Earnings Release • Jul 28, 2017
Earnings Release
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| Informazione Regolamentata n. 0097-76-2017 |
Data/Ora Ricezione 28 Luglio 2017 16:58:30 |
MTA | |
|---|---|---|---|
| Societa' | : | COFIDE | |
| Identificativo Informazione Regolamentata |
: | 92411 | |
| Nome utilizzatore | : | COFIDEN03 - Ricco | |
| Tipologia | : | 1.2 | |
| Data/Ora Ricezione | : | 28 Luglio 2017 16:58:30 | |
| Data/Ora Inizio Diffusione presunta |
: | 28 Luglio 2017 16:58:31 | |
| Oggetto | : | Cofide: in H1 revenues at € 1,392.4 mln (+5.6%), EBITDA at € 147.5 mln (+18.8%) |
|
| Testo del comunicato |
Vedi allegato.
Board of Directors approves results as of June 30 2017
Higher contribution to earnings by the subsidiary CIR (€ 14.9 million), lower contribution of the parent company of the group COFIDE S.p.A.
| (in millions of €) | |||
|---|---|---|---|
| 1H 2016 | 1H 2017 | Δ% | |
| Revenues | 1,319.1 | 1,392.4 | +5.6% |
| EBITDA | 124.2 | 147.5 | +18.8% |
| Net result | 17.5 | 14.6 | |
| 30/6 | 30/6 | ||
| Net debt (end of period) | 244.8 | 192.5 |
Milan, July 28 2017 - The Board of Directors of COFIDE-Gruppo De Benedetti S.p.A., which met today in Milan under the chairmanship of Rodolfo De Benedetti, approved the Semi-Annual Financial Report as of June 30 2017.
COFIDE is the controlling shareholder of CIR-Compagnie Industriali Riunite S.p.A., the company at the head of an industrial group active mainly in the media sector (GEDI Gruppo Editoriale), automotive components (Sogefi) and healthcare (KOS). The COFIDE group also has financial investments in Jargonnant, the private equity fund specializing in real estate assets in Germany and Eastern Europe, and in Three Hills Decalia, the investment fund that supports the growth of small and medium European enterprises.
The revenues of the COFIDE group in the first half of 2017 totalled € 1,392.4 million, up by 5.6% from € 1,319.1 million in the same period of 2016. The increase reflects the performance of the revenues of the CIR group, driven mainly by the significant growth of Sogefi.
EBITDA came to € 147.5 million (10.6% of revenues), up by 18.8% from € 124.2 million (9.4% of revenues) in the first half of 2016. The figure benefited from the higher EBITDA of the CIR group.
In first half of 2017 the COFIDE group obtained net income of € 14.6 million, down from € 17.5 million in the same period of the previous year. This result consisted of a positive contribution of € 14.9 million from the subsidiary CIR, up from € 14.1 million in the first half of 2016, and the contribution substantially equal to zero of the parent company COFIDE S.p.A. (- € 0.3 million versus € 3.4 million in 2016).
The contribution of the parent company COFIDE S.p.A to consolidated earnings consists of the result obtained by the company in the period, a positive € 13.5 million, minus the dividends received from the subsidiary CIR S.p.A. (€ 13.8 million). In the first half of 2016 the net income of COFIDE S.p.A. had been € 19.4 million as an effect of higher financial income.
In the first half of 2017 the CIR group reported net income of € 27.1 million, up from € 25.9 million in the first half of 2016.
The consolidated net debt of the COFIDE group totalled € 192.5 million at June 30 2017 compared to € 166.9 million at December 31 2016 and € 244.8 million at June 30 2016.
The net financial debt of the parent company COFIDE S.p.A. came to € 29.5 million at June 30 2017 (€ 23.3 million at December 31 2016 and € 26.6 million at June 30 2016). The change in the first half was due to the increase resulting from the buyback of own shares for € 7.3 million and from net investment in private equity funds for € 1.8 million offset by the receipt of dividends, net of those paid out, for € 3.9 million.
Total consolidated equity stood at € 1,579.2 million at June 30 2017, up from € 1,506.9 million at December 31 2016.
The consolidated equity of the group amounted to € 539.1 million at June 30 2017 versus € 563.4 million at December 31 2016. The change was essentially due to the dilution resulting from the merger of the ITEDI Group into GEDI, the distribution of dividends and the buyback of own shares. These effects were partly offset by the results for the period.
The value of the investment in the Jargonnant fund was € 4.7 million at June 30 2017 compared to € 6.3 million at the end of 2016 after the distributions that took place in the first half of the year. The COFIDE group also has an investment in the Three Hills Decalia fund, specializing in small and medium enterprises in Europe: the value of the investment at June 30 2017 was € 6.6 million (€ 5.6 million at the end of 2016).
