Earnings Release • Jul 27, 2015
Earnings Release
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| Informazione Regolamentata n. 0097-21-2015 |
Data/Ora Ricezione 27 Luglio 2015 17:05:28 |
MTA | |
|---|---|---|---|
| Societa' | : | COFIDE | |
| Identificativo Informazione Regolamentata |
: | 61277 | |
| Nome utilizzatore | : | COFIDEN03 - Ricco | |
| Tipologia | : | IRAG 02 | |
| Data/Ora Ricezione | : | 27 Luglio 2015 17:05:28 | |
| Data/Ora Inizio Diffusione presunta |
: | 27 Luglio 2015 17:20:29 | |
| Oggetto | : | 20.3 mln (€ 0.6 mln in 2014) | Cofide group: net income for first half at € |
| Testo del comunicato |
Vedi allegato.
Board of Directors approves results as of June 30 2015
| (in millions of €) | |||
|---|---|---|---|
| H1 2014* | H1 2015 | Δ% | |
| Revenues | 1,203.2 | 1,290.7 | 7.3 |
| EBITDA | 104 | 119.7 | 15.1 |
| Net income | 0.6 | 20.3 |
*Economic results at June 30 2014 reclassified in application of IFRS 5
Milan, July 27 2015 - The Board of Directors of COFIDE-Gruppo De Benedetti S.p.A., which met today in Milan under the chairmanship of Rodolfo De Benedetti, has approved the Interim Financial Report of the Group as of June 30 2015.
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 sectors of media, auto components, healthcare. The COFIDE group also has investments in Jargonnant, the private equity fund specializing in real estate assets in Germany and Eastern Europe.
The revenues for the first half of 2015 of the COFIDE group came in at € 1,290.7 million and were up by 7.3% from € 1,203.2 million in the same period of 2014.
EBITDA came to € 119.7 million (9.3% of revenues) and was up by 15.1% compared to € 104 million (8.6% of revenues) in the first half of 2014. EBIT was € 68.4 million (5.3% of revenues), up by 21.7% from € 56.2 million (4.7% of revenues) in 2014. The consolidated margins of COFIDE benefited from the higher profitability of the CIR group.
In the first half of the year the COFIDE group reported net income of € 20.3 million versus € 0.6 million in the same period of 2014. This result was due mainly to the higher contribution of its subsidiary CIR (€ 18.6 million in the first half, up from € 2.6 million in 2014) but also partly to the return to profit of the parent company COFIDE S.p.A. (€ 1.7 million compared to a loss of € 2 million in 2014) thanks to the improvement in financial management.
In the first half of 2015 the net result of the CIR group was a positive € 36.4 million, up from € 5.3 million in the first half of 2014.
The net debt of the parent company COFIDE S.p.A. stood at € 25.1 million at June 30 2015 (€ 32.8 million at December 31 2014).
The consolidated net financial debt of the COFIDE group amounted to € 234.6 million at June 30 2015 compared to € 145.6 million at December 31 2014; the change was due to the increase in the net financial debt of CIR.
Total consolidated equity stood at € 1,598.8 million at June 30 2015, versus € 1,558.5 million at December 31 2014. The consolidated equity of the group rose from € 528.4 million at December 31 2014 to € 560.4 million euro at June 30 2015. The equity of the parent company COFIDE S.p.A. came to € 560.8 million at June 30 2015 (€ 559.1 million at December 31 2014).
As far as the interest in the fund Jargonnant is concerned, the value of the investment at June 30 2015 was € 13.1 million.
The performance of the COFIDE group in the second half of the year will be affected by the evolution of the Italian economic environment, the impact of which is significant particularly for the media sector, and by the performance of the main world car markets for the automotive components sector.
For the whole year, the group should obtain a positive net result after the loss in 2014, unless there are any events of an extraordinary nature that cannot be foreseen at present.
