MARAZZI GROUP QUARTERLY REPORT THIRD QUARTER 2006
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1 MARAZZI GROUP QUARTERLY REPORT THIRD QUARTER
2 MARAZZI GROUP Quarterly Report 3rd Quarter Marazzi Group SPA Registered offices at Modena, viale Virgilio, 30 Share capital fully paid-in Euro 102,132,000 Modena Companies Register No. 421 Fiscal Code Document approved for publication by the Board of Directors on November 14, The present document is available on the web site investor relations section Figures are neither audited nor subject to limited review procedures 2
3 MARAZZI GROUP Quarterly Report 3rd Quarter Corporate Boards CONSIGLIO DI AMMINISTRAZIONE Chairman Filippo Marazzi 4) Vice Chairman Managing Director Managing Director Michele Preda Emilio Schneeberg Mauro Vandini Directors Roger Abravanel 1) 3) 4) Fabio Buttignon Paolo Colonna 4) Giorgio Deaglio 1) Giovanni Battista Graziosi 3) 1) 2) 3) Gianni Lorenzoni Marco Lucchini Rosaria Marazzi Gian Pietro Severi Nicola Volpi 1) 4) 1) Independent Directors 2) Lead independent director 3) Members of the Internal Control Committee 4) Member of the Remuneration Committee BOARD OF STATUTORY AUDITORS Chairman Statutory Auditor Statutory Auditor Alternate Auditor Alternate Auditor Gianfranco Tomassoli Giuseppe Farchione Vittorio Spisni Rocco Eugenio Masci Giuseppe Rossetti INDEPENDENT AUDIT FIRM Reconta Ernst & Young S.p.A. Figures are neither audited nor subject to limited review procedures 3
4 MARAZZI GROUP Quarterly Report 3rd Quarter Group consolidated results Section 1 Table 1 3Q 3Q 3Q 06 / / 05 Net sales 237, , % 727, , % Ebitda 44,045 41, % 135,2 125, % Ebit 30,487 28, % 1,373 82, % Net profit for the period 16,144 13, % 47,577 43, % EBITDA/Sales 18.6% 18.4% 18.6% 18.6% Section 1 Table 2 September 30, December 31, Net working capital 264,56 270,285 22,384 Fixed assets and other assets 585, , ,870 Long-term borrowings 131,64 134,45 145,081 Net financial debt 212, , ,187 Group net equity 4, ,54 410,31 Net equity per share (Euro) Number of shares 102,232, ,232,000 5,050,000 Net financial debt / Shareholders equity 42.5% 48.4% 68.4% Section 1 Table 3 06 / 05 Operating cash flow 58,232 50, % Amortisation & depreciation 40,62 41,78-2.0% Cash flow for investments (31,6) (8,88) -67.6% Number of shares (average) 101,021,846,383,333 Earnings per share (Euro) 0,461 0, % Diluted earnings per Share (Euro) 0,458 0, % Number of employees (average) 6,236 5, % Figures are neither audited nor subject to limited review procedures 4
5 MARAZZI GROUP Quarterly Report 3rd Quarter Report on operations and significant events in the period Consolidation method and accounting principles As r eq ui r ed by ar t i c l e 82 of t he Is s ue r s Reg ul at i on s, th e pr e s e nt qu ar t er l y r epo r t ha s be en pr ep ar ed in ac c o r d anc e wi t h in t er na t i ona l ac c ou nt i ng s t an da r d s ( I F RS), al r ea dy ut i l i s ed in th e pr epa r a t i o n of the consolidated financial statements as at December 31,, and in accordance with At t a c h men t 3D of t hes e Reg ul at i on s. There were no significant changes in the consolidation scope in the period. For a description of events in the period, reference should be made to paragraph 1 of the notes reported below. Summary of consolidated results In the first nine of, the Group reported improved results compared to the already excellent results achieved in. Revenues i n t he fi r s t ni n e mon t h s r ea c h ed Eu r o mi l l i on, gr o wi ng 7.5% compared to the same period in. All business units achieved results in line with budget; pa r - t i c u l a r l y good r es ul t s wer e re c or de d i n Ru s s i a ( % ) and th e US (+ 10. % ). In the US growth was slowed through the reaching of production capacity limits, while our BU was not impacted so far by the slowdown in new constructions. Italy and Spain maintained positive growth above 5%. Sales of the BU France decreased slightly in the nine (-2.2%) - substantially stable on the quarter (+0.2%) - due to the actions of product portfolio streamlining aiming at improving margins. In the third quarter, sales amounted to Euro million (+4.5% compared to the third quarter of ). The excellent performance of the Russian BU (+31.%), together with the European BUs, all recorded positive growth on the previous year. This was partially slowed due to the decrease in the US in the quarter, which was also impacted by the unfavourable exchange rate utilised for the consolidation. The result in Euro recorded a reduction of 4.0% against a growth of sales in Dollars. EBI TDA of Euro million increased by 7.5% compared to the first nine of. T he mar g i n pe r c en t ag e on sa l e s was %, in l i ne wi t h t he pr ev i o us ye ar. The improved sales mix and the increase in production efficiency completely absorbed the increases in energy purchases (+2.2%) and raw materials (+13.%). The EBITDA margin on sales in the quarter (18.6%) improved compared to the same period of (18.4%), which was the beginning of a slowdown related to the increase in energy costs, which deteriorated in the final quarter of the previous year. At the end of the company fixed the purchase price for the consumption of gas for the full year of, eliminating this volatility from the results. Figures are neither audited nor subject to limited review procedures 5
