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VAA-Vista Alegre Atlantis, SGPS, S.A.
Quarterly Report • May 30, 2025
1917_10-q_2025-05-30_eb4b1a7b-047e-438e-8657-1a5ac503195f.pdf
Quarterly Report
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INTERIM FINANCIAL REPORTING 1 ST QUARTER OF 2025 (IFRS)
(UNAUDITED)
| INTERIM FINANCIAL REPORTING 3 | ||
|---|---|---|
| CONSOLIDATED STATEMENTS OF FINANCIAL POSITION 6 | ||
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 11 | ||
| 1. | SEASONALITY OF OPERATIONS 11 | |
| 2. | CONVERSION OF FINANCIAL STATEMENTS OF FOREIGN COMPANIES 11 | |
| 3. | SEGMENT REPORTING11 | |
| 4. | FINANCIAL INSTRUMENTS BY CLASS 16 | |
| 5. | TANGIBLE FIXED ASSETS 17 | |
| 6. | INTANGIBLE ASSETS18 | |
| 7. | INVESTMENT PROPERTIES 18 | |
| 8. | FINANCIAL INVESTMENTS 19 | |
| 9. | ASSETS BY RIGHTS OF USE20 | |
| 10. | INCOME TAX 21 | |
| 11. | INVENTORIES22 | |
| 12. | ACCOUNTS RECEIVABLE AND OTHERS22 | |
| 13. | SHARE CAPITAL, TREASURY SHARES, ISSUE PREMIUMS AND OTHER EQUITY23 | |
| 14. | RESERVES AND RETAINED EARNINGS23 | |
| 15. | NON-CONTROLLING INTERESTS 24 | |
| 16. | LOANS OBTAINED 24 | |
| 17. | LEASE LIABILITIES25 | |
| 18. | ACCOUNTS PAYABLE AND OTHER DEBTS 26 | |
| 19. | PROVISIONS 27 | |
| 20. | STATE AND OTHER PUBLIC ENTITIES28 | |
| 21. | SUBSIDIES28 | |
| 22. | SALES AND SERVICES PROVIDED29 | |
| 23. | STAFF COSTS 29 | |
| 24. | EXTERNAL SUPPLIES AND SERVICES30 | |
| 25. | OTHER OPERATING INCOME AND EXPENSES 30 | |
| 26. | FINANCIAL RESULT 31 | |
| 27. | COMMITMENTS 31 | |
| 28. | BALANCES AND TRANSACTIONS WITH RELATED PARTIES 32 | |
| 29. | SUBSEQUENT EVENTS 33 | |
| 30. | COMPANIES INCLUDED IN THE CONSOLIDATION34 |
Interim Financial Reporting
VAA - Vista Alegre Atlantis SGPS, S.A., hereby presents its accounts for the period from January to March 2025, pursuant to regulation no 5/2008, in accordance with IAS 34. These interim financial statements were prepared based on the same accounting policies and calculation methods used in the preparation of the last annual financial statements (2024 financial year). In this interim financial report, we only release notes which allow us to understand the changes in the financial position and performance of the company since the last annual report.
1. Activity Evolution
Consolidated turnover as of the first quarter of 2025 reached 36.3 million euros, representing a growth of 18% compared to the same period of 2024.
In the first three months of 2025, Vista Alegre and Bordallo Pinheiro brand products maintained their growth trajectory in retail (physical and online) at national and international levels, resulting in a growth of 7.7%, compared to the same period in 2024.
In terms of segments, we would like to highlight the 31% growth in sales of Stoneware and the 14.1% growth in sales of Porcelain and other products, compared to the same period in the previous year.
| Segments | 3M 2025 | 3M 2024 | Variation 3M (%) |
|---|---|---|---|
| Porcelain and related products | 10.9 | 9.5 | 14.1% |
| Earthenware | 4.4 | 4.5 | -1.5% |
| Stoneware | 17.5 | 13.3 | 31.0% |
| Crystal and Glass | 3.5 | 3.4 | 3.6% |
| Total | 36.3 | 30.7 | 18.0% |
Foreign markets represented 78.3% of Vista Alegre's turnover, with 28.4 million euros of sales.
In the markets where the Group has a consolidated presence, sales in the Netherlands and Italy grew by 129% and 99%, respectively.
2. Results
Turnover reached 36.3 million euros, an increase of 18% compared to the previous year.
Vista Alegre Group's EBITDA in the first quarter of 2025 totalled 6.6 million euros, a growth of 0.9% compared to the same period last year.
The 27% year-on-year increase in energy costs negatively affected the EBITDA margin by 3 percentage points. The investment that the Group is making in decarbonisation will allow for greater energy efficiency in the production process, in order to reduce energy costs in the short term.
| Headings | 3M 2025 | 3M 2024 | Var. 3M | ||
|---|---|---|---|---|---|
| Amount | % | ||||
| Turnover | 36.3 | 30.7 | 5.5 | 18.0% | |
| E B I T D A | 6.6 | 6.5 | 0.1 | 0.9% | |
| EBITDA Margin | 18.2% | 21.3% | -3.1 pp | ||
| Operating Income | 3.1 | 3.1 | -0.1 | -1.9% | |
| Operating Margin | 8.5% | 10.2% | -1.7 pp | ||
| Income before taxes | 1.5 | 1.9 | -0.4 | -22% | |
| Income tax | -0.4 | -0.4 | |||
| Net income | 1.0 | 1.5 | -0.4 | -29% |
The Group recorded an operating profit of 3.1 million euros, in line with the same period last year. Net profit was down on the same period last year, namely due to the increase in depreciation due to the investments that have been made and the increase in energy costs.
Interim Financial Report (January to March 2025)
3. Investments and debt
Accumulated investment in the first quarter of 2025 was 3.5 million euros, mostly directed towards decarbonisation projects, which reflects the Vista Alegre group's commitment to sustainability and social and environmental responsibility.
In the first three months of 2025, consolidated net debt increased slightly, essentially due to typical seasonality of the business. Considering the amount Vista Alegre Group projects financed by PRR grants, consolidated debt fell by 2.2 million euros compared to December 2024. In the first three months of 2025, the net debt to EBITDA ratio fell by 0.1x to 2.5x.
| M € | 31-03-2025 | 31-12-2024 | Variation MAR 2025/ DEC 2024 |
|---|---|---|---|
| Loans obtained | 80,5 | 77,8 | 2,7 |
| Lease liabilities | 10,5 | 11,0 | -0,5 |
| Consolidated debt | 91,0 | 88,8 | 2,2 |
| Cash and cash equivalents | -13,7 | -11,8 | -1,9 |
| Treasury loans | -5,4 | -5,3 | -0,1 |
| Consolidated net debt | 71,9 | 71,8 | 0,1 |
| Non-reimbursable incentives receivable | -2,4 | 0,0 | -2,4 |
| Consolidated net debt after non-reimbursable incentives receivable | 69,5 | 71,8 | -2,2 |
| EBITDA LTM | 27,5 | 27,4 | 0,1 |
| Net debt / EBITDA LTM | 2,5x | 2,6x | -0,09x |
Ílhavo, 30th of May 2025
The Board of Directors
________________________________________________
Consolidated Statements of Financial Position on the 31st of March 2025 and on the 31st of December 2024
| T € | |||
|---|---|---|---|
| Notes | 31-03-2025 | 31-12-2024 | |
| ASSETS | |||
| Non-current assets | |||
| Tangible fixed assets | 5 | 142 797 | 142 148 |
| Goodwill | 4 711 | 4 711 | |
| Investment properties | 7 | 938 | 938 |
| Intangible assets | 6 | 857 | 913 |
| Financial investments | 8 | 1 046 | 1 046 |
| Assets by rights of use | 9 | 10 208 | 10 936 |
| Deferred taxes | 1 0 | 5 426 | 5 409 |
| Total non-current assets | 165 983 | 166 101 | |
| Current assets | |||
| Inventories | 1 1 | 53 443 | 53 574 |
| Accounts receivable and others | 1 2 | 30 286 | 26 411 |
| Income tax | 2 0 | 145 | 144 |
| Cash and cash equivalents | 4 | 13 749 | 11 810 |
| Total current assets | 97 623 | 91 939 | |
| TOTAL ASSETS | 263 606 | 258 040 | |
| SHARE CAPITAL | |||
| Share capital | 1 3 | 134 120 | 134 120 |
| Treasury shares | 1 3 | -2 | -2 |
| Issue premiums | 1 3 | 0 | 0 |
| Supplementary benefits | 1 3 | 38 182 | 38 182 |
| Reserves and retained earnings | 1 4 | -84 209 | -88 175 |
| Net income for the financial year | 948 | 4 055 | |
| Equity excluding non-controlling interests | 89 039 | 88 180 | |
| Non-controlling interests | 1 5 | 1 231 | 1 153 |
| Total equity | 90 269 | 89 333 | |
| LIABILITIES | |||
| Non-current liabilities | |||
| Loans obtained | 1 6 | 74 392 | 67 634 |
| Subsidies | 2 1 | 14 301 | 14 535 |
| Lease liabilities | 1 7 | 7 801 | 8 177 |
| Provisions | 1 9 | 9 0 | 9 0 |
| Provisions for pensions | 1 9 | 2 948 | 3 024 |
| Deferred taxes | 1 0 | 7 896 | 7 898 |
| Total non-current liabilities | 107 428 | 101 359 | |
| Current liabilities | |||
| Loans obtained | 1 6 | 6 145 | 10 208 |
| Lease liabilities | 1 7 | 2 675 | 2 815 |
| Subsidies | 2 1 | 1 249 | 1 249 |
| Accounts payable and other debts | 1 8 | 55 737 | 52 973 |
| Income tax | 2 0 | 104 | 104 |
| Total current assets | 65 909 | 67 348 | |
| Total liabilities | 173 337 | 168 707 | |
| TOTAL EQUITY AND LIABILITIES | 263 606 | 258 040 |
Consolidated Statements of Results by Nature for the three-month period ended on the 31st of March 2025 and 2024
| T € | |||
|---|---|---|---|
| Headings | Notes | 31-03-2025 | 31-03-2024 |
| Sales and services provided | 3 and 22 | 36 271 | 30 741 |
| Cost of goods sold and material consumed | -10 975 | -9 583 | |
| Production variation | -422 | 2 832 | |
| External supplies and services | 2 4 | -5 888 | -5 363 |
| Staff costs | 2 3 | -13 058 | -12 565 |
| Amortisations and Depreciations | 5, 6 and 9 | -3 561 | -3 411 |
| Impairment of accounts receivable | 7 | 0 | |
| Other operating expenses and losses | 2 5 | -287 | -414 |
| Impairment of depreciable tangible fixed assets | 5 and 6 | 3 8 | 1 3 |
| Other profit and operating income | 2 5 | 962 | 897 |
| Interest and similar expenses incurred | 2 6 | -1 694 | -1 379 |
| Interest and similar income obtained | 2 6 | 7 5 | 116 |
| Result before taxes | 1 468 | 1 883 | |
| Income tax | 1 0 | -437 | -432 |
| Consolidated income for the financial year | 1 031 | 1 451 | |
| Attributable: | |||
| Shareholders | 948 | 1 327 | |
| Non-controlling interests | 1 5 | 8 3 | 124 |
| Basic earnings per share (€) | 0.0061 | 0.0087 | |
| Diluted earnings per share (€) | 0.0061 | 0.0087 |
Unaudited
Consolidated Statements of Comprehensive Income for the threemonth period ended on the 31st of March 2025 and 2024
| 31-03-2025 | 31-03-2024 | |
|---|---|---|
| Consolidated income for the financial year (a) | 1 031 | 1 451 |
| Adjustments of exchange conversion | -96 | -93 |
| -96 | -93 | |
| Other comprehensive income for the financial year (b): | -96 | -93 |
| Total comprehensive income for the financial year (a) + (b) | 935 | 1 358 |
| Total comprehensive income attributable to: | ||
| Shareholders | 858 | 1 234 |
| Non-controlling interests | 7 7 | 124 |
| 935 | 1 358 |
Consolidated Statement of Changes in Equity for the three-month period ending on the 31st of March 2025 and for the financial year ended on the 31st of December 2024
| Equity attributable to shareholders of parent company | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Headings | Equity (note 13) |
Treasury shares (note 13) |
Issue premiums (note 13) |
Supplementary benefits (note 13) |
Reserves and retained earnings (note 14) |
Net income for the financial year |
Total | Non controlling interests (note 15) |
Total equity |
| Balance on the 1st of January 2024 | 134 120 | - 2 | 25 113 | 38 182 | -122 887 | 6 535 | 81 061 | 1 663 | 82 724 |
| Application of net result for the financial year | 0 | 0 | 0 | 0 6 535 |
-6 535 | 0 | 0 | ||
| Total comprehensive income | |||||||||
| Net income for the financial year | 0 | 0 | 0 | 0 0 |
4 055 | 4 055 | 476 | 4 531 | |
| Other comprehensive income for the financial year | 0 | 0 | 0 | 0 1 330 |
0 | 1 330 | 49 | 1 378 | |
| Use of share issue premiums | 0 | 0 | -25 113 | 0 25 113 |
0 | 0 | 0 | 0 | |
| Dividend distribution (note 20) | 0 | 0 | 0 | 0 0 |
0 | 0 | -139 | -139 | |
| Changes to the consolidation perimeter (note 5) | 0 | 0 | 0 | 0 1 735 |
0 | 1 735 | -896 | 838 | |
| Total | 0 | 0 | -25 113 | 0 34 712 |
-2 480 | 7 120 | -510 | 6 609 | |
| Balance on the 31st of December 2024 | 134 120 | - 2 | 0 38 182 |
-88 175 | 4 055 | 88 181 | 1 153 | 89 333 |
| Equity attributable to shareholders of parent company | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Headings | Equity (note 13) |
Treasury shares (note 13) |
Issue premiums (note 13) |
Supplementary benefits (note 13) |
Reserves and retained earnings (note 14) |
Net income for the financial year |
Total | Non controlling interests (note 15) |
Total equity |
| Balance on the 1st of January 2025 | 134 120 | - 2 | 0 38 182 |
-88 175 | 4 055 | 88 181 | 1 153 | 89 333 | |
| Application of net result for the financial year | 0 | 0 | 0 0 |
4 055 | -4 055 | 0 | 0 | 0 | |
| Total comprehensive income | |||||||||
| Net income for the financial year | 0 | 0 | 0 0 |
0 | 948 | 948 | 83 | 1 031 | |
| Other comprehensive income for the financial year | 0 | 0 | 0 0 |
-90 | 0 | -90 | - 6 | -96 | |
| Total | 0 | 0 | 0 0 |
3 965 | -3 107 | 858 | 77 | 935 | |
| Balance on the 31st of March 2025 | 134 120 | - 2 | 0 38 182 |
-84 209 | 948 | 89 039 | 1 230 | 90 269 |
Consolidated Statement of Cash Flow for the three-month period ending on the 31st of March 2025 and 2024 and for the period ending on the 31st of December 2024
| Headings | 31-03-2025 | 31-03-2024 | 31-12-2024 |
|---|---|---|---|
| 1. OPERATING ACTIVITIES: | |||
| Receivables from clients | 44 328 | 38 069 | 145 726 |
| Payments to suppliers | -27 743 | -25 029 | -78 317 |
| Staff costs | -11 488 | -11 123 | -51 243 |
| Flows generated by operations | 5 098 | 1 917 | 16 166 |
| Income tax payments/receivables | 0 | 0 | -17 |
| Other operating (payments)/receivables | -569 | -645 | -400 |
| Flows from operating activities | 4 529 | 1 272 | 15 750 |
| 2. INVESTMENT ACTIVITIES: Receivables from: |
|||
| Loans to related parties | 2 400 | 10 875 | 35 905 |
| Interest and similar income | 0 | 0 | 1 115 |
| Disposal of subsidiaries Investment subsidies |
0 531 |
0 1 527 |
838 2 234 |
| 2 931 | 12 402 | 40 092 | |
| Payments relating to: | |||
| Loans to related parties | -2 500 | -10 875 | -41 175 |
| Fixed tangible and intangible assets | -4 379 | -1 981 | -13 582 |
| -6 879 | -12 856 | -54 757 | |
| Flows from investment activities | -3 948 | -454 | -14 665 |
| 3. FINANCIAL ACTIVITIES: Receivables from: |
|||
| Loans obtained | 4 518 | 2 1 | 66 619 |
| Interests | 0 4 518 |
116 137 |
0 66 619 |
| Payments relating to: | |||
| Loans obtained | -1 926 | -7 245 | -62 183 |
| Amortisation of financial leasing contracts | -648 | -374 | -3 489 |
| Interest and similar Dividends |
-682 0 |
-1 718 0 |
-6 844 -139 |
| -3 255 | -9 337 | -72 655 | |
| Flows generated by financial activities | 1 263 | -9 200 | -6 036 |
| 4. CASH AND CASH EQUIVALENTS VARIATION | 1 844 | -8 382 | -4 951 |
| 5. EFFECT OF CURRENCY EXCHANGE DIFFERENCES | 3 | 4 | -43 |
| 6. INITIAL CASH AND BANK DEPOSITS | 11 810 | 16 804 | 16 804 |
| 7. FINAL CASH AND BANK DEPOSITS | 13 749 | 8 408 | 11 810 |
Notes to the Consolidated Financial Statements
The amounts are in thousands of euros, except in the cases indicated otherwise
1. Seasonality of operations
It should be noted that the activity of Group VAA is subject to some seasonality, which regards sales in the company's own stores, since in December they correspond to about 2 times the average sales made by the same channel in the remaining months of the year.
2. Conversion of financial statements of foreign companies
The prices used in the conversion to euros of the accounts of the foreign subsidiaries were as follows:
| Closing currency exchange Average currency exchange | ||||
|---|---|---|---|---|
| Currency | 31/03/2025 | 31/12/2024 | 31/03/2025 | 31/03/2024 |
| American dollar | 0.8932 € | 0.9626 € | 0.9217 € | 0.9238 € |
| Mozambican Metical | 0.0140 € | 0.0150 € | 0.0144 € | 0.0145 € |
| Mexican peso | 0.0455 € | 0.0470 € | 0.0144 € | 0.0544 € |
| Brazilian real | 0.1649 € | 0.1550 € | 0.1746 € | 0.1862 € |
| Indian rupee | 0.0107 € | 0.0112 € | 0.0110 € | 0.0111 € |
3. Segment reporting
Segment information is presented in relation to the Group's geographic and business segments and is based on the different types of materials that are produced in industrial plants in different locations. The results, assets and liabilities of each segment correspond to those that are directly attributable to them, as well as those that can reasonably be attributed to them. Moreover, common assets ("corporate assets") are allocated to each operating segment based on their weight in the overall activity of the Vista Alegre Group.
In each year, all the business segments applicable to the Group are identified. They are defined in accordance with the Group's functional organisation chart and the way in which management information is organised.
As of the 31st of March 2025, the Group is organised into four main business segments: (1) Porcelain and related products, (2) Stoneware, (3) Crystal and handmade glass and (4) Earthenware.
3.1- Information by business segment
The breakdown of turnover by business segment and geographical areas as of the 31st of March 2025 and 2024 is as follows:
| march 2025 | Porcelain and related products |
Earthenware | Stoneware | Crystal and handmade glass |
Total |
|---|---|---|---|---|---|
| Gross sales by segment | 10 852 | 4 423 | 17 463 | 3 534 | 36 272 |
| Sales % | 30% | 12% | 48% | 10% | 100% |
| march 2024 | Porcelain and related products |
Earthenware | Stoneware | Crystal and handmade glass |
Total |
| Gross sales by segment | 9 509 | 4 492 | 13 328 | 3 412 | 30 741 |
| Sales % | 31% | 15% | 43% | 11% | 100% |
The results by business segment are as follows:
| 31s t of March 2025 | ||||||
|---|---|---|---|---|---|---|
| Porcelain and related products |
Earthenware | Stoneware | Crystal and handmade glass |
Total | ||
| Operating profit | 837 | 799 | 1 523 | -72 | 3 087 | |
| Net financial costs | -1 087 | -157 | -136 | -239 | -1 619 | |
| Profit before taxes | -250 | 643 | 1 387 | -311 | 1 468 | |
| Income tax | -131 | -118 | -338 | 150 | -437 | |
| Net income for the financial year | -381 | 524 | 1 049 | -162 | 1 031 | |
| Non-controlling interests | 9 | 71 | 1 | 2 | 83 | |
| Net income for the financial year to | ||||||
| shareholders | -390 | 453 | 1 048 | -163 | 948 |
| 31s t of March 2024 | ||||||
|---|---|---|---|---|---|---|
| Porcelain and related products |
Earthenware | Stoneware | Crystal and handmade glass |
Total | ||
| Operating profit | 682 | 843 | 1 904 | -283 | 3 145 | |
| Net financial costs | -925 | -175 | -8 | -154 | -1 263 | |
| Profit before taxes | -243 | 668 | 1 896 | -437 | 1 883 | |
| Income tax | 56 | -153 | -435 | 100 | -432 | |
| Net income for the financial year | -188 | 514 | 1 461 | -337 | 1 451 | |
| Non-controlling interests | 0 | 125 | 0 | 0 | 124 | |
| Net income for the financial year to | ||||||
| shareholders | -187 | 390 | 1 461 | -337 | 1 327 |
Other elements by business segment (non-cash expenses) are as follows:
| 31s t of March 2025 | |||||||
|---|---|---|---|---|---|---|---|
| Porcelain and related products |
Earthenware | Stoneware | Crystal and handmade glass |
Total | |||
| Amortisation and Depreciation | 1 252 | 482 | 1 448 | 379 | 3 561 | ||
| Impairment of depreciable assets (losses/reversals) | -22 | -10 | -1 | -6 | -38 | ||
| Impairment of accounts receivable (losses/reversals) | -4 | 0 | -1 | -2 | -7 | ||
| Total | 1 226 | 473 | 1 446 | 371 | 3 516 |
| 31s t of March 2024 | ||||||
|---|---|---|---|---|---|---|
| Porcelain and related products |
Earthenware | Stoneware | Crystal and handmade glass |
Total | ||
| Amortisation and Depreciation | 1 215 | 387 | 1 322 | 487 | 3 411 | |
| Impairment of depreciable assets (losses/reversals) | -10 | 0 | -1 | -2 | -13 | |
| Total | 1 205 | 387 | 1 321 | 485 | 3 398 |
The assets, liabilities and investments of the segments for the financial years ended on the 31st of March 2025 and on the 31st of December 2024 are as follows:
| 31s t of March 2025 | ||||||
|---|---|---|---|---|---|---|
| Porcelain and related products |
Earthenware | Stoneware | Crystal/ handmade glass |
Others not imputed |
Total | |
| Tangible fixed assets | 44 172 | 13 444 | 59 116 | 20 221 | 5 845 | 142 797 |
| Investment properties | 0 | 0 | 0 | 0 | 938 | 938 |
| Intangible assets and Goodwill | 2 418 | 165 | 2 971 | 14 | 0 | 5 568 |
| Financial investments | 0 | 0 | 0 | 0 | 1 046 | 1 046 |
| Deferred taxes | 0 | 0 | 0 | 0 | 5 426 | 5 426 |
| Assets by rights of use | 7 371 | 1 635 | 137 | 1 065 | 0 | 10 208 |
| Non-current assets | 53 961 | 15 244 | 62 224 | 21 300 | 13 255 | 165 983 |
| Current assets | 43 039 | 4 481 | 14 679 | 16 406 | 19 019 | 97 623 |
| Total Assets | 97 000 | 19 724 | 76 902 | 37 706 | 32 274 | 263 606 |
| Loans obtained | 0 | 0 | 0 | 0 | 74 392 | 74 392 |
| Subsidies | 3 080 | 1 130 | 7 345 | 2 746 | 0 | 14 301 |
| Lease liabilities | 5 433 | 1 454 | 108 | 806 | 0 | 7 801 |
| Provisions | 0 | 0 | 0 | 0 | 90 | 90 |
| Provisions for pensions | 0 | 0 | 0 | 0 | 2 948 | 2 948 |
| Deferred taxes | 0 | 0 | 0 | 0 | 7 896 | 7 896 |
| Non-current liabilities | 8 648 | 2 708 | 8 139 | 3 856 | 85 326 | 107 428 |
| Loans obtained | 0 | 0 | 0 | 0 | 6 145 | 6 145 |
| Lease liabilities | 1 863 | 498 | 37 | 276 | 0 | 2 675 |
| Asset suppliers | 1 123 | 81 | 1 584 | 382 | 0 | 3 170 |
| Other current liabilities | 2 985 | 580 | 1 621 | 659 | 6 145 | 11 989 |
| Operating liabilities | 17 465 | 5 778 | 24 403 | 6 274 | 0 | 53 921 |
| Total liabilities | 28 963 | 8 942 | 33 477 | 10 485 | 91 471 | 173 337 |
| 31s t of December 2024 | ||||||
|---|---|---|---|---|---|---|
| Porcelain and related products |
Earthenware | Stoneware | Crystal/ handmade glass |
Others not imputed |
Total | |
| Tangible fixed assets | 43 672 | 13 668 | 58 661 | 20 303 | 5 845 | 142 148 |
| Investment properties | 0 | 0 | 0 | 0 | 938 | 938 |
| Intangible assets and Goodwill | 2 454 | 174 | 2 981 | 15 | 0 | 5 624 |
| Financial investments | 0 | 0 | 0 | 0 | 1 046 | 1 046 |
| Deferred taxes | 0 | 0 | 0 | 0 | 5 409 | 5 409 |
| Use rights assets | 7 428 | 1 899 | 180 | 1 429 | 0 | 10 936 |
| Non-current assets | 53 554 | 15 741 | 61 821 | 21 747 | 13 238 | 166 101 |
| Current assets | 35 133 | 4 328 | 16 477 | 18 922 | 17 080 | 91 939 |
| Total Assets | 88 687 | 20 069 | 78 298 | 40 669 | 30 318 | 258 040 |
| Loans obtained | 0 | 0 | 0 | 0 | 67 634 | 67 634 |
| Subsidies | 3 209 | 1 286 | 8 202 | 3 088 | 0 | 15 785 |
| Lease liabilities | 5 352 | 1 631 | 138 | 1 056 | 0 | 8 177 |
| Provisions | 0 | 0 | 0 | 0 | 90 | 90 |
| Provisions for pensions | 0 | 0 | 0 | 0 | 3 024 | 3 024 |
| Deferred taxes | 0 | 0 | 0 | 0 | 7 898 | 7 898 |
| Non-current liabilities | 8 561 | 2 917 | 8 341 | 4 143 | 78 646 | 102 608 |
| Loans obtained | 0 | 0 | 0 | 0 | 10 208 | 10 208 |
| Lease liabilities | 1 842 | 561 | 48 | 363 | 0 | 2 815 |
| Asset suppliers | 1 922 | 204 | 1 915 | 691 | 0 | 4 732 |
| Other current liabilities | 3 764 | 765 | 1 963 | 1 055 | 10 208 | 17 754 |
| Operating liabilities | 16 741 | 5 569 | 19 985 | 6 050 | 0 | 48 345 |
| Total liabilities | 29 065 | 9 252 | 30 289 | 11 248 | 88 854 | 168 707 |
Segment assets mainly include tangible fixed assets, intangible assets, inventories, accounts receivable and cash and cash equivalents.
Segment liabilities correspond to operating liabilities and exclude provisions and deferred taxes that are not easily allocated to the business.
3.2- Information by geography
The four segments of the Group's industrial-based business operations are active in three main geographic areas, despite being managed globally. The breakdown of turnover by geographic segment as of the 31st of March 2025 and 2024 is as follows:
| January to March 2025 | |||||
|---|---|---|---|---|---|
| Geographical area | Porcelain and related products |
Earthenware | Stoneware | Crystal and handmade glass |
Overall Total |
| Portugal | 4 816 | 1 552 | 562 | 945 | 7 874 |
| France | 307 | 255 | 1 584 | 1 335 | 3 480 |
| Spain | 1 380 | 141 | 1 724 | 148 | 3 393 |
| Germany | 74 | 89 | 4 756 | 10 | 4 929 |
| Italy | 1 490 | 111 | 2 066 | 1 | 3 668 |
| The Netherlands | 38 | 122 | 3 228 | 0 | 3 389 |
| Brazil | 662 | 60 | 353 | 33 | 1 108 |
| USA | 536 | 583 | 196 | 220 | 1 535 |
| The United Kingdom | 81 | 147 | 574 | 240 | 1 041 |
| Sweden - SE | 0 | 33 | 524 | 0 | 558 |
| Rest of Europe | 517 | 771 | 1 668 | 158 | 3 115 |
| Other countries | 949 | 558 | 228 | 446 | 2 181 |
| Overall Total | 10 852 | 4 423 | 17 463 | 3 534 | 36 272 |
| January to March 2024 | |||||
|---|---|---|---|---|---|
| Geographical area | Porcelain and related products |
Earthenware | Stoneware | Crystal and handmade glass |
Overall Total |
| Portugal | 5 031 | 1 406 | 509 | 1 003 | 7 949 |
| France | 289 | 350 | 1 688 | 1 301 | 3 628 |
| Spain | 1 481 | 110 | 1 778 | 183 | 3 552 |
| Germany | 38 | 65 | 3 459 | 8 | 3 569 |
| Italy | 217 | 147 | 1 474 | 8 | 1 847 |
| The Netherlands | 25 | 219 | 1 233 | 0 | 1 476 |
| Brazil | 635 | 74 | 261 | 103 | 1 074 |
| USA | 428 | 589 | 626 | 197 | 1 839 |
| The United Kingdom | 40 | 144 | 775 | 176 | 1 135 |
| Sweden - SE | 0 | 41 | 425 | 0 | 467 |
| Rest of Europe | 559 | 749 | 797 | 253 | 2 358 |
| Other countries | 766 | 598 | 303 | 180 | 1 847 |
| Overall Total | 9 509 | 4 492 | 13 328 | 3 412 | 30 741 |
| Total assets by geographical area | Total liabilities by geographical area: | ||||
|---|---|---|---|---|---|
| 31-03-2025 | 31-12-2024 | 31-03-2025 | 31-12-2024 | ||
| Portugal | 251 322 | 245 032 | Portugal | 162 858 | 157 494 |
| Rest of Europe | 4 155 | 4 499 | Rest of Europe | 3 039 | 3 411 |
| Other countries | 8 130 | 8 510 | Other countries | 7 441 | 7 802 |
| 263 606 | 258 040 | 173 337 | 168 707 | ||
| Total investments by geographical area: | |||||
| 31-03-2025 | 31-12-2024 | |
|---|---|---|
| Portugal | 3 485 | 16 368 |
| Rest of Europe | 2 | 39 |
| Other countries | 1 | 28 |
| 3 488 | 16 435 |
4. Financial instruments by class
Financial instruments were classified as follows:
| Notes | Amount to the Consolidated Financial Position |
||
|---|---|---|---|
| 31-03-2025 | 31-12-2024 | ||
| Financial assets | |||
| Available-for-sale financial assets | |||
| Financial investments | 8 | 1 046 | 1 046 |
| Loans and receivables | |||
| Accounts receivable and others | 1 2 | 30 286 | 26 411 |
| Financial assets measured at fair value through profit or loss | |||
| Cash and cash equivalents | 13 749 | 11 810 | |
| Total | 45 081 | 39 268 | |
| Financial liabilities | |||
| Loans obtained | |||
| Interest-bearing bank loans at variable interest rates | 1 6 | 20 365 | 17 325 |
| Interest-bearing bank loans at fixed interest rates | 1 6 | 58 369 | 58 284 |
| Unpaid loans (subsidies) | 1 6 | 1 802 | 2 233 |
| Lease liability | 1 7 | 10 475 | 10 992 |
| Accounts payable | |||
| Suppliers | 1 8 | 19 166 | 18 074 |
| Accrued expenses | 1 8 | 13 528 | 11 010 |
| Confirming, Express Bill, Factoring and Export consignments | 1 8 | 11 778 | 9 999 |
| Other creditors | 1 8 | 968 | 1 275 |
| Asset suppliers | 1 8 | 3 170 | 4 732 |
| Total | 139 620 | 133 924 |
Financial assets include a share in the venture capital company "Capital Criativo, SCR" and in "Lince Capital" which are measured at fair value, in the total amount of 399 thousand euros, and 500 thousand euros respectively in 2024 (Note 8). The remaining financial investments were measured at acquisition cost as they are investments in non-listed companies, whose fair value cannot be measured reliably. The Board of Directors believes that the amount by which these assets are reflected is lower than the respective realisation value.
Cash and cash equivalents as of the 31st of March 2025 and as of the 31st of December 2024 and the respective reconciliation with Cash and cash equivalents of cash flows is as follows:
| 31-03-2025 | 31-12-2024 | |
|---|---|---|
| Demand deposits | 13 744 | 11 746 |
| Term deposits | 1 | 61 |
| Cash | 4 | 4 |
| Cash and cash equivalents in cash flow statement | 13 749 | 11 810 |
5. Tangible fixed assets
During the three-month period ending on the 31st of March 2025 and the year ended on the 31st of December 2024, the changes in the gross value of tangible fixed assets, as well as in the related accumulated amortisation and impairment losses, were as follows:
| Lands and buildings |
Transp. equip. and Basic Equipment |
Office Equipment |
Other fixed assets Tools Utensils |
Assets in progress |
Espólio Cultural |
Total | |
|---|---|---|---|---|---|---|---|
| Financial year 2025 | |||||||
| Initial net amount | 71 915 | 53 029 | 197 | 1 014 | 10 149 | 5 845 | 142 148 |
| Increases | 24 | 121 | 15 | 29 | 3 300 | 0 | 3 488 |
| Sales and write-offs (net amount) | 0 | -102 | 0 | 0 | 0 | 0 | -102 |
| Impairments | 0 | 13 | 0 | 0 | 0 | 0 | 13 |
| Transfers | 0 | 21 | 0 | 2 | -23 | 0 | 0 |
| Depreciation of the financial year | -674 | -1 993 | -25 | -52 | 0 | 0 | -2 744 |
| Exchange rate effect | -1 | -2 | 0 | -4 | 0 | 0 | -7 |
| Net amount at the end of March 2025 | 71 264 | 51 087 | 186 | 990 | 13 425 | 5 845 | 142 797 |
| Lands and buildings |
Transp. equip. and Basic Equipment |
Office Equipment |
Other fixed assets Tools Utensils |
Assets in progress |
Espólio Cultural |
Total | |
|---|---|---|---|---|---|---|---|
| Financial year 2024 | |||||||
| Initial net amount | 70 174 | 54 835 | 240 | 1 077 | 3 372 | 5 845 | 135 543 |
| Increases | 2 251 | 4 272 | 59 | 142 | 9 644 | 0 | 16 367 |
| Sales and write-offs (net amount) | 1 | -4 | -1 | 1 | 0 | 0 | -3 |
| Impairments | 0 | 53 | 0 | 0 | 0 | 0 | 53 |
| Revaluations | 996 | 0 | 0 | 0 | 0 | 0 | 996 |
| Transfers | 1 121 | 1 600 | 0 | 0 | -2 867 | 0 | -146 |
| Depreciation of the financial year | -2 624 | -7 727 | -98 | -212 | 0 | 0 | -10 659 |
| Exchange rate effect | -4 | 0 | -4 | 6 | 0 | 0 | -2 |
| Final net amount December 2024 | 71 915 | 53 029 | 197 | 1 014 | 10 149 | 5 845 | 142 148 |
The amount of increases in property, plant and equipment as of the 31st of March 2025 were mostly directed towards decarbonisation efforts, in order to assure greater energy efficiency in production processes and a reduction in the carbon footprint of Vista Alegre Group factories.
6. Intangible assets
During the three-month period ending on the 31st of March 2025 and the financial year ended on the 31st of December 2024, changes in the gross value of intangible assets, as well as in the respective amortisations and accumulated impairment losses, were as follows:
| Change management |
Dev. projects |
Computer programs |
Other intangible assets |
Current fixed assets |
Total | |
|---|---|---|---|---|---|---|
| Financial year 2025 | ||||||
| Initial net amount | 66 | 355 | 327 | 24 | 140 | 913 |
| Depreciations in the financial year | 0 | 0 | -33 | -47 | 0 | -80 |
| Impairments | 0 | 0 | 0 | 25 | 0 | 25 |
| Net amount at the end of March 2025 | 66 | 355 | 293 | 3 | 140 | 857 |
| Change management |
Dev. projects |
Computer programs |
Other intangible assets |
Current fixed assets |
Total | |
|---|---|---|---|---|---|---|
| Financial year 2024 | ||||||
| Initial net amount | 66 | 403 | 297 | 343 | 80 | 1 190 |
| Increases | 0 | 0 | 25 | 699 | 59 | 783 |
| Transfers | 0 | 0 | 140 | 0 | 0 | 140 |
| Amortisation of the financial year | 0 | -48 | -136 | -1 049 | 0 | -1 232 |
| Impairments | 0 | 0 | 0 | 31 | 0 | 31 |
| Exchange rate effect | 0 | 0 | 1 | 0 | 0 | 1 |
| Final net amount December 2024 | 66 | 355 | 327 | 24 | 140 | 913 |
7. Investment properties
On the 31st of March 2025 and on the 31st of December 2024, the detail of real estate investment properties of the Group is as the follows:
| 31-03-2025 | 31-12-2024 | |
|---|---|---|
| Vista Alegre land | 938 | 938 |
| Total investment properties | 938 | 938 |
Vista Alegre land
This land is not used in the ordinary course of Vista Alegre Group's business activity, and in its current state or after a valuation process, is intended for sale. These assets are located in Alcobaça.
With reference to 31st March 2025 results, the Group decided not to request further independent evaluation of investment property valuations since there were no circumstances that would have materially altered said valuations since 31st December 2024.
The expenses incurred and the income earned associated with those investment properties are of no relevance.
8. Financial investments
The heading "Financial investments" consists of residual investments in companies for which the Group has no control or significant influence and have been classified as available-for-sale financial investments.
Financial investments available for sale include shares in venture capital companies "Capital Criativo, SCR" and "Lince Capital", which are measured at their respective fair value. The remaining financial investments were measured at cost as they are investments made in unlisted companies, whose fair value cannot be measured reliably. The Board of Directors believes that the amount by which these assets are reflected is lower than the respective realisation value.
The detail on the 31st of March 2025 and on the 31st of December 2024 of this heading is as follows:
| Financial investments | 31-03-2025 | 31-12-2024 |
|---|---|---|
| Assets by fair value by income statement | ||
| Capital Criativo - SCR, SA | 399 | 399 |
| Lince Capital - SCR, SA | 500 | 500 |
| Assets at acquisition cost | ||
| Imerys Ceramics Portugal, SA | 60 | 60 |
| VAA-Empreendimentos Turísticos, SA | 45 | 45 |
| Lusitánia Gás SA | 19 | 19 |
| Other participations | 23 | 23 |
| 1 046 | 1 046 |
9. Assets by rights of use
Changes in fiscal year ending on the 31st of March 2025 and on the 31st of December 2024 in the amount of use rights, as well as in the respective accumulated amortisations and impairment losses, were as follows:
| 31-03-2025 | |||||
|---|---|---|---|---|---|
| Buildings and other constructions |
Transp. equip. and Basic Equipment |
Total | |||
| Gross asset | |||||
| Opening balance on the 1st of January 2025 | 15 573 | 1 498 | 17 071 | ||
| Contracts concluded and cancelled in the year | -1 013 | 0 | -1 013 | ||
| Exchange rate effect | 7 | 0 | 7 | ||
| Final balance | 14 566 | 1 498 | 16 064 | ||
| Accumulated amortisation | |||||
| Opening balance on the 1st of January 2025 | 5 273 | 862 | 6 135 | ||
| Depreciations in the financial year | 705 | 32 | 736 | ||
| Contracts concluded and cancelled in the year | -1 013 | 0 | -1 013 | ||
| Exchange rate effect | -2 | 0 | -2 | ||
| Final balance | 4 962 | 894 | 5 856 | ||
| Final net amount on the 31s t of March 2025 | 9 604 | 604 | 10 208 |
| 31-12-2024 | |||||
|---|---|---|---|---|---|
| Buildings and other constructions |
Transp. equip. and Basic Equipment |
Total | |||
| Gross asset | |||||
| Opening balance on the 1st of January 2024 | 12 429 | 1 297 | 13 726 | ||
| Renewal / new contracts of the exercise | 6 395 | 201 | 6 596 | ||
| Contracts concluded and cancelled in the year | -3 176 | 0 | -3 176 | ||
| Exchange rate effect | -75 | 0 | -75 | ||
| Final balance | 15 573 | 1 498 | 17 071 | ||
| Accumulated amortisation | |||||
| Opening balance on the 1st of January 2024 | 5 592 | 738 | 6 329 | ||
| Depreciations in the financial year | 2 710 | 124 | 2 834 | ||
| Contracts concluded and cancelled in the year | -3 014 | 0 | -3 014 | ||
| Exchange rate effect | -14 | 0 | -14 | ||
| Final balance | 5 273 | 862 | 6 135 | ||
| Net asset amount at 31s t of December 2024 | 10 300 | 636 | 10 936 |
The above-mentioned rights-of-use assets associated with the heading "Buildings and other constructions" essentially comprise the stores where Vista Alegre Group carries out its retail activity through operating lease contracts, both in Portugal and abroad.
10. Income Tax
Current tax for the three-month period ending on the 31st of March 2025 and the year ended on the 31st of December 2024 is recorded as an account payable or an account receivable to the company NCFGest, S.A., in accordance with the Special Regime for the Taxation of Groups of Companies.
On the 31st of March 2025 and on the 31st of December 2024, the detail and changes of deferred tax assets and liabilities, according to the temporary differences that originated them, is as follows:
| Temporary differences | Base | Assets | Liabilities | Net effect | P&L Dr/(Cr) Impact |
Impact Capital Dr/(Cr) |
|---|---|---|---|---|---|---|
| Balance on the 31s t of December 2024 | ||||||
| Revaluation of tangible fixed assets / Fair value investment properties Investment | 33.001 | 796 | 7.892 | |||
| Impairment of depreciable tangible fixed assets | 1.030 | 221 | 0 | |||
| Retirement benefits - Responsibility in charge of the Group | 3.024 | 528 | 0 | |||
| Adjustments and other provisions not fiscally accepted | 13.939 | 3.119 | 0 | |||
| Reportable tax losses - Spain | 796 | 171 | 0 | |||
| Tax credit | 0 | 573 | 0 | |||
| Changes in exchange rates not accepted for tax purposes | 0 | 0 | 7 | |||
| 5.409 | 7.898 | |||||
| Changes of the net information of the financial year | ||||||
| Revaluation of tangible fixed assets / Fair value investment properties Investment | -9 | 0 | -2 | 2 | 2 | 0 |
| Impairment of depreciable tangible fixed assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Retirement benefits - Responsibility in charge of the Group | -566 | 0 | 0 | 0 | 0 | 0 |
| Adjustments and other provisions not fiscally accepted | 647 | 1 7 | 0 | 1 7 | 1 8 | 0 |
| Reportable tax losses - Spain | 0 | 0 | 0 | 0 | 0 | 0 |
| Changes in exchange rates not accepted for tax purposes | 0 | 0 | 0 | 0 | 0 | 0 |
| 1 7 | -2 | 2 0 | 1 9 | 0 | ||
| Balance on the 31s t of March 2025 | ||||||
| Revaluation of tangible fixed assets / Fair value investment properties Investment | 32.992 | 796 | 7.890 | |||
| Impairment of depreciable tangible fixed assets | 1.030 | 221 | 0 | |||
| Retirement benefits - Responsibility in charge of the Group | 2.458 | 528 | 0 | |||
| Adjustments and other provisions not fiscally accepted | 14.586 | 3.136 | 0 | |||
| Reportable tax losses - Spain | 796 | 171 | 0 | |||
| Tax credit | 0 | 573 | 0 | |||
| Changes in exchange rates not accepted for tax purposes | 0 | 0 | 7 | |||
| 5.426 | 7.896 |
| 31-03-2025 | 31-03-2024 | |
|---|---|---|
| Current tax | -418 | -348 |
| Deferred tax | -19 | -84 |
| -437 | -432 |
11. Inventories
The detail of the inventories, with reference to the 31st of March 2025 and to the 31st of December 2024, is as follows:
| 31-03-2025 | 31-12-2024 | Adjustments | ||||||
|---|---|---|---|---|---|---|---|---|
| Gross asset | Impairments | Net assets Gross asset | Impairments | Net assets | Operations in 2025 |
Operations in 2024 |
||
| Goods | 5 265 | -429 | 4 836 | 5 091 | -429 | 4 661 | 0 | -7 |
| Raw material | 7 352 | -875 | 6 477 | 7 299 | -875 | 6 424 | 0 | 289 |
| Products under manufacture | 2 080 | 0 | 2 080 | 2 090 | 0 | 2 090 | 0 | 0 |
| Finished products | 31 616 | -11 591 | 20 024 | 31 736 | -11 593 | 20 143 | 1 | -780 |
| Intermediate products | 20 027 | 0 | 20 027 | 20 255 | 0 | 20 255 | 0 | 0 |
| 66 339 | -12 896 | 53 443 | 66 471 | -12 897 | 53 574 | 1 | -498 |
The amounts of impairment and reversal of impairment losses are recognised in the consolidated statement of profit and loss, respectively, under "Cost of goods sold and materials consumed" and "Change in production", depending on whether these are goods/ raw materials or products.
12. Accounts receivable and others
On the 31st of March 2025 and on the 31st of December 2024, this heading was as follows:
| 31-03-2025 | 31-12-2024 | |
|---|---|---|
| Customers | 17 469 | 14 497 |
| Other debtors | 11 099 | 10 957 |
| State and other public entities (Note 20) | 1 718 | 957 |
| 30 286 | 26 411 | |
| 31-03-2025 | 31-12-2024 | |
| Accounts receivable from clients and other debtors | 31 725 | 28 618 |
| Less: impairment of accounts receivable | -3 157 | -3 164 |
| Accounts receivable from clients and other net debtors-net | 28 568 | 25 454 |
| Other debtors | 31-03-2025 | 31-12-2024 |
| Advances from suppliers | 204 | 374 |
| Expenses to be recognised (deferred costs) | 3 989 | 3 129 |
| Other debtors | 613 | 1 326 |
| Other debtors - NCFGEST companies (Note 28) | 6 293 | 6 128 |
| 11 099 | 10 957 |
The amount of "Expenses to be recognised" corresponds essentially to maintenance material for the Group's manufacturing areas, which is recognised as a cost based on consumption/ use.
13. Share capital, treasury shares, issue premiums and other equity
The total authorised number of common shares is 167.650.060 book-entry shares with a nominal value of 0.80 euros per share. All issued shares are paid for.
| No of shares (thousand) |
Common shares Turnover |
Common share Premium |
Treasury shares Turnover |
Treasury shares Premium |
Total | |
|---|---|---|---|---|---|---|
| On the 31s t of December 2008/2009 | 145 040 | 29 008 | 0 | -1 | -1 | 29 006 |
| On the 30t h of June 2010 | 145 040 | 11 603 | 0 | -1 | -1 | 11 601 |
| On the 31s t of December 2016 | 1 156 348 | 92 508 | 0 | -1 | -1 | 92 506 |
| On the 31s t of December 2017 | 1 524 091 | 121 927 | 22 065 | -1 | -1 | 143 990 |
| On the 31s t of December 2018 | 152 409 | 121 927 | 24 280 | -1 | -1 | 146 206 |
| On the 31s t of December 2019 | 167 650 | 134 120 | 25 113 | -1 | -1 | 159 231 |
| On the 31s t of December 2020 | 167 650 | 134 120 | 25 113 | -1 | -1 | 159 231 |
| On the 31s t of December 2021 | 167 650 | 134 120 | 25 113 | -1 | -1 | 159 231 |
| On the 31s t of December 2022 | 167 650 | 134 120 | 25 113 | -1 | -1 | 159 231 |
| On the 31s t of December 2023 | 167 650 | 134 120 | 25 113 | -1 | -1 | 159 231 |
| On the 31s t of December 2024= On the 31s t of March 2025 | 167 650 | 134 120 | 25 113 | -1 | -1 | 159 231 |
At the end of the first quarter of 2025, the Company owned 110 treasury shares, valued at a price of 0.80 euros each. The premium paid per share was 1.687 euros. The total amount paid for share acquisition was 1,854 euros and this was deducted from equity.
Additionally, as of 31st of March 2025 supplementary payments were made by the shareholder Visabeira Indústria, SGPS, SA in the amount of 38,181,653.20 euros. These supplementary payments are not reimbursable so long as this operation reduces own Company capital to a value lower than the sum of the social capital and its legal reserve.
14. Reserves and retained earnings
The changes in reserves and retained earnings headings were as follows:
| Retained Earnings |
Re-evaluation of lands and buildings |
Other reserves |
Total | |
|---|---|---|---|---|
| Balance on the 1st of January 2024 | -172 173 | 30 565 | 18 720 | -122 887 |
| Result of the previous year | 6 535 | 0 | 0 | 6 535 |
| Reclassification of fixed asset revaluation surpluses | 875 | -875 | 0 | 0 |
| Change in fair value of tangible fixed assets (deferred tax) | 0 | 2 452 | 0 | 2 452 |
| Amounts that will be reclassified later in results | ||||
| Other comprehensive income for the financial year | -1 122 | 0 | 0 | -1 122 |
| Use of share issue premiums | 25 113 | 0 | 0 | 25 113 |
| Acquisitions, asset disposals and capital increases | 1 735 | 0 | 0 | 1 735 |
| Balance on the 31st of December 2024 | -139 037 | 32 141 | 18 720 | -88 175 |
| Result of the previous year | 4 055 | 0 | 0 | 4 055 |
| Amounts that will be reclassified later in results | ||||
| Other comprehensive income for the financial year | -90 | 0 | 0 | -90 |
| Balance on the 31st of March 2025 | -135 072 | 32 141 | 18 720 | -84 209 |
15. Non-controlling interests
On the 31st of March 2025 and on the 31st of December 2024, this heading was as follows:
| % of minority interests | Book value | Attributed results | |||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | Main shareholders | |
| Shree Sharda Vista Alegre Private Limited | 50.00% | 50.00% | 5 | 5 | 0 | 0 | Shree Sharda (50%) |
| Vista Alegre España, S.A. | 30.00% | 30.00% | -782 | -798 | 1 4 | 0 | CR7, S.A. (30%) |
| Bordalo Pinheiro - Holding, Lda (3.26%) | |||||||
| Faianças Artísticas Bordalo Pinheiro, S.A | 13.86% | 13.86% | 1 983 | 1 913 | 7 0 | 125 | SERSAU - Soc. Inv. Venda Urbanizações (2.79%) |
| Sara Maria F. Vera Jardim Silva (2.73%) | |||||||
| VAA Brasil – Comércio, Importação e Exportação S.A. | 1.97% | 1.97% | 2 3 | 3 1 | -1 | -1 | Mentor - Serviços Administrativos (1.97%) |
| Vista Alegre Atlantis Moçambique, Lda. | 1.00% | 1.00% | 3 | 3 | 0 | 0 | Mercury Moz (1%) |
| Total | 1 231 | 1 153 | 8 3 | 124 |
16. Loans obtained
Debts to credit institutions and shareholder loans were as follows on the 31st of March 2025 and on the 31st of December 2024:
| 31-03-2025 | 31-12-2024 | |
|---|---|---|
| Non-current liabilities | ||
| Bank loans | 14 766 | 8 155 |
| Unpaid loans / subsidies | 1 256 | 1 195 |
| Bond loans | 58 369 | 58 284 |
| 74 392 | 67 634 | |
| Current Liabilities | ||
| Unpaid loans / subsidies | 546 | 1 038 |
| Bank loans | 5 599 | 9 170 |
| 6 145 | 10 208 | |
| 80 536 | 77 842 |
The maturity schedule of bank loans and loans from other entities can be summarised as follows:
| Entity | Typology | Value of debt |
Until 12 months |
From 12 to 24 months |
From 24 to 36 months |
≥ 36 months |
|---|---|---|---|---|---|---|
| Various | Bondholder | 58 369 | 0 | 0 | 0 | 58 369 |
| Various | Mutual / Loans | 20 365 | 5 599 | 4 888 | 2 726 | 7 152 |
| Bank loans | 78 735 | 5 599 | 4 888 | 2 726 | 65 521 | |
| AICEP ** | Repayable subsidies | 1 802 | 546 | 1 256 | 0 | 0 |
| Unpaid loans / subsidies | 1 802 | 546 | 1 256 | 0 | 0 | |
| Overall Total | Overall Total | 80 536 | 6 145 | 6 145 | 2 726 | 65 521 |
**AICEP – Agência para o Investimento e Comércio Externo de Portugal
17. Lease liabilities
The changes in the amount of lease liabilities occurring in the financial years ended on the 31st of March 2025 and on the 31st of December 2024, were as follows:
| 31-03-2025 | |
|---|---|
| Liabilities | |
| Opening balance | 10 992 |
| Payments made in the financial year | -648 |
| Financial cost of the year | 131 |
| Final balance on the 31s t of March 2025 | 10 475 |
| 31-12-2024 | |
| Liabilities | |
| Opening balance | 7 435 |
| Renewal / new contracts of the exercise | 6 596 |
| Payments made in the financial year | -3 489 |
| Financial cost of the year | 449 |
| Final balance on the 31s t of December 2024 | 10 992 |
At the date of the consolidated statement of financial position, lease liabilities were due as follows:
| On the 31st of March 2025: |
Amount in debt | Until 12 months | From 12 to 24 months |
From 24 to 36 months |
≥ 36 months |
|---|---|---|---|---|---|
| Lease liabilities | 10 475 | 2 675 | 2 419 | 2 218 | 3 163 |
| Total | 10 475 | 2 675 | 2 419 | 2 218 | 3 163 |
On the 31st of December 2024 lease liabilities matured as follows:
| On the 31st of December 2024: |
Value of debt | Until 12 months | From 12 to 24 months |
From 24 to 36 months |
≥ 36 months |
|---|---|---|---|---|---|
| Lease liabilities | 10 992 | 2 815 | 2 076 | 1 874 | 4 227 |
| Total | 10 992 | 2 815 | 2 076 | 1 874 | 4 227 |
18. Accounts payable and other debts
On the 31st of March 2025 and on the 31st of December 2024, the heading "Accounts payable and other debts" was as follows:
| 31-03-2025 | 31-12-2024 | |
|---|---|---|
| Suppliers | 19 166 | 18 074 |
| Creditors and accrued expenses | 34 668 | 32 059 |
| State and other public entities (Note 20) | 1 904 | 2 841 |
| 55 737 | 52 973 |
The breakdown of the "Suppliers" heading on the 31st of March 2025 and on the 31st of December 2024 is as follows:
| 31-03-2025 | 31-12-2024 | |
|---|---|---|
| Current account suppliers | 18 814 | 17 907 |
| Suppliers invoices receivable and checking | 352 | 167 |
| 19 166 | 18 074 |
The heading "Creditors and accrued expenses - Current Liabilities" is broken down as follows:
| 31-03-2025 | 31-12-2024 | |
|---|---|---|
| Accrued expenses | 13 774 | 11 010 |
| Confirming | 7 304 | 6 630 |
| Related parties - NCFGEST (RETGS) (Note 26) | 4 544 | 4 382 |
| Export consignments | 4 185 | 3 211 |
| Investment suppliers | 3 170 | 4 732 |
| Other creditors | 721 | 1 275 |
| Advances from clients | 681 | 660 |
| Express Bill | 195 | 24 |
| Factoring | 95 | 134 |
| 34 668 | 32 059 |
The heading "Accrued expenses" on the 31st of March 2025 and on the 31st of December 2024 is broken down as follows:
| 31-03-2025 | 31-12-2024 | |
|---|---|---|
| Staff costs | 9 782 | 8 212 |
| Interest payable | 1 201 | 422 |
| Energy | 904 | 748 |
| Investment | 341 | 384 |
| Royalties | 240 | 302 |
| Rappel | 155 | 155 |
| Others | 1 150 | 787 |
| 13 774 | 11 010 |
19. Provisions
19.1 Provisions
The information related to provisions, regarding the 31st of March 2025 and the 31st of December 2024, can be summarised as follows:
| 31-03-2025 | 31-12-2024 | |
|---|---|---|
| Initial balance on the 01st of January | 90 | 90 |
| Reversals/reinforcements | 0 | 0 |
| Final balance | 90 | 90 |
19.2 Provision for pensions
The VAA Group has several defined benefit pension plans in place, some under the responsibility of Fundos de Pensões specially created and managed by the actuary company (Futuro - Sociedade Gestora de Fundos de Pensões, S.A.) and others under the responsibility of the Group itself ("Plano de benefícios definido – sem Fundo").
Under the responsibility of Futuro- Sociedade Gestora de Fundos de Pensões, S.A. are two funds:
- One ("Former Atlantis"), called Adesão Coletiva Atlantis, has an indeterminate duration. All employees of Vista Alegre Atlantis, SA, from Ex - Atlantis – Cristais de Alcobaça, S.A, working for the Subsidiary's until the 31st December 2013, and who meet the requirements of eligibility provided for in the Pension Plan, which is to say all participants who are 65 years old, and who have worked at least ten years for the subsidiary, are entitled to a supplementary old-age pension calculated in accordance with the Pension Plan.
This fund is financed by the Viva Pension Fund.
-Other ("Former Vista Alegre" and "Vista Alegre Group"), called the Fundo de Pensões Grupo Vista Alegre, also of indefinite duration, which includes the employees of Vista Alegre Atlantis S.A., from the former Fábrica de Porcelana da Vista Alegre, S.A. and from Vista Alegre Grupo-Vista Alegre Participações S.A.. who have signed an individual employment agreement before the 20th of December 1976 and that are covered by the Collective Agreement for the Ceramic Industry.
Vista Alegre Group's pension fund is financed by the Vista Alegre Group Pension Fund.
20. State and other public entities
On the 31st of March 2025 and 31st of December 2024, the composition in the item "State and other public entities" was as follows:
| 31-03-2025 | 31-12-2024 | |||
|---|---|---|---|---|
| Assets | Liabilities | Assets | Liabilities | |
| Income tax | 145 | 104 | 144 | 104 |
| Total - Income tax | 145 | 104 | 144 | 104 |
| Withholding of income tax | 0 | 3 | 0 | 2 |
| Taxes on commercial transactions* | 1 718 | 634 | 957 | 1 505 |
| Social security contributions | 0 | 1 267 | 0 | 1 334 |
| Total - State and other public entities | 1 718 | 1 904 | 957 | 2 841 |
| Total | 1 863 | 2 008 | 1 101 | 2 945 |
* VAT, ICMS, PIS, COFINS and IPI.
21. Subsidies
The main information on the investment subsidies allocated to the Group as of the 31st of March 2025 and 31st of December 2024 is as follows:
| 31-03-2025 | 31-12-2024 | |||||
|---|---|---|---|---|---|---|
| Current | Non current | Total | Current | Non current | Total | |
| Stoneware Project (Ria Stone) | 617 | 2.922 | 3.538 | 617 | 3.076 | 3.693 |
| FLEX 360 Project (Vista Alegre, S.A.) | 0 | 1.489 | 1.489 | 0 | 1.489 | 1.489 |
| Porcelain Project (Vista Alegre, S.A.) | 198 | 1.374 | 1.572 | 198 | 1.423 | 1.621 |
| CerexCor & CristalLux Project (Vista Alegre S.A.) | 241 | 1.489 | 1.730 | 241 | 1.548 | 1.789 |
| Cerutil Projeco (Cerutil) | 69 | 538 | 607 | 69 | 555 | 624 |
| Bordalo Pinheiro Project (Bordalo Pinheiro) | 125 | 1.103 | 1.228 | 125 | 1.134 | 1.259 |
| Decarbonisation projects | 0 | 2.489 | 2.489 | 0 | 2.489 | 2.489 |
| Recovery and Resilience Plan agendas | 0 | 2.898 | 2.898 | 0 | 2.822 | 2.822 |
| 1.249 | 14.301 | 15.550 | 1.249 | 14.535 | 15.785 |
| 31-12-2024 | Reinforcement/Decrease | Amortisation (Note 25) |
31-03-2025 | |
|---|---|---|---|---|
| Medium and long-term investment subsidies | ||||
| Stoneware Project (Ria Stone) | 3 693 | 0 | -154 | 3 538 |
| FLEX 360 Project (Vista Alegre, S.A.) | 1 489 | 0 | 0 | 1 489 |
| Porcelain Project (Vista Alegre, S.A.) | 1 621 | 0 | -49 | 1 572 |
| CerexCor & CristalLux Project (Vista Alegre S.A.) | 1 789 | 0 | -59 | 1 730 |
| Cerutil Projeco (Cerutil) | 624 | 0 | -17 | 607 |
| Bordalo Pinheiro Project (Bordalo Pinheiro) | 1 259 | 0 | -31 | 1 228 |
| Decarbonisation projects | 2 489 | 0 | 0 | 2 489 |
| Recovery and Resilience Plan agendas | 2 822 | 76 | 0 | 2 898 |
| 15 785 | 76 | -310 | 15 550 |
22. Sales and services provided
During the three-month period ending on the 31st of March 2025 and 2024, the categories of revenue recognised include revenue from:
| 31-03-2025 | 31-03-2024 | |
|---|---|---|
| Sales of goods | 36 013 | 30 513 |
| Services provided | 258 | 228 |
| 36 271 | 30 741 |
23. Staff costs
Expenses with staff for the three-month period ending on the 31st of March 2025 and 2024 may be analysed as follows:
| 31-03-2025 | 31-03-2024 | |
|---|---|---|
| Salaries and other staff costs | 10 528 | 10 043 |
| Salaries and other short-term benefits of the Management | 270 | 266 |
| Expenses with salaries | 2 259 | 2 256 |
| Total | 13 058 | 12 565 |
The liabilities with pension and retirement plans are explained in Note 19.
