PRESS RELEASE TBS Group: the Board of Directors approves the interim financial report as of 30 September 2015

Transcription

1 PRESS RELEASE TBS Group: the Board of Directors approves the interim financial report as of 30 September 2015 Consolidated revenue of million euro, up 3.6 million compared to 30 September 2014 (+2.1%) EBITDA of 16.6 million euro, up 1.1 million versus the same period in 2014 (+7.0%) EBIT of 8.1 million euro, -0.1 million versus 30 September 2014 (-1.0%) Net result for the first nine months of 2.4 million euro, +1.2 million versus the same period in 2014 Net financial debt of 89.8 million euro, up 27.2 million compared to 31 December Data not subject to auditing or inspection by the board of statutory auditors - Data referring to the period 01/01-30/ restated in compliance with IFRS 5 Discontinued operations following the loss of the majority share in the company SLT S.r.l. Main consolidated economic results The Board of Directors of TBS Group, a company listed on AIM Italia, has approved on a voluntary basis the interim report as of 30 th September 2015, which records a growth for the main economic indicators: revenue, EBITDA, and net result. In particular, as of 30 th September 2015 the total revenue amounted to million euro, with a growth of 3.6 million versus in the same period of 2014, thus reporting an increase of 2.1%. Analysis of the revenues by business areas highlights the following results: Revenue from the Medical Devices and ICT Systems Division reported a growth of 2.7 million euro, from million as of 30 th September 2014 to million in the same period of 2015 (+1.9%), which represents 86.3% of the Group s total revenue (86.5% in 2014). The e-health & e-government Integrated Solutions Division reported a growth in revenues, which went up from 22.7 million as of 30 th September 2014 to 23.6 million euro in the same period of 2015 (+4.0%) and accounted for 13.7% of the Group s total revenue (13.5% in 2014). Analysis of the revenues by geographical area confirms that Europe is the main market for TBS Group s business, accounting for 98.2% versus 1.8% in the extra-european countries. Italy still represents the main market holding a share of 69.2% Consolidated EBITDA settled at 16.6 million euro, reporting an increase versus 15.6 million in the third quarter of 2014 (+7.0%). The improvement in the overall profitability versus 2015 was achieved even though the planned contribution from the engineering, global supply and maintenance of devices under the international tender agreements failed to materialise. The EBIT was equal to 8.1 million euro, substantially in line with 2014 s third quarter; the increase in depreciations over the term was due to an increase in investments, also following the new acquisitions carried out.

2 The financial management of the period showed substantially stable results, despite the increase in the expenses due to the worsening of the net financial debt, counterbalanced by the higher income of the period. The amount of taxes went down by 0.7 million euro, mainly owing to the cuts in the IRAP [Regional Productivity Tax] based on the full deduction of labour costs for new employees hired on an indefinite-term basis. The third quarter reported a positive net result of 2.4 million euro, with a marked growth versus 1.2 million euro in the same period of 2014, considering the contribution from the businesses bound to be sold, which is equal to 0.6 million euro. The main indicators in the P&L statement said the CEO, Paolo Salotto have confirmed the uninterrupted trend of recovery in profitability by TBS Group. In particular, the increase in the net result marks a significant business improvement versus The growth in the NFP, aside from suffering from the application of the split payment legislation, has been mainly connected to the acquisitions we have recently carried out in Italy with Ing. Burgatti in the DI area, and in France with Crimo France in the operating theatre services area. The working capital has basically remained stable, moving from 81.4 million euro as of 31 st December 2014 to 84.5 million euro as of 30 th September Though the government s healthcare expenditure is still being contained in our country added the CEO we have proved to be able to handle the situation in terms of organisation and sales. However, the greatest rewards have come from the international context, which shows promising prospects also for the future. The 5-year clinical engineering contract with an additional two-year optional term that we have been awarded in the past few days in the Indian state of Andhra Pradesh is a confirmation that our know-how, our international network, and the TBS brand are extremely solid. Financial situation as of 30 th September 2015 The net financial debt as of 30 th September 2015 is equal to 89.8 million euro, with an increase of 27.2 million versus 62.5 million euro at the end of FY 2014; the increase is mainly due to the payment of the price for the take-over of Crimo France and a 51% share of the company Burgatti, as well as the valorisation of the related Put&Call under the agreement, and the incorporation of the financial debt of the company itself and of the variation in the net working capital. The considerable increase in the net working capital, equal to 18.4 million euro, still versus the previous FY, can be ascribed to the enforcement of the split payment legislation, which has significantly affected the other current assets and liabilities that have decreased by 15.3 million euro versus the end of 2014; the working capital has remained substantially stable, moving from 81.4 million euro (35.1% of total revenues) as of 31 st December 2014 to 84.5 million euro as of 30 th September 2015 (35.9% of total revenues). Main events of the third quarter 2015 and relevant subsequent events On 4 th August, Ing. Burgatti s minority shareholders exercised their right in compliance with the company s contract of sale to the intermediate put option for the sale of a 14% share of the company. The transaction was completed on 22 nd October 2015 with a sale price of 684,000. On 4 th November, the company TBS India, a wholly-owned subsidiary, was awarded a contract by the Indian state of Andhra Pradesh for the provision of assistance and maintenance services for over 33,000 biomedical devices used in about 1,400 hospital facilities across the territory.

