Earnings Release • Jul 27, 2018
Earnings Release
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| Informazione Regolamentata n. 0097-89-2018 |
Data/Ora Ricezione 27 Luglio 2018 17:14:37 |
MTA | |
|---|---|---|---|
| Societa' | : | COFIDE | |
| Identificativo Informazione Regolamentata |
: | 106814 | |
| Nome utilizzatore | : | COFIDEN03 - Belcastro | |
| Tipologia | : | 1.2 | |
| Data/Ora Ricezione | : | 27 Luglio 2018 17:14:37 | |
| Data/Ora Inizio Diffusione presunta |
: | 27 Luglio 2018 17:14:38 | |
| Oggetto | : | (+4.9%) in H1 2018 | COFIDE Group: revenues at € 1,431.1m |
| Testo del comunicato |
Vedi allegato.
Board of Directors approves results of first half 2018
Positive contribution from the subsidiary CIR (€ 3.9 million)
| (in millions of €) | |||
|---|---|---|---|
| 1H 2017 * | 1H 2018 | Δ% | |
| Revenues | 1,364.9 | 1,431.1 | +4.9% |
| EBITDA | 167.4 | 166.8 | -0.4% |
| Net income | 14.4 | 13.4 | |
| 31/12 | 30/6 | ||
| Net financial debt | 303.6 | 347.5 |
*Certain values for 2017 were recalculated following application of IFRS 15 – Revenue from contracts with customers
Milan, July 27 2018 - The Board of Directors of COFIDE-Gruppo De Benedetti S.p.A., which met today under the chairmanship of Rodolfo De Benedetti, has approved the Semi-Annual Financial Report for 2018.
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 automotive components sector (Sogefi), in media (GEDI Gruppo Editoriale) and healthcare (KOS). The COFIDE group also has financial investments in Jargonnant, the private equity fund specializing in real estate assets, Three Hills Decalia, the investment fund that supports the growth of small and medium enterprises in Europe, and other non-strategic shareholdings.
The revenues of the COFIDE group in the first half of 2018 came to € 1,431.1 million and were up by 4.9% from € 1,364.9 million in the same period of 2017.
EBITDA came in at € 166.8 million (11.7% of revenues), in line with the figure of € 167.4 million (12.3% of revenues) for the first half of 2017.
In the first half of 2018 the COFIDE group reported net income of € 13.4 million compared to € 14.4 million in the previous year. This result was a combination of the positive contribution of € 14.2 million from the subsidiary CIR (€ 14.7 million in first half 2017) and the loss of the parent company COFIDE S.p.A. of € 0.8 million (loss of € 0.3 million in the first half of 2017).
The consolidated net debt of the COFIDE group stood at € 347.5 million at June 30 2018, up from € 303.6 million at December 31 2017.
The net financial debt of the parent company COFIDE S.p.A. amounted to € 26.9 million at June 30 2018 versus € 31.1 million at December 31 2017. The change was due mainly to inflows from the disposal of non-strategic equity investments for € 8.6 million, to the receipt of dividends, net of those paid out, for € 4.1 million, net investments in private equity funds for € 6.1 million and to the disbursement made for the buyback of own shares for € 1.6 million.
Total equity stood at € 1,464.6 million at June 30 2018, down from € 1,469.6 million at December 31 2017. The equity of the group amounted to € 523 million at June 30 2018 versus € 521.2 million at December 31 2017. The change was substantially due to the distribution of dividends, the buyback of own shares and the net result for the period.
Financial investments at June 30 2018 were worth € 18.2 million, of which € 2.9 million were in the Jargonnant fund, € 10.4 million in the Three Hills Decalia fund and € 4.9 million in other non-strategic funds.
At June 30 2018 the COFIDE group had 16,417 employees (15,839 at December 31 2017).
As regards the performance of the COFIDE group in the whole of 2018, it is expected that the result will again be positive unless there are any extraordinary events that cannot at the moment be foreseen.
***
For further information on the results of the subsidiary CIR, see the press release published by the company today (goo.gl/rF4rRe).
***
Lastly, COFIDE announces that Silvia Candiani has for personal reasons resigned her position as Member of the Board of Directors of the company effective July 30 2018. Silvia Candiani is an independent Director and as of today's date has no shareholding interest in the capital of the company.
The Board of Directors would like to thank Silvia Candiani for her work in the interest of the company.