6 MARAZZI GROUP Quarterly Report 3rd Quarter The EBIT for the first nine amounted to Euro 1.4 million (+10.4% on the same period in the previous year), after restructuring charges in the French BU amounting to Euro 3 million. The quarter contributed Euro 30.5 million, compared to Euro 28.8 million in. The acceleration in the net profit in the third quarter, equal to Euro 16.1 million (+18.3%) results in a total net profit for the nine amounting to Euro 47.6 million, an increase of 8.% compared to the same period of the previous year. Minorities amounted to Euro 0. million in the first nine of (Euro 0.5 million in ). The good result is particularly significant when it is considered that in foreign exchange gains were recorded of Euro 6.6 million compared to foreign exchange losses of Euro 2.5 million in the first nine of. The fiscal charge in the period benefited from the positive effects (Euro 4 million) resulting from the realignment between statutory and fiscal values of the tangible fixed asset in the Italian BU. At September 30,, the net financial debt was Euro million, a decrease of Euro 6.0 million compared to December 31, and a decrease of Euro 21.5 million compared to. The reduction compared to December 31, was mainly determined by the share capital increase which contributed financial resources of Euro 73.6 million (Euro 67.4 million net of charges and fees). The ratio between net borrowings and shareholders equity at September 30, was 0.42 (0.68 at December 31, ). This low level of debt, which resulted in a significant increase in unused credit lines, is a necessary premise for the achievement, in a short timeframe, of growth objectives, also through external growth. Currency markets Wi t h r ega r d to t he Gr ou p s ma i n cu r r enc i e s, in t he fi r s t ni n e mon t h s of 200 6, c omp ar ed t o t he sa me pe r i od in the previous year, the average exchange rate of the Euro depreciated by 1.5% wi t h res pe c t to t he US Do l l ar an d by 4. 2% wi t h re s p ec t t o the Rus s i a n Ru bl e. The average Dollar exchange rate was in the third quarter of, compared to 1.21, therefore appreciating by 4.5%. Comparing the exchange rates at September 30, and at December 31,, the Euro appreciated significantly versus the US Dollar (+7.4%), while remaining unchanged compared to the Ruble. Figures are neither audited nor subject to limited review procedures 6
7 MARAZZI GROUP Quarterly Report 3rd Quarter Consolidated income statement The table below shows the income statement for the period. Section 1 Table 4 (Euro thousands) 3Q 3Q Cge. % Cge. % Revenues 237, , % 727, , % Cost of sales 160, , % 40, ,46 7.3% Ebitda 76,682 71, % 237,3 220, % Selling expenses 32,31 31,74 1.1% 104, ,377 1.% General and administrative expenses 13,430 10, % 3,300 34, % Restructuring charges % 2,64 1, % Other income % 2,107 2, % Other operating costs 45 1, % 1,583 1, % Ebit 30,487 28, % 1,373 82, % Net financial costs 4,481 2,4 4.7% 14,847 12, % Charges (income) from currency management Charges (income) from equity valuations % 2,538-6, % % % Profit before taxes 26,46 25, % 74,077 77,854-4.% Income taxes for the period 10,325 12, % 26,500 34, % Net profit for the period 16,144 13, % 47,577 43,673 8.% Minority interest result % % Group net profit 15,685 13, % 46,608 43, % Revenues: results of the Business Units Each Business Unit has an independent structure, arranged according to the characteristics of its geographic area, and has its own management, staff functions (including human resources, procurement, administration), production plants, research and development facility, marketing office, and sales organisation. Each Business Unit is directed by a Country Manager, who supervises and manages production and distribution activities in each country. The Country Manager reports to the Group management, which is based in Italy and operationally organised in the Company to define the policy for the entire Marazzi Group. Figures are neither audited nor subject to limited review procedures 7
8 MARAZZI GROUP Quarterly Report 3rd Quarter Therefore, an analysis is provided of sales by Business Unit in the third quarter and first nine of. Section 1 Table 5 Revenues by Business Unit 3Q 3Q Cge. % Cge. % Italy 11, ,14 3.1% 376, , % USA 45,178 47, % 144,51 130, % Russia 31,582 23,40 31.% 72,511 57, % France 20,414 20, % 68,041 6, % Spain 20,313 1, % 66,188 62,7 5.1% Total 237, , % 727, , % All business units achieved results in line with budget; in the first nine pa r t i c u- l a r l y goo d res ul t s we r e re c o r d ed in Ru s s i a ( % ) an d t he US ( %). In the US the growth slowed due to the reaching of production capacity limits, and was sustained by the utilisation of finished product inventories which reduced by 22.3% compared to December 31,. Italy and Spain maintained positive growth above 5%. Sales of the BU France decreased slightly in the nine (-2.2%) - substantially stable on the quarter (+0.2%) - due to the actions of product portfolio streamlining aimed at improving margins. In the third quarter sales amounted to Euro million (+4.5% compared to the third quarter of ). The excellent performance of the Russian BU (+31.%), together with the European BUs, all recorded positive growth on the previous year. This was partially slowed due to the decrease in the US in the quarter, which was also impacted by the unfavourable exchange rate utilised for the consolidation. The result in Euro recorded a reduction of 4.0% against a growth of sales in Dollars. Ebitda The composition of the EBITDA is presented below. Section 1 Table 6 (Euro thousands) 3Q % 3Q % mths. % mths. Ebit 30, % 28, % 1, % 82, % Amortisation & depreciation 13,45 5.7% 12, % 40,62 5.6% 41,78 6.2% Restructuring charges 0.0% % 2,64 0.4% 1, % EBITDA 44, % 41, % 135,2 18.6% 125, % % The Ebitda in the first nine increased by Euro.4 million with the same margin percentage of the previous year (18.6%), while the quarter improved compared to the Figures are neither audited nor subject to limited review procedures 8
