PUREVER SGPS 1H_2016 CONSOLIDATED ACCOUNTS REPORT

Transcription

1 PUREVER SGPS CONSOLIDATED ACCOUNTS REPORT

2 1. CONSOLIDATED ACCOUNTS 1H2016 Highlights 1H2016 Economic and Financial Information 2

3 1. 1H2016 CONSOLIDATED ACCOUNT - Highlights Turnover of 22,63 M, 1 M below (-4,1%) : Effect of exports drop to Angola, mainly in Catering Business (-1,3 M ) Low Clean Room sales in the period (down 0,9 M ) Spanish and Belgian markets at a slower pace (election uncertainty and terrorist attacks) Nevertheless, an important recovery in 2Q compared to 1Q.2016 (closing with a 11.4% drop) Gross Margin decreases from 48,35% to 47,18% due to a less favorable sales mix in the period: lower Clean Room activity and Catering Business exports Labour costs increases 2,17% up to 5,21 M ; reaching 23% of revenues (21,6% in ). Employment increases 4,35% (reaching 360 employees) Operational Ebitda (before impairments and provisions) of 1,62 M a 40,5% decrease compared with 2015 but with different evolution by Quarter: 1Q_2016: +0,48 M (1,98 M at 1Q_2015) 2Q_2016: +1,14 M (0,74 M at 2Q_2015) 3

4 1. 1H2016 CONSOLIDATED ACCOUNT - Highlights Ebitda of 1,23 M (1,02 M on 2Q), a 42,6% decrease; 1Q2016: +0,21 M (1,55 M at 1Q2015) 2Q2016: +1,02 M (0,60 M at 2Q2015) Provisions and Impairments of 0,384 M ; Accordingly to the Portuguese accounting standards (NCRF14), implemented since January 2016, it is mandatory a 10 year goodwill depreciation, impact of 0,37 M in ; Negative Result of 0,17 M (-0,41 M in 1Q_2016); Financial Net Debt of 14,67 M, a 0,63 M reduction compared with 2015 closing and a 1,30 M decrease when compared with. 4

5 1. CONSOLIDATED ACCOUNTS 1H2016 Economic and Financial Information REVENUES EVOLUTION REVENUES 1H EVOLUTION 45,5 M 48,2 M 23,6 M 22,6 M 40,4 M REVENUES 2016 REVENUES ,7 M 11,9 M 12,1 M 11,5 M 12,3 M 12,3 M Q1/2016 Q2/2016 Q3/2016 Q4/2016 Q1/2015 Q2/2015 Q3/2015 Q4/2015 5

6 1. CONSOLIDATED ACCOUNTS 1H2016 Economic and Financial Information EBITDA EVOLUTION EBITDA 1H EVOLUTION 1,32 M 3,68 M 3,07 M 2,15 M 1,23 M QUARTERLY EBITDA 2016 QUARTERLY EBITDA ,55 0,21 1,02 0,60 0,86 0,06 Q1/2016 Q2/2016 Q3/2016 Q4/2016 Q1/2015 Q2/2015 Q3/2015 Q4/2015 6

7 1. CONSOLIDATED ACCOUNTS 1H2016 Economic and Financial Information FINANCIAL DEBT STRUCTURE 25,0 M 20,0 M 15,0 M 7,0 M 2,5 M 2,6 M 2,6 M 10,0 M 5,0 M 12,2 M 16,5 M 15,2 M 14,2 M Spain 1% France 10% 0,0 M S_2016 Long Term Short Term NET DEBT EVOLUTION 20,0 M 15,0 M 10,0 M 18,1 M 17,3 M 15,3 M 14,7 M Portugal 89% 5,0 M 0,0 M

