Mid- term report 2015

Transcription

1 Mid- term report 2015

2 FINANCIAL RATIOS OVERVIEW Sales and Earnings Mid- term 2015 (30.06) not audited Sales (EUR m) (12%) Sales 2014 net of Power (EUR m) +70% EBITDA (EUR m) Equity ratio (%) Net Result (EUR m) 2

3 FINANCIAL RATIOS OVERVIEW Balance sheet ratios (not audited) Variance EUR 000 EUR 000 EUR 000 % Balance Sheet Total 17,710 18,802 (1,092) (6) Total Equity 9,619 9, Liabilities 8,091 9,203 (1.112) (12) Equity Ratio (%) 54.3% 51.1% Cash and cash equivalents 6,639 7,388 (749) (10) Income statement ratios (not audited) Variance EUR 000 EUR 000 EUR 000 % Revenues 12,142 13,794 (1,652) (12) EBITDA (45) (118) EBIT (80) 207 (287) (139) Financial Result 109 (49) (158) (322) EBT (1) (100) Profit of the period (60) 80 (140) (175) Other ratios Variance % Number of employees (2) (6) Cash- flow Statement Operating Income (EBIT) (80) 207 (+) Depreciation of intangible assets 6 10 (+) Depreciation if tangible assets (+) other accruals (209) 2 (- ) Taxes (49) (16) Gross Operating Cash- flow (303) 240 Changes in Working Capital (1,101) (1.161) Operating Cash Flow (1,404) (921) Capex (90) (33) Financial (investments)/disinvestments 1,736 (16) Dividends (991) (301) Free Cash Flow (749) (1.271) 3

4 INDEX UR GROUP MID- TERM REPORT Mission Statement Page 5 02 Board of Directors Page 6 03 Foreword from the board Page 7 04 Investor Relations Page 8 05 Profit and Loss statement to June 30, 2015 Page 9 06 Balance Sheet as of June 30, 2015 Page Disclaimer / Other Information / Imprint Page 12 4

5 01 MISSION STATEMENT is a leading international organization for Demand Creation supported by a strong technical expertise, own product development capabilities and Supply Chain Services focussing on the needs of Tier 1 and Tier 2 customers in selected markets. UR's demand creation approach provides critical technology know- how to assist our customers in the design of their products and solutions. Providing services in dedicated product development and worldwide supply chain management makes our value proposition unique! 5

6 02 BOARD OF DIRECTORS Management Giovanbattista Laghezza C.E.O. & President Stefan Haas Managing Director Founder of UR Holding S.p.A. (UR Group) Successful track record in the high- tech industry for more than 30 years Over 20 years of relevant professional experience Special area of M&A and private equity with a focus on SMEs Board of Statutory Auditors Dr. Maria Cristina Ciarchi, Chairman of the Board (Studio Legale e Tributario) Dr. Massimo Giaconia, Statutory Auditor (Baker & Mc. Kenzie) Dr. Giovanni Lettieri Statutory Auditor (Studio Legale e Tributario) UR Holding S.p.A. is audited by Ernst & Young. 6

7 03 FOREWORD FROM THE BOARD Dear Shareholders, Ladies and Gentlemen, UR Holding Group was able to retain its strong market position in the first half of 2015 despite the challenging worldwide economic situation thanks to its diversification in the selected vertical markets and clear focus on Tier- 1 accounts. In fact, even if the worldwide situation still shows concerns, the Group economic results and the strength of Group s assets showed further improvements in terms of solidity with respect to the previous years. Such solidity will push the Group to pursue new opportunities in the market in order to take advantages and to further improve the Groups position in the Tier 1 accounts. Therefore, UR will continue to make additional efforts and investments to further strengthen its position in the market and to prepare the Group for the future growth. These investments in new and strong growing markets like Embedded Systems, Satellite Communication and Supply- Chain- Management will impact the results in the fiscal year 2016 and partially also in the last months of the current year. Performance: Considering the sale of the Power Conversion activities occurred in the previous year, activities which represented approx. 50% of UR Group s total revenues with a stable earnings contribution, the revenues showed a decreased by only the 12% with respect to the 1 st half of the previous year, while if we consider only the revenues of the six months of 2014 net of the Power division, the increase is by the 70%. This result shows as the Group was able to reach a very positive level of turnover despite the fact that some Companies of the Group, after the sale of the Power division, can be considered as start- up Companies. In addition, considering that the important investment made to complete the business conversion has only started giving the expected results (with some normal delays in the collection of the orders) while the related costs are already in the profit & loss, the Group achieved the important target represented by the break- even at pre- tax level. Furthermore must be taken into consideration the economic scenario which is still weak and not able to guarantee stable economic growth. At 30 June 2015, the balance sheet remains very robust, as shown by the capital structure and the financial ratios. The total assets amount to 17,71 Euro million and the Equity amounts to 9,62 Euro million, with an equity ratio of 54,3%. The Liquidity amounts to 6,64 Euro million and will support the Group in its strategy to develop new markets with an higher marginality. Giovanbattista Laghezza C.E.O. & President Stefan Haas Managing Director 7