9 MARAZZI GROUP Quarterly Report 3rd Quarter third quarter of (18.4%), which saw the beginning of a decrease in margins, which deteriorated in the fourth quarter of the previous year, related to the increase in energy costs and non-recurring items related to the stock exchange listing. Ac t i on s f or pr od uc t r ep os i t i on i ng and pr od uc t mi x im pr ov e me nt, t og et h er wi t h t he co n- t i nu ou s s ea r c h f or th e bes t ef f i c i e nc y of man uf ac t ur i n g pr o c es s e s, ma i n t ai ne d the per - c e nt ag e of sel l i ng an d di s t r i b ut i on co s t s on sa l es, despite significant increases in the costs of production (energy alone increased by 2. 2% co mp ar e d to th e fi r s t ni ne mo nt hs of ). Selling expenses as a percentage of sales decreased from 15.1% to 14.3%, calculated net of recharges to clients of transport and sample costs. Financial charges, foreign currency gains and losses and income taxes Net financial charges in the first nine of amounted to Euro 14.8 million, an increase of Euro 2.8 million compared to ; this increase is due to the increase in interest rates on the principal loans in various currencies, and to the higher debt position in rubles, a currency with relatively higher interest rates. In relation to foreign currency gains and losses, it is recalled that in exchange gains were recorded of Euro 6.6 million compared to exchange losses of Euro 2.5 million in the first nine of. The fiscal charge in the first nine, which amounted to 35.8% of the pre-tax result, benefited from the positive effects (Euro 4 million) resulting from the realignment between statutory and fiscal values of the tangible fixed asset in the Italian BU. In the first nine of, income taxes amounted to 43.% of the pre-tax result. Figures are neither audited nor subject to limited review procedures
10 MARAZZI GROUP Quarterly Report 3rd Quarter Analysis of the balance sheet and financial position This section provides information on the balance sheet and financial position of the Group as at September 30, compared to the same data at and December 31,. Section 1 Table 7 (Euro thousands) September 30, % % December 31, % Uses Net working capital 264,56 36.% 270, % 22, % Fixed assets and other long-term assets 585, % 587, % 611, % Long-term borrowings (131,64) -18.3% (134,45) -18.7% (145,081) -20.8% Net capital employed 718, % 722, % 66, % Sources Net financial debt 212, % 233, % 281, % Group shareholders' equity 4, % 482, % 410,31 5.0% Shareholders' equity Minority interest 6,705 0.% 6,35 0.% 4, % Total sources of Financing 718, % 722, % 66, % The net working capital began to reduce compared to, in line with normal seasonal variations; trade receivables decreased by Euro 17.3 million, inventories remained stable the decrease in finished products was offset by an increase in raw materials and semi-finished products, while trade payables reduced by Euro 10.5 million. The net financial debt reduced by Euro 21.5 million compared to due to the good operating results and the reduction in working capital. Figures are neither audited nor subject to limited review procedures 10
11 MARAZZI GROUP Quarterly Report 3rd Quarter The following table provides a breakdown: Section 1 Table 8 (Euro thousands) September 30, % % December 31, % Cash and cash equivalents 53, % 3, % 106, % Non-current financial assets % % % Current financial assets 5, % 4, % 4, % Current financial payables (including current portion of longterm (74,07) 34.% (82,632) 35.4% (,880) 35.5% financial payables) Medium/long term financial payables (17,637) 3.2% (15,661) 83.7% (23,408) 104.3% Net financial debt (212,150) 100.0% (233,631) 100.0% (281,187) % The reduction compared to December 31, was principally due to the share capital increase which contributed financial resources of Euro 73.6 million (Euro 67.4 million net of charges and fees). At the end of the quarter, the ratio between net borrowings and shareholders equity was 0.42 (0.68 at December 31, ). A summary of the cash flow for the period is shown below: (Euro thousands) Net profit Amortisation & depreciation Changes in provisions and non cash components Cash flow from operating activities Change in working capital Operating cash flow Cash flow from investing activities Cash flow from financing activities Change in net debt 47,577 43,672 40,62 41,78 7, ,881 85,016-37,64-41,358 58,232 43,658-31,6-8,88 42,801-41,15 6,037-6,435 Figures are neither audited nor subject to limited review procedures 11
12 MARAZZI GROUP Quarterly Report 3rd Quarter Subsequent events to the end of the quarter No events arose after September 30, which would impact on the income statement and balance sheet as reported in the present quarterly report. For completeness of information we report that: a contract for the purchase of a further 32% of Donkerampromsyrio, a Ukrainian company which holds the licence relating to the excavation of white clay at Toretske (Donetsk), was finalised. Marazzi Group acquired the full control of the company, reaching a holding of 82%. a preliminary contract for the sale of the investment in Euroatomizado at Castellon (Spain), in which the group has a holding of 10.71% has been signed. The buyer is a local company wishing to acquire control and management. The sales price of the holding was Euro 3.7 million, which compares to a book value of Euro 1.4 million. a letter of understanding was signed which provides for the conferment from the parent company of fixed assets of approximately Euro 5 million and the formation of a company which will subsequently be sold to third parties. The assets sold relate to the production of colours and frits, considered non-strategic, and the commencement of a partnership with an operator in the sector which should result in lower procurement costs for the materials in question. The general verification continues of the income tax declarations for the years 2004 and of the Parent Company by the tax inspectors which commenced in March. To date no matters have arisen. Outlook for the current year Group sales have continued in line with the first nine of the year and it is therefore reasonable to expect that the full year, in the absence of further depreciation of the Dollar, can achieve significantly improved profitability on the previous year and in line with market expectations. This is further backed up by the reduction in the cost component, which reduced the performance in the fourth quarter of the previous year and which was subject to hedging policies (energy costs) or costs of a non-recurring nature (expenses related to the listing and restructuring costs in France and Spain). Figures are neither audited nor subject to limited review procedures 12
