2017 Half-yearly Report
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1 2017 Half-yearly Report
2 Ideas, research and expertly working with ingredients. Technique combined with sensitivity. We work so that professionals can see all this in our products and put them at the service of their skills to produce beauty. ALFAPARF GROUP 2017 Half-yearly Report
3 Table of contents The operating profit The business activity of the divisions Consolidated Financial Statement as of 30/06/ ALFAPARF GROUP 2017 Half-yearly Report 1
4 The operating profit In the first six months of 2017, ALFAPARF GROUP confirmed the positive trends that had characterized it in recent years. Once again, as of 30 June, the performance indicators on the overall turnover and profitability have exceeded those of the previous year. Confirmation of these trends in the second half of the year should lead to a new record result for the Group. In the first part of the year, attention was concentrated on renewing and rationalizing the product portfolio (in both Hair Care and Skin Care), diversifying the international presence and optimizing operations (on both the commercial and the productive fronts). The good operating profit has been achieved in a scenario which is not particularly favorable: the Brazilian market, strategic for ALFAPARF GROUP, is struggling to get back on track after a period of recession; the other markets of Latin America, the main geographical area for the Group, are going through a phase which is not excellent. Growth of consumption in Europe, in Italy in particular, is still limited. In 2017 the plan to increase penetration outside the historical areas of reference for the Group continued, through opening subsidiaries and commercial distribution agreements. The consolidated Financial Statement of Alfa Parf Group S.p.A., the company to which the businesses and brands of the Group have reported since the merger in 2016 with Beauty & Business Holding SpA, closed on 30 June with proceeds for euro 119 million, a growth of 3.4% compared to the first half-year of In particular, the American continent generated proceeds for euro 71.6 million against the 66.7 of 2016, showing a growth of 7.3%, while Europe, Africa, Asia and Oceania generated proceeds for euro 47.7 million against the 48.4 of 2016, a downturn of 1.4%. The four business areas have shown differing results. Hair Care recorded proceeds for euro 65.3 million, a growth of 11.4% compared to the 58.6 million of 2016 while Skin Care has totaled 16 million, a downturn of 16.2% compared to the 19.1 million of The proceeds generated by Private Label production decreased from 27.5 (2016) to 24.3 million (-11.6%) but the orders already acquired will allow offsetting the downturn in the second half of the year. Lastly, the results of Retail distribution have been very positive: 13.7 million against the 9.9 of 2016, a growth of 38.4% compared to 2016, a sign of the positive effects of the investments made in recent years to develop this new area. 2 ALFAPARF GROUP 2017 Half-yearly Report
5 The overall positive dynamic of the business has been accompanied by an attentive policy of management of production costs and commercial costs. The combination of a good business trend and optimization of the structure of costs has produced a particularly positive operating profit. As of 30 June, the EBITDA was euro 28.9 million (24.2% of proceeds), up 5.1% from the euro 27.5 million of 2016 (23.9% of proceeds). The positive business trend and the relative trend of the cash flows has allowed ALFAPARF GROUP to improve its net financial position (NFP) which, as of 30 June, stood at euro 46.4 million against the 69.9 million on 30 June 2016 (-33.6%). ALFAPARF GROUP 2017 Half-yearly Report 3
6 The business of the divisions Renewal and rationalization of the product portfolio have characterized the first halfyear in both Hair Care and Skin Care. In Hair Care the launch of innovative products for coloring must be mentioned. The ALFAPARF Milano brand has presented Revolution Neon (neon colors which light up in the dark), Revolution Pastel (soft pastel shades but with character) and two new shades of Pigments, supported by the cut and color looks for Spring/Summer. A new coloring product without ammonia and resorcinol has also been launched under the ALFAPARF Milano brand: Precious Nature Hair Color. New products in the Hair Care offer include, for care, the revision of the Precious Nature line and, for shaping, the offer of new products and services in the Keratin Therapy Lisse Design line. Lastly, the YELLOW brand has launched Chromatics, a line of direct crazy colors. ALFAPARF GROUP was one of the leading figures at Cosmoprof Worldwide Bologna, the leading international event in professional beauty, with three stands in an area of over 300 square meters which allowed showing and talking about the Hair Care brands in the best possible way. There are many new products in the Skin Care offer. DIBI Milano presented Cell Contour, the first multifunction body treatment with a detox effect, which acts on four main imperfections of the body and a new arm for beauty, rich in technologically advanced active ingredients, Beauty Dron, the innovation par excellence in the delivery of active ingredients. 4 ALFAPARF GROUP 2017 Half-yearly Report