8 1. CONSOLIDATED ACCOUNTS 1H2016 Economic and Financial Information M Variation (non audit) (non audit) (audit) (audit) (audit) revenues 22,637 23,593-4,1% 48,240 45,492 40,382 gross margin 10,680 11,406-6,4% 22,572 21,452 17,908 gross margin / revenues 47,18% 48,35% -1,2 p.p. 46,79% 47,15% 44,35% operational expenses -9,063-8,690 4,3% -18,224-16,694-15,554 operational ebitda 1,616 2,717-40,5% 4,348 4,758 2,354 operational ebitda / revenues 7,14% 11,51% -4,4 p.p. 9,01% 10,46% 5,83% ebitda 1,232 2,147-42,6% 3,072 3,680 1,316 ebitda / revenues 5,44% 9,10% -3,7 p.p. 6,37% 8,09% 3,26% ebit 0,445 1,725-74,2% 2,285 2,817 0,474 ebit / revenues 1,96% 7,31% -5,3 p.p. 4,74% 6,19% 1,17% net financial results -0,372-0,309 20,3% -0,605-1,337-1,265 profit before taxes 0,073 1,416-94,9% 1,680 1,480-0,791 taxes -0,198-0,156 26,8% -0,512-0,441-0,015 profit to non controlling interests -0,041-0,039 7,1% -0,075-0,118 0,099 net profit -0,166 1, ,6% 1,094 0,921-0,707 net profit per share ( ) -0,012 0, ,6% 0,078 0,078-0,065 net financial debt 14,671 16,571-11,5% 15,296 17,305 18,063 net financial debt / ebitda (1) 6,802 4,030 2,8 x 4,979 4,702 13,727 net financial debt / operational ebitda (1) 9,077 6,100 3,0 x 3,518 3,637 7,674 ebitda / net financial results 3,311 6,946-3,6 x 5,079 2,752 1,040 (1) ebitda from the last 4 quarters 8

9 2. Business Units Relevant information 9

10 2. 1H2016 BU Economic and Financial Highlights CONSOLIDATED REVENUES PER BU Clean Rooms; 1,74 M ; 8% Modular Construction; 0,07 M ;0% Clean Rooms; 2,41 M ; 10% Modular Construction; 0,09 M ;0% Agro Food Insulation; 9,14 M ; 40% Catering Business; 11,68 M ; 52% Agro Food Insulation; 9,01 M ; 38% Catering Business; 12,22 M ; 52% 10

11 2. 1H2016 BU Economic and Financial Highlights CATERING BUSINESS Revenues of 11,68 M, a 4,4% decrease export (Angola) sales drop Ebitda of 0,40 M (1,08 M in ) sales drop and provisions effect References: Ramalhos canteen / Group ARA-SGPS, S.A. - Portugal Club Med Balaia, Portugal Pestana Alvor Praia - Portugal CUF Hospital Viseu, Portugal Eurodisney - France Zoo Planete Sauvage France 12,22 M 11,68 M Bank of Mozambique (restaurant headquarters) - Mozambique Pizza Hut (1) - Spain Dominos Pizza (2) - Spain Foster Hollywood (2) - Spain Subway (4) - Spain 11

12 2. 1H2016 BU Economic and Financial Highlights AGRO FOOD INSULATION Revenues of 9,14 M, a 1,5% growth (comparing with ) Ebitda of 0,88 M (0,64 M in 1Q_2015) References: GFW - Mushrooms factories Incubator - Portugal Lactipedros e Lactimercado / Cheese factories - Portugal Nutriva Frozen Products Distributor - Portugal Transbase / Intermarché Logistics Center- Portugal Mar Ibérica / Frozen Products factory - Portugal Intermarché Supermarket France and Portugal Pingo Doce Supermarket - Portugal Carrefour Express Spain Eroski Supermarket Gibraltar Dia Supermarket (Ávila, Leon, Ciudad Rodrigo) - Spain Ikea Alcorcon Spain; IKEA Braga Portugal Lidl Supermarket Portugal Continente Supermarket Braga, Portugal SC MARITIME (Cold Rooms for Vessels) Holland 9,01 M 9,14 M 12

13 2. 1H2016 BU Economic and Financial Highlights CLEAN ROOM Revenues of 1,74 M, a 27,6% decrease compared with 1Q_2015 (-1 M ) due to delays in some on-going projects. A positive trend for the full year, forecasting a strong 2H 0,18 M Ebitda (0,49 M at 1Q_2015) References: Hospital Center at Clermont and Quimper - France Hospital Center at Lima Peru BOEHERINGER - Spain BLUEPHARMA - Portugal 2,41 M GENERIS - Portugal 1,74 M Eurl Geber Health Algeria Hupp Pharma Algeria R&D Center - University of Almeria, Spain 13