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 Rodolfo Belcastro 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 | 30.06.2018 | 31/12/2017 |
|---|---|---|
| NON-CURRENT ASSETS | 2,363,550 | 2,352,230 |
| INTANGIBLE ASSETS | 1,168,215 | 1,156,202 |
| TANGIBLE ASSETS | 800,587 | 799,830 |
| INVESTMENT PROPERTY | 19,057 | 19,434 |
| SHAREHOLDINGS CONSOLIDATED USING THE EQUITY METHOD | 121,689 | 125,181 |
| OTHER EQUITY INVESTMENTS | 12,117 | 12,249 |
| OTHER RECEIVABLES | 61,277 | 56,874 |
| OTHER FINANCIAL ASSETS | 80,338 | 79,511 |
| DEFERRED TAX ASSETS | 100,270 | 102,949 |
| CURRENT ASSETS | 1,298,663 | 1,294,304 |
| INVENTORIES | 143,916 | 139,222 |
| TRADE RECEIVABLES | 483,331 | 472,614 |
| of which with related parties | 1,584 | 1,677 |
| OTHER RECEIVABLES | 112,950 | 105,207 |
| of which with related parties | 105 | 105 |
| FINANCIAL RECEIVABLES | 10,995 | 21,717 |
| SECURITIES | 44,350 | 57,228 |
| OTHER FINANCIAL ASSETS | 267,375 | 235,251 |
| CASH AND CASH EQUIVALENTS | 235,746 | 263,065 |
| ASSETS HELD FOR DISPOSAL | 2,341 | 3,418 |
| TOTAL ASSETS | 3,664,554 | 3,649,952 |
| LIABILITIES AND EQUITY | 30.06.2018 | 31.12.2017 |
|---|---|---|
| SHAREHOLDERS' EQUITY | 1,464,611 | 1,469,585 |
| SHARE CAPITAL | 348,451 | 350,011 |
| RESERVES | 48,460 | 76,349 |
| RETAINED EARNINGS (LOSSES) | 112,647 | 97,758 |
| NET INCOME (LOSS) FOR THE PERIOD | 13,437 | (2,967) |
| EQUITY OF THE GROUP | 522,995 | 521,151 |
| MINORITY SHAREHOLDERS' EQUITY | 941,616 | 948,434 |
| NON-CURRENT LIABILITIES | 1,026,419 | 1,099,686 |
| BONDS | 267,074 | 365,112 |
| OTHER BORROWINGS | 312,347 | 281,863 |
| OTHER PAYABLES | 67,716 | 72,116 |
| DEFERRED TAX LIABILITIES | 177,061 | 171,963 |
| PERSONNEL PROVISIONS | 137,241 | 139,735 |
| PROVISIONS FOR RISKS AND LOSSES | 64,980 | 68,897 |
| CURRENT LIABILITIES | 1,173,524 | 1,080,681 |
| BANK BORROWINGS | 6,746 | 17,551 |
| BONDS | 112,658 | 20,168 |
| OTHER FINANCIAL PAYABLES | 207,121 | 196,189 |
| TRADE PAYABLES | 514,862 | 513,928 |
| of which with related parties | 2,216 | 1,830 |
| OTHER PAYABLES | 263,564 | 261,601 |
| PROVISIONS FOR RISKS AND LOSSES | 68,573 | 71,244 |
| LIABILITIES HELD FOR DISPOSAL | -- | -- |
| TOTAL LIABILITIES AND EQUITY | 3,664,554 | 3,649,952 |
| REVENUES 1,431,169 1,364,901 CHANGE IN INVENTORIES 1,347 2,487 COSTS FOR THE PURCHASE OF GOODS (513,486) (508,083) COSTS FOR SERVICES (339,520) (307,495) of which from related parties (1,127) (1,168) PERSONNEL COSTS (393,553) (362,817) OTHER OPERATING INCOME 14,664 13,157 of which from related parties 963 945 OTHER OPERATING COSTS (33,815) (34,704) of which with related parties -- -- AMORTIZATION, DEPRECIATION AND WRITEDOWNS (85,093) (85,977) OPERATING RESULT 81,713 81,469 FINANCIAL INCOME 5,126 5,253 of which from related parties -- 1 FINANCIAL EXPENSE (29,245) (26,414) DIVIDENDS 2,767 40 GAINS FROM TRADING SECURITIES 6,744 9,104 LOSSES FROM TRADING SECURITIES (395) (33) SHARE OF NET INCOME (LOSS) OF INVESTMENTS CONSOLIDATED USING THE EQUITY METHOD 161 (664) ADJUSTMENTS TO THE VALUE OF FINANCIAL ASSETS (773) 1,316 RESULT BEFORE TAXES 66,098 70,071 INCOME TAXES (22,211) (24,696) RESULT OF OPERATIONS DESTINED TO CONTINUE 43,887 45,375 NET INCOME/(LOSS) FROM OPERATIONS HELD FOR DISPOSAL -- 1,000 NET INCOME/(LOSS) FOR THE PERIOD INCLUDING MINORITY INTERESTS 43,887 46,375 - (NET INCOME) LOSS OF MINORITY SHAREHOLDERS (30,450) (31,940) - NET INCOME (LOSS) OF THE GROUP 13,437 14,435 |