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.
| ASSETS | 30.06.2015 | 31.12.2014 |
|---|---|---|
| NON-CURRENT ASSETS | 2,169,765 | 2,090,919 |
| INTANGIBLE ASSETS | 1,039,199 | 977,733 |
| TANGIBLE ASSETS | 660,531 | 622,695 |
| INVESTMENT PROPERTY | 21,128 | 21,291 |
| INVESTMENTS IN COMPANIES CONSOLIDATED AT EQUITY | 147,749 | 148,301 |
| OTHER EQUITY INVESTMENTS | 5,705 | 4,980 |
| OTHER RECEIVABLES | 67,807 | 89,239 |
| of which with related parties | 2,693 | 23,973 |
| SECURITIES | 104,507 | 110,727 |
| DEFERRED TAXES | 123,139 | 115,953 |
| CURRENT ASSETS | 1,381,171 | 1,340,994 |
| INVENTORIES | 145,519 | 128,664 |
| CONTRACTED WORK IN PROGRESS | 36,412 | 29,546 |
| TRADE RECEIVABLES | 467,749 | 431,691 |
| of which from related parties | 2,113 | 6,826 |
| OTHER RECEIVABLES | 109,037 | 92,181 |
| of which with related parties | 104 | 104 |
| FINANCIAL RECEIVABLES | 28,549 | 10,017 |
| SECURITIES | 161,547 | 149,044 |
| FINANCIAL ASSETS AVAILABLE FOR SALE | 136,095 | 150,966 |
| CASH AND CASH EQUIVALENTS | 296,263 | 348,885 |
| ASSETS HELD FOR DISPOSAL | 26,910 | 2,539,260 |
| ELISIONS TO/FROM DISCONTINUED OPERATIONS | -- | (10,308) |
| TOTAL ASSETS | 3,577,846 | 5,960,865 |
| LIABILITIES AND EQUITY | 30.06.2015 | 31.12.2014 |
|---|---|---|
| EQUITY | 1,598,752 | 1,558,457 |
| SHARE CAPITAL | 359,605 | 359,605 |
| RESERVES | 101,557 | 89,883 |
| RETAINED EARNINGS (LOSSES) | 78,901 | 93,369 |
| NET INCOME (LOSS) FOR THE YEAR | 20,325 | (14,468) |
| EQUITY OF THE GROUP | 560,388 | 528,389 |
| MINORITY INTERESTS | 1,038,364 | 1,030,068 |
| NON-CURRENT LIABILITIES | 1,035,392 | 1,045,432 |
| BONDS | 281,986 | 270,568 |
| OTHER BORROWINGS | 371,124 | 382,650 |
| OTHER PAYABLES | 6,993 | 7,137 |
| DEFERRED TAXES | 148,925 | 143,313 |
| PERSONNEL PROVISIONS | 144,828 | 143,854 |
| PROVISIONS FOR RISKS AND LOSSES | 81,536 | 97,910 |
| CURRENT LIABILITIES | 943,702 | 858,226 |
| BANK OVERDRAFTS | 52,054 | 15,671 |
| BONDS | 4,838 | 4,677 |
| OTHER BORROWINGS | 147,094 | 130,955 |
| of which from related parties | -- | -- |
| TRADE PAYABLES | 445,176 | 417,191 |
| of which to related parties | 892 | 7,408 |
| OTHER PAYABLES | 217,862 | 207,077 |
| of which to related parties | -- | -- |
| PROVISIONS FOR RISKS AND LOSSES | 76,678 | 82,655 |
| LIABILITIES HELD FOR DISPOSAL | -- | 2,509,058 |
| ELISIONS TO/FROM DISCONTINUED OPERATIONS | -- | (10,308) |
| TOTAL LIABILITIES AND EQUITY | 3,577,846 | 5,960,865 |
(in thousands of euro)
| 1st Half 2015 |
1st Half 2014 |
|||
|---|---|---|---|---|
| SALES REVENUES | 1,290,737 | 1,203,189 | ||
| of which from related parties | -- | -- | ||
| CHANGE IN INVENTORIES | 10,670 | 4,082 | ||
| COSTS FOR THE PURCHASE OF GOODS | (483,948) | (434,049) | ||
| of which from related parties | -- | -- | ||
| COSTS FOR SERVICES | (324,641) | (301,914) | ||
| of which from related parties | (979) | (2,977) | ||
| PERSONNEL COSTS | (362,020) | (347,453) | ||
| OTHER OPERATING INCOME | 34,713 | 17,812 | ||
| of which from related parties | 922 | 1,122 | ||
| OTHER OPERATING COSTS | (47,934) | (39,095) | ||
| of which with related parties | -- | -- | ||