14 2. 1H2016 BU Economic and Financial Highlights MODULAR BUILDING Revenues of 0,07 M (0,09 M at ). Activity expected to start in 2H_2016 due to orders-in-hand delay; Negative Ebitda of -0,23 M 0,09 M 0,07 M 14

15 2. 1H2016 BU Economic and Financial Highlights EBITDA PER BU 1H2016 0,88 M 0,18 M 0,40 M - 0,23 M 1,23 M 0,49 M 1,08 M - 0,06 M 2,15 M 0,64 M Agro Food Insulation Clean Rooms Catering Business Modular Buildings Consolidated EBITDA Agro Food Insulation Clean Rooms Catering Business Modular Buildings Consolidated EBITDA 15

16 3. APPENDIX Consolidated Information Consolidated P&L and Balance Sheet Grant Thornton Auditor Limited Review 16

17 3. APPENDIX Consolidated Information OPERATIONAL COSTS 10,00 48,0% 9,50 9,00 8,50 8,00 7,50 7,00 6,50 6,00 5,50 8,82 37,4% 9,07 40,1% 46,0% 44,0% 42,0% 40,0% 38,0% 36,0% 34,0% 32,0% 5,00 Total Operational Costs % Revenues 30,0% M External Services 3,76 3,56 Staff Costs 5,21 5,10 Other Operational Gains and Losses 0,10 0,17 Total Operational Costs 9,07 8,82 % Revenues 40,1% 37,4% 17

18 3. APPENDIX Consolidated Information STAFF COSTS 6,50 6,00 5,50 5,00 4,50 4,00 3,50 3,00 5,10 21,6% 5,21 23,0% 31,0% 29,0% 27,0% 25,0% 23,0% 21,0% 19,0% 17,0% 15,0% M Staff Costs 5,10 5,21 % Revenues 21,6% 23,0% 66 Staff (+ 4,4%) (345) (360) Staff Costs % Revenues

19 3. APPENDIX Consolidated Information NET DEBT & FINANCIAL COSTS 18,06 17, ,37 15,24 14,67-0,75-1,26-1, Financial Results 19

20 3. APPENDIX Consolidated Information CONSOLIDATED NET RESULT 1,23M -0,79M -0,37M EBITDA Depreciations Net Financial Results -0,20M Taxes -0,04M Profit to Non Controlling Interests Consolidated Net Result -0,17M M EBITDA 1,23 2,15 Depreciations -0,79-0,42 EBIT 0,44 1,73 Net Financial Results -0,37-0,31 EBT 0,07 1,42 Taxes -0,20-0,16 Profit to Non Controlling Interests -0,04-0,04 Consolidated Net Result -0,17 1,22 20

21 3. APPENDIX Consolidated P&L and Balance Sheet CONSOLIDATED P&L M (non audit) (non audit) (audit) (audit) (audit) Revenues 22,637 23,593 48,240 45,492 40,382 Cost of Goods Sold -11,957-12,187-25,667-24,040-22,474 External Suplies and Services -3,764-3,555-7,611-6,814-6,303 Staff Costs -5,207-5,096-10,414-9,915-9,318 Impairements and Provisions -0,382-0,440-0,984-0,711-1,632 Other Operational Gains and Losses -0,095-0,168-0,491-0,332 0,660 EBITDA 1,232 2,147 3,072 3,680 1,316 Margin % 5,44% 9,10% 6,37% 8,09% 3,26% Depreciations -0,414-0,422-0,787-0,863-0,842 Goodwill Depreciation -0,373 0,000 0,000 0,000 0,000 EBIT 0,445 1,725 2,285 2,817 0,474 Margin % 1,96% 7,31% 4,74% 6,19% 1,17% Financial Results -0,372-0,309-0,605-1,337-1,265 Profit Before Taxes 0,073 1,416 1,680 1,480-0,791 Taxes -0,198-0,156-0,512-0,441-0,015 Profit to Non Controlling Interests -0,041-0,039-0,075-0,118 0,099 Net Profit -0,166 1,222 1,094 0,921-0,707 Net Profit per share ( ) -0,012 0,087 0,078 0,065-0,060 21

