Earnings Release • Mar 14, 2019
Earnings Release
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| Informazione Regolamentata n. 0136-6-2019 |
Data/Ora Ricezione 14 Marzo 2019 13:28:05 |
MTA - Star | |
|---|---|---|---|
| Societa' | : | GEFRAN | |
| Identificativo Informazione Regolamentata |
: | 115090 | |
| Nome utilizzatore | : | GEFRANN04 - Coffano | |
| Tipologia | : | REGEM; 3.1; 1.1 | |
| Data/Ora Ricezione | : | 14 Marzo 2019 13:28:05 | |
| Data/Ora Inizio Diffusione presunta |
: | 14 Marzo 2019 13:28:06 | |
| Oggetto | : | ending 31 December 2018 | Gefran: the Board of Directors approves the draft financial statements for the year |
| Testo del comunicato |
Vedi allegato.
| (EUR / 000) | 31 December 2018 | 31 December 2017 | |||
|---|---|---|---|---|---|
| Revenues | 135,571 | 100.0% | 128,639 | 100.0% | |
| EBITDA | 20,058 | 14.8% | 19,039 | 14.8% | |
| EBIT | 13,743 | 10.1% | 11,149 | 8.7% | |
| Profit (loss) before tax | 13,187 | 9.7% | 8,905 | 6.9% | |
| Result from operating activities | 9,026 | 6.7% | 6,677 | 5.2% | |
| Net profit (loss) from assets held for sale | (875) | -0.6% | 187 | 0.1% | |
| Group net profit (loss) | 8,151 | 6.0% | 6,864 | 5.3% |
| (EUR / 000) | 31 December 2018 | 31 December 2017 |
|---|---|---|
| Invested capital from operations | 77,335 | 73,477 |
| Net working capital | 32,055 | 30,621 |
| Shareholders' equity | 72,814 | 69,911 |
| Net financial position | (4,521) | (4,780) |
| Operating cash flow | 18,992 | 21,424 |
| Investments | 9,438 | 5,641 |
Provaglio d'Iseo (BS), 14 March 2019 – The GEFRAN S.p.A. Board of Directors met today in a session chaired by Maria Chiara Franceschetti in the company's offices in Provaglio d'Iseo (BS), and unanimously approved the results as of 31 December 2018.
Revenues as of 31 December 2018 amount to EUR 135.6 million, as compared with revenues of EUR 128.6 million in the same period in 2017, registering EUR 6.9 million in growth (+5.4%).
The breakdown of revenues by geographic area reveals significant growth over the year 2017, in Italy (+9.9%), in the European Union (+5.3%) and in Asia (+4.6%), thanks to the positive trend in the sectors the Gefran Group serves. The American market reveals more limited growth (+1.4%) due to the unfavourable trend in exchange rates. The breakdown of revenues by business area shows growth in all business areas: +5.9% for sensors, +4.8% for automation components and +7.9% for motion control.
Added value as of 31 December 2018 amounts to EUR 89.8 million (EUR 85.5 million as of 31 December 2017), and is equal to 66.2% in revenues (66.5% in 2017). The EUR 4.3 Euro increase over the previous year was essentially obtained as a result of increased sales volumes.
Other operating costsin the year 2018 equal EUR 23.8 million, with an absolute value EUR 1.6 million greater than in 2017. These include greater variable industrial costs of production borne in response to growing revenues, as well as use of more resources in advertising and trade fair projects.
Personnel costs in the year 2018 amount to EUR 45.9 million (33.9% of revenues), as compared to EUR 44.3 million in the previous year (34.4% of revenues). The increased cost reflects the addition to the Group of new resources in line with the investment plan that began in 2017, including investment in human capital.
Consolidated EBITDA for the year 2018 amounts to EUR 20.1 million (EUR 19 million as of 31 December 2017) and represents 14.8% of revenues, 1 million Euro higher as a result of growth of revenues resulting in greater added value.
Consolidated EBIT as of 31 December 2018 is positive by EUR 13.7 million, representing 10.1% of revenues, as compared with an EBIT of EUR 11.1 million in the same period in 2017.
Losses from assets held for sale in the year 2018 were EUR 0.875 million, net of the resulting taxes, as a result of the complete write-off of assets pertaining to know-how in the photovoltaic business, the sale of which had been under negotiation. When the potential buyers announced that they did not intend to exercise their purchase option, the directors opted to write the asset off entirely.
