B&C Speakers

Earnings Release • Nov 13, 2015

Informazione Regolamentata n. 0931-31-2015		Data/Ora Ricezione 13 Novembre 2015 12:33:37	MTA - Star
Societa'	:	B&C SPEAKERS
Identificativo Informazione Regolamentata	:	65696
Nome utilizzatore	:	BCSPEAKERSN01 - Pratesi
Tipologia	:	IRAG 03
Data/Ora Ricezione	:	13 Novembre 2015 12:33:37
Data/Ora Inizio Diffusione presunta	:	13 Novembre 2015 12:48:38
Oggetto	:	B&C Speakers financial report at September 30th 2015
Testo del comunicato

Vedi allegato.

PRESS RELEASE

B&C Speakers S.p.A.

The Board of Directors approves the Interim Report on Operations at 30 September 2015

• Consolidated revenues of Euro 27.20 million (+13% compared with million for the corresponding period in 2014) Euro 24.07
• Consolidated EBITDA of Euro 6.46 million (+15.7% compared with Euro 5.58 million for the corresponding period in 2014)
• Group net profit equal to Euro 3.52 million (+6.4% compared with Euro 3.28 million for the corresponding period of 2014); on
• Group net financial position of Euro 0.8 million (a positive Euro 2.0 million at year-end 2014)
• The Parent Company's order book was Euro 7.7 million at the end of quarter period (at 30 September 2014 it was Euro 9.4 million). third

Bagno a Ripoli (Fi), 13 November 2015 S.p.A., one of the foremost international players in the design, manufacture, distribution and marketing of profession approved the Interim Report on Operations of the group for the 2015, prepared in accordance with IFRS international accounting standards. – The Board of Directors of professional electro-acoustic transducers (loudspeakers), first nine months of B&C Speakers acoustic 27.20

Consolidated Revenues

Consolidated revenues in the first nine months of 2015 amounted to Euro 27. million, and grew strongly, by +13%, compared to the same period of 2014 when they amounted to Euro 24.07 million.

The turnover achieved in the period considered represents a new record level in the company's history and testifies the continuation of the growth trend already noted in the first half of the year.

During the period the Group increased its presence on the Asian market (+61% with sales of 7.2 million euro) and achieved an excellent perform American market (+5% with sales of 2 million euro) and the North American market (+5% with sales of 4.2 million euro). Also on the Italian market the results achieved were up compared with the first nine months of 2014 (+8% with sales of euro). Revenues earned on the European market (still the most important market for ompany's performance on the South ance 2.6 million

the Group) were broadly in line with those achieved in the first nine months of the previous year (-1% on sales of 10.8 million euro). 1%

As at 30 September 2015, million, while at the end of the third quarter of 2014 the figure was Euro 9.4 million. The decrease of the order backlog is mainly due to the significant volume of sales made during the period which br the parent company's order book amounted to Euro 7.7 brought delivery times to the customer more into line.

Cost of Sales

This category includes raw materials (purchasing, processing by third parties and changes in inventories), the cost of personnel directly involved in the production process, transport costs and the costs for commissions payable, customs duties and other direct costs of lesser importance. ought to revenues

During the first nine months of 2015 The proportion of the increased slightly compared to the same period of 2014, rising fro This change was due essentially to (i) a slight increase in the costs of purchases of components made in the dollar area and (ii) direct labour costs which increased slightly more than the growth in revenues. The other components of sel (transport costs, commissions, transportation and other costs) have substantially maintained the same proportion of revenues. cost of sales from 57.36% to 58.42%. m selling costs

Indirect personnel

This category refers to costs for staff, executives and workers not directly associated with the production process.

Over the first nine months of 2015 indirect personnel costs increased broadly in line with the increase in turnover, slightly increasing their proportion of revenues (5% in the first nine months of 2015 against 4.7% in the same period la oduction last year).