3 TBS India s offer was the best out of the five submitted in the tender procedure. The overall value of the assets TBS shall take care of is estimated to be 4.5 billion Indian rupees, which is equal to 62.9 million euro, at the current exchange rate. The purchase order related to the first year has already been delivered and amounts to 5.3 million euro (382.2 million Indian rupees), including taxes. TBS Group, listed on the AIM Italia, designs and manages outsourced clinical engineering and ICT services, designs and provides integrated e-health and e-government solutions and integrated systems of medical equipment, in order to make the use of biomedical and ICT technologies safer and more effective. The Group s offer is aimed at innovating processes in the health and social facilities, both public and private, and at reclassifying costs of services supplied. With registered offices in Trieste at AREA Science Park and revenues totaling million euros in 2014, the Group is present in 20 countries and operates with about 2,400 employees, in over 20 specialist centres and in more than 300 on site workshops linked to over 1,000 hospitals and other public and private bodies. For further information: TBS Group S.p.A. Investor Relator Stefano Beorchia tel.: ir@italtbs.com TRIESTE, 13 th November 2015 This press release is an English translation of an Italian language version. In the event of any inconsistency or interpretation difficulties reference should be made to the original press release in Italian language, which shall in any event prevail.

4 CONSOLIDATED INCOME STATEMENT TBS Group (amounts in thousands of Euro) 1/1-30/09/2015 1/1-30/09/2014(*) Sale of goods and rendering of services 171, ,237 Other revenue Total revenue 171, ,167 Cost of materials 22,789 23,723 Service costs 59,629 58,872 Personnel costs 70,740 69,344 Other operating costs 3,221 2,361 Cost adjustments for in-house generation of non-current assets -1,313-1,873 Amortisation, depreciation and write-downs 8,550 7,384 Other provisions Total operating costs 163, ,987 OPERATING PROFIT 8,098 8,180 Gain (losses) from investments Financial income Financial expenses -4,980-4,597 PROFIT BEFORE TAX 3,670 3,839 Income taxes -1,949-2,650 PROFIT/ LOSS FOR THE PERIOD derivante dalle attività in funzionamento 1,721 1,189 Risultato attività cedute PROFIT/ LOSS FOR THE PERIOD 2,358 1,201 (Profit)/Loss for the period attributable to minority interests (*) Data restated in compliance with IFRS 5 Discontinued operations following the loss of the majority share in the company SLT S.r.l.

5 CONSOLIDATED BALANCE SHEET TBS Group (amounts in thousands of Euro) 30/09/ /12/2014 ASSETS NON-CURRENT ASSETS - Assets with indefinite useful life (goodwill) 40,231 31,557 - Intangible assets with definite useful life 22,336 22,924 Intangible assets 62,567 54,481 - Land and buildings 7,493 6,827 - Plants and machinery 10,878 9,735 - Other property, plant and equipment 3,283 3,337 Property, plant and equipment 21,654 19,899 - Investments in subsidiaries Investments in associated companies 1, Other financial assets Other non-current assets Advance tax assets 7,850 7,792 Other non-current assets 10,885 9,941 OTHER NON-CURRENT ASSETS 95,106 84,321 Inventories 10,852 9,465 Trade receivables 113, ,823 Assets held for trading 0 0 Other current assets 15,767 9,789 Income tax receivables 2,666 1,784 Current financial assets 1,365 5,192 Cash and cash equivalents 23,258 30,763 TOTAL CURRENT ASSETS 167, ,816 TOTAL ASSETS 262, ,137 SHAREHOLDERS S EQUITY 30/09/ /12/ Share capital 4,142 4,142 - Reserves 46,144 44,896 GROUP S TOTAL SHAREHOLDERS EQUITY 50,286 49,038 THIRD PARTY SHAREHOLDERS EQUITY 2,319 2,616 CONSOLIDATED SHAREHOLDERS EQUITY 52,605 51,654 LIABILITIES Non-current financial liabilities 48,093 33,378 Employee severance indemnity 9,480 9,026 Deferred taxes 9,126 8,930 Provisions 1, Other medium and long term liabilities NON-CURRENT LIABILITIES 68,290 52,633 Trade payables 39,897 38,866 Other current liabilities 32,238 42,018 Current financial liabilities 66,768 65,550 Tax payables 2,787 1,418 CURRENT LIABILITIES 141, ,851 TOTAL LIABILITIES 209, ,484 SHAREHOLDERS EQUITY AND LIABILITIES 262, ,137

6 Consolidated cash-flow statements TBS Group (in thousands of Euro) 1/1-30/09/2015 1/1-30/09/2014 CASH FLOW GENERATED BY OPERATING ACTIVITIES -2,259 4,272 CASH FLOW USED BY INVESTING ACTIVITIES -9,099-6,936 CASH FLOW PROVIDED BY (USED IN) FINANCIAL ACTIVITIES 3,730-4,244 TOTAL CASH FLOWS -7,628-6,908 CASH AND CASH EQUIVALENTS (NET) AT THE START OF THE PERIOD 30,763 27,659 - Change in foreign currency translation CASH AND CASH EQUIVALENTS (NET) AT THE END OF THE PERIOD 23,258 20,800