13 MARAZZI GROUP Quarterly Report 3rd Quarter Financial statements and notes Figures are neither audited nor subject to limited review procedures 13
14 MARAZZI GROUP Quarterly Report 3rd Quarter Consolidated balance sheet as at September 30, The Group consolidated balance sheet as of September 30, compared with the balance sheet as of and December 31, is show below. Section 2 - Table 1 (Euro thousands) Assets Current assets September 30, December 31, Changes September December Cash and cash equivalents 53,12 3, , % 2.1 Trade receivables 205,11 223,184 17, % 2.2 Inventories 25,12 25, , % 2.3 Other current assets 34,413 33,056 35, % 2.4 Current financial assets 5,250 4,836 4, % 2.5 Total current assets 558,678 55,74 578, % Non-current assets P r o p e r t y, p l a n t a n d e q u i p m e n t 515,58 516, , % 2.6 Investment property 5,660 5,665 5, % 2.7 Intangible assets,802,73 10, % 2.8 Goodwill 2,170 2,170 2, % 2. Non-current financial assets % 2.10 Investments valued under the equity method 18,324 18,065 20, % 2.11 Other investments 3,870 3,830 3, % 2.12 Deferred tax assets 25,33 27,668 27, % 2.35 Other non-current assets 3,640 3,58 7, % 2.13 Total non-current assets 585, , , % TOTAL ASSETS 1,144,43 1,147,387 1,10,30-3.0% Note Figures are neither audited nor subject to limited review procedures 14
15 MARAZZI GROUP Quarterly Report 3rd Quarter Section 2 - Table 2 (Euro thousands) SHAREHOLDERS' EQUITY AND LI- ABILITIES Current liabilities September 30, December 31, Changes September - December Short-term loans 41,102 4,53 32, % 2.14 Current portion of long-term loans 32,1 32,810 67, % 2.20 Current financial liabilities % 2.15 Trade payables 163,45 174, , % 2.16 Income taxes,05 12,061, % 2.17 Other current liabilities 57,337 54,578 64, % 2.18 Provisions for risks and charges 4,21 4,134 1, % 2.1 Total current liabilities 308, , , % Non-current liabilities Long-term loans 17,636 15,661 23, % 2.20 Employee leaving indemnity and other personnel related liabilities 33,036 33,010 32, % 2.21 Deferred tax liabilities 8,218 8,361 7, % 2.36 Other non-current liabilities 3,56 7,214 10, % 2.22 Provision for risks and charges 5,484 5,360 5, % 2.23 Total non-current liabilities 32, , , % TOTAL LIABILITIES 637,70 658, , % Group shareholders' equity Share capital 102, ,232 5, % 2.24 Retained earnings 13, , , % Foreign currency translation adjustment 7,6 6,562 13, % Other reserves 16,047 15,24 135, % Total Group shareholders equity 4, ,54 410, % Shareholders equity minority interest 6,705 6,35 4, % TOTAL SHAREHOLDERS EQUITY 506,46 488,44 414, % TOTAL SHAREHOLDERS EQUITY AND LIABILITIES 1,144,43 1,147,387 1,10,30-3.0% Note Figures are neither audited nor subject to limited review procedures 15
16 MARAZZI GROUP Quarterly Report 3rd Quarter Consolidated income statement for the period ended September 30, The Group consolidated income statement for the third quarter of compared to the third quarter of and for the first nine of compared to the same period in is shown below. Section 2 - Table 3 ( ) (Euro thousands) % % Change % Revenues 727, % 677, % 7.5% 2.25 Cost of sales 40, % 456, % 7.3% 2.26 Gross Margin 237,3 32.6% 220, % 7.8% Selling expenses 113, % 111, % 2.1% 2.27 General and administrative expenses 3, % 34, % 15.3% 2.28 Restructuring charges and asset writedowns 2,64 0.4% 1, % 122.7% 2.2 Other income 11, % 11, % 2.5% 2.30 Other operating costs 1, % 1,23 0.3% -17.7% 2.31 Ebit 1, % 82, % 10.4% Financial charges/(income) 14, % 12, % 23.5% 2.33 Exchange gains/losses 2, % (6,571) -1.0% % 2.33 Share of expenses/(income) from equity investments (8) 0.0% (514) -0.1% -82.7% 2.34 Profit before taxes 74, % 77, % -4.% Income taxes 26, % 34, % -22.5% 2.35 Net profit for the period 47, % 43, % 8.% Minority interest result 6 0.1% % 84.2% Group net profit 46, % 43, % 8.0% Earnings per Share - Euro % 3 Diluted earnings per Share - Euro % 3 Note Section 2 - Table 3 (3 ) (Euro thousands) 3 rd quarter % 3 rd quarter % Change % Revenues 237, % 227, % 4.5% 2.25 Cost of sales 160, % 155, % 3.4% 2.26 Gross Margin 76, % 71, % 7.0% Selling expenses 35, % 34, % 2.1% 2.27 General and administrative expenses 13, % 10, % 33.% 2.28 Restructuring charges and asset writedowns 0.0% % -66.8% 2.2 Other income 2,20 1.2% 3,16 1.4% -7.% 2.30 Other operating costs % 1, % -61.% 2.31 Ebit 30, % 28, % 5.8% Financial charges/(income) 4,481 1.% 2,4 1.3% 47.7% 2.33 Exchange gains/losses (204) -0.1% % -130.% 2.33 Share of expenses/(income) from equity investments (25) -0.1% (517) -0.2% -4.% 2.34 Profit before taxes 26, % 25, % 3.0% Income taxes 10, % 12, % -14.3% 2.35 Net profit for the period 16, % 13, % 18.3% Minority interest result % % 116.5% Group net profit 15, % 13,430 5.% 16.8% Earnings per Share - Euro % Diluted earnings per Share - Euro % Figures are neither audited nor subject to limited review procedures 16