8 04 INVESTOR RELATIONS 5- years Stock performance Master data UR Share German Securities ID: Trading exchanges: Market Segment: Number of shares: AOLBEG Frankfurt, XETRA, Berlin/Bremen, Stuttgart Open Market / Entry Standard of the Frankfurt Börse 7,386,730 Share price Share price Share price Euro 0.64 Euro 0.71 Euro Market capitalization Market capitalization Market capitalization ,91 Euro Million 4,73 Euro Million 5,24 Euro million Shareholder structure as of 30 June 2015 The shareholder structure of UR Holding continues to reflect its management s strong commitment. 52% of shares in the company are held by its active management with 30% accounted for by founding shareholders. The remaining 18% of UR shares are held in free float. Investor relations continuous capital market guidance UR Holding continued its strategy of transparent communications. Reporting and Company disclosures above all focus on the strategic orientation of the Group and the transparent presentation of corporate development. As usual, information on the UR Holding S.p.A. Group and disclosures and reports relevant to the capital markets can be found on the company s homepage at home.com. 8

9 05 PROFIT AND LOSS STATEMENT TO JUNE 30, Variance EUR 000 EUR 000 EUR 000 % Profit and loss account Revenues Revenues from sales and services 12,105 13,769 Other revenues and income Total 12,142 13,794 (1,652) (12) Production costs Raw materials, consumable and goods (8,807) (9,118) Services (1,210) (1,436) Use of property belonging third parties (263) (259) Personal costs Wages and salaries (1,194) (1,736) Social security contribution (275) (424) Severance indemnities (33) (56) Other charges related to staff (33) (6) Provision for bad debt (- ) (7) Other provision (- ) (9) Sundry operating charges (32) (52) Variation in products (340) (437) Total (12,187) (13,540) (1,356) (10) EBITDA (45) (118) Depreciation and amortization Depreciation on immaterial (6) (10) Depreciation on material (29) (37) Total (35) (47) (12) (26) EBIT (80) 207 (287) (139) Financial income and charges Income deriving from participation 0 0 Other financial income/exchange differences Interest payable and other financial charges (57) (98) Total 109 (49) 158 (322) Extraordinary income and expenses Gain deriving from transfer of assets - - Other extraordinary income 3 2 Other extraordinary expenses (33) (18) Total (10) (16) (6) (38) EBT (1) 142 (143) (100) Income Taxes (59) (62) PROFIT (LOSS) of the financial year (60) 80 (140) (175) 9

10 06 BALANCE SHEET AS OF JUNE 30, 2015 ASSETS Variance EUR 000 EUR 000 EUR 000 % Intangible assets Cost of incorporation - - Licences, trademarks, permits 7 12 Goodwill 0 1 Other intangible assets Advance payment for intangible assets - - Total Tangible assets Land and buildings - - Plant and machinery Industrial and commercial equipment - 16 Other tangible assets Total (44) (224) Financial assets Participation Receivable 1 1 Owned shares Other bonds Total (3) (1) Total fixed assets Current assets Inventories 2,626 4,031 Receivable 6,876 5,417 Other receivables 822 1,281 Total 10,324 10,729 (405) (4) Liquid Assets Bank deposits 6,638 7,387 Cash in hand 1 1 Total 6,639 7,388 (749) (10) Total current assets 16,963 18,117 (1,154) (6) Accrued income and prepayments Total assets 17,710 18,802 (1,092) (6) 10

11 BALANCE SHEET AS OF JUNE 30, 2015 LIABILITIES Variance EUR 000 EUR 000 EUR 000 % Net Equity Capital Stock 1,847 1,847 Loss brought forward 2,383 (638) Legal reserves Other reserves 5,145 4,967 Profit (Loss) of the financial year (82) 3,124 Total 9,404 9,406 (2) (0) Share capital and reserves of 3 rd parties Profit (loss) of the year of 3 rd parties Total Equity of 3 rd parties Total Shareholders equity 9,619 9, Provision for risks and charges For personnel indemnities For Taxes Other provisions Total (183) (25) Severance indemnities (75) (20) Payable L/T debts banks 2,000 0 To banks To supplier 3,481 5,403 To tax office To social security To shareholders Other payable 261 1,176 Total 7,042 8,049 (1,007) (13) Accruals and deferred income Total Liabilities 17,710 18,802 (1,092) 6 11

12 07 DISCLAIMER / OTHER INFORMATION / IMPRINT Disclaimer This report contains future- oriented statements that reflect the current management views of UR Holding S.p.A. regarding future events. Every statement in this report that reflects intentions, assumptions, expectations or predictions, as well as the assumptions, on which they are based, is such a future- oriented statement. These statements are based on plans, estimates and forecasts currently available to the management of UR Holding S.p.A.. Therefore, they only apply to the day on which they are made. By their nature, future- oriented statements are subject to risks and uncertainty factors that can result in actual developments deviating considerably from the future- oriented statements or the events implicitly expressed in them. UR Holding S.p.A. is not obligated, nor does it intend, to update such statements in view of new information or future events. Other information This document contains the consolidated financial statements for UR Holding S.p.A., reported in accordance with Italian accounting standards. This interim report has been prepared in EUR. Unless stated otherwise, all amounts are given in thousands of euro. This form of reporting may result in rounding differences. UR Holding S.p.A. Viale Edison, Trezzano s/n (MI) Italy Phone: Fax: home.com Investor Relation: Mr. Stefan Haas Managing Director E- mail: shaas@urgroup.it 12