Zignago Vetro S.p.A. PRESS RELEASE THE ZIGNAGO VETRO GROUP INCREASES REVENUES IN Q BY 7.5% AND NET PROFIT BY 13.4%
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1 Zignago Vetro S.p.A. PRESS RELEASE The Board of Directors of Zignago Vetro S.p.A. approves 2012 First Quarter Report THE ZIGNAGO VETRO GROUP INCREASES REVENUES IN Q BY 7.5% AND NET PROFIT BY 13.4% EBITDA REACHES EURO 17.5 MILLION (+10.4%) NET FINANCIAL DEBT OF EURO 72.3 MILLION (EURO -4.5 MILLION) INCLUDING INCREASED HOLDING IN HUTA SZKŁA CZECKY S.A. POLISH GLASSMAKER (EURO 2.7 MILLION) Q (in Euro millions) Q (in Euro millions) Cge. % Revenues % EBITDA % EBIT % Operating profit % Profit before taxes % Net profit % Capital expenditure % Free cash flow (after investments) (before investments) % % Financial debt (in Euro millions) (in Euro millions) (114.6) (123.4) Liquidity Net financial debt (72.3) (76.8) Fossalta di Portogruaro, April 23, 2012 The Board of Directors of Zignago Vetro S.p.A a company listed on the STAR segment of the Italian Stock Exchange - in a meeting held today chaired by Franco Grisan, approved the 2012 First Quarter Report. 1
2 Group operating performance In the first quarter of 2012, glass container demand generally remained robust and in a number of segments in particular was driven by exports. Cosmetic containers demand was strong within a vibrant fashion sector - also in Europe. Consolidated revenues in the first quarter of 2012 amounted to Euro 70.9 million compared to Euro 66 million in the same period of the previous year (+7.5%). Export sales reached Euro 25.5 million (Euro 21.7 million in the first quarter of 2011; +17.6%). Consolidated Ebitda in Q amounted to Euro 17.5 million, growth of 10.4% compared to Euro 15.9 million in the same period of the previous year. The Ebitda margin was 24.7% (24% in the first quarter of 2011). The consolidated Ebit amounted to Euro 11.1 million (+12.1% compared to Euro 9.9 million in Q1 2011) with a margin of 15.7% (15% in Q1 2011). Consolidated operating profit was Euro 11.2 million, an increase of 12.8% on the previous year (Euro 9.9 million) a margin of 15.8% (15% in Q1 2011). Consolidated net profit in the first quarter of 2012 totalled Euro 6.9 million, +13.4% compared to Euro 6.1 million in Q a margin of 9.7% (9.2% in Q1 2011). Group balance sheet and financial position Group capital expenditures in the first quarter of 2012 totalled Euro 6.1 million (Euro 3.7 million in the same period of 2011). The Group generated free cash flow in the first quarter, after investments, of Euro 5.6 million (Euro 6.4 million in the first quarter of 2011). Before investments of Euro 11.7 million (Euro 10.1 million in the first quarter of 2011). Group net financial debt at March 31, 2012, including consideration of Euro 2.7 million for the increased holding in HSC SA, a Polish glassmaker, 2
3 was Euro 72.3 million, compared to Euro 76.8 million at March 31, 2011 and Euro 75.5 million at December 31, *********************** Outlook Demand in the sectors in which the Zignago Vetro Group operates is expected to remain strong, with revenues therefore expected to improve further. The results of the yearwill depend also on the ability to quickly recover the significant increases in energy costs. *********************** Declaration The Executive Responsible for the preparation of the corporate accounting documents, Mr. Roberto Celot, declares, to the best of his knowledge and in accordance with Article 154 bis, paragraph 2, of the Consolidated Finance Act, that the accounting information contained in the present press release corresponds to the underlying accounting documents, records and accounting entries. *********************** The Zignago Vetro Group companies produce high quality glass containers for the Food and Beverage, Cosmetics and Perfumery industries and Speciality Glass bottles for wines and spirits, for the domestic and international markets. Zignago Vetro on February 9, 2012 acquired a further 20.12% of Huta Szkła Czechy S.A. (HSC SA), a Polish glassmaker operating in the cosmetics and perfumery and food and beverage container sectors for Euro 2.7 million, increasing the holding to 99.1% for total consideration of Euro 10.3 million. HSC is a company with great potential, operating in the niche market of glass bottles for cosmetics and perfumes globally and also on the food and beverages container market. The company principally offers a wide range of personalised products. HSC SA is located in a strategic geographic position, serving the development potential of the Polish market and also with proximity to the traditional European Union markets and the strongly developing Eastern European market. 3