1 st Half 2018 |
1 st Half 2017 |
|
|---|---|---|---|
| BASIC EARNINGS (LOSS) PER SHARE (in euro) 0.0192 0.0202 DILUTED EARNINGS (LOSS) PER SHARE (in euro) 0.0192 0.0202 |
| st Half 2018 1 |
st Half 2017 1 |
|
|---|---|---|
| RESULT OF OPERATIONS DESTINED TO CONTINUE | 43,887 | 45,375 |
| OTHER ITEMS OF THE COMPREHENSIVE INCOME STATEMENT | ||
| ITEMS THAT WILL NEVER BE RECLASSIFIED IN NET INCOME (LOSS) FOR THE PERIOD | ||
| - ACTUARIAL GAINS (LOSSES) | 1,137 | 2,844 |
| - TAX EFFECT OF ITEMS THAT WILL NEVER BE RECLASSIFIED IN NET INCOME (LOSS) FOR THE PERIOD | (193) | (483) |
| SUBTOTAL ITEMS THAT WILL NEVER BE RECLASSIFIED IN NET INCOME (LOSS) FOR THE PERIOD | 944 | 2,361 |
| ITEMS THAT CAN SUBSEQUENTLY BE RELCASSIFIED IN NET INCOME (LOSS) FOR THE PERIOD | ||
| - CURRENCY TRANSLATION DIFFERENCES OF FOREIGN OPERATIONS | (6,593) | (13,707) |
| - NET CHANGE IN FAIR VALUE OF AVAILABLE-FOR-SALE FINANCIAL ASSETS | -- | (3,903) |
| - NET CHANGE IN CASH FLOW HEDGE RESERVE | 1,679 | 2,599 |
| - OTHER ITEMS OF THE COMPREHENSIVE INCOME STATEMENT | -- | (560) |
| - TAX EFFECT OF ITEMS THAT CAN SUBSEQUENTLY BE RECLASSIFIED | ||
| IN NET INCOME (LOSS) FOR THE PERIOD | (403) | (617) |
| SUBTOTAL ITEMS THAT CAN BE RECLASSIFIED IN NET INCOME (LOSS) FOR THE YEAR | (5,317) | (16,188) |
| TOTAL OTHER ITEMS OF THE COMPREHENSIVE INCOME STATEMENT | (4,373) | (13,827) |
| TOTAL COMPREHENSIVE INCOME STATEMENT FROM OPERATIONS DESTINED TO CONTINUE | 39,514 | 31,548 |
| TOTAL COMPREHENSIVE INCOME STATEMENT FROM OPERATIONS HELD FOR DISPOSAL | -- | 1,000 |
| TOTAL COMPREHENSIVE INCOME STATEMENT | 39,514 | 32,548 |
| TOTAL COMPREHENSIVE INCOME STATEMENT ATTRIBUTABLE TO: | ||
| THE SHAREHOLDERS OF THE PARENT COMPANY | 12,051 | 8,315 |
| MINORITY INTERESTS | 27,463 | 24,233 |
| BASIC COMPREHENSIVE EARNINGS PER SHARE (IN EURO) | 0.0173 | 0.0117 |
| DILUTED COMPREHENSIVE EARNINGS PER SHARE (IN EURO) | 0.0173 | 0.0117 |
| 1 st Half 2018 |
1 st Half 2017 |
|
|---|---|---|
| OPERATING ACTIVITY | ||
| RESULT FROM OPERATIONS DESTINED TO CONTINUE | 43,887 | 45,375 |
| ADJUSTMENTS : | ||
| AMORTIZATION, DEPRECIATION AND WRITEDOWNS | 85,093 | 85,977 |
| ADJUSTMENT OF SHAREHOLDINGS CONSOLIDATED USING THE EQUITY METHOD | 3,492 | 4,946 |
| ACTUARIAL VALUATION OF STOCK OPTION/STOCK GRANT PLANS | 1,842 | 1,792 |
| CHANGE IN PERSONNEL PROVISIONS AND PROVISIONS FOR RISKS AND LOSSES | (7,945) | (5,302) |
| ADJUSTMENTS TO THE VALUE OF FINANCIAL ASSETS | 773 | (1,316) |
| LOSSES (GAINS) ON THE SALE OF FIXED ASSETS | (4,889) | (6,028) |
| INCREASE (REDUCTION) IN NON-CURRENT RECEIVABLES/PAYABLES | (3,937) | 10,761 |
| (INCREASE) REDUCTION IN NET WORKING CAPITAL | (18,610) | (35,697) |
| CASH FLOW FROM OPERATING ACTIVITY | 99,706 | 100,508 |
