Zignago Vetro S.p.A. PRESS RELEASE. Board of Directors of Zignago Vetro S.p.A. approves 2014 First Quarter Report
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1 Zignago Vetro S.p.A. PRESS RELEASE Board of Directors of Zignago Vetro S.p.A. approves 2014 First Quarter Report Zignago Vetro Group key results improve in Q Revenues total Euro 72.9 million, increasing 6.1%; export revenues reach Euro 28.3 million, up 8% and 38.7% of total revenues. EBITDA amounts to Euro 15.7 million (21.5% revenue margin, +6.9%). EBIT increases to Euro 8.7 million (11.9% revenue margin, +8.1%). Net debt reduces Euro 9.4 million in the quarter. Group Highlights (*) Q1 Q1 Cge.% 2014 (*) 2013 (in Euro millions) (in Euro millions) Revenues % EBITDA % EBIT % Operating profit % Profit before taxes % Group Net Profit % Capital expenditure Free cash flow (after investments) 7.7 (0.9) (before investments) (*) (in Euro millions) (in Euro millions) (in Euro millions) Financial debt (136.7) (129.7) (145.2) Liquidity Net financial debt (98.1) (92.4) (105.8) (*) The figures (and the subsequent comments) are based on, for a clearer representation of the operating performance, employing the same measurement criteria adopted until December 31, 2013, therefore excluding the amendment to IFRS 11- Joint Arrangements and IAS 28 Investments in associates and joint ventures, whose adoption, from January 1, 2014, does not permit the proportional consolidation of the joint ventures of the Group in Vetri Speciali SpA and in Vetreco Srl, but rather recognition at equity. 1
2 The income statement, the comprehensive income statement, the balance sheet and the cash flow statement of the Zignago Vetro Group at March 31, 2014, prepared according to international accounting standards in force from January 1, 2014, in addition to the restated figures at March 31 and at December 31, 2013, are reported respectively at attachments 3, 4, 5 and 6 of the present press release. Fossalta di Portogruaro, April 28, 2014 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 2014 First Quarter Report. 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. Group operating performance In the initial months of 2014, signs of improvement were evident on the Food and Beverage glass container market with an uptake in consumption, although supply levels still appear greater than demand. Demand from the Cosmetics and Perfumery sector was relatively strong, although the Luxury Perfume segment required a lower number of new bottles than in previous years - favouring the restyling of those already in production through reprocessing. Consolidated Revenues in the first quarter of 2014 amounted to Euro 72.9 million compared to Euro 68.7 million in the same period of the previous year (+6.1%). Export sales reached Euro 28.3 million (Euro 26.2 million in the first quarter of 2013; +8%), comprising 38.7% of revenues (38% in Q1 2013). Consolidated EBITDA in the first quarter of 2014 amounted to Euro 15.7 million, an increase of 6.9% compared to Q (Euro 14.7 million) and a 21.5% revenue margin (21.3% in Q1 2013). The consolidated EBIT was Euro 8.3 million (+3.5% compared to Euro 8 million in the first quarter of 2013), with a margin of 11.4% (11.7% in Q1 2013). Consolidated net profit in the first quarter of 2014 amounted to Euro 5 million, compared to Euro 4.7 million in Q a margin of 6.9% (6.9% in Q1 2013). Group balance sheet and financial position Group capital expenditure in the first quarter of 2014 totaled Euro 4.3 million (Euro 7.7 million in the same period of 2013). 2
3 The Group generated Free cash flow in the first quarter, before investments, of Euro 12 million (Euro 6.8 million in the first quarter of 2013). Following investments, this totaled Euro 7.7 million compared to a negative Euro 0.9 million in Q The Group net financial debt at March 31, 2014 was Euro 98.1 million, compared to Euro million at December 31, 2013 and Euro 92.4 million at March 31, Group liquidity totaled Euro 38.6 million at March 31, 2014, compared to Euro 39.4 million at the end of 2013 and Euro 37.3 million at March 31, *********************** Outlook Although the current market is not without uncertainty, container demand is however expected to pick up moderately in particularly in a number of market segments which were particularly weak in This development should ensure an improved balance between demand and offer levels. *********************** The Board of Directors, based on the available information and taking account of the parameters established by the Self-Governance Code and the Stock Exchange Regulation Instructions, consider the Directors Lino Benassi, Ferdinando Businaro, Daniela Manzoni Suppiej, Chiara Mio, Manuela Romei Pasetti, Maurizio Sobrero and Giovanni Tamburi to qualify as independent. The Board of Statutory Auditors verified the correct application of the assessment criteria and procedures adopted by the Board to evaluate the independence of its members. *********************** Declaration The Executive Responsible for the preparation of the corporate and accounting documents, Mr. Roberto Celot, declares 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. *********************** 3