Group net profit as of 31 December 2018 is positive at EUR 8.2 million, as compared to a net profit of EUR 6.9 million in 2017, a growth of 1.3 million.
Working capital was EUR 23 million as of 31 December 2018, compared with EUR 21.1 million as of 31 December 2017, an overall increase of EUR 2 million.
Shareholders' equity as of 31 December 2018 amounted to EUR 72.8 million, compared to EUR 69.9 million on 31 December 2017, up 2.9 million. The change was a result of the positive annual result, totalling EUR 8.2 million, partially absorbed by distribution of EUR 5 million in dividends in May 2018.
Net financial position as of 31 December 2018 is negative by EUR 4.5 million, aligned with the value registered at the end of 2017, when it was negative by EUR 4.8 million. Net financial debt comprises shortterm cash and cash equivalents of EUR 7.2 million and medium-/long-term debt of EUR 11.7 million.
This change in net financial position was mainly due to positive cash flows from ordinary operations (EUR 19 million), absorbed by technical investments in the period (EUR 9.4 million), dividends distributed (EUR 5 million) and payment of taxes (EUR 3.7 million).
The Group's Chief Executive Officer Alberto Bartoli commented on the results: "I'm particularly satisfied with the results obtained by the Gefran Group in 2018, in terms of growth of both sales and margins, which largely exceeded our expectations at the beginning of the year. Besides the annual results, I wish to emphasise that we are laying the foundations for the Gefran of tomorrow, with a further increase in planned investment and the search for qualified personnel in all the areas where we operate.
The year 2019 appears to be characterised by an overall climate of uncertainty. Nevertheless sales remained substantially stable in the first two months, with a non-significant drop in the order portfolio for the next few months.
Thanks to the diversification of our geographic presence and to our technological know-how, we expect to exceed the positive results of the previous year in terms of revenues, with profit margins in line with or slightly lower than those of the previous year, also as a result of the investments mentioned."
During the fourth quarter of 2018 we estimated the impact of adoption of IFRS16, which will be applied starting 1 January 2019 on the basis of the modified retrospective approach, according to which the value of assets is equal to the value of the financial liability; this assessment was conducted by analysing the 190 contracts currently in effect for rental of vehicles, machinery, industrial equipment and electronic office equipment, and for rental of property; on the basis of value and duration, 119 of these will be subject to IFRS 16 starting on 1 January 2019. This will require entry of non-current tangible assets under the item "Usage rights" (worth EUR 2.2 million), and the corresponding financial payable under Net Financial Position will give rise to both current (worth EUR 1 million) and non-current (EUR 1.2 million) "Financial payables for leasing under IFRS 16". With reference to the year 2019 only, the item "Depreciation of usage rights", included under "Depreciation", will increase by a total of EUR 0.8 million, "Service costs", which until 2018 included all leasing and rental fees, will decrease by a total of EUR 0.9 million, and the item "Losses from financial liabilities", which will include the more specific item "Interest on financial payables for leasing under IFRS 16", will increase by a total of EUR 0.03 million.
Note that the results of the year 2018 were affected by contribution of the motion control business to the newly established company Gefran Drives and Motion S.r.l.. These may be summed up as: EUR 7.9 million less revenues and EUR 0.6 million less EBIT, in economic terms, and net non-current assets worth EUR 12.1 million less and annual working capital worth EUR 6.7 million less in equity terms.
As for the results of Gefran S.p.A. only, the year 2018 closed with revenues of EUR 85 million, down EUR 1 million since 2017, when they included EUR 7.9 million in revenues from products in the motion control business in the fourth quarter of 2017. Net of this change, revenues reveal an important increase, EUR 6.9 million (+8.8% over the previous year).
In the year 2018 EBIT was positive by EUR 8.8 million (10.4% of revenues), as compared to an EBIT positive by EUR 7.1 million on 31 December 2017, which included EUR 0.6 million in results from the motion control business unit in the fourth quarter; excluding this effect, the improvement in EBIT is around EUR 2.2 million, attributable to increased revenues and the resulting increase in added value.
Net profit as of 31 December 2018 is positive at EUR 7.6 million, as compared to a net profit of EUR 8.4 million in 2017. The EUR 0.6 million decrease is a result of the contribution in the last part of the year and EUR 1.1 million in the result of assets held for sale; without these effects, the net profit for the year 2018 would have increased by EUR 0.8 million.