Commercial expenses

This category refers to costs for commercial consultancy, advertising and marketing, travel and subsistence and other minor charges relating to the commercial sector. Commercial expenses showed no significant changes compared months of the previous year. Therefore their proportion of revenues decreased slightly, from 3.1% in the first nine months of 2014 to 2.7% in the first nine months of 2015. to the first nine st r y

Administrative and General

This category refers to the costs fo directly linked to the production process, purchases of goods not directly associated with the production process, remuneration for directors, professionals, consultants and supervisory bodies, propert importance. for maintenance and utilities, provision of services not property rent, hire costs and other indirect costs of lesser

General and administrative costs showed no significant changes compared to the first nine months of the previous year. Therefore their proportion of revenues positively

decreased from 11.9% in the months of 2015. first nine months of 2014 to 10.4% in the first nine

EBITDA and EBITDA margin

As a result of the trends illustrated above, EBITDA of the first nine months of 2015 amounted to 6.46 million euro, with a decrease of 15.73% compared wit period of 2014 (in which EBITDA amounted to 5.58 million euro). The EBITDA margin for the first nine months of 2015 was then equal to 23.76% of % with the same

revenues, and represented 23.20% thereof during the same period in 2014; this increase is mainly due to higher manufacturing volumes.

EBIT and EBIT margin

EBIT at 30 September 2015 amounted to 5.87 million euro, an increase of 19.21% compared with the same period of 2014 (when the figure was 4.92 million euro). The EBIT margin was 21.57% of revenues (20.44% in the same period of 2014).

Group Net Result and Net Financial Position

The Group's net profit at the end of the first three quarters of 2015 amounted to Euro 3.52 million and represents 13% of consolidated revenues (also up, by 7.4%, compared with the Euro 3.28 million of the corresponding period of 2014).

The Group's financial stability remains very strong, coming out, even after the investments in working capital made to support the growth of production, at (a negative) Euro 0.8 million.

The Group's reclassified Income Statement for the first nine months of 2015 is shown in the table below

Analisi andamenti economici del Gruppo
(valori in migliaia di Euro)	9 mesi 2015	incidenza sui ricavi	9 mesi 2014	incidenza sui ricavi
Ricavi	27.200	100,00%	24.074	100,00%
Costo del venduto	(15.890)	-58,42%	(13.808)	-57,36%
Utile lordo	11.310	41,58%	10.266	42,64%
Altri ricavi	85	0,31%	68	0,28%
Personale indiretto Spese commerciali	(1.361) (733)	-5,00% -2,70%	(1.144) (728)	-4,75% -3,03%
Generali ed amministrativi	(2.838)	-10,43%	(2.878)	-11,95%
Ebitda	6.463	23,76%	5.584	23,20%
Ammortamento delle immobilizzazioni materiali	(543)	-2,00%	(550)	-2,28%
Ammortamento delle immobilizzazioni immateriali	(53)	-0,19%	(83)	-0,34%
Accantonamenti	0	0,00%	(30)	-0,12%
Risultato prima delle imposte e degli oneri/proventi finanziari (Ebit)	5.867	21,57%	4.921	20,44%
Oneri finanziari	(599)	-2,20%	(205)	-0,85%
Proventi finanziari	340	1,25%	288	1,19%
Risultato prima delle imposte (Ebt)	5.608	20,62%	5.004	20,78%
Imposte sul reddito	(2.083)	-7,66%	(1.723)	-7,16%
Risultato netto del Gruppo e dei terzi	3.524	12,96%	3.280	13,63%
Risultato netto di competenza di terzi	0	0,00%	0	0,00%
Risultato netto di competenza del Gruppo	3.524	12,96%	3.280	13,63%
Altre componenti di conto economico	(17)	-0,06%	(96)	-0,40%
Risultato complessivo del periodo	3.508	12,90%	3.184	13,23%
September 2015, the statement of comprehensive income shows a different classification of costs together with the identification of intermediate results in terms of EBITDA, EBIT, EBT and net profit. This approach was adopted with the double aim of f (i) aligning the periodic financial disclosure with management reporting used internally by management for decision decision-making and control purposes and (ii) improving the making readability and effectiveness of information in annual and interim reporting towards ability third parties. The statement of comprehensive income for the first nine months of 2014 was consequently also reclassified to allow a uniform comparison of magnitudes and economic results. It should be noted that, following the reclassification of costs by mic destination, EBITDA and EBIT restated in the first nine months of 2014 increased by 23 thousand euro, related to bank charge costs classified in financial charges rather than General and administrative costs.
Significant events during the first nine months of 2015 During the first nine months of 2015, the following significant events what already communicated, communicated, occurred:			events, in addition to
- The collection of new orders was aga in	again good and growing compared with the same