7 Body Fit arrived at BECOS, an anti-cellulite and tonifying line of products enriched with Personal Drainer Active which imitates the action of physical aerobics, stimulating the reshaping of curves. The Snella & Soda (Slim & Firm) machine completes the programme of body beauty in the BECOS Centers: a sophisticated technology for shaping and care of the imperfections caused by cellulite thanks to infrared rays, electro-stimulation and acoustic waves. The OLOS brand presented Hydrasence, a moisturizing and remineralizing line for the face, rich in Hydranoex, a complex of natural active ingredients with recognized efficacy on all the dimensions of hydration. A new promise of complete, in-depth, modern and preventive moisturizing, suitable for every type of skin. The TEN SCIENCE brand presented a new line in body care: Body Dea, a slimming and pro-youthfulness line to regain a slender and toned body and a reshaped and younger silhouette. A global action with visible and tested results which is pleasant during treatment thanks to ultra-sensory textures. Lastly, the SOLARIUM brand presented the Invisible Protection Sun Sprays with SPF (Sun Protection Factor) 8, 15, 30 and 50. It is a spray with an immediate action, also up & down, for inverted application. The formulas are effective even on wet skin, ideal at all times and also when doing sport. ALFAPARF GROUP 2017 Half-yearly Report 5
8 6 ALFAPARF GROUP 2017 Half-yearly Report
9 Consolidated Financial Statement as of 30/06/2017 ALFAPARF GROUP 2017 Half-yearly Report 7
10 Balance Sheet Assets A) Subscribed capital, unpaid 0 0 B) Fixed assets I) Intangible fixed assets: 1) Installation and expansion costs 56,069 38,365 2) Development costs 264, ,929 3) Industrial patent rights and intellectual property rights 126,092 87,661 4) Permits, licenses, trademarks and similar rights 6,095,444 6,471,529 5) Goodwill 8,501,134 9,805,327 6) Current fixed assets and advances 174, ,028 7) Others 1,883,527 2,907,570 Total intangible fixed assets 17,100,729 19,935,409 II) Tangible fixed assets: 1) Land and buildings 6,985,742 7,703,526 2) Plant and machinery 9,603,798 10,760,250 3) Industrial and commercial equipment 614, ,306 4) Other assets 1,555,017 1,093,104 5) Current fixed assets and advances 2, ,093 Total tangible fixed assets 18,762,222 20,406,279 III) Investments: 1) Shareholdings in: a) Subsidiaries 0 0 b) Associated companies 102, ,000 d) Other Group companies 0 0 2) Receivables dbis) due from others: - collectable within the next financial year 1,191,887 1,224,255 - collectable after the next financial year 0 0 3) Other securities 0 0 Total investments 1,293,932 1,326,255 Total fixed assets (B) 37,156,883 41,667,943 8 ALFAPARF GROUP 2017 Half-yearly Report
11 Assets C) Working capital I) Inventories: 1) Raw materials, auxiliary materials and consumables 10,302,168 10,303,973 2) Work in progress, semi-finished products 1,084,470 1,083,709 3) Work in progress on order 0 0 4) Finished products and goods 23,367,685 22,732,313 5) Advances 0 84,329 Total inventories 34,754,323 34,204,324 II) Receivables: 1) Due from clients: - collectable by the next financial year 70,137,059 71,854,507 - collectable after the next financial year 0 0 3) due from subsidiaries: - collectable by next financial year collectable after next financial year 0 0 5bis) Tax credits: - collectable by next financial year 10,079,668 8,203,965 - collectable after next financial year 0 0 5ter) Advance taxes: - collectable by next financial year 10,484,563 12,838,808 - collectable after next financial year 0 0 5quater) due from others: - collectable by next financial year 13,289,304 12,573,984 - collectable after next financial year 0 0 Total receivables 103,990, ,471,264 III) Current financial assets: 4) Other shareholdings 3,467 3,467 6) Other securities 0 0 Total current financial assets 3,467 3,467 IV) Available cash: 1) Bank and Post Office deposits 17,859,193 27,963,999 2) Cheques 0 0 3) Cash and equivalents in hand 165, ,877 Total available cash 18,024,212 28,074,876 TOTAL WORKING CAPITAL (C) 156,772, ,753,931 D) Deferrals and accruals 1,064,247 2,557,889 TOTAL ASSETS (A+B+C+D) 194,993, ,979,763 ALFAPARF GROUP 2017 Half-yearly Report 9