Working capital in 2018 amounts to EUR 8 million, down EUR 7.6 million since 31 December 2017; the changes in single components include: EUR 6.3 million drop in inventories (including EUR 8.4 million due to
the contribution to Gefran Drives and Motion S.r.l.), a EUR 4.2 million drop in trade receivables, and a EUR 2.7 million drop in trade payables.
Shareholders' equity increased by EUR 2.4 million compared with 31 December 2017, due to the recognition of the profit for the period (EUR 7.6 thousand) and decreased by EUR 5 thousand due to the payment of dividends on the 2017 profit.
Net debt at 31 December 2018 was EUR 17.6 million, an improvement of EUR 3.3 million over 31 December 2017. This change essentially originates from positive cash flows from typical operations (EUR 14.7 million), mitigated by the negative flows in technical investments (EUR 7.5 million) and distribution of dividends in May 2018 (EUR 5 million).
The Ordinary Shareholders' Meeting will be held at the registered office of Gefran S.p.A., at Via Statale Sebina 74, Provaglio d'Iseo (BS), at 8:30 a.m. on 24 April 2019 (first call), and if necessary, at 5 p.m. in the same place on 3 May 2019 (second call), to discuss and vote on the following
AGENDA
1.1 Approval of the annual financial statements for the year ending 31 December 2018; reports of the Board of Directors, Board of Statutory Auditors and External Auditors;
1.2 Approval of the distribution of dividends.
In view of the result of the year 2018, the Board of Directors has resolved to propose to the Shareholders' Meeting the distribution of a dividend of EUR 0.32 per share in circulation (not including own shares), through use of the necessary amount of the net profit for the year. The dividend, in compliance with the provisions of the "Regulation of the markets organised and managed by Borsa Italiana S.p.A.", will be paid as follows: ex-dividend date 13 May 2019, in payment as from 15 May 2019.
The Board of Directors has resolved to ask the Shareholders' Meeting to authorise the purchase and disposal of ordinary shares in the Company up to a maximum of 1,440,000 shares, equivalent to 10% of the share capital. The authorisation is requested for a period of 18 months from the date of the shareholders' resolution. Authorisation to buy and dispose of own shares is required for the following purposes:
to trade on the market, in accordance with the regulations in force;
to offer shareholders an additional tool to monetise investments.
Acquisitions and disposals of own shares, which must comply with market practices and the regulatory provisions in force, will take into account the own shares currently in the portfolio in each case.
Own shares will be purchased at a unit price that is not less than their nominal value and not higher than the average price over the last three trading days prior to the purchase date plus 15%.
The sale price will be established on each occasion by the Board, based on the share price trend prior to the transaction and in the Company's best interest. The minimum price may not be more than 10% lower than the price registered during the trading session prior to each; this limit will not, however,
apply in the event of a form of transfer other than sale.
For further details, please see the Explanatory Report on items on the agenda of the Shareholders' Meeting, published on the Company's website, www.gefran.com.
Pursuant to paragraph 2 of article 154-bis of the Consolidated Law on Finance, Fausta Coffano, the executive in charge of financial reporting, declares that the information contained in this press release accurately represents the figures contained in the Group's accounting records.
***
Please note that the draft financial statements and the consolidated financial statements for the period ending 31 December 2018, together with the associated reports, the Annual report on corporate governance and ownership structure, and the Report on Remuneration, will be available from 29 March 2019 at the Company's registered office and at Borsa Italiana S.p.A.. and may also be viewed on the Company's website www.gefran.com.
***
Please note that the financial statements figures are currently subject to audit by the Board of Statutory Auditors and by the Independent Audit Firm.
This press release contains some "alternative performance indicators" not included in the IFRS accounting principles, whose meaning and content, in line with recommendation ESMA/2015/1415 of 5 October 2015, are illustrated below.
Specifically, the alternative indicators used in the report on the income statement are:
Alternative indicators used in the report on the reclassified statement of financial position are:
o Other liabilities
Net invested capital: the algebraic sum of net fixed assets, working capital and provisions;
Fausta Coffano Investor Relations Gefran SpA, Via Sebina 74 25050 Provaglio d'Iseo (BS) Tel +39 030 98881 Fax + 39 030 9839063 [email protected] www.gefran.com
Twister communications group SpA Via Valparaiso,3 – 20144 Milan Tel +39 02 438114200 Maria Giardini [email protected] www.twistergroup.it
The Gefran Group operates directly in the main international markets, through sales branches in Italy, France, Germany, Switzerland, the UK, Belgium, Spain, Turkey, the US, Brazil, China, Singapore and India, and through manufacturing branches also in Germany, Switzerland, Brazil, the US and China. The Gefran Group currently has more than 800 employees.