Significant events during the first nine months of 2015

• The collection of new orders was aga period of 2014. Orders received by the parent company B&C Speakers S.p.A. during the first nine months of 2015 amounted to Euro 26.7 million (Euro 25.49 million in the again good and growing compared with the same

first nine months of 2014). The Group managem recovery in order flows is an important indicator of future growth and stability; - The bullet loan of 5.0 million at 12 months granted by Banca Intesa converted into a 4-year loan at fixed rate, with repayment by difference was covered by the company's liquidity. management believes that the increasing year monthly instalments; the ent – CRF was

Significant events occurring after 30 September 2015

After the end of the third quarter of 2015 and up to the date of preparation of the Consolidated Interim Report, a significant flow of orders was company. The cash flow was considerable in the period and this made it possible to have, already at the end of October, a positive net financial position. received by the parent

Outlook for the entire year 2015

As regards developments in the entire year Company believes that, given the dynamic demand and the production capacity, it is possible to foresee a yearthe previous one. 2015, the management of the Parent -end with revenue volumes significantly up compared with

The Brazilian subsidiary achieved res country's continually deteriorating political and economic situation. The Group's management is committed to careful monitoring of both the general economic situation of Brazil and the specific situation of the sub time signs of impairment. results well below expectations owing to the subsidiary so as to identify in good

The Financial Reporting Manager of B&C Speakers S.p.A., Francesco Spapperi, hereby certifies, pursuant to Art. 154 58/1998, that the accounting with company's accounting documents, books and records. 154-bis, paragraph 2 of Italian Legislative Decree No. disclosures presented in this press release are consistent

In accordance with the Regulation approved with CONSOB Resolution 11971/1999, as subsequently amended, we can note that Consolidated Interim Financial Report at 30 June 2015, is available to anyone who requests it at the company's Registered Office and at the "BIT MARKET di Borsa Italiana S.p.A." storage site. The said documentation can also be consulted on the company's website http://www.bcspeakers.com/investors/it/dati section. http://www.bcspeakers.com/investors/it/dati-finanziari/ in the Investor Center end ults sidiary n acoustic only

B&C Speakers S.p.A.

B&C Speakers S.p.A. is an international leader in the design, production, distribution and marketing of professional electro acoustic speakers for music, comm to professional audio system manufacturers (OEM). With 120 employees and approximately 10% of staff assigned to its Research and Development Department, electro-acoustic transducers (the main components in commonly referred to as loudspeakers), supplied mainly

B&C Speakers carries out all design, production, mar headquarters in Florence. Most of its products are developed according to its key customers' specifications. B&C Speakers also operates in the US and Brazil through two subsidiaries carrying out commercial activities. marketing and control activities at its keting

B&C Speakers S.p.A. Simone Pratesi (Investor Relator), Tel.: +39 055/65721 Email: spratesi@bcspeakers.com