17 MARAZZI GROUP Quarterly Report 3rd Quarter Section 2 - Table 4 Statement of changes in the consolidated shareholders equity as at September 30, The Group statement of changes in consolidated shareholders equity for the third quarter of compared with the changes in the same period of the previous year is shown below. STATEMENT OF CHANGES IN THE CON- SOLIDATED SHAREHOLDERS EQUITY Share capital Retained earnings, including profit for period Currency translation adjustment Other reserves Total Minority interest share of net equity Total shareholders' equity Balance at December 31, IAS/IFRS 102, ,47 (6,525) 135,24 32,746 2,832 35,578 Net profit - 43, , ,672 - derivative instruments fair value of investments available for sale (420) (420) (420) Effect of application of IAS Effect of exchange on investments valued at equity as per IAS Effect of spin-off (7,800) (3,80) (11,780) (11,780) Dividends distributed (43,058) (43,058) (43,058) Translation reserve 16,583 16, ,648 Change in the consolidation scope Balance at September 30, - IAS/IFRS 5, ,605 10, ,534 37,465 3,06 401,371 Balance at December 31, - IAS/IFRS 5, ,355 13, , ,31 4, ,86 Net profit 46,608 46, ,577 Effect of application of IAS Effect of application of IFRS Effect of exchange on investments valued at equity as per IAS 28 (60) (60) (60) Share capital increase for share listing 7,182 60,200 67,382 67,382 Dividends distributed (20,447) (20,447) (150) (20,57) Translation reserve (5,15) (5,15) (82) (5,241) Change in the consolidation scope 1,13 1,13 Balance at September 30, - IAS/IFRS 102,232 13,516 7,6 16,047 4,764 6, ,46 Figures are neither audited nor subject to limited review procedures 17
18 MARAZZI GROUP Quarterly Report 3rd Quarter Consolidated cash flow statement Section 2 - Table 5 (Euro thousands) CASH FLOW FROM OPERATING ACTIVITIES: NET PROFIT 47,577 43,672 Adjustments to reconcile the net profit with the cash flow generated / (used) from operations: Amortisation & depreciation 40,62 41,78 Deferred taxes (525) 4,777 Employee leaving indemnity provision 4,678 4,281 Inventory provision 1,67 1,304 Doubtful debt provision Provision for restructuring charges and asset write-downs 2, Unrealised losses/(profits) on currency exchanges 532 (3,445) Losses/(gains) on sale of tangible fixed assets (716) (254) Share of expenses/(income) from equity investments (8) (514) Other non-cash items 2,582 2,750 Payment of employee leaving indemnities (4,46) (3,762) Changes in operating assets and liabilities: Trade receivables (30,105) (45,835) Inventory (,17) (1,220) Trade payables 8,883 11,560 Other - net (7,248) (5,863) CASH FLOW FROM OPERATING ACTIVITIES 58,232 50,723 CASH FLOW FROM INVESTING ACTIVITIES: Purchase of tangible fixed assets (30,434) (38,428) Purchase of intangible fixed assets (203) (626) Net change in financial fixed assets (2,500) (2,520) Receipts from the sales of tangible fixed assets 1,515 1,183 Changes in net available funds due to change in consolidation area (374) 0 Acquisition of Welor Kerama Group net of available funds acquired - (5,727) Changes in liquidity due to the spin-off - 1,220 NET CASH FLOW FROM INVESTING ACTIVITIES (31,6) (8,88) CASH FLOW FROM FINANCING ACTIVITIES: Provision of long-term loans 15,000 16,48 Repayment of long-term loans (145,318) (10,76) Net change in short-term loans 4,8 (3,527) Increase in share capital and quotation reserves 73,615 Payment of listing charges (,836) Payment of dividends (20,57) (43,158) Opening (repayment) of bank guarantee deposits - 21,455 Net change in financial receivables (262) 1,046 CASH FLOW GENERATED (USED) FROM FINANCING ACTIVITIES (82,40) 62,545 EFFECT OF CURRENCY MOVEMENTS ON NET LIQUIDITY (304) 1,63 NET INCREASE (DECREASE) IN NET LIQUIDITY (56,477) 16,333 NET LIQUIDITY AT THE BEGINNING OF THE PERIOD 100,830 32,436 NET LIQUIDITY AT THE END OF THE PERIOD 44,353 48,76 ADDITIONAL INFORMATION: Interest paid 10,477 11,173 Income taxes paid 24,814 22,44 Interest received 1,50 1,363 Dividends received 72 0 Figures are neither audited nor subject to limited review procedures 18
19 MARAZZI GROUP Quarterly Report 3rd Quarter Notes to the consolidated financial statements as at September 30, 1. Form, content, accounting principles and valuation criteria The accounts included in the financial statements and in these notes are presented in t h ou s a nds of Eur o. The Euro is the currency in which the Group principally operates. The contents of the quarterly report, in line with CONSOB Resolution No of Apr i l 14, 20 05, ar e in ac c o r d anc e wi t h At t ac hm en t 3D to th e Issuers Regulations (CONSOB Regulation No of May 14, 1 and subsequent amendments). The income statement information refers to the third quarter of and and to the first nine of and. The balance sheet information refers to September 30,, and December 31,. I n t he pr ep ar a t i on of t he co ns ol i da t ed qua r t e r l y f i n an c i a l st a t e me nt s as at Se pt e mb er 30, 20 06, t he ac c o unt i n g s t a nd ar d s app l i ed ar e th e s am e as th os e ut i l i s ed fo r the c ons o l i da t ed f i na nc i a l s t a t em en t s as at Dec em ber 31, The s e st an dar ds ar e in co m- pl i a nc e wi t h t he I nt e r n at i on al Fi na nc i al Repo r t i ng St a nda r d s ( he r e i na f t er I F RS or i nt e r n at i on al accounting standards ) issued by the International Accounting Standards Board ( IASB ) a nd adop t e d by th e Eur ope an Comm i s s i o n un der t he pr oc edu r e as per ar t. 6 of ( EC) Regulation No. 1606/2002 of the European Parliament and Council dated July 1, 2002, al s o for t he pr ep ar a t i on of c omp ar at i v e dat a f or th e thi r d qu ar t e r The preparation of the quarterly report require that management make estimates and assumptions on the values of the revenues, costs, assets and liabilities in the financial statements and on the information disclosed relating to the assets and contingent liabilities at the balance sheet date. Where future circumstances and events should differ from these estimates and assumptions, which are based on the best valuations made by the Directors, they will be amended appropriately in the period in which these circumstances arise. Some valuation processes, in particular the most complex such as the determination of any loss in value of fixed assets, are generally made on a complete basis on the preparation of the annual accounts, except where there are specific indications of impairment which require an immediate valuation of any loss in value. Income taxes are recognised on the basis of the best estimate of the expected tax rates for the entire year. Figures are neither audited nor subject to limited review procedures 1