12 Balance Sheet Liabilities A) Net equity Equity of the Group: I) Share capital 31,500,000 71,000,000 III) Revaluation reserves 579,803 0 IV) Legal reserve 1,226,544 2,256,253 VI) Other reserves, indicated distinctly: 33,825,563 (22,326,677) - Retained earnings 13,607,601 (29,080,855) - Conversion reserve (14,052,491) (13,125,887) - Extraordinary reserve 0 12,728,899 - Other reserves 34,270,453 7,151,166 VII - Reserve for hedging operations of expected financial flows (195,517) 0 VIII) Profits (Losses) carried forward 0 0 IX) Profit (Loss)of the year 8,006,929 10,017,790 Total Equity of the Group 74,943,322 60,947,366 Third parties equity: X) Third parties Capital and reserves 4,380 4,627 XI) Profit (Loss) of the year of Third parties 0 0 Total Third parties equity 4,380 4,627 Total net equity (A) 74,947,702 60,951,993 B) Provision funds: 1) for pension fund and similar obligations 207, ,732 2) for taxes, including deferred 6,804,945 7,131,586 3) financial derivative liabilities 263, ) others 2,135,355 2,170,583 Total provision funds (B) 9,411,523 9,783,901 C) Severance pay for employees 1,139,081 1,029, ALFAPARF GROUP 2017 Half-yearly Report
13 Liabilities D) Payables: 4) Due to banks: - payable by the next financial year 64,134,115 97,943,966 - payable after the next financial year 0 0 6) Advances: - payable by the next financial year 1,461, ,848 - payable after the next financial year 0 0 7) Due to suppliers: - payable by the next financial year 27,255,334 24,228,388 - payable after the next financial year ) Tax debts: - payable by the next financial year 7,119,986 6,324,419 - payable after the next financial year ) Due to social security and national insurance: - payable by the next financial year 1,671,081 1,519,523 - payable after the next financial year 14) Other payables: - payable by the next financial year 6,826,163 7,321,956 - payable after the next financial year 0 0 Total payables (D) 108,468, ,741,100 E) Deferrals and accruals 1,027,148 2,473,535 TOTAL LIABILITIES AND NET EQUITY 194,993, ,979,763 ALFAPARF GROUP 2017 Half-yearly Report 11
14 Profit and Loss Account A) Value of production 1) Proceeds from sales and services 119,309, ,122,036 2) Change in inventories of work in progress semi-finished and finished products 6,936,046 4,222,592 3) Change in work in progress on order 0 0 4) Increases in fixed assets for internal work 0 0 5) Other proceeds and earnings: - grants for current expenses other proceeds and earnings 1,761,082 2,218,982 Total value of production (A) 128,006, ,563,610 B) Costs of production 6) For raw and auxiliary materials, consumables and goods 39,198,126 33,831,336 7) For services 34,611,736 33,267,823 8) For leased assets 2,871,445 2,813,971 9) For the personnel: a) Wages and salaries 15,810,948 15,806,571 b) Social charges 3,460,146 3,212,224 c) Severance pay 589, ,561 d) Pension fund and similar e) Other costs 1,709,162 1,407,075 10) Depreciation and devaluations: a) Amortization of intangible fixed assets 2,543,117 2,453,446 b) Depreciation of tangible fixed assets 1,680,366 1,554,685 c) Other devaluations of fixed assets 9,057 9,000 d) Devaluation of working capital - bad debts provision 2,603, ,761 11) Changes in inventories of raw and auxiliary material, consumables and goods (2,595,106) (442,713) 12) Provisions for risks 2,770 10,000 13) Other provisions ) Other operating expenses 3,429,484 3,547,532 Total costs of production (B) 105,924,408 98,897,272 DIFFERENCE BETWEEN VALUE AND COSTS OF PRODUCTION (A-B) 22,082,496 22,666, ALFAPARF GROUP 2017 Half-yearly Report
15 C) Financial income and charges 16) Other financial income: d) Income other than the previous one: - other financial income 211, ,864 17) Interest and other financial charges: - other interest and financial charges 2,561,866 5,174,291 17bis) Profits (Losses) on exchange rates (6,069,664) (1,517,947) Total financial income and charges [ /-17bis] (C) (8,419,681) (6,450,374) D) Value adjustments to financial assets 18) Revaluations: d) of financial derivative instruments ) Devaluations: a) of shareholdings 0 0 c) of securities entered in the working capital which are not shareholdings 0 0 d) financial derivative instruments 0 0 Total of the value adjustments of financial assets (18-19) 0 0 RESULT BEFORE TAXES (A-B+/-C+/-D+/-E) 13,662,815 16,215,964 22) Income taxes of the year: - current taxes 5,171,055 5,729,379 - deferred and advance taxes 484, ,795 23) PROFIT (LOSS) OF THE YEAR 8,006,929 10,017,790 - of the Group 8,006,929 10,017,790 - of third parties 0 0 ALFAPARF GROUP 2017 Half-yearly Report 13
16 alfaparfgroup.com
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