Earnings Release • Apr 29, 2016
Earnings Release
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| Informazione Regolamentata n. 0097-14-2016 |
Data/Ora Ricezione 29 Aprile 2016 16:10:25 |
MTA | |
|---|---|---|---|
| Societa' | : | COFIDE | |
| Identificativo Informazione Regolamentata |
: | 73415 | |
| Nome utilizzatore | : | COFIDEN03 - Ricco | |
| Tipologia | : | IRAG 03 | |
| Data/Ora Ricezione | : | 29 Aprile 2016 16:10:25 | |
| Data/Ora Inizio Diffusione presunta |
: | 29 Aprile 2016 16:25:26 | |
| Oggetto | : | 10.7 mn | Cofide Group: net income for the quarter € |
| Testo del comunicato |
Vedi allegato.
Board of Directors approves results as of March 31 2016
| (in millions of €) | |||
|---|---|---|---|
| 1Q 2015 | 1Q 2016 | Δ% | |
| Revenues | 627.2 | 644.3 | +2.7% |
| EBITDA | 60.8 | 62.4 | +2.6% |
| Net result | 13.6 | 10.7 | |
| 31/12 | 31/3 | ||
| Net financial debt | 159.4 | 143.6 |
Milan, April 29 2016 - 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 as of March 31 2016.
COFIDE is the controlling shareholder of CIR-Compagnie Industriali Riunite S.p.A., the company at the head of an industrial group active mainly in the media, automotive components and healthcare sectors. The COFIDE group also has financial investments in Jargonnant, the private equity fund specializing in real estate assets in Germany and Eastern Europe, and in Three Hills Decalia, the investment fund that supports the growth of small and medium European enterprises.
The revenues of the COFIDE group in first quarter 2016 came in at € 644.3 million and were up by 2.7% from € 627.2 million in the same period of 2015.
EBITDA came to € 62.4 million (9.7% of revenues), up by 2.6% from € 60.8 million (9.7% of revenues) in 2015. The number benefited from the higher EBITDA of the CIR group.
In the quarter the COFIDE group reported net income of € 10.7 million compared to earnings of € 13.6 million in the same period of the previous year. This result was a combination of the positive contribution of the subsidiary CIR (€ 7.9 million versus € 10.7 million in 2015) and the earnings of the parent company of the group COFIDE S.p.A. (€ 2.8 million versus € 2.9 million in 2015), which benefited from financial management income and particularly from a capital gain on the redemption of shares in the Jargonnant fund.
In the first quarter of 2016 the CIR group obtained net income of € 14.7 million compared to € 21.2 million in the same period of last year, which had benefited from positive non-recurring results from Espresso and Sogefi.
The net financial debt of the parent company COFIDE S.p.A. stood at € 33.4 million at March 31 2016 (€ 37.7 million at December 31 2015). The reduction was due mainly to the redemption of shares in the Jargonnant fund.
The consolidated net financial debt of the COFIDE group amounted to € 143.6 million at March 31 2016, down from € 159.4 million at December 31 2015.
Total consolidated equity stood at € 1,573.8 million at March 31 2016, compared to € 1,573.1 million at December 31 2015. The consolidated equity attributable to the group rose by € 567.8 million at December 31 2015 to € 574.5 million at March 31 2016.
The value at March 31 2015 of the investment in the Jargonnant fund was € 7 million (€ 13.4 million at the end of 2015). The COFIDE group has also invested in the Three Hills Decalia fund, specializing in small and medium enterprises in Europe: the value of the investment at March 31 2016 was € 8.7 million (7.3 million at the end of 2015).
The performance of the COFIDE group in the next three quarters of 2016 will be influenced 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 further details on the results of the subsidiary CIR, see the press released published by the company today (http://goo.gl/JNrCJv).
***
It should be noted that this quarterly disclosure has been made in continuity with the past, pending clarification as to the regulatory environment.
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. It should be noted that these figures have not been audited by the firm of auditors.
(in thousands of euro)
| ASSETS | 31.03.2016 | 31.12.2015 | 31.03.2015 |
|---|---|---|---|
| NON-CURRENT ASSETS | 2,078,891 | 2,094,545 | 2,168,190 |
| INTANGIBLE ASSETS | 997,191 | 997,652 | 1,010,767 |
| TANGIBLE ASSETS | 648,995 | 659,109 | 662,965 |
| INVESTMENT PROPERTY | 20,813 | 20,916 | 21,106 |
| INVESTMENTS IN COMPANIES CONSOLIDATED AT EQUITY | 132,669 | 131,833 | 147,109 |