At June 30 2017 the COFIDE group had 14,613 employees (14,329 at December 31 2016).
Regarding the performance of the COFIDE group for the whole year 2017, a positive result should be confirmed unless there are any extraordinary events that cannot for the moment be foreseen.
***
For further information on the results of the subsidiary CIR, see the press release published by the company today (goo.gl/ywTYFZ).
***
The executive responsible for the preparation of the company's financial statements, Giuseppe Gianoglio, hereby declares, in compliance with the terms of paragraph 2 Article 154 bis of the Finance Consolidation Act (TUF), that the figures contained in this press release correspond to the results documented in the company's accounts and general ledger.
***
Contacts: CIR Group Communication Department Salvatore Ricco Mariella Speciale Tel.: +39 02 722701 e-mail: [email protected] www.cofide.it
Below the meaning and content are given of the "alternative performance indicators", not envisaged by IFRS accounting standards but used in this press release to provide a better evaluation of the economic and financial performance of the COFIDE group.
Attached are key figures from the consolidated statement of financial position and income statement.
(in thousands of euro)
| NON-CURRENT ASSETS 2,187,981 2,070,459 INTANGIBLE ASSETS 1,108,989 988,003 TANGIBLE ASSETS 682,224 671,159 INVESTMENT PROPERTY 19,767 20,144 INVESTMENTS IN COMPANIES CONSOLIDATED AT EQUITY 125,041 129,987 OTHER EQUITY INVESTMENTS 6,547 5,323 OTHER RECEIVABLES 78,465 79,099 of which with related parties 1,644 1,644 SECURITIES 78,569 85,009 DEFERRED TAXES 88,379 91,735 CURRENT ASSETS 1,376,325 1,349,077 INVENTORIES 145,052 137,406 CONTRACTED WORK IN PROGRESS 43,034 40,947 TRADE RECEIVABLES 462,697 414,246 of which with related parties 1,168 1,542 OTHER RECEIVABLES 108,587 92,863 of which with related parties 105 105 FINANCIAL RECEIVABLES 19,211 30,183 SECURITIES 64,834 66,157 AVAILABLE-FOR-SALE FINANCIAL ASSETS 232,571 234,012 CASH AND CASH EQUIVALENTS 300,339 333,263 ASSETS HELD FOR DISPOSAL 3,418 3,418 TOTAL ASSETS 3,567,724 3,422,954 30.06.2017 31.12.2016 LIABILITIES AND EQUITY EQUITY 1,579,196 1,506,896 ISSUED CAPITAL 359,605 359,605 less OWN SHARES (6,170) -- SHARE CAPITAL 353,435 359,605 RESERVES 73,227 95,041 RETAINED EARNINGS (LOSSES) 97,759 87,519 NET INCOME (LOSS) FOR THE YEAR 14,629 21,249 EQUITY OF THE GROUP 539,050 563,414 MINORITY SHAREHOLDERS' EQUITY 1,040,146 943,482 NON-CURRENT LIABILITIES 1,029,660 975,300 BONDS 266,201 283,742 OTHER BORROWINGS 345,013 311,815 OTHER PAYABLES 15,391 15,175 DEFERRED TAXES 180,744 149,833 PERSONNEL PROVISIONS 140,186 131,058 PROVISIONS FOR RISKS AND LOSSES 82,125 83,677 CURRENT LIABILITIES 958,868 940,758 BANK OVERDRAFTS 18,273 12,771 BONDS 19,979 20,980 OTHER BORROWINGS 159,980 201,179 TRADE PAYABLES 455,579 433,354 of which with related parties 1,208 2,189 OTHER PAYABLES 215,694 199,697 PROVISIONS FOR RISKS AND LOSSES 89,363 72,777 LIABILITIES HELD FOR DISPOSAL -- -- |
ASSETS | 30.06.2017 | 31.12.2016 |
|---|---|---|---|
| TOTAL LIABILITIES AND EQUITY | 3,567,724 | 3,422,954 |
(in thousands of euro)
| 1st Half 2017 |
1st Half 2016 |
|||
|---|---|---|---|---|
| SALES REVENUES | 1,392,360 | 1,319,146 | ||
| of which from related parties | -- | -- | ||
| CHANGE IN INVENTORIES | 2,487 | 1,325 | ||
| COSTS FOR THE PURCHASE OF GOODS | (536,702) | (498,046) | ||
| of which from related parties | -- | -- | ||
| COSTS FOR SERVICES | (326,481) | (307,988) | ||