Consolidated Statement of Financial Position at 30 September 2015

SITUAZIONE PATRIMONIALE-FINANZIARIA CONSOLIDATA (Valori in Euro)	30 settembre 2015	31 dicembre 2014
ATTIVO
Attivo immobilizzato
Immobilizzazioni materiali	3.164.698	3.402.208
Differenza di Consolidamento	1.393.789	1.393.789
Altre immobilizzazioni immateriali	99.208	136.249
Imposte differite attive	272.551	325.052
Altre attività non correnti	152.577	219.334
di cui verso correlate	88.950 88.950	88.950
Altri cred immob. Oltre esercizio (polizza TFM)	303.405	254.012
Totale attività non correnti	5.386.228	5.730.644
Attivo corrente
Rimanenze	10.061.966	8.018.696
Crediti commerciali	8.044.311	6.828.276
Crediti tributari	573.210	1.069.532
Altre attività correnti	4.212.890	5.265.368
Disponibilità liquide e mezzi equivalenti	451.607	4.082.370
Totale attività correnti	23.343.984	25.264.242
Totale attività	28.730.212	30.994.886
	30 settembre 2015	31 dicembre 2014
PASSIVO
Capitale e Riserve
Capitale sociale	1.074.850	1.086.030
Altre riserve	3.541.839	4.201.715
Utili/(Perdite) a nuovo	8.866.109	7.926.561
Riserva di fair value	(159.596)	(136.836)
Risultato complessivo del periodo	3.507.579	4.355.103
Totale Patrimonio netto del Gruppo	16.830.781	17.432.573
Patrimonio netto di terzi	-	-
Totale Patrimonio netto	16.830.781	17.432.573
Passività non correnti
Indebitamento finanziario a medio-lungo termine	3.211.004	358.331
Fondi relativi al personale e assimilati	647.843	641.535
Accantonamento per oneri, quota a medio-lungo termine	82.596 82.596	82.596
Passività fiscali differite	43.533	43.533
Totale passività non correnti	3.984.976	1.125.995
Passività correnti
Indebitamento finanziario a breve termine	2.050.648	6.686.669
Debiti commerciali	3.269.345	4.391.910
di cui verso parti Correlate	8.707 8.707	13.896
Debiti tributari	1.583.348	548.453
Altre passività correnti	1.011.114	809.286
Totale passività correnti	7.914.455	12.436.318
Totale passività	28.730.212	30.994.886

Consolidated Statement of Comprehensive Income for the first nine months of 2015

CONTO ECONOMICO COMPLESSIVO CONSOLIDATO (Valori in Euro)	III Q 2015 YTD	III Q 2014 YTD
Ricavi	27.199.582	24.073.814
Costo del venduto	(15.889.915)	(13.807.548)
Utile lordo	11.309.667	10.266.266
Altri ricavi	84.970	68.292
Personale indiretto	(1.361.332)	(1.144.283)
Spese commerciali	(733.210)	(728.364)
Generali ed amministrativi	(2.837.585)	(2.877.756)
di cui verso parti Correlate	694.938	691.616
Ebitda	6.462.511	5.584.155
Ammortamento delle immobilizzazioni materiali	(542.971)	(550.032)
Ammortamento delle immobilizzazioni immateriali	(52.987)	(82.756)
Accantonamenti	-	(30.000)
Risultato prima delle imposte e degli oneri/proventi finanziari (Ebit)	5.866.553	4.921.367
Oneri finanziari	(599.045)	(205.322)
Proventi finanziari	340.231	287.655
Risultato prima delle imposte (Ebt)	5.607.740	5.003.701
Imposte sul reddito	(2.083.449)	(1.723.354)
Risultato netto del periodo (A)	3.524.291	3.280.348
Altri utili/(perdite) complessive che non saranno successivamente riclassificati a conto economico:
Effetto conversione bilanci in valuta estera	(26.262)	(75.162)
Effetto actuarial gain/(losses) su TFR al netto del relativo effetto fiscale	9.550	(20.841)
Totale altri utili/(perdite) complessive (B)	(16.712)	(96.004)
Totale risultato complessivo del periodo (A+B)	3.507.579	3.184.344
Risultato netto del periodo attribuibile a:
Soci della Controllante	3.524.291	3.280.348
Interessenze di pertinenza di terzi	-	-
Risultato complessivo del periodo attribuibile a:
Soci della Controllante	3.507.579	3.184.344
Interessenze di pertinenza di terzi	-	-

Fine Comunicato n.0931-31	Numero di Pagine: 11
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