| of which: | ||
| - interest received (paid) | (16,542) | (16,897) |
| - income tax payments | (8,533) | (12,601) |
| INVESTMENT ACTIVITY | ||
| CONSIDERATION PAID FOR BUSINESS COMBINATIONS | (20,238) | (3,761) |
| NET FINANCIAL POSITION OF ACQUIRED COMPANIES | 1,478 | 9,053 |
| (PURCHASE) SALE OF SECURITIES | (17,075) | 4,195 |
| PURCHASE OF FIXED ASSETS | (79,620) | (69,346) |
| CASH FLOW FROM INVESTMENT ACTIVITY | (115,455) | (59,859) |
| FUNDING ACTIVITY | ||
| INFLOWS FROM CAPITAL INCREASES | 357 | 973 |
| OTHER CHANGES IN SHAREHOLDERS' EQUITY | (5,735) | (2,201) |
| DRAWDOWN/(EXTINGUISHMENT) OF OTHER FINANCIAL PAYABLES/RECEIVABLES | 46,590 | (32,334) |
| BUYBACK OF OWN SHARES OF THE GROUP | (9,127) | (16,751) |
| DIVIDENDS PAID | (32,850) | (29,762) |
| CASH FLOW FROM FUNDING ACTIVITY | (765) | (80,075) |
| INCREASE (REDUCTION) IN THE NET CASH AND CASH EQUIVALENTS OF OPERATIONS DESTINED | ||
| TO CONTINUE | (16,514) | (39,426) |
| CASH FLOW/NET CASH AND CASH EQUIVALENTS AT START OF PERIOD FROM OPERATIONS HELD FOR DISPOSAL |
-- | 1,000 |
| NET CASH AND CASH EQUIVALENTS AT START OF PERIOD | 245,514 | 320,492 |
| NET CASH AND CASH EQUIVALENTS AT END OF PERIOD | 229,000 | 282,066 |
| Attributable to the Shareholders of the Parent Company | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (in thousands of euro) | Issued capital | less own shares |
Share capital Share premium reserve |
Legal reserve | Fair value reserve |
Conversion reserve Reserve for own | shares held in portfolio |
Other reserves | Retained earnings (losses) |
Net income (loss) for the period |
Total | Minority interests |
Total | |
| BALANCE AT DECEMBER 31 2016 | 359,605 | -- | 359,605 | 5,044 | 22,644 | 15,833 | (3,434) | -- | 54,954 | 87,519 | 21,249 | 563,414 | 943,482 | 1,506,896 |
| Capital increases | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | 85,198 | 85,198 |
| Dividends to Shareholders | -- | -- | -- | -- | -- | -- | -- | -- | -- | (10,069) | -- | (10,069) | (19,791) | (29,860) |
| Retained earnings | -- | -- | -- | -- | 941 | -- | -- | -- | -- | 20,308 | (21,249) | -- | -- | -- |
| Adjustment for own share transactions | -- | (9,594) | (9,594) | -- | -- | -- | -- | 9,594 | (11,364) | -- | -- | (11,364) | -- | (11,364) |
| Effects of equity changes | ||||||||||||||
| in subsidiaries | -- | -- | -- | -- | -- | 204 | (51) | -- | (13,252) | -- | -- | (13,099) | 1,274 | (11,825) |
| Comprehensive result for the period | ||||||||||||||
| Fair value measurement of hedging instruments | -- | -- | -- | -- | -- | 980 | -- | -- | -- | -- | -- | 980 | 2,146 | 3,126 |
| Fair value measurement of securities | -- | -- | -- | -- | -- | 6,689 | -- | -- | -- | -- | -- | 6,689 | (426) | 6,263 |
| Securities fair value reserve released to income statement | -- | -- | -- | -- | -- | (852) | -- | -- | -- | -- | -- | (852) | (685) | (1,537) |
| Effects of equity changes in subsidiaries |
-- | -- | -- | -- | -- | -- | -- | -- | (220) | -- | -- | (220) | (428) | (648) |
| Currency translation differences | -- | -- | -- | -- | -- | -- | (8,450) | -- | -- | -- | -- | (8,450) | (15,458) | (23,908) |