| of which from related parties | (1,168) | (2,703) | ||
| PERSONNEL COSTS | (362,817) | (363,987) | ||
| OTHER OPERATING INCOME | 13,157 | 11,980 | ||
| of which from related parties | 945 | 834 | ||
| OTHER OPERATING COSTS | (34,461) | (38,190) | ||
| of which with related parties | -- | -- | ||
| AMORTIZATION, DEPRECIATION AND WRITEDOWNS | (65,186) | (58,776) | ||
| INCOME BEFORE FINANCIAL ITEMS | ||||
| AND TAXES ( E B I T ) | 82,357 | 65,464 | ||
| FINANCIAL INCOME | 5,253 | 5,935 | ||
| of which from related parties | 1 | 19 | ||
| FINANCIAL EXPENSE | (26,657) | (31,018) | ||
| of which with related parties | -- | -- | ||
| DIVIDENDS | 40 | 7,953 | ||
| of which with related parties | -- | -- | ||
| GAINS FROM TRADING SECURITIES | 9,104 | 10,053 | ||
| LOSSES FROM TRADING SECURITIES | (33) | (538) | ||
| ADJUSTMENTS TO THE VALUE OF INVESTMENTS | ||||
| CONSOLIDATED AT EQUITY | (664) | 2,186 | ||
| ADJUSTMENTS TO THE VALUE OF FINANCIAL ASSETS | 1,316 | 1,433 | ||
| NET INCOME(LOSS) BEFORE TAXES | 70,716 | 61,468 | ||
| INCOME TAXES | (24,723) | (17,202) | ||
| RESULT BEFORE TAXES FROM OPERATING ACTIVITY | 45,993 | 44,266 | ||
| NET INCOME (LOSS) FROM ASSETS HELD FOR DISPOSAL | 1,000 | 1,000 | ||
| NET INCOME (LOSS) FOR PERIOD INCLUDING MINORITY INTERESTS | 46,993 | 45,266 | ||
| - LOSS (INCOME) OF MINORITY SHAREHOLDERS | (32,364) | (27,723) | ||
| - NET INCOME (LOSS) OF THE GROUP | 14,629 | 17,543 | ||
| BASIC EARNINGS (LOSS) PER SHARE (in euro) | 0.0205 | 0.0244 | ||
| DILUTED EARNINGS (LOSS) PER SHARE (in euro) | 0.0205 | 0.0244 |
(in thousands of euro)
| 1st Half 2017 |
1st Half 2016 |
|
|---|---|---|
| OPERATING ACTIVITY | ||
| NET INCOME/(LOSS) FOR THE PERIOD INCLUDING MINORITY INTERESTS CONTINUING | ||
| OPERATIONS | 45,993 | 44,266 |
| ADJUSTMENTS: | ||
| AMORTIZATION, DEPRECIATION AND WRITEDOWNS | 65,186 | 58,776 |
| SHARE OF THE RESULT OF COMPANIES CONSOLIDATED AT EQUITY | 4,946 | (2,186) |
| ACTUARIAL VALUATION OF STOCK OPTION/STOCK GRANT PLANS | 1,792 | 2,405 |
| CHANGE IN PERSONNEL PROVISIONS/PROVISIONS FOR RISKS AND LOSSES | (5,302) | (13,201) |
| ADJUSTMENTS TO THE VALUE OF FINANCIAL ASSETS | (1,316) | (1,433) |
| LOSSES (GAINS) ON SALE OF FIXED ASSET SECURITIES | (6,028) | (4,720) |
| INCREASE (REDUCTION) IN NON-CURRENT RECEIVABLES AND PAYABLES | 10,786 | 10,804 |
| (INCREASE) REDUCTION IN NET WORKING CAPITAL | (37,357) | (13,199) |
| CASH FLOW FROM OPERATING ACTIVITY CONTINUING OPERATIONS | 78,700 | 81,512 |
| of which: | ||
| - interest received (paid) | (16,897) | (19,922) |
| - income tax payments | (12,601) | (3,740) |
| INVESTMENT ACTIVITY | ||
| CONSIDERATION FOR BUSINESS COMBINATIONS | (3,761) | (100) |
| NET FINANCIAL POSITION OF ACQUIRED COMPANIES | 9,053 | -- |
| PURCHASE OF MINORITY SHAREHOLDINGS | -- | (84,457) |
| (PURCHASE) SALE OF SECURITIES | 4,195 | 74,438 |
| PURCHASE OF FIXED ASSETS | (47,538) | (26,154) |
| CASH FLOW FROM INVESTMENT ACTIVITY CONTINUING OPERATIONS | (38,051) | (36,273) |
| FINANCING ACTIVITY | ||
| INFLOWS FROM CAPITAL INCREASES | 973 | 10,696 |
| OTHER CHANGES IN EQUITY | (2,201) | (11,429) |
| DRAWDOWN/(EXTINGUISHMENT) OF OTHER FINANCIAL PAYABLES/RECEIVABLES | (32,334) | (31,526) |
| BUYBACK OF OWN SHARES | (16,751) | (17,164) |
| DIVIDENDS PAID | (29,762) | (41,673) |
| CASH FLOW FROM FINANCING ACTIVITY CONTINUING OPERATIONS | (80,075) | (91,096) |
| INCREASE (REDUCTION) IN NET CASH AND CASH EQUIVALENTS CONTINUING | ||
| OPERATIONS | (39,426) | (45,857) |