20 MARAZZI GROUP Quarterly Report 3rd Quarter Changes in the consolidation scope The principal change in the consolidation scope compared to the consolidated financial statements at December 31, is the inclusion under fully consolidated subsidiaries of the investment in Donkerampromsiryo, following an agreement completed in the period (April ) with some shareholders, based on which the Marazzi Group is guaranteed majority voting rights in shareholders meetings and, therefore, has the right to determine the operating and financial policies. This change did not have significant effects on the consolidated financial statements for the nine ended September 30,. In addition, the subsidiary Welor acquired, during the year, full control in some minor distribution companies already controlled by the Group. Exchange rates for the translation of foreign financial statements Period-end rates (Balance sheet accounts) (currency/euro) September 30, December 31, Europe Russian rouble Ukraine Hryvnja North America US Dollar Asia Japanese Yen Average rate for the period (Income statement accounts) (currency/euro) Europe Russian rouble Ukraine Hryvnja North America US Dollar Asia Japanese Yen Figures are neither audited nor subject to limited review procedures 20
21 MARAZZI GROUP Quarterly Report 3rd Quarter 2. Contents and principal changes 2.1 Cash and cash equivalents The breakdown of this account is shown in the following table: Section 2 - Table 6 Cash and cash equivalents September 30, December 31, Bank and postal accounts 44,314 27, ,531 Cash from other financial institutions,41 11,837 Cheques Securities maturing within 3 Cash and cash equivalents Total 53,12 3, ,741 The changes in liquidity are illustrated in the attached cash flow statement. Cash from other financial institutions relates to the securitisation of parent company receivables made in December. 2.2 Trade receivables The breakdown of this account is shown in the following table: Section 2 - Table 7 Trade receivables September 30, December 31, Trade receivables third parties 213, , ,46 Trade receivables - related parties 8,373 8,586 8,82 Provision for doubtful debts (16,08) (15,780) (15,867) Total 205,11 223,184 17,431 The trade receivables balance decreased compared to the seasonal peak at. The receivables from related parties are principally from the associated companies Tempini S.p.A. and Tekma S.r.l. and relate to commercial transactions at market conditions. Figures are neither audited nor subject to limited review procedures 21
22 MARAZZI GROUP Quarterly Report 3rd Quarter 2.3 Inventories The final inventories include the following categories: Section 2 - Table 8 Inventories September 30, December 31, Raw materials 55,337 50,664 46,02 Semi-finished 14,363 13,776 8,306 Finished goods 18,42 14,810 17,861 Total 25,12 25, ,16 These amounts are net of provisions for inventory write-downs, which total Euro 17,567 and Euro 15,266 at September 30, and December 31, respectively. The reduction in the value of finished products continued in the quarter, resulting in an improvement in the rotation indices of inventory articles, while the increase in raw materials is due to the inclusion in the consolidation scope, in the period, of Donkerampromsiryo, a Ukrainian company operating in the clay excavation sector. 2.4 Other current assets The breakdown of this account is shown in the following table: Section 2 - Table Other current assets September 30, December 31, VAT and other tax receivables 22,06 21,527 25,446 Other current receivables 4,575 3,50 3,176 Advances to suppliers 3,084 3,137 3,220 Others 4,658 4,442 3,40 Total 34,413 33,056 35,332 The decrease in the account VAT and other tax receivables is in part due to the purchases and sales of the Parent Company which fully utilised the VAT credit in the period, while a significant impact continues to be felt by the change in the reimbursement procedures in Russia. Figures are neither audited nor subject to limited review procedures 22
23 MARAZZI GROUP Quarterly Report 3rd Quarter 2.5 Current financial assets The breakdown of this account is shown in the following table: Section 2 - Table 10 Current financial assets September 30, December 31, Securities and equity investments Limited recourse junior notes 2,273 1,858 1,18 Financial trading instruments Short-term financial receivables 2,627 2,61 2,531 Total 5,250 4,836 4,764 The account securities and equity investments refers to securities held in portfolio belonging to the Group s Spanish company, and represent short-term bonds issued by local and international financial institutions. The limited recourse secured junior notes have been issued in the securitisation operation in. The account financial trading instruments includes the residual value relating to the operations using derivative products existing at September 30,, primarily linked to the management of debt, such as i nt er es t r at e s wa ps (I RS), in or de r t o br i ng t h e fi x ed r at e and va r i abl e ra t e ba nk lo an s wi t hi n t he de s i r ed r i s k pr o f i l e P r o p e r t y, p l a n t a n d e q u i p m e n t The historic cost, accumulated depreciation and net book value of property, plant and equipment at September 30, and December 31, are detailed below: Section 2 - Table 11 PROPERTY, PLANT & EQUIP- MENT Land Buildings and light constructions Plant and machinery Commercial and industrial equipment Other tangible assets Assets in progress & advances Historical cost ,40 227,51 674,233 12,84 26,46 64,51 1,138,033 Accumulated depreciation as of (64,205) (510,614) (,165) (1,633) (603,617) Net value at ,40 163, ,61 3,72 6,863 64,51 534,416 Historical cost , ,882 68,711 36,412 7,368 8,054 1,135,558 Accumulated depreciation as of (67,455) (520,653) (26,465) (4,71) (61,22) Net value at , , ,058,47 2,64 8, ,266 Historical cost , , ,606 37,74 7,44 12,106 1,147,863 Accumulated depreciation as of (6,648) (530,432) (27,014) (4,811) (631,05) Net value at , , ,174 10,780 2,638 12, ,58 TOTAL Capital expenditures in the first nine of amounted to Euro 23,80 and mainly refer to the Parent Company and the Group s Russian companies. The main capex investments in the period related to the automatic selection lines and the dry press technology in Italy, the completion of the Russian production plant at Malino and the first phase of the investment for the development of the new double-firing lines in Welor. Other investments in the period related to the normal upgrading of the existing production capacity. Figures are neither audited nor subject to limited review procedures 23