| ADJUSTMENTS TO THE VALUE OF INVESTMENTS | ||||
| CONSOLIDATED AT EQUITY | 2,157 | 1,441 | ||
| AMORTIZATION, DEPRECIATION AND WRITEDOWNS | (51,352) | (47,822) | ||
| INCOME BEFORE FINANCIAL ITEMS AND TAXES ( E B I T ) | 68,382 | 56,191 | ||
| FINANCIAL INCOME | 13,669 | 13,390 | ||
| of which from related parties | 5,353 | 5,094 | ||
| FINANCIAL EXPENSE | (37,510) | (50,623) | ||
| of which with related parties | (4,989) | (4,989) | ||
| DIVIDENDS | 262 | 82 | ||
| of which from related parties | -- | -- | ||
| GAINS FROM TRADING SECURITIES | 32,939 | 12,963 | ||
| LOSSES FROM TRADING SECURITIES | (2,147) | (3,641) | ||
| ADJUSTMENTS TO THE VALUE OF FINANCIAL ASSETS | (190) | (846) | ||
| INCOME (LOSS) BEFORE TAXES | 75,405 | 27,516 | ||
| INCOME TAXES | (16,726) | (17,745) | ||
| 58,679 | 9,771 | |||
| RESULT AFTER TAXES FROM OPERATING ACTIVITY | ||||
| INCOME (LOSS) FROM ASSETS HELD FOR DISPOSAL | (94) | (2,059) | ||
| NET INCOME (LOSS) FOR THE PERIOD INCLUDING MINORITY INTERESTS | 58,585 | 7,712 | ||
| - LOSS (INCOME) OF MINORITY INTERESTS | (38,260) | (7,132) | ||
| - NET INCOME (LOSS) OF THE GROUP | 20,325 | 580 | ||
| BASIC EARNINGS (LOSS) PER SHARE (in euro) | 0.0283 | 0.0008 | ||
| DILUTED EARNINGS (LOSS) PER SHARE (in euro) | 0.0283 | 0.0008 |
(in thousands of euro)
| 1st Half 2015 |
1st Half 2014 |
|
|---|---|---|
| OPERATING ACTIVITY | ||
| NET INCOME/(LOSS) FOR PERIOD INCLUDING MINORITY INTERESTS - CONTINUING | ||
| OPERATIONS | 58,679 | 9,771 |
| ADJUSTMENT: | ||
| AMORTIZATION, DEPRECIATION AND WRITEDOWNS | 51,352 | 47,822 |
| SHARE OF RESULT OF COMPANIES CONSOLIDATED AT EQUITY | (2,157) | (1,441) |
| ACTUARIAL VALUATION OF STOCK OPTION/STOCK GRANT PLANS | 2,268 | 2,847 |
| CHANGE IN PERSONNEL PROVISIONS, PROVISIONS FOR RISKS AND LOSSES | (21,377) | (1,146) |
| ADJUSTMENTS TO THE VALUE OF FINANCIAL ASSETS | 190 | 846 |
| INCREASE (REDUCTION) IN NON-CURRENT RECEIVABLES AND PAYABLES | 19,378 | (51,635) |
| (INCREASE) REDUCTION IN NET WORKING CAPITAL | (42,710) | (23,169) |
| CASH FLOW FROM OPERATING ACTIVITY - CONTINUING OPERATIONS | 65,623 | (16,105) |
| of which: | ||
| - interest received (paid) | (18,370) | (22,227) |
| - income tax payments | (12,279) | (12,013) |
| INVESTMENT ACTIVITY | ||
| AMOUNT PAID FOR BUSINESS COMBINATIONS | (51,139) | -- |
| NET FINANCIAL POSITION OF COMPANIES ACQUIRED | (20,405) | -- |
| (PURCHASE) SALE OF SECURITIES | 10,382 | (30,373) |
| PURCHASE OF FIXED ASSETS | (70,312) | (78,249) |
| CASH FLOW FROM INVESTMENT ACTIVITY - CONTINUING OPERATIONS | (131,474) | (108,622) |
| FUNDING ACTIVITY | ||
| INFLOWS FROM CAPITAL INCREASES | 206 | 4,207 |
| OTHER CHANGES IN EQUITY | 14,114 | (5,344) |
| LIQUIDITY RELATING TO DISCONTINUED OPERATIONS | -- | (217) |
| DRAWDOWN/(REPAYMENT) OF OTHER FINANCIAL PAYABLES/RECEIVABLES | (2,340) | 13,704 |
| BUYBACK OF OWN SHARES | (28,226) | (81) |
| DIVIDENDS PAID | (6,908) | (1,046) |
| CASH FLOW FROM FUNDING ACTIVITY - CONTINUING OPERATIONS | (23,154) | 11,223 |
| INCREASE (REDUCTION) IN NET CASH AND CASH EQUIVALENTS - CONTINUING OPERATIONS NET CASH FLOW/CASH AND CASH EQUIVALENTS AT START OF PERIOD - DISCONTINUED |