The key factors behind Gefran's success are specialist know-how, design and production flexibility, capacity for innovation and the quality of its processes and products. With total control of process technology and application know-how, Gefran creates instruments and integrated systems for specific applications in various industrial sectors, including plastics processing, food, pharmaceuticals, and packaging and diecasting machines.
Gefran is listed in the STAR (high performance stock) segment of the Italian Stock Exchange, and joined the ALL STAR segment on 31 January 2005, which became FTSE Italia STAR on 1 June 2009.
Consolidated Income Statement, Consolidated Results by Line of Business, Breakdown of Consolidated Income by Geographical Region, Consolidated Statement of Financial Position and Consolidated Cash Flow Statement.
Income Statement of Gefran S.p.A., Statement of Financial Position of Gefran S.p.A. and Cash Flow Statement of Gefran S.p.A..
(Auditing still in progress)
| 31 December 2018 | 31 December 2017 | Changes 2018-2017 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| (EUR / 000) | Excl. | Incl. | Total | Excl. | Incl. | Total | Value | % | |
| non rec. | non rec. | non rec. | non rec. | Excl. non rec. | |||||
| a | Revenues | 135,571 | 135,571 | 128,639 | 128,639 | 6,932 | 5.4% | ||
| b | Increases for internal work | 1,425 | 1,425 | 610 | 610 | 815 | 133.6% | ||
| c | Consumption of materials and products | 47,242 | 47,242 | 43,745 | 43,745 | 3,497 | 8.0% | ||
| d | Added value (a+b-c) | 89,754 | 0 | 89,754 | 85,504 | 0 | 85,504 | 4,250 | 5.0% |
| e | Other operating costs | 23,799 | 23,799 | 22,165 | 22,165 | 1,634 | 7.4% | ||
| f | Personnel costs | 45,897 | 45,897 | 43,979 | (321) | 44,300 | 1,918 | 4.4% | |
| g | EBITDA (d-e-f) | 20,058 | 0 | 20,058 | 19,360 | 321 | 19,039 | 698 | 3.6% |
| h | Depreciation, amortisation and impairment | 6,315 | 6,315 | 7,890 | 7,890 | (1,575) | -20.0% | ||
| i | EBIT (g-h) | 13,743 | 0 | 13,743 | 11,470 | 321 | 11,149 | 2,273 | 19.8% |
| l | Gains (losses) from financial assets/liabilities | (501) | (501) | (2,400) | (2,400) | 1,899 | 79.1% | ||
| m | Gains (losses) from shareholdings valued at equity | (55) | (55) | 156 | 156 | (211) | -135.3% | ||
| n | Profit (loss) before tax (i±l±m) | 13,187 | 0 | 13,187 | 9,226 | 321 | 8,905 | 3,961 | 42.9% |
| o | Taxes | (4,161) | (4,161) | (2,228) | (2,228) | (1,933) | -86.8% | ||
| p | Result from operating activities (n±o) | 9,026 | 0 | 9,026 | 6,998 | 321 | 6,677 | 2,028 | 29.0% |
| q | Net profit (loss) from assets held for sale | (875) | (875) | 187 | 187 | (1,062) | -567.9% | ||
| r | Group net profit (loss) (p±q) | 8,151 | 0 | 8,151 | 7,185 | 321 | 6,864 | 966 | 13.4% |
(Auditing still in progress)
| 31 December 2018 | 31 December 2017 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| (EUR / 000) | Revenues | EBITDA | % of | EBIT | % of | Revenues | EBITDA | % of | EBIT | % of |
| revenues | revenues | revenues | revenues | |||||||
| Sensors | 61,893 | 18,439 | 29.8% | 15,930 | 25.7% | 58,437 | 16,295 | 27.9% | 13,223 | 22.6% |
| Automation components | 37,475 | 3,326 | 8.9% | 1,360 | 3.6% | 35,743 | 3,667 | 10.3% | 1,330 | 3.7% |
| Motion Control | 41,740 | (1,707) | -4.1% | (3,547) | -8.5% | 38,675 | (923) | -2.4% | (3,404) | -8.8% |