22 3. APPENDIX Consolidated P&L and Balance Sheet CONSOLIDATED BALANCE SHEET M (non audit) (audit) (audit) (audit) (audit) Assets 49,304 50,213 50,291 47,767 52,241 Non Current Assets 20,937 21,566 21,612 21,146 21,710 Tangible Assets 10,904 11,218 10,976 10,070 10,488 Goodwill (forecast) 7,086 7,458 7,458 7,357 7,357 Non Tangible Assets 0,219 0,210 0,262 0,439 0,356 Financial Assets 2,729 2,681 2,916 3,280 3,509 Current Asstes 28,367 28,646 28,679 26,622 30,531 Inventories 6,729 7,223 7,017 6,101 7,699 Trade Receivables 15,863 15,491 14,694 13,434 14,105 Other Receivables 3,628 3,491 5,261 5,963 7,603 Cash and Cash Equivalents 2,146 2,441 1,708 1,124 1,124 Equity 15,512 15,629 14,451 11,009 10,789 Issued Capital 14,063 14,063 14,063 11,850 10,800 Reserves and Other Equity Variations 3,680 4,103 3,526 1,923 1,415 Retained Earnings -3,200-4,725-5,079-3,345-0,445 Net Profit of the Year -0,166 1,094 0,921-0,707-2,584 Equity atributable to Purever owners 14,376 14,535 13,431 9,721 9,187 Non Controlling Interests 1,135 1,094 1,020 1,289 1,602 Liabilities 33,792 34,584 35,840 36,758 41,452 Non Current Liabilities 14,998 15,814 17,103 13,015 16,414 Borrowings 14,231 15,167 16,479 12,220 15,446 Other Payables and Deferred Taxes 0,767 0,647 0,624 0,795 0,968 Current Liabilities 18,794 18,770 18,737 23,743 25,038 Borrowings 2,586 2,570 2,533 6,967 7,492 Trade Payables 7,937 8,522 8,181 8,670 10,012 Other Payables 8,272 7,678 8,023 8,106 7,534 22

23 3. APPENDIX Grant Thornton: Auditor Limited Review Introduction We were engaged to review the consolidated financial statements of Purever Negócios e Gestão, S.G.P.S., S.A., hereafter mentioned as Grupo Purever, that includes the consolidated balance sheet as of June 30, 2016 and the consolidated income statement by nature for the period of six months then ended. These financial statements were prepared only to present the financial position and the performance of the group in the first semester of 2016 and do not include all the information required by the Portuguese Accounting Principles. These financial statements may be identified as follows: Responsibilities Total assets Euro Net equity Euro Net loss for the year Euro Grupo Purever management is responsible for these financial statements. The Consolidated financial statements were prepared based on the financial statements of each subsidiary, modified according to the generally accepted accounting principles in Portugal, that were applied consistently with the last annual financial statements. Our responsibility is to conclude on the accuracy of the consolidation process and on the impact of the situations that in our view may affect the group financial position and performance. Conclusion Based on our review, we may conclude that the consolidation process was accurately performed and, except for the effects of the situations described below, nothing came to our attention that lead us to conclude that Consolidated balance sheet and the Consolidated income statement by natures those not present, in all material aspects, the truly and fair financial position and the financial performance of Grupo Purever. The Group Company Purever Industrial Solutions entered, in prior years, into a contract to buy a property, making the advance payment to its counterparty. This contract was subsequently terminated. As at 30 June 2016, the consolidated balance sheet includes, in Other Receivables, some euros (same amount in 31 December 2015) related to this payment that has not yet been returned by the prospective seller. We were unable to conclude on the moment of the realization of this asset. Inventories include an amount of some euros ( euros in 31 December 2015) referring to goods with slow turnover, belonging to the Group Company Friemo. By the date we issue this report, it was not possible for us to conclude on the moment of realization of these goods as well as on their realizable value and, consequently, on the need to recognize any impairment losses. Porto, August 10th, 2016, Grant Thornton & Associados SROC, Lda. Representada por Joaquim Filipe Martins de Moura Areosa (ROC nº 1027) 23

24 PUREVER Negócios e Gestão, SGPS, S.A. Lugar do Poço Forrado - Apartado 7 - Zona Industrial de Nelas Nelas Portugal Tel.: