Earnings Release • Mar 21, 2022
Earnings Release
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| Informazione Regolamentata n. 0931-9-2022 |
Data/Ora Ricezione 21 Marzo 2022 16:24:14 |
Euronext Star Milan | |
|---|---|---|---|
| Societa' | : | B&C SPEAKERS | |
| Identificativo Informazione Regolamentata |
: | 158861 | |
| Nome utilizzatore | : | BCSPEAKERSN02 - Spapperi | |
| Tipologia | : | 1.1 | |
| Data/Ora Ricezione | : | 21 Marzo 2022 16:24:14 | |
| Data/Ora Inizio Diffusione presunta |
: | 21 Marzo 2022 16:24:15 | |
| Oggetto | : | B&C Speakers- 2021 Financials Approval | |
| Testo del comunicato |
Vedi allegato.
Bagno a Ripoli (Florence-ITALY), March 21, 2022 –The Board of Directors of B&C Speakers S.p.A., one of the leading international players in designing, producing, distributing and marketing professional electro-acoustic transducers, approved the Draft Financial Statements for the 2021 fiscal year prepared in accordance with IFRS International Financial Reporting Standards.
CEO Lorenzo Coppini commented: "the year that just ended, has witnessed a strong demand restarting in our reference market, which allowed us to recover much of the ground lost in 2020, both in quantitative and qualitative terms. The first few months of 2022 are confirming the signals of a complete recovery, or even an overtaking, of pre-Covid values. This is happening despite the fact that the general framework remains very challenging, due to the significant increase in the costs of semifinished products, as well as the possible destabilization of the world economy, as a result of the war in Ukraine."
The reference market of the Group showed significant and growing signs of recovery in 2021 and the turnover is equal to Euro 45.23 million, increasing by 41.5% compared to the same period of 2020, when it was equal to Euro 31.98 million.
The growth in turnover was seen in almost all the areas in which the company operates.
| It should be noted that the increase compared to 2020 was mainly focused on the Asian | ||||||
|---|---|---|---|---|---|---|
| and European markets, marking an increase of, respectively, Euro 5.5 million (+90% | ||||||
| compared to 2020) and Euro 6.9 million (+57% compared to 2020). | ||||||
| Geographical Area | 2021 | % | 2020 | % | Change | % Change |
| Latin America | 2,704,387 | 6% | 2,037,630 | 6% | 666,757 | 33% |
| Europe | 19,146,275 | 42% | 12,233,506 | 38% | 6,912,768 | 57% |
| Italy | 2,784,614 | 6% | 2,413,606 | 8% | 371,008 | 15% |
| North America | 8,603,430 | 19% | 8,825,250 | 28% | (221,820) | -3% |
| Middle East & Africa | 410,788 | 1% | 368,524 | 1% | 42,264 | 11% |
| Asia & Pacific Total revenues |
11,583,469 45,232,962 |
26% 100% |
6,096,739 31,975,254 |
19% 100% |
5,486,730 13,257,708 |
90% 41% |
The cost of sales was consistent with the same period of 2020 and its incidence on revenues was 64.46% (it was equal to 63.79% in 2020). This trend proves that, despite the higher costs for logistics, also due to the extraordinary use of imports by air from the Far East, and the higher procurement costs of many categories of semi-finished products, especially neodymium magnets, the Group has been able to improve itself by mitigating the impact of these factors, thanks to a process of improving the efficiency of the structure and a very careful repricing policy.
The cost for indirect personnel, while showing a slight increase compared to 2020, decreased its incidence on turnover from 9.20% to 7.74% thanks to the increase in production and sales volumes achieved in this period.
Commercial expenses remain basically unchanged compared to 2020, since the sector trade shows have not restarted yet and the cost containment policies implemented by the Group's Management are still in place.
Although general and administrative costs increased by 20% compared to 2020, they have seen a reduction in their incidence on turnover; the increase in general and administrative costs was affected, for approximately Euro 180 thousand, by non-recurring costs associated with interventions on the personnel structure.
As a result of the dynamics illustrated above, EBITDA in 2021 is equal to Euro 8.61 million, with an increase of 68% compared to 2020.
EBITDA Margin for 2021 is equal to 19.04% of revenues and is clearly up on the 2020 figure (when it was equal to 16% of revenues).
The depreciation of tangible and intangible fixed assets and rights of use are slightly decreasing compared to 2020 and amounts to Euro 2.01 million (Euro 2.2 Million in 2020).
EBIT for 2021 amounts to Euro 6.55 million, a significant increase compared to 2020, when it was equal to Euro 2.89 million. EBIT margin is equal to 14.49% of revenues (9.04% in 2020).
The Group's net profit at the end of 2021 amounted to Euro 5.12 million and represented 11.31% of consolidated revenues, with an overall increase of 210% compared to 2020.
The overall Net Financial Position is equal to Euro 3.9 million against a positive value of Euro 0.59 million at the end of the 2020 financial year. The Net Financial Position has been mainly affected by the absorption of liquidity from working capital needed to finance the recovery and by the distribution of the dividend equal to Euro 2.9 million, that took place during May 2021
| 31 december | 31 december | ||
|---|---|---|---|
| (values in Euro thousands) | 2021 (a) | 2020 (a) | Change |
| A. Cash | 8,075 | 13,415 | -40% |
| C. Other current financial assets | 10,829 | 8,044 | 35% |
| D. Cash and cash equivalent (A+C) | 18,905 | 21,459 | -12% |
| E. Current financial indebtness | (0) | 0 | |
| F. Current portion of non current borrowings | (10,275) | (7,848) | 31% |
| G. Current borrowingse (E+F) | (10,276) | (7,848) | 31% |
| H. Current net financial indebtness (G+D) | 8,629 | 13,610 | -37% |
| I. Non current financial indebtness | (12,542) | (13,022) | -4% |
| L. Non current financial indebtness | (12,542) | (13,022) | -4% |
| M. Total financial indebteness (H+L) | (3,913) | 590 | -763% |
| Economic trends - Group B&C Speakers | ||||
|---|---|---|---|---|
| (€ thousands) | 2021 | Incidence | 2020 | Incidence |
| Revenues | 45,233 | 100.00% | 31,975 | 100.0% |
| Cost of sales | (29,157) | -64.46% | (20,397) | -63.8% |
| Gross margin | 16,076 | 35.54% | 11,578 | 36.2% |
| Other revenues | 811 | 1.79% | 541 | 1.7% |
| Cost of indirect labour | (3,501) | -7.74% | (2,943) | -9.2% |
| Commercial expenses | (633) | -1.40% | (579) | -1.8% |
| General and administrative expenses | (4,141) | -9.16% | (3,474) | -10.9% |
| Ebitda | 8,612 | 19.04% | 5,123 | 16.0% |
| Depreciation of tangible assets | (1,871) | -4.14% | (1,989) | -6.2% |
| Amortization of intangible assets | (139) | -0.31% | (194) | -0.6% |
| Writedowns | (49) | -0.11% | (51) | -0.2% |
| Earning before interest and taxes (Ebit) | 6,553 | 14.49% | 2,889 | 9.0% |
| Writedown of investments in non controlled associates | (19) | -0.04% | - | 0.0% |
| Financial costs | (491) | -1.09% | (983) | -3.1% |
| Financial income | 640 | 1.41% | 378 | 1.2% |
| Earning before taxes (Ebt) | 6,683 | 14.77% | 2,284 | 7.1% |
| Income taxes | (1,708) | -3.78% | (367) | -1.1% |
| Profit for the year | 4,975 | 11.00% | 1,917 | 6.0% |
| Minority interest | 0 | 0.00% | 0 | 0.0% |
| Group Net Result | 4,975 | 11.00% | 1,917 | 6.0% |
| Other comprehensive result | 142 | 0.31% | (269) | -0.8% |
| Total Comprehensive result | 5,117 | 11.31% | 1,647 | 5.2% |
The order collection, also after the end of 2021, confirmed its brilliant growth trend that now positively involves all the reference markets and brought the Group's portfolio to new record levels - at the date of this press release it was in fact equal to Euro 38.3 million. At the moment, the order flow does not seem to be affected by the dramatic developments in Ukraine, as the Group's turnover in Russia and Ukraine has always been very limited. Nevertheless, it cannot be excluded that a lengthened duration of the conflict could indirectly affect both demand, procurement and logistics costs.
The Board convened the Ordinary Shareholders' Meeting, in single call, for April 29, 2022 with the following Agenda
Il Consiglio di amministrazione propone all'assemblea dell'Emittente di deliberare la distribuzione di un dividendo pari ad Euro 0,32 per ogni azione in circolazione.
La data per lo stacco dei dividendi è prevista a partire dal 2 maggio 2022 – conformemente alle disposizioni impartite dalla Borsa Italiana S.p.A. – con record date al 3 maggio 2022 e payment date al 4 maggio 2022.
The Financial Reporting Manager of B&C Speakers S.p.A., Dr. Francesco Spapperi, hereby certifies pursuant to Art. 154-bis, paragraph 2 of the Italian Legislative Decree No. 58/1998 - that the accounting disclosures as shown in this press release, are consistent with company's accounting documents, books and records.
| (Values in Euro) 2021 2020 ASSETS Fixed assets Tangible assets 2,530,233 2,768,007 Right of use 4,888,298 Goodwill 2,318,181 2,318,181 Other intangible assets 314,159 303,453 Investments in non controlled associates - Deferred tax assets 869,899 760,716 Other non current assets 496,824 655,222 related parties 6,700 6,700 Total non current assets 11,417,594 9,967,080 Currents assets Inventory 17,325,538 12,253,639 Trade receivables 12,995,603 7,084,606 Current tax assets 267,450 1,247,765 Other current assets 13,680,165 8,994,755 Cash and cash equivalents 8,075,158 13,415,179 Total current assets 52,343,914 42,995,944 Total assets 63,761,508 52,963,024 LIABILITIES Equity Share capital 1,087,901 1,088,495 Other reserves 4,186,497 4,745,482 Foreign exchange reserve 445,242 296,495 Retained earnings 22,656,388 20,080,251 Total equity attributable to shareholders of the parent 28,376,029 26,210,723 Minority interest - Total equity 28,376,029 26,210,723 Non current liabilities Long-term borrowings 8,620,901 10,754,968 Long-term lease liabilities 3,921,073 related parties 3,524,407 Severance Indemnities 775,447 935,531 Provisions for risk and charges 40,291 39,271 Total non current liabilities 13,357,712 13,996,824 Current liabilities Short-term borrowings 9,183,071 6,904,309 Short-term lease liabilities 1,092,438 related parties 843,493 Trade liabilities 9,020,141 2,956,786 related parties 81,227 47,976 Current tax liabilities 188,520 110,521 Other current liabilities 2,543,597 1,840,351 Total current liabilities 22,027,767 12,755,477 Total Liabilities 63,761,508 52,963,024 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION | 31 december | 31 December |
|---|---|---|---|
| 3,111,501 50,000 |
|||
| - 2,267,054 1,694,474 943,509 596,026 |
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Pagina 6 di 8
| (Values in Euro) | ||||
|---|---|---|---|---|
| ------------------ | -- | -- | -- | -- |
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Values in Euro) |
2021 | 2020 |
|---|---|---|
| Revenues | 45,232,962 | 31,975,254 |
| Cost of sales | (29,157,063) | (20,396,953) |
| Other revenues | 810,792 | 541,058 |
| Cost of indirect labour | (3,500,996) | (2,942,757) |
| Commercial expenses | (632,630) | (579,475) |
| General and administrative expenses | (4,141,209) | (3,473,916) |
| Depreciation and amortization | (2,009,838) | (2,183,381) |
| Writedowns | (49,258) | (50,659) |
| Earning before interest and taxes | 6,552,760 | 2,889,172 |
| Writedown of investments in non controlled associates | (19,182) | - |
| Financial costs | (490,797) | (983,111) |
| related parties | (80,947) | (71,839) |
| Financial income | 639,930 | 377,869 |
| Earning before taxes | 6,682,712 | 2,283,929 |
| Income taxes | (1,707,944) | (367,380) |
| Profit for the year (A) | 4,974,767 | 1,916,549 |
| Other comprehensive income/(losses) for the year that will not be reclassified in icome | ||
| statement: | ||
| Actuarial gain/(losses) on DBO (net of tax) | (6,579) | (4,826) |
| Other comprehensive income/(losses) for the year that will be reclassified in icome statement: | ||
| Exchange differences on translating foreign operations | 148,747 | (264,466) |
| Total other comprehensive income/(losses) for the year (B) | 142,168 | (269,292) |
| Total comprehensive income (A) + (B) | 5,116,935 | 1,647,257 |
| Profit attributable to: | ||
| Owners of the parent | 4,974,767 | 1,916,549 |
| Minority interest | - | - |
| Total comprehensive income atributable to: | ||
| Owners of the parent Minority interest |
5,116,935 - |
1,647,257 - |
| Basic earning per share | 0.46 | 0.18 |
| Diluted earning per share | 0.46 | 0.18 |
The Financial Reporting Manager of B&C Speakers S.p.A., Francesco Spapperi, hereby certifies - pursuant to Art. 154-bis, paragraph 2 of the Italian Legislative Decree No. 58/1998 - that the accounting disclosures as shown in this press release, are consistent with company's accounting documents, books and records.
Francesco Spapperi (Investor Relator), Email: [email protected]
B&C Speakers S.p.A. is an international leader in the design, production, distribution and commercialization of professional electro-acoustic transducers (the main components in acoustic speakers for music, commonly referred to as loudspeakers), supplied mainly to professional audio system manufacturers (OEM). Counting roughly 150 employees, with approximately 10% of staff assigned to its Research and Development Department, the Company – under the brands of the Group: B&C SPEAKERS, 18SOUND and CIARE carries out all design, production, commercialization and control activities at its facility in Florence and Reggio Emilia, Italy. 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.
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