4 *********************** This press release is available on the internet site: For further information: Roberto Celot Chief Financial Officer Investor relations manager Zignago Vetro S.p.A
5 All the figures in the Consolidated Income Statement and Balance Sheet (Attachments No. 1 and No. 2) reported below were prepared in accordance with IAS/IFRS international accounting standards, maintaining the management classification criteria normally utilised by management and by investors to evaluate the Group s results. Zignago Vetro Group Reclassified Consolidated Income Statement ATTACHMENT 1 Q Q Change Euro thou. % Euro thou. % % Net revenues 70, % 65, % 7.5% Changes in finished and semi-finished prod. and work in progress 5, % 2, % n.s. Internal production of fixed assets % % n.s. Value of production 77, % 68, % 12.9% Cost of goods and services (42,361) (59.7%) (37,312) (56.6%) 13.5% Value added 34, % 30, % 12.2% Labour costs (17,182) (24.2%) (15,066) (22.8%) 14.0% EBITDA 17, % 15, % 10.4% Amortisation & depreciation (6,294) (8.9%) (5,861) (8.9%) 7.4% Provisions (108) 0.1% (87) (0.1%) 24.1% EBIT 11, % 9, % 12.1% Net recurring non-operating income % n.s. Operating profit 11, % 9, % 12.8% Net financial charges (495) (0.7%) (325) (0.5%) 52.3% Net exchange differences (3) --- (67) (0.1%) n.s. Profit before taxes 10, % 9, % 12.2% Corporate income tax & regional tax (3,834) (5.4%) (3,459) (5.2%) 10.8% (Q1 2012: 35.8%) (Q1 2011: 36.2%) Net profit before minority interest 6, % 6, % 13.0% Minority interest profit (2) --- (25) --- n.s. Net profit for the period 6, % 6, % 13.4% 5
6 ATTACHMENT 2 Zignago Vetro Group Reclassified Consolidated Balance Sheet Euro thous. % Euro thous. % Euro thous. % Trade receivables 60,786 58,536 63,278 Other receivables 2,834 3,099 4,150 Inventories 59,176 50,746 53,423 Current non-financial payables (63,615) (55,644) (64,215) Payables on fixed assets (6,009) (6,491) (6,286) A) Working capital 53, % 50, % 50, % Net tangible and intangible assets 115, , ,102 Goodwill 40,703 40,104 40,657 Investments not fully consolidated and other medium/long-term assets 2,808 2,957 2,981 Non-current provisions and non-financial payables (13,659) (14,943) (13,533) B) Net fixed capital 145, % 142, % 146, % A+B= Net capital employed 198, % 192, % 196, % Financed by: Short-term debt 92,015 95,729 96,284 Cash and cash equivalents (42,313) (46,598) (46,459) Short-term net debt 49, % 49, % 49, % Medium/long term debt 22, % 27, % 25, % C) Net financial debt 72, % 76, % 75, % D) Minority shareholders' equity % 1, % 2, % Opening Shareholders' equity 118, , ,051 Dividends paid in the period (23,612) Other changes in shareholders' equity 680 (138) (999) Net profit for the period 6,881 6,068 34,876 E) Closing Shareholders equity 125, % 113, % 118, % C+D+E = Total financial debt and Shareholders equity 198, % 192, % 196, % 6
7 ATTACHMENT 3 Zignago Vetro Group Consolidated Income Statement Q Q (Euro thousand) Consolidated Consolidated Consolidated Net revenues 70,942 65, ,227 Raw material, ancillary, consumables and goods (13,199) (13,701) (62,642) Services (22,683) (21,228) (86,856) Labour costs (17,182) (15,066) (63,360) Amortisation and depreciation (6,294) (5,861) (24,200) Other operating expenses (497) (356) (3,043) Other operating income ,980 Operating profit 11,215 9,944 55,106 Financial income Financial charges (755) (467) (2,726) Net exchange gains (losses) (3) (67) (499) Profit before taxes 10,717 9,552 52,825 Income taxes for the period (3,834) (3,459) (17,780) Net profit before minority interest 6,883 6,093 35,045 Minority interest profit (2) (25) (169) Group net profit 6,881 6,068 34,876 Earnings per share: Basic (and diluted) Comprehensive Consolidated Income Statement (Euro thousand) Q Q Group net profit 6,881 6,068 34,876 Translat. diff. 684 (165) (986) Income taxes Other comprehensive income statement items net of taxes 684 (165) (986) Total Group comprehensive net profit 7,565 5,903 33,890 7