24 MARAZZI GROUP Quarterly Report 3rd Quarter 2.7 Investment property The historic cost, accumulated depreciation and the net book value of investment property at September 30, and December 31, are detailed in the following table: Section 2 - Table 12 Investment property Historical cost ,67 Accumulated depreciation as of (26) Net value at ,671 Historical cost ,700 Accumulated depreciation as of (35) Net value at ,665 Historical cost ,700 Accumulated depreciation as of (40) Net value at , Other intangible assets The historic cost, accumulated amortisation and the net book value of Other intangible assets at September 30, and December 31, are detailed in the following table: Section 2 - Table 13 OTHER INTANGIBLE ASSETS Trademarks EDP and Software programmes Others TOTAL Historical cost ,252 4, ,80 Accumulated amortisation as of (21,886) (3,502) (341) (25,72) Net value at , ,161 Historical cost ,180 4,41 1,128 36,727 Accumulated amortisation as of (22,142) (3,738) (874) (26,754) Net value at , ,73 Historical cost ,277 4,43 1,127 36,843 Accumulated amortisation as of (22,281) (3,884) (876) (27,041) Net value at , , Goodwill This account exclusively includes goodwill, totalling Euro 2,170 at September 30, and at December 31, and relates primarily to the higher value recognised on the acquisition (2000) of the company Mix Ceramiche S.p.A., based on the competitive advantage guaranteed by the acquisition. Following this acquisition, the Group was able to complete its product range with different formats, targeting a niche market. At September 30,, no indications arose that the goodwill had incurred a loss in value. Figures are neither audited nor subject to limited review procedures 24
25 MARAZZI GROUP Quarterly Report 3rd Quarter 2.10 Non-current financial assets The breakdown of non-current financial assets is as follows: Section 2 - Table 14 Non-current financial assets September 30, December 31, Long-term financial receivables - - Financial receivables from associated companies Total The financial receivables from associated companies relates to the company Sunflower Ceramics Ltd, partially repaid in the period and provided at market conditions Investments valued under the equity method The changes in the investments accounted for using the equity method in the first nine of (compared to the same period of ) were as follows: Section 2 - Table 15 Investments at net equity Net value at ,08 Capital payments 750 Share of profits/losses 514 Net value at ,362 Net value at ,620 Change in the consolidation scope (2,325) Share of profits/losses (170) Currency changes (60) Net value at ,065 Net value at ,620 Change in the consolidation scope (2,325) Share of profits/losses 8 Currency changes (60) Net value at ,324 The change in the consolidation scope refers to the full consolidation of the investment in Donkerampromsiryo, from the second quarter of, based on the contractual clauses which assigns to the Group the majority of voting rights in shareholders meetings. Figures are neither audited nor subject to limited review procedures 25
26 MARAZZI GROUP Quarterly Report 3rd Quarter 2.12 Other investments The changes in the Other investments in the first nine of and were as follows: Section 2 - Table 16 Other equity investments Net value at ,840 Acquisitions 21 Reclassifications (361) Change in the consolidation scope 58 Revaluations/(Write-downs) (334) Disposals (1) Currency changes 7 Net value at ,230 Net value at ,350 Change in the consolidation scope 320 Revaluations/(Write-downs) 173 Currency changes (13) Net value at ,830 Net value at ,350 Change in the consolidation scope 320 Revaluations/(Write-downs) 212 Currency changes (12) Net value at , Other non-current assets The other non-current assets consist of: Section 2 - Table 17 Other non-current assets September 30, December 31, Deposits and other assets 3,381 3,33 7,005 VAT and tax receivables Non-current receivables Total 3,640 3,58 7,47 The decrease in deposits and other assets is primarily attributable to the reclassification of quotation costs, incurred at December 31,, to reduce shareholders equity. Figures are neither audited nor subject to limited review procedures 26
27 MARAZZI GROUP Quarterly Report 3rd Quarter 2.14 Short-term loans The breakdown of short-term loans is as follows: Section 2 - Table 18 Short-term loans September 30, December 31, Bank payables 31,543 35,635 26,555 Other financial institutions 8,53 10,472 5,110 Current account overdrafts 606 3, Total 41,102 4,53 32,466 Amounts due to other financial institutions relate to the payables with these banks for receivables transferred as part of the securitisation operation Current financial liabilities The composition of the current financial liabilities is shown below: Section 2 - Table 1 Current financial liabilities September 30, December 31, Financial trading instruments Foreign exchange hedging derivatives Total The account financial trading instruments refers to the values relating to the residual operations using derivative products existing at September 30, and December 31, and primarily linked to the management of debt, such as i nt er es t r at e s wa ps (I RS), i n or d er to br i n g the f i x e d ra t e an d v ar i a bl e r at e ban k l oa ns wi t h i n th e des i r ed ri s k pr o- f i l e Short-term trade payables Section 2 - Table 20 Short-term trade payables September 30, December 31, Trade payables to Holding Company Trade payables to associated companies and related parties Trade payables - third parties 163, , ,227 Total 163,45 174, ,12 The payables to associated companies and related parties are principally due to Ceramiche Buran S.p.A. for purchases at market conditions. Figures are neither audited nor subject to limited review procedures 27