| Eliminations | (5,537) | (4,216) | ||||||||
| Total | 135,571 | 20,058 | 14.8% | 13,743 | 10.1% | 128,639 | 19,039 | 14.8% | 11,149 | 8.7% |
| 31 December 2018 | 31 December 2017 | Changes 2018-2017 | |||||
|---|---|---|---|---|---|---|---|
| (EUR / 000) | value | % | value | % | value | % | |
| Italy | 41,305 | 30.5% | 37,593 | 29.2% | 3,712 | 9.9% | |
| European Union | 36,205 | 26.7% | 34,397 | 26.7% | 1,808 | 5.3% | |
| Europe non-EU | 6,972 | 5.1% | 7,199 | 5.6% | (227) | -3.2% | |
| North America | 14,757 | 10.9% | 14,068 | 10.9% | 689 | 4.9% | |
| South America | 3,959 | 2.9% | 4,392 | 3.4% | (433) | -9.9% | |
| Asia | 31,621 | 23.3% | 30,237 | 23.5% | 1,384 | 4.6% | |
| Rest of the World | 752 | 0.6% | 753 | 0.6% | (1) | -0.1% | |
| Total | 135,571 | 100% | 128,639 | 100% | 6,932 | 5.4% |
| (EUR / 000) | 31 December 2018 | 31 December 2017 | ||||
|---|---|---|---|---|---|---|
| value | % | value | % | |||
| Intangible assets | 12,376 | 16.0 | 12,605 | 16.9 | ||
| Tangible assets | 38,955 | 50.4 | 35,563 | 47.6 | ||
| Other non-current assets Net non-current assets |
9,801 61,132 |
12.7 79.0 |
11,733 59,901 |
15.7 80.2 |
||
| Inventories | 22,978 | 29.7 | 20,264 | 27.1 | ||
| Trade receivables | 29,808 | 38.5 | 29,386 | 39.3 | ||
| Trade payables | (20,731) | (26.8) | (19,029) | (25.5) | ||
| Other assets/liabilities | (9,027) | (11.7) | (9,554) | (12.8) | ||
| Working capital | 23,028 | 29.8 | 21,067 | 28.2 | ||
| Provisions for risks and future liabilities | (1,674) | (2.2) | (1,752) | (2.3) | ||
| Deferred tax provisions | (627) | (0.8) | (647) | (0.9) | ||
| Employee benefits | (4,524) | (5.8) | (5,092) | (6.8) | ||
| Invested capital from operations | 77,335 | 100.0 | 73,477 | 98.4 | ||
| Invested capital from assets held for sale | - | - | 1,214 | 1.6 | ||
| Net invested capital | 77,335 | 100.0 | 74,691 | 100.0 | ||
| Shareholders' equity | 72,814 | 94.2 | 69,911 | 93.6 | ||
| Non-current financial payables | 11,864 | 15.3 | 13,933 | 18.7 | ||
| Current financial payables | 10,817 | 14.0 | 14,999 | 20.1 | ||
| Financial liabilities for derivatives | 28 | 0.0 | 76 | 0.1 | ||
| Financial assets for derivatives | (19) | (0.0) | (56) | (0.1) | ||
| Non-current financial assets | (126) | (0.2) | (166) | (0.2) | ||
| Cash and cash equivalents and current financial receivables | (18,043) | (23.3) | (24,006) | (32.1) | ||
| Net debt relating to operations | 4,521 | 5.8 | 4,780 | 6.4 | ||
| Total sources of financing | 77,335 | 100.0 | 74,691 | 100.0 |
| 31 December | 31 December | ||
|---|---|---|---|
| (EUR / 000) | 2018 | 2017 | |
| A) CASH AND CASH EQUIVALENTS AT THE START OF THE PERIOD | 24,006 | 20,477 | |
| B) CASH FLOW GENERATED BY (USED IN) OPERATIONS IN THE PERIOD: | |||
| Net profit (loss) for the period | 8,151 | 6,864 | |
| Depreciation/amortisation | 6,315 | 7,890 | |
| Provisions (Releases) | 3,927 | 4,614 | |
| Capital (gains) losses on the sale of non-current assets | 8 | (34) | |
| Writedown of assets held for sale | 1,214 | (187) | |
| Net result from financial operations | 556 | 2,244 | |
| Taxes | 2,293 | 4,067 | |
| Change in provisions for risks and future liabilities | (2,292) | (2,126) | |
| Change in other assets and liabilities | 1,191 | (453) | |
| Change in deferred taxes | 1,529 | (1,839) | |