| OTHER EQUITY INVESTMENTS | 5,830 | 5,830 | 4,970 |
| OTHER RECEIVABLES | 88,336 | 87,075 | 91,662 |
| SECURITIES | 81,995 | 87,383 | 110,515 |
| DEFERRED TAXES | 103,062 | 104,747 | 119,096 |
| CURRENT ASSETS | 1,441,074 | 1,412,396 | 1,370,227 |
| INVENTORIES | 133,627 | 134,055 | 138,588 |
| CONTRACTED WORK IN PROGRESS | 38,591 | 39,178 | 32,341 |
| TRADE RECEIVABLES | 437,827 | 415,937 | 432,093 |
| OTHER RECEIVABLES | 102,972 | 97,565 | 107,326 |
| FINANCIAL RECEIVABLES | 28,201 | 30,496 | 31,939 |
| SECURITIES | 97,509 | 131,012 | 174,129 |
| AVAILABLE-FOR-SALE FINANCIAL ASSETS | 247,756 | 251,510 | 157,165 |
| CASH AND CASH EQUIVALENTS | 354,591 | 312,643 | 296,646 |
| ASSETS HELD FOR DISPOSAL | 8,512 | 9,005 | 26,910 |
| TOTAL ASSETS | 3,528,477 | 3,515,946 | 3,565,327 |
| LIABILITIES AND EQUITY | 31.03.2016 | 31.12.2015 | 31.03.2015 |
|---|---|---|---|
| EQUITY | 1,573,757 | 1,573,078 | 1,599,918 |
| SHARE CAPITAL | 359,605 | 359,605 | 359,605 |
| RESERVES | 106,583 | 110,571 | 99,865 |
| RETAINED EARNINGS (LOSSES) | 97,588 | 78,901 | 78,901 |
| NET INCOME (LOSS) FOR THE PERIOD | 10,737 | 18,687 | 13,567 |
| EQUITY OF THE GROUP | 574,513 | 567,764 | 551,938 |
| MINORITY SHAREHOLDERS' EQUITY | 999,244 | 1,005,314 | 1,047,980 |
| NON-CURRENT LIABILITIES | 1,014,563 | 1,060,437 | 1,028,773 |
| BONDS | 285,621 | 288,366 | 284,438 |
| OTHER FINANCIAL PAYABLES | 379,992 | 421,910 | 373,972 |
| OTHER PAYABLES | 12,072 | 9,321 | 7,147 |
| DEFERRED TAXES | 135,912 | 135,235 | 147,047 |
| PERSONNEL PROVISIONS | 122,064 | 124,622 | 143,151 |
| PROVISIONS FOR RISKS AND LOSSES | 78,902 | 80,983 | 73,018 |
| CURRENT LIABILITIES | 933,988 | 875,769 | 936,636 |
| BANK OVERDRAFTS | 27,300 | 19,517 | 25,102 |
| BONDS | 5,747 | 5,011 | 5,414 |
| OTHER FINANCIAL PAYABLES | 173,046 | 150,316 | 154,391 |
| TRADE PAYABLES | 450,706 | 428,173 | 452,606 |
| OTHER PAYABLES | 209,053 | 200,985 | 221,020 |
| PROVISIONS FOR RISKS AND LOSSES | 68,136 | 71,767 | 78,103 |
| LIABILITIES HELD FOR DISPOSAL | 6,169 | 6,662 | -- |
| TOTAL LIABILITIES AND EQUITY | 3,528,477 | 3,515,946 | 3,565,327 |
(in thousands of euro)
| 01/01-31/03 | 01/01-31/03 | |
|---|---|---|
| 2016 | 2015 | |
| SALES REVENUES | 644,344 | 627,230 |
| CHANGE IN INVENTORIES | (601) | 4,082 |
| COSTS FOR THE PURCHASE OF GOODS | (245,087) | (236,467) |
| COSTS FOR SERVICES | (148,072) | (153,264) |
| PERSONNEL COSTS | (179,320) | (177,848) |
| OTHER OPERATING INCOME | 7,622 | 9,371 |
| OTHER OPERATING COSTS | (17,291) | (13,400) |
| ADJUSTMENT TO THE VALUE OF INVESTMENTS CONSOLIDATED AT EQUITY | 778 | 1,096 |
| AMORTIZATION, DEPRECIATION AND WRITE-DOWNS | (28,865) | (25,179) |
| INCOME BEFORE FINANCIAL ITEMS AND TAXES ( E B I T ) | 33,508 | 35,621 |
| FINANCIAL INCOME | 2,997 | 5,283 |
| FINANCIAL EXPENSE | (15,607) | (15,459) |
| DIVIDENDS | 6,204 | -- |
| GAINS FROM TRADING SECURITIES | 5,243 | 11,905 |
| LOSSES FROM TRADING SECURITIES | (135) | (83) |
| ADJUSTMENTS TO THE VALUE OF FINANCIAL ASSETS | 1,456 | 1,253 |
| INCOME BEFORE TAXES | 33,666 | 38,520 |
| INCOME TAXES | (8,631) | (8,940) |
| RESULT AFTER TAXES FROM OPERATING ACTIVITY | 25,035 | 29,580 |
| INCOME/(LOSS) FROM BUSINESSES HELD FOR DISPOSAL | 161 | 6,244 |
| NET INCOME (LOSS) FOR THE PERIOD INCLUDING MINORITY INTERESTS | 25,196 | 35,824 |
| - (NET INCOME) LOSS MINORITY INTERESTS | (14,459) | (22,257) |
| - NET INCOME (LOSS) OF THE GROUP | 10,737 | 13,567 |
(in thousands of euro) 31.03.2016 31.12.2015 31.03.2015 A. Cash and bank deposits 354,591 312,643 296,646 B. Other cash equivalents 247,756 251,510 157,165 C. Securities held for trading 97,509 131,012 174,129 D. Cash and cash equivalents (A) + (B) + (C) 699,856 695,165 627,940 E. Current financial receivables 28,201 30,496 31,939 F. Current bank borrowings (152,857) (116,507) (146,843) G. Bonds issued (5,747) (5,011) (5,414) H. Current part of non-current debt (47,489) (53,326) (32,650) I. Other current financial payables -- -- -- J. Current financial debt (F) + (G) + (H) + (I) (206,093) (174,844) (184,907) K. Net current financial position (J) + (E) + (D) 521,964 550,817 474,972 L. Non-current bank borrowings (277,905) (317,643) (263,539) M. Bonds issued (285,621) (288,366) (284,438) N. Other non-current payables (102,087) (104,267) (110,433) O. Non-current financial debt (L) + (M) + (N) (665,613) (710,276) (658,410) P. Net financial position (K) + (O) (143,649) (159,459) (183,438)
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