4 2014 First Quarter Report The 2014 First Quarter Report will be made available to the public as soon as available and in accordance with law at the registered office of the company and on the company website *********************** This press release is available on the website: For further information: Roberto Celot Chief Financial Officer & Investor relations manager Zignago Vetro S.p.A
5 All the figures in the Reclassified Consolidated Income Statement and Balance Sheet (attachments 1 and 2) reported below were prepared in accordance with IAS/IFRS in force until December 31, The amendments to IFRS 11 Joint Arrangements and to IAS 28 Investments in associates and joint ventures was therefore not considered, whose adoption is mandatory from January 1, Their adoption does not permit the proportional consolidation of the joint ventures of the Group in Vetri Speciali SpA and in Vetreco Srl, which are rather recognised at equity. The income statement, the comprehensive income statement, the balance sheet and the cash flow statement of the Zignago Vetro Group at March 31, 2014, prepared according to the accounting standards in force from January 1, 2014, in addition to the restated figures at March 31 and December 31, 2013, are reported respectively in the subsequent attachments 3, 4, 5 and 6. Zignago Vetro Group Reclassified Consolidated Income Statement (based on international accounting standards in force until December 31, 2013) ATTACHMENT 1 Q Q Change Euro thou. % Euro thou. % % Revenues 72, % 68, % 6.1% Changes in finished and semi-finished prod. and work in progress 3, % 5, % (40.8%) Internal production of fixed assets % % (22.1%) Value of production 76, % 74, % 2.5% Cost of goods and services (43,234) (59.3%) (42,359) (61.6%) 2.1% Value added 33, % 32, % 3.0% Labour costs (17,499) (24.0%) (17,558) (25.5%) (0.3%) EBITDA 15, % 14, % 6.9% Amortisation & depreciation (6,937) (9.5%) (6,532) (9.5%) 6.2% Provisions (416) (0.6%) (94) (0.1%) 342.6% EBIT 8, % 8, % 3.5% Net recurring non-operating income % n.s. O perating profit 8, % 8, % 8.1% Net financial charges (631) (0.9%) (534) (0.8%) 18.2% Net exchange differences (28) n.s. Profit before taxes 8, % 7, % 6.7% Corporate income tax & regional tax (3,008) (4.1%) (2,806) (4.1%) 7.2% (Tax-rate Q1 2014: 37.4 %) (Tax-rate Q1 2013: 37.2%) Group net profit 5, % 4, % 6.4% 5
6 ATTACHMENT 2 Zignago Vetro Group Reclassified Consolidated Balance Sheet (based on international accounting standards in force until December 31, 2013) Euro thou. % Euro thou. % Euro thou. % Trade receivables 63,418 61,585 62,907 Other receivables 8,554 7,697 9,848 Inventories 70,872 67,822 68,110 Current non-financial payables (61,838) (61,176) (57,817) Payables on fixed assets (3,526) (5,604) (7,009) A) Working capital 77, % 70, % 76, % Net tangible and intangible assets 124, , ,655 Goodwill 40,705 40,703 40,708 Other investments & non current assets 3,705 3,157 3,750 Non-current provisions and non-financial payables (14,080) (13,549) (13,752) B) Net fixed capital 155, % 151, % 159, % A+B= Net capital employed 232, % 222, % 235, % Financed by: Short-term debt 107, , ,016 Cash and cash equivalents (38,590) (37,329) (39,367) Short-term net debt 69, % 64, % 73, % Medium/long term debt 28, % 27, % 32, % C) Net financial debt 98, % 92, % 105, % Opening Shareholders' equity 129, , ,478 Dividends (21,645) Other shareholders' equity changes (52) (274) (348) Net profit 5,037 4,733 26,134 D) Closing Shareholders equity 134, % 129, % 129, % C+D = Total financial debt and Shareholders equity 232, % 222, % 235, % 6
7 Zignago Vetro Group ATTACHMENT 3 Consolidated Income Statement (based on international accounting standards in force since January 1, 2014) Restated Restated (Euro thousands) Q Q Revenues 56,447 55, ,216 Raw material, ancillary, consumables and goods (12,004) (9,170) (48,774) Services (19,301) (21,147) (78,517) Labour costs (13,914) (14,090) (53,171) Amortisation and depreciation (5,764) (5,413) (20,938) Other operating expenses (950) (301) (3,302) Other operating income ,453 Operating profit 4,758 5,073 24,967 Investments valued at equity 2,471 1,834 10,543 Financial income Financial charges (667) (361) (2,721) Net exchange gains/(losses) (30) 16 (134) Profit before taxes 6,790 6,562 33,616 Income taxes (1,753) (1,829) (7,482) Net profit 5,037 4,733 26,134 Attributable to Group 5,037 4,733 26,134 Minority interest ,037 4,733 26,134 Earnings per share: Basic (and diluted) earnings per share