| CASH FLOW/NET CASH AND CASH EQUIVALENTS AT START OF PERIOD DISCONTINUED | ||
| OPERATIONS | 1,000 | 1,000 |
| NET CASH AND CASH EQUIVALENTS AT START OF PERIOD | 320,492 | 293,126 |
| NET CASH AND CASH EQUIVALENTS AT END OF PERIOD | 282,066 | 248,269 |
| Attributable to the Shareholders of the parent company | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Issued | less own | Share | Reserves | Retained | Net income | Total | Minority | Total | |
| (in thousands of euro) | capital | shares | capital | earnings (losses) |
(losses) for the year |
interests | |||
| BALANCE AT DECEMBER 31 2015 | 359,605 | -- | 359,605 | 110,571 | 78,901 | 18,687 | 567,764 | 1,005,314 | 1,573,078 |
| Capital increases | -- | -- | -- | -- | -- | -- | -- | 11,487 | 11,487 |
| Dividends to Shareholders | -- | -- | -- | -- | (10,069) | (10,069) | (34,604) | (44,673) | |
| Retained earnings | -- | -- | -- | -- | 18,687 | (18,687) | -- | -- | -- |
| Effects of equity changes in subsidiaries | -- | -- | -- | (12,258) | -- | (12,258) | (73,323) | (85,581) | |
| Comprehensive result for the year | |||||||||
| Fair value measurement of hedging instruments | -- | -- | -- | 486 | -- | -- | 486 | 1,091 | 1,577 |
| Fair value measurement of securities | -- | -- | -- | (274) | -- | -- | (274) | 2,351 | 2,077 |
| Securities fair value reserve released to income statement | -- | -- | -- | (314) | -- | -- | (314) | (260) | (574) |
| Effects of equity changes in subsidiaries | -- | -- | 92 | -- | -- | 92 | 188 | 280 | |
| Currency translation differences | -- | -- | -- | 751 | -- | -- | 751 | 852 | 1,603 |
| Actuarial gains (losses) | -- | -- | -- | (4,013) | -- | -- | (4,013) | (8,853) | (12,866) |
| Result for the year | -- | -- | -- | -- | -- | 21,249 | 21,249 | 39,239 | 60,488 |
| Total comprehensive result for the year | -- | -- | -- | (3,272) | -- | 21,249 | 17,977 | 34,608 | 52,585 |
| BALANCE AT DECEMBER 31 2016 | 359,605 | -- | 359,605 | 95,041 | 87,519 | 21,249 | 563,414 | 943,482 | 1,506,896 |
| Capital increases | -- | -- | -- | -- | -- | -- | -- | 84,625 | 84,625 |
| Dividends to Shareholders | -- | -- | -- | -- | -- | (10,069) | (10,069) | (19,693) | (29,762) |
| Retained earnings | -- | -- | -- | 940 | 10,240 | (11,180) | -- | -- | -- |
| Adjustment for own share transactions | -- | (6,170) | (6,170) | (1,179) | -- | -- | (7,349) | -- | (7,349) |
| Effects of equity changes in subsidiaries | -- | -- | -- | (15,382) | -- | -- | (15,382) | 7,232 | (8,150) |
| Comprehensive result for the year | |||||||||
| Fair value measurement of hedging instruments | -- | -- | -- | 620 | -- | -- | 620 | 1,355 | 1,975 |
| Fair value measurement of securities | -- | -- | -- | (2,032) | -- | -- | (2,032) | (1,202) | (3,234) |
| Securities fair value reserve released to income statement | -- | -- | -- | (439) | -- | -- | (439) | (358) | (797) |
| Effects of equity changes in subsidiaries | -- | -- | -- | (94) | -- | -- | (94) | (331) | (425) |
| Currency translation differences | -- | -- | -- | (4,987) | -- | -- | (4,987) | (8,950) | (13,937) |
| Actuarial gains (losses) | -- | -- | -- | 739 | -- | -- | 739 | 1,622 | 2,361 |
| Result for the year | -- | -- | -- | -- | -- | 14,629 | 14,629 | 32,364 | 46,993 |
| Total comprehensive result for the year | -- | -- | -- | (6,193) | -- | 14,629 | 8,436 | 24,500 | 32,936 |
| BALANCE AT JUNE 30 2017 | 359,605 | (6,170) | 353,435 | 73,227 | 97,759 | 14,629 | 539,050 | 1,040,146 | 1,579,196 |
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