(89,005) | (113,504) |
| OPERATIONS | -- | 95,134 |
| NET CASH AND CASH EQUIVALENTS AT START OF PERIOD | 333,214 | 766,981 |
| NET CASH AND CASH EQUIVALENTS AT END OF PERIOD | 244,209 | 748,611 |
| Statement of Changes in Consolidated Shareholders' Equity | |
|---|---|
| ----------------------------------------------------------- | -- |
| Attributable to the Shareholders of the parent company | |||||||
|---|---|---|---|---|---|---|---|
| (in thousands of euro) | Share Capital |
Reserves | Retained earnings (losses) |
Net income (losses) for the year |
Total | Minority interests |
Total |
| Balance at December 31 2013 | 359,605 | 82,858 | 223,785 | (130,360) | 535,888 1,049,919 1,585,807 | ||
| Capital increases | -- | -- | -- | -- | -- | 5,170 | 5,170 |
| Dividends to Shareholders | -- | -- | -- | -- | -- | (3,153) | (3,153) |
| Retained earnings | -- | 56 | (130,416) | 130,360 | -- | -- | -- |
| Effects of changes in equity of subsidiaries | -- | 3,252 | -- | -- | 3,252 | (13,555) | (10,303) |
| Comprehensive result for the year | |||||||
| Fair value measurement of hedging instruments | -- | (2,392) | -- | -- | (2,392) | (6,902) | (9,294) |
| Fair value measurement of securities | -- | 7,543 | -- | -- | 7,543 | 3,381 | 10,924 |
| Securities fair value reserve released to income statement | -- | (674) | -- | -- | (674) | (696) | (1,370) |
| Effects of changes in equity of subsidiaries | -- | -- | -- | -- | -- | -- | -- |
| Currency translation differences | -- | 5,527 | -- | -- | 5,527 | 9,086 | 14,613 |
| Actuarial gains (losses) | -- | (6,287) | -- | -- | (6,287) | (16,136) | (22,423) |
| Result for the year | -- | -- | -- | (14,468) | (14,468) | 2,954 | (11,514) |
| Total comprehensive result for the year | -- | 3,717 | -- | (14,468) | (10,751) | (8,313) | (19,064) |
| Balance at December 31 2014 | 359,605 | 89,883 | 93,369 | (14,468) | 528,389 1,030,068 1,558,457 | ||
| Capital increases | -- | -- | -- | -- | -- | 206 | 206 |
| Dividends to Shareholders | -- | -- | -- | -- | -- | (6,908) | (6,908) |
| Retained earnings | -- | -- | (14,468) | 14,468 | -- | -- | -- |
| Effects of changes in equity of subsidiaries | -- | 6,687 | -- | -- | 6,687 | (35,922) | (29,235) |
| Comprehensive result for the year | |||||||
| Fair value measurement of hedging instruments | -- | 5,693 | -- | -- | 5,693 | 11,839 | 17,532 |
| Fair value measurement of securities | -- | 4,154 | -- | -- | 4,154 | 3,968 | 8,122 |
| Securities fair value reserve released to income statement | -- | (7,589) | -- | -- | (7,589) | (7,278) | (14,867) |
| Effects of changes in equity of subsidiaries | -- | -- | -- | -- | -- | -- | -- |
| Currency translation differences | -- | 3,087 | -- | -- | 3,087 | 4,990 | 8,077 |
| Actuarial gains (losses) | -- | (358) | -- | -- | (358) | (859) | (1,217) |
| Result for the year | -- | -- | -- | 20,325 | 20,325 | 38,260 | 58,585 |
| Total comprehensive result for the year | -- | 4,987 | -- | 20,325 | 25,312 | 50,920 | 76,232 |
| Balance at June 30 2015 | 359,605 | 101,557 | 78,901 | 20,325 | 560,388 1,038,364 1,598,752 |
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