8 Zignago Vetro Group Consolidated Comprehensive Income Statement (based on international accounting standards in force since January 1, 2014) ATTACHMENT 4 Restated Restated (Euro thousands) Q Q Net profit 5,037 4,733 26,134 Other comprehensive income statement items subsequently to be reclassified to the net profit (loss) for the year Translation difference Tax effect (52) (273) (220) (52) (273) (220) Total other comprehensive income statement items subsequently to be reclassified to net profit (loss) for the year (52) (273) (220) Other comprehensive income statement items not subsequently to be reclassified to the net profit (loss) for the year Actuarial losses on defined benefit plans (169) Tax effect (122) Total other comprehensive income statement items not subsequently to be reclassified to net profit (loss) for the year (122) Total other comprehensive income statement items, net of taxes Total comprehensive net profit (52) (273) (342) 4,985 4,460 25,792 Attributable to : Group 4,985 4,460 25,792 Minority interests ,985 4,460 25,792 8
9 Zignago Vetro Group Consolidated Balance Sheet (based on international accounting standards in force since January 1, 2014) ATTACHMENT 5 (Euro thousands) Restated Restated ASSETS Non-current assets Property, plant & equipment 92,864 88,479 95,728 Goodwill Intangible assets Investments valued at equity 46,564 42,930 51,588 Equity investments Other non-current assets Deferred tax assets 2,577 2,039 2,580 Total non-current assets 143, , ,408 Current assets Inventories 58,311 55,661 55,753 Trade receivables 50,233 50,474 50,007 Other current assets 1,867 3,054 3,050 Tax receivables 4,629 3,003 4,511 Cash and cash equivalents 38,453 37,048 39,272 Total current assets 153, , ,593 TOTAL ASSETS 296, , ,001 SHAREHOLDERS' EQUITY & LIABILITIES SHAREHOLDERS' EQUITY Share capital 8,800 8,800 8,800 Reserves 35,521 35,361 35,521 Acquisition of treasury shares (5,027) (5,027) (5,027) Retained earnings and profit for the year 96,059 91,273 91,022 Other net equity items (749) (469) (697) TOTAL GROUP SHAREHOLDERS' EQUITY 134, , ,619 MINORITY INTEREST EQUITY TOTAL SHAREHOLDERS' EQUITY 134, , ,619 LIABILITIES Non-current liabilities Provisions for risks and charges 2,913 2,186 2,547 Post-employment benefits 4,846 4,773 4,839 Medium/long term loans 17,932 19,364 17,565 Other non-current liabilities Deferred tax liabilities 3,177 3,353 3,178 Total non-current liabilities 28,868 29,676 28,129 Current liabilities Bank payables and current portion of medium/long term loans 89,362 77,629 94,761 Trade and other payables 34,890 37,722 37,154 Other current liabilities 7,343 6,766 13,934 Current income taxes 1,900 2, Total current liabilities 133, , ,253 TOTAL LIABILITIES 162, , ,382 TOTAL SHAREHOLDERS' EQ. & LIAB. 296, , ,001 9
10 Zignago Vetro Group ATTACHMENT 6 Consolidated Cash Flow Statement (based on international accounting standards in force since January 1, 2014) Restated Restated (Euro thousands) CASH FLOW FROM OPERATING ACTIVITIES: Net profit Adjustments to reconcile net profit with cash flow generated from operating activities: Amortisation and depreciation Losses/(gains) on disposals of property, plant & equipment (185) Doubtful debt provision Net changes in post employment benefits 7 53 (263) Net change in other provisions 366 (20) 341 Financial income and exchange gains (258) 37 (961) Financial charges and exchange losses Investments valued at equity (2.471) (1.833) (10.491) Income taxes paid in the year (373) (166) (10.088) Change in operating assets and liabilities Decrease (increase) in trade receivables (248) Decrease (increase) in other current assets Decrease (increase) in inventories (2.558) (4.551) (4.643) Increase (decrease) in trade and other payables (2.306) (4.279) Increase (decrease) in other current liabilities (6.591) (7.337) (169) Other non-current assets and liabilities (10) (203) (109) Total adjustments and changes (3.251) (8.691) (4.669) Net cash flow from operating activities: (A) (2.129) CASH FLOW FROM INVESTING ACTIVITIES: Investments in intangible assets (2) --- (159) Investments in tangible assets (3.914) (5.831) (31.616) Increase (decrease) in fixed asset payables (3.483) (1.932) (527) Investments (divestments) in financial assets (1) (8) (2) Dividends received from investments valued at equity Sales price of property, plant and equipment Net cash flow from investing activities (B) (19.807) CASH FLOW FROM FINANCING ACTIVITIES: Interest paid in the year (863) (393) (2.676) Interest received in the year 259 (37) 961 Increase (decrease) in short-term bank borrowings (1.234) (4.964) New medium/long-term loans Repayment of medium/long-term loans (3.633) (1.172) (13.971) Dividends (21.645) Net cash flow from financing activities Change in balance sheet accounts translation effect Net change in cash and cash equivalents (C) (5.471) (6.566) (14.214) (D) (36) (A+B+C+D) (819) (7.334) (5.110) Cash available at beginning of the period Cash available at end of the period
11 Zignago Vetro Group Statement of changes in shareholders equity (based on international accounting standards in force since January 1, 2014) ATTACHMENT 7 11
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