8 ATTACHMENT 4 Zignago Vetro Group Consolidated balance sheet (Euro thousand) Consolidated Consolidated Consolidated ASSETS Non-current assets Property, plant & equipment 115, , ,821 Goodwill 40,704 40,104 40,657 Intangible assets Equity investments Other non-current assets Deferred tax assets 2,282 2,612 2,439 Total non-current assets 158, , ,741 Current assets Inventories 59,176 50,746 53,423 Trade receivables 60,786 58,536 63,278 Other current assets 1, ,942 Tax receivables 1,510 2,288 2,206 Cash and cash equivalents 42,313 46,598 46,459 Total non-current assets 165, , ,308 TOTAL ASSETS 323, , ,049 SHAREHOLDERS' EQUITY & LIABILITIES SHAREHOLDERS' EQUITY Share capital 8,000 8,000 8,000 Legal reserve 35,205 34,984 34,136 Acquisition of treasury shares (5,027) (5,027) (5,027) Retained earnings 80,020 69,956 46,331 Net profit for the period 6,881 6,068 34,876 TOTAL GROUP SHAREHOLDERS EQUITY 125, , ,316 MINORITY INTEREST EQUITY --- 1,982 2,786 TOTAL SHAREHOLDERS' EQUITY 125, , ,102 LIABILITIES Non-current liabilities Provisions for risks and charges 1,650 2,411 2,443 Leaving indemnity 7,678 7,341 6,767 Medium/long term loans 22,633 27,657 25,630 Other non-current liabilities 225 1, Deferred tax liabilities 4,106 3,882 4,096 Total non-current liabilities 36,292 42,600 39,161 Current liabilities Bank payables and current portion of medium/long term loans 92,015 95,729 96,284 Trade payables 47,518 42,414 51,506 Other current liabilities 15,370 13,288 15,546 Current income taxes 6,737 6,433 3,450 Total current liabilities 161, , ,786 TOTAL LIABILITIES 197, , ,947 TOTAL SHAREHOLDERS' EQ. & LIAB. 323, , ,049 8
9 Zignago Vetro Group Consolidated cash flow statement ATTACHMENT 5 (Euro thousand) Q Q CASH FLOW FROM OPERATING ACTIVITIES: Consolidated net profit 6,881 6,068 34,876 Adjustments to reconcile net profit with cash flow generated from operating activities: Minority interest result Amortisation & depreciation 6,294 5,861 24,200 Gains (losses) on disposals of property, plant & equipment Doubtful debt provision Net change in deferred tax assets/liabilities Net employee leaving indemnity accrued in the period (506) Net change in other provisions (793) (296) (791) Changes in operating assets and liabilities: Trade receivables 2, (3,991) Other current assets (634) Current tax receivables Inventories (5,753) (1,712) (4,411) Trade & other payables (5,195) (4,769) 4,419 Other current liabilities (176) 47 1,687 Current tax payables 3,287 3, Other non-current assets and liabilities (235) Total adjustments and changes 2,768 5,991 22,227 Net cash flow generated from operating activities (A) 9,649 12,059 57,103 CASH FLOW FROM INVESTING ACTIVITIES: Investments in intangible assets --- (71) (258) Investments in tangible assets (6,589) (6,944) (27,521) Investiments in financial assets (186) Fixed asset payables 1, (3,220) Acquisition of Huta --- (7,594) (6,219) Other investment acquisition effects Sales price of property, plant and equipment 1,100 1,070 4,792 Net cash flow from investing activities CASH FLOW FROM FINANCING ACTIVITIES: (B) (4,282) (12,906) (32,612) Net change in short-term bank borrowings (4,269) 1,681 1,490 New medium/long term loans ,952 Acquisition minority interest (2,712) Repayment of medium/long term loans (2,532) (319) (11,945) Dividends (23,612) Net cash flow from financing activities (C) (9,513) 1,362 (24,115) Net increase (decrease) in cash & cash equivalents (A+B+C) (4,146)
10 Zignago Vetro Group ATTACHMENT 6 Statement of changes in Shareholders Equity (Euro thousand) Share Legal Revaluation Other Translation Capital Treasury Retained Net Total Total Total capital reserve reserve reserves reserve paid-in shares earnings Result consolidated consolidated consolidated net equity net equity net equity Group Minority interest Balance at January 1, ,000 1,600 27,334 6,270 (239) 157 (5,027) 36,176 33, , ,051 Consolidated net profit ,068 6, ,093 Other profits/(losses), net of tax effect (138) (138) (27) (165) Total comprehensive profit (loss) (138) ,068 5,930 (2) 5,928 Effect of HSC acquisition ,984 1,984 Allocation of the result ,780 (33,780) Balance at March 31, ,000 1,600 27,334 6,270 (377) 157 (5,027) 69,956 6, ,981 1, ,963 Consolidated net profit ,808 28, ,952 Other profits/(losses), net of tax effect (848) (848) (201) (1,049) Total comprehensive profit (loss) (848) ,808 27,960 (57) 27,903 Change in consolidation scope Dividends (23,612) --- (23,612) --- (23,612) Other changes (13) --- (13) --- (13) Balance at December 31, ,000 1,600 27,334 6,270 (1,225) 157 (5,027) 46,331 34, ,316 2, ,102 Consolidated net profit ,881 6, ,883 Other profits/(losses), net of tax effect Total comprehensive profit ,881 6, ,883 Translation reserve difference Change in consolidation scope (2,665) (2,665) Balance at March 31, ,000 1,600 27,334 6,270 (545) 157 (5,027) 46,331 41, , ,004 10
11 11
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