 EUR 10, % 80.0% elero Pty Limited Peakhurst, Australia 31/12/2014 AUD 63, % 80.0% elero Motors & Controls Pvt. Ltd. New Delhi, India 31/12/2014 INR 638, % 80.0% elero Latinoamérica (in liquidation) Montevideo, Uruguay 31/12/2014 UYU 540, % 80.0% elero Singapore Pte. Ltd. Singapore, China 31/12/2014 SGD % 80.0% elero AB Malmo, Sweden 31/12/2014 SEK 100, % 80.0% Dubai, United Arab Nice Gulf FZE Emirates 31/12/2014 AED 1,000, % 100.0% NiceFactory d.o.o. Beograd Belgrade, Serbia 31/12/2014 RSD 5,500, % 100.0% Page 14
16 DECLARATION Ex, art, 154-bis paragraph 2 part IV, title III, heading II, section V-bis of the Legislative Decree February 24, n, 58: Consolidation act of the regulations in the field of financial brokerage, according to articles 8 and 21 of the law February , n, 52 The undersigned Mr, Davide Gentilini, the assigned manager to prepare the company accounting documents of the Company Nice S,p,A, DECLARES in compliance with the matters laid down by the second paragraph of art, 154-bis of Consolidation act of the regulations in the field of financial brokerage that, on the basis of his own knowledge, the Quarterly Report as of March 31, 2014 are consistent with the documental results, books and compulsory entries, The Assigned Manager to prepare the company accounting documents Mr Davide Gentilini Page 15
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