| Actuarial gains (losses) | -- | -- | -- | -- | -- | -- | -- | -- | 601 | -- | -- | 601 | 1,219 | 1,820 |
| Result for the period | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | (2,966) | (2,966) | (40,422) | (43,388) |
| Total comprehensive result for the period | -- | -- | -- | -- | -- | 6,817 | (8,450) | -- | 381 | -- | (2,966) | (4,218) | (54,054) | (58,272) |
| BALANCE AT DECEMBER 31 2017 | 359,605 | (9,594) | 350,011 | 5,044 | 23,585 | 22,854 | (11,935) | 9,594 | 30,719 | 97,758 | (2,966) | 524,664 | 956,109 | 1,480,773 |
| Adjustments as of the date of first application of IFRS 15 (net of taxes) | -- | -- | -- | -- | -- | -- | 116 | -- | (3,628) | -- | (1) | (3,513) | (7,675) | (11,188) |
| BALANCE RECALCULATED AT DECEMBER 31 2017 | 359,605 | (9,594) | 350,011 | 5,044 | 23,585 | 22,854 | (11,819) | 9,594 | 27,091 | 97,758 | (2,967) | 521,151 | 948,434 | 1,469,585 |
| Adjustments as of the date of first application of IFRS 9 (net of taxes) | -- | -- | -- | -- | -- | (24,302) | (3,677) | -- | (721) | 27,979 | -- | (721) | (1,721) | (2,442) |
| BALANCE RECALCULATED AT JANUARY 1 2018 | 359,605 | (9,594) | 350,011 | 5,044 | 23,585 | (1,448) | (15,496) | 9,594 | 26,370 | 125,737 | (2,967) | 520,430 | 946,713 | 1,467,143 |
| Capital increases | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | 357 | 357 |
| Dividends to Shareholders | -- | -- | -- | -- | -- | -- | -- | -- | -- | (9,416) | -- | (9,416) | (23,434) | (32,850) |
| Retained earnings | -- | -- | -- | -- | 707 | -- | -- | -- | -- | (3,674) | 2,967 | -- | -- | -- |
| Adjustment for own share transactions | -- | (1,560) | (1,560) | -- | -- | -- | -- | 1,560 | (1,635) | -- | -- | (1,635) | -- | (1,635) |
| Effects of equity changes in subsidiaries |
-- | -- | -- | -- | -- | (13) | (130) | -- | 1,708 | -- | -- | 1,565 | (9,483) | (7,918) |
| Comprehensive result for the period | ||||||||||||||
| Fair value measurement of hedging instruments | -- | -- | -- | -- | -- | 405 | -- | -- | -- | -- | -- | 405 | 871 | 1,276 |
| Fair value measurement of securities | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Securities fair value reserve released to income statement | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Effects of equity changes in subsidiaries |
-- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Currency translation differences | -- | -- | -- | -- | -- | -- | (2,090) | -- | -- | -- | -- | (2,090) | (4,503) | (6,593) |
| Actuarial gains (losses) | -- | -- | -- | -- | -- | -- | -- | -- | 299 | -- | -- | 299 | 645 | 944 |
| Result for the period | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | 13,437 | 13,437 | 30,450 | 43,887 |
| Total comprehensive result for the period | -- | -- | -- | -- | -- | 405 | (2,090) | -- | 299 | -- | 13,437 | 12,051 | 27,463 | 39,514 |
| BALANCE AT JUNE 30 2018 | 359,605 | (11,154) | 348,451 | 5,044 | 24,292 | (1,056) | (17,716) | 11,154 | 26,742 | 112,647 | 13,437 | 522,995 | 941,616 | 1,464,611 |
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