At the end of the first quarter of 2025, the number of employees working for Vista Alegre Group was 2,355 (first quarter of 2024: 2,407) and the average number was 2,369 (first quarter of 2024: 2,421).
24. External supplies and services
On the 31st of March 2025 and 2024, this heading was as follows:
| 31-03-2025 | 31-03-2024 | |
|---|---|---|
| Electricity | 1 101 | 765 |
| Specialised works | 712 | 560 |
| Maintenance and repair | 651 | 684 |
| Freight transport | 614 | 685 |
| Advertising and marketing | 561 | 722 |
| Travel and stays | 339 | 287 |
| Subcontracts | 298 | 188 |
| Commissions | 262 | 261 |
| Cleaning, hygiene and comfort | 223 | 194 |
| Insurance | 217 | 151 |
| Rents and leases | 185 | 288 |
| Surveillance and safety | 175 | 159 |
| Royalties | 128 | 103 |
| Fuels, water and other fluids | 124 | 105 |
| Tools and utensils for fast wear | 75 | 59 |
| Fees | 66 | 90 |
| Communication | 46 | 46 |
| Others | 110 | 16 |
| 5 888 | 5 363 |
25. Other operating income and expenses
Other operating income and expenses for the three-month period ending on the 31st of March 2025 and 2024 can be analysed as follows:
| 31-03-2025 | 31-03-2024 | |||
|---|---|---|---|---|
| Costs | Income | Costs | Income | |
| Costs and income relating to previous years | 1 | 6 | 1 | 6 2 |
| Fines and penalties/Contract benefits | 1 | 0 | 2 | 0 |
| Gains and losses with immobilization- reductions/disposal | 0 | 2 | 0 | 0 |
| Heath insurances - HR | 0 | 1 1 | 0 | 4 |
| Sale of chips/waste, scrap, moulds and freight | 0 | 1 1 | 0 | 1 3 |
| Offers/ samples stocks | 112 | 0 | 7 4 | 0 |
| Taxes | 6 2 | 0 | 8 0 | 0 |
| Currency exchanges differences | 0 | 0 | 1 | 9 |
| Up front discounts | 1 4 | 0 | 1 3 | 0 |
| Subsidies for operating and training | 0 | 126 | 0 | 123 |
| Investment subsidies (Note 21) | 0 | 310 | 0 | 354 |
| Interest and similar | 0 | 0 | 137 | 0 |
| Other operating expenses and profit | 9 7 | 495 | 106 | 332 |
| 287 | 962 | 414 | 897 |
26. Financial result
The financial results for the three-month period ending on the 31st of March 2025 and 2024 were as follows:
| 31-03-2025 | 31-03-2024 | |
|---|---|---|
| Interest with loans and overdrafts | -1 041 | -669 |
| Interest with operating loans | -124 | -158 |
| Interests on leases | -131 | -100 |
| Recognition of amortised cost | -102 | -142 |
| Factoring costs | -139 | -84 |
| Express bill costs | -116 | -137 |
| Other financial expenses | -42 | -89 |
| Financial income - interests | 75 | 116 |
| -1 619 | -1 263 |
27. Commitments
Commitment towards investments
Commitments towards investments contracted but not yet incurred on the 31st of March 2025 amount to 4.4 million euros and regard the amounts already under contract relating to fixed asset orders but only materialised over the following 12 months.
28. Balances and Transactions with related parties
The entities that, on the 31st of March 2025, had a qualifying share in the Vista Alegre Group were:
| Shares | ||
|---|---|---|
| Shareholder | No of shares | % of voting rights |
| NCFGEST, SA | ||
| Directly (its own portfolio) | 7 735 422 | 4.61% |
| Through Grupo Visabeira, SA | 5 548 417 | 3.31% |
| Through Visabeira Indústria, SGPS, SA (1) | 121 200 962 | 72.29% |
| Through NCFTradetur | 4 942 479 | 2.95% |
| Total attributable to Grupo Visabeira, SA | 139 427 280 | 83.17% |
| CR7, S.A. | ||
| Directly (its own portfolio) | 16 765 006 | 10.00% |
| Total attributable to CR7, S.A. | 16 765 006 | 10.00% |
| Caixa Geral de Depósitos, SA: | ||
| Directly (its own portfolio) | 1 396 276 | 0.83% |
| Total attributable to Caixa Geral Depósitos, S.A. | 1 396 276 | 0.83% |
| Free Float | 10 061 388 | 6.00% |
| Sub-totals | 167 649 950 | 100.00% |
| Treasury shares | 110 | 0.00% |
| Total shares Vista Alegre Atlantis | 167 650 060 | 100.00% |
(1) The majority shareholder of VISTA ALEGRE ATLANTIS SGPS, S.A., VISABEIRA INDÚSTRIA, SGPS, S.A., is totally owned by Grupo Visabeira, S.A., whose majority shareholder, NCFGEST, S.A., a company totally owned by the individual partner Fernando Campos Nunes, possesses 98.57%.
The following transactions were carried out with parties related to the level of remuneration:
| 31-03-2025 | 31-03-2024 | |
|---|---|---|
| Salaries and other short-term benefits of the Management | 270 | 266 |
The remunerations previously described are all of a fixed nature, occurring during the three-month period ending on the 31st of March 2025 and 2024.
The balances outstanding as of the 31st of March 2025 and 31st of December 2024 with related parties are almost exclusively from demand deposits and operating loans with the banking group Caixa Geral de Depósitos ("CGD") as well as operating accounts receivable and payable with NCFGEST companies.
The balances of assets and liabilities of related parties on the 31st of March 2025 and on the 31st of December 2024 are as follows:
| 31-03-2025 | 31-12-2024 | |
|---|---|---|
| Assets | ||
| Grupo CGD - Demand deposits | 9 281 | 4 095 |
| Visabeira Indústria, SGPS, SA | 5 370 | 5 270 |
| NCGEST- Client balance | 2 756 | 1 822 |
| NCFGEST - Other Debtors (Note 12) | 923 | 858 |
| 18 330 | 12 044 | |
| Liabilities | ||
| Grupo CGD | ||
| Operating loans | 2 254 | 6 434 |
| Bank loans | 12 026 | 7 501 |
| 14 280 | 13 935 | |
| NCFGEST | ||
| Suppliers and other creditors | 3 322 | 3 151 |
| Related parties - RETGS (Note 20) | 4 544 | 4 382 |
| 7 866 | 7 533 | |
| 40 476 | 33 512 |
Transactions with related parties on the 31st of March 2025 and 2024:
| 31-03-2025 | 31-03-2024 | |||
|---|---|---|---|---|
| Purchases | Sales to | Purchases | Sales to | |
| to related | related | from related | related | |
| parties | parties | parties | parties | |
| (COST) | (INCOME) | (COST) | (INCOME) | |
| Grupo CGD | 118 | 0 | 160 | 0 |
| NCFGEST | 469 | 172 | 554 | 284 |
29. Subsequent events
There are no events subsequent to the date of the financial statements that influence the reading and interpretation of these consolidated financial statements.
30. Companies included in the consolidation
On the 31st of March 2025, the Companies which are part of Grupo VAA - Vista Alegre Atlantis and are part of the respective consolidated by the integral method are as follows:
| Participation percentage | ||||
|---|---|---|---|---|
| Companies | Head office | 31-03-2025 | 31-12-2024 | |
| Vista Alegre Atlantis, SGPS, SA | Ílhavo | Parent Company | Parent Company | |
| Cerexport - Cerâmica de exportação, SA | Ílhavo | 100.00% | 100.00% | |
| Cerutil - Cerâmicas Utilitárias, SA | Sátão | 100.00% | 100.00% | |
| Faianças Artísticas Bordalo Pinheiro, SA | Caldas da Rainha | 86.14% | 86.14% | |
| Faianças da Capôa - Indústria Cerâmica, SA | Ílhavo | 100.00% | 100.00% | |
| Mexicova, SA | Mexico City | 100.00% | 100.00% | |
| Ria Stone Fábrica de Louça de Mesa em Grés, SA | Ílhavo | 100.00% | 100.00% | |
| Ria Stone II, SA | Ílhavo | 100.00% | 100.00% | |
| Shree Sharda Vista Alegre Private Limited | Delhi | 50.00% | 50.00% | |
| VA - Vista Alegre España, SA | Madrid | 70.00% | 70.00% | |
| VAA Brasil – Comércio, Importação e Exportação, SA | S. Paulo | 98.03% | 98.03% | |
| VAA I.I. – Sociedade Imobiliária, SA | Ílhavo | 100.00% | 100.00% | |
| Vista Alegre Atlantis Moçambique, Lda | Maputo | 99.00% | 99.00% | |
| Vista Alegre Atlantis, SA | Ílhavo | 100.00% | 100.00% | |
| Vista Alegre France, SAS | Paris | 100.00% | 100.00% | |
| Vista Alegre USA Corporation | New York | 100.00% | 100.00% |
In July 2024, VAA - Vista Alegre Atlantis SGPS, S.A. sold 30% of the share capital of Vista Alegre Spain to CR7, S.A..
Interim Financial Report (January to March 2025)