28 MARAZZI GROUP Quarterly Report 3rd Quarter 2.17 Income tax payables Section 2 - Table 21 Income taxes September 30, December 31, Income taxes,05 4,727 2,77 Due to holding company for income taxes - 7,334 6,3 Total,05 12,061,70 The payable to the parent company Finceramica S.p.A, which amounted to Euro 6,3 at December 31,, relates to income tax of the Group s Italian companies following the national tax consolidation in accordance with fiscal regulations. Following the listing of the shares of the Parent Company on the Italian Stock Exchange, the holding company Finceramica S.p.A. no longer has the right by law to apply the fiscal consolidation of the Company Marazzi Group S.p.A. and its subsidiaries. Therefore, from the fiscal year, Marazzi Group S.p.A. will become the fiscal consolidating company for the Italian companies of the Group Other current liabilities The breakdown of the account Other current liabilities is detailed below: Section 2 - Table 22 Other current liabilities September 30, December 31, Other payables 10,288 7,3 13,274 Payables to personnel 30,537 2,75 27,474 Social sec. institutions 5,874 6,607 8,868 Current taxes (excluding corporation tax) 10,638 10,21 14,434 Total 57,337 54,578 64, Short-term provisions for risks and charges Section 2 - Table 23 Provisions for risks and charges September 30, December 31, Restructuring provision 2,72 2,744 - Provision for future charges 1,40 1,30 1,606 Total 4,21 4,134 1,606 Provisions for future charges include reserves made by some of the companies in the Group against existing litigation arising from disputes with clients for presumed damages caused by some products sold. These provisions have b ee n mad e in co mp l i a nc e wi t h t h e te n- y ea r c on s t r uc t o r s l i a bi l i t y. The increase in the period relates to the restructuring provision in the French companies. These charges will, presumably, be incurred in the short-term period. Figures are neither audited nor subject to limited review procedures 28
29 MARAZZI GROUP Quarterly Report 3rd Quarter 2.20 Long-term loans The composition of the long-term loans is as follows: Section 2 Table 24 Long-term loans Loans in Euro: Loans with annual variable and fixed interest rates Lease payments for the acquisition of tangible fixed assets, with annual variable interest rates September 30, December 31, 175,5 162, ,075 1,611 2,141 3,411 Total 177, , ,486 Loans in Yen: Loans with annual variable interest rates Total Loans in US Dollars: Loans of a revolving nature with annual variable interest rates 1,580 12,586 26,278 Total 1,580 12,586 26,278 Loans in Roubles: Loans were annual variable interest rates 51,657 51,021 58,756 Lease payments for the acquisition of tangible fixed assets Total 51,657 51,026 58,776 Loans in Ukraine Hryvnja: Loans were annual variable interest rates Total Total long-term payables 230, , ,58 Less current portion (32,1) (32,810) (67,181) Long-term portion 17,636 15,661 23,408 At December 31,, the parent company had a significant loan with Mediobanca, divided into two technical forms. The first, a bullet credit line, of Euro 150,000, was partially repaid on June 2, for Euro 50,000. This repayment resulted in the redefinition of the revolving credit line which increased by a similar amount, and which at September 30, amounted to Euro 85,000. The total loan is repayable in one single payment by December 200 and the interest matures on a half-yearly basis. The changes in the period are illustrated in the attached cash flow statement. The variable reference rate for financing in Euro is the EURIBOR and for the US Dollar is the LIBOR Usd. Figures are neither audited nor subject to limited review procedures 2
30 MARAZZI GROUP Quarterly Report 3rd Quarter 2.21 Employee leaving indemnity and other employee liabilities The table below shows the composition of the employee benefits at September 30,, and December 31,. Section 2 Table 25 Employee leaving indemnity and other personnel related liabilities September 30, December 31, Employee leaving indemnity (Italy) 30,266 30,214 2,2 Pension and service bonus (France) 2,770 2,76 2,835 Total 33,036 33,010 32,827 The average number of employees per category is shown in the following table: Section 2 Table 26 Category Executives 3 83 Managers & white-collar 2,061 1,00 Blue collar 4,082 3,82 Total 6,236 5, Other non-current liabilities The breakdown of this account is shown in the following table: Section 2 Table 27 Other non-current liabilities September 30, December 31, Payables for asset purchases 3,463 4,285 6,424 Payables for investment purchases - 2,400 2,400 Other liabilities ,327 Total 3,56 7,214 10,151 Amounts due for assets purchase relate to capital expenditure made in 2004 by some Group companies to reinforce production capacity, which involve an extended payment plan over 3 to 5 years. The decrease in the period is due to the short-term classification and to the payments made by the company in line with the plan. The change in payables for the purchase of investments relates to the classification to short-term liabilities of the final payment of the parent company for the purchase of the company Tempini S.p.A., which will be paid in Figures are neither audited nor subject to limited review procedures 30
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