| Change in trade receivables | (651) | 222 | |
| of which related parties: | 55 | 59 | |
| Change in inventories | (4,956) | (2,443) | |
| Change in trade payables | 1,707 | 2,605 | |
| of which related parties: | 223 | 44 | |
| TOTAL | 18,992 | 21,424 | |
| C) CASH FLOW GENERATED BY (USED IN) INVESTMENT ACTIVITIES | |||
| Investments in: | |||
| - Property, plant & equipment and intangible assets | of which related parties: | (9,411) (919) |
(5,641) (168) |
| - Equity investments and securities | 0 | 136 | |
| - Financial receivables | 6 | 59 | |
| Disposal of non-current assets | 52 | 94 | |
| TOTAL | (9,353) | (5,352) | |
| D) FREE CASH FLOW (B+C) | 9,639 | 16,072 | |
| E) CASH FLOW GENERATED BY (USED IN) FINANCING ACTIVITIES | |||
| New financial payables | 5,000 | 11,000 | |
| Repayment of financial payables | (9,462) | (13,507) | |
| Increase (decrease) in current financial payables | (1,789) | (5,987) | |
| Taxes paid | (3,744) | (1,903) | |
| Interest (paid) | (1,491) | (520) | |
| Interest (received) | 691 | 125 | |
| Sale (purchase) of own shares | (156) | 1,129 | |
| Change in shareholders' equity reserves | 487 | 1,415 | |
| Dividends paid | (5,040) | (3,600) | |
| TOTAL | (15,504) | (11,848) | |
| F) CASH FLOW FROM CONTINUING OPERATIONS (D+E) | (5,865) | 4,224 | |
| G CASH FLOW FROM OPERATING ASSETS HELD FOR SALE | - | - | |
| H) Exchange rate translation differences on cash at hand | (98) | (695) | |
| I) NET CHANGE IN CASH AT HAND (F+G+H) | (5,963) | 3,529 | |
| J) CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (A+I) | 18,043 | 24,006 |
| 31 December 2018 | 31 December 2017 | Changes 2018-2017 | |||
|---|---|---|---|---|---|
| (EUR / 000) | Value | % | |||
| a | Revenues | 85,032 | 86,032 | (1,000) | -1.2% |
| b | Increases for internal work | 1,242 | 596 | 646 | 108.4% |
| c | Consumption of materials and products | 31,240 | 30,331 | 909 | 3.0% |
| d | Added value (a+b-c) | 55,034 | 56,297 | (1,263) | -2.2% |
| e | Other operating costs | 14,321 | 13,896 | 425 | 3.1% |
| f | Personnel costs | 26,872 | 28,410 | (1,538) | -5.4% |
| g | EBITDA (d-e-f) | 13,841 | 13,991 | (150) | -1.1% |
| h | Depreciation, amortisation and impairment | 5,032 | 6,881 | (1,849) | -26.9% |
| i | EBIT (g-h) | 8,809 | 7,110 | 1,699 | 23.9% |
| l | Gains (losses) from financial assets/liabilities | 2,302 | 1,262 | 1,040 | 82.4% |
| n | Profit (loss) before tax (i±l) | 11,111 | 8,372 | 2,739 | 32.7% |
| o | Taxes | (2,615) | (111) | (2,504) | 2255.9% |
| p | Result from operating activities (n±o) | 8,496 | 8,261 | 235 | 2.8% |
| q | Profit (loss) from assets held for sale | (866) | 187 | (1,053) | -563.1% |
| r | Net profit (loss) (p±q) | 7,630 | 8,448 | (818) | -9.7% |
| 31 December | 31 December | ||||
|---|---|---|---|---|---|
| (EUR / 000) | 2018 | 2017 | |||
| value | % | value | % | ||
| Intangible assets | 4,009 | 4.9 | 5,872 | 7.1 | |
| Tangible assets | 23,148 | 28.5 | 30,315 | 36.9 | |
| Other non-current assets | 49,394 | 60.8 | 34,826 | 42.3 | |
| Net non-current assets | 76,551 | 94.2 | 71,013 | 86.3 | |
| Inventories | 5,391 | 6.6 | 11,688 | 14.2 | |
| Trade receivables | 21,697 | 26.7 | 25,860 | 31.4 | |
| Trade payables | (13,888) | (17.1) | (16,622) | (20.2) | |
| Other assets/liabilities | (5,188) | (6.4) | (5,358) | (6.5) | |
| Working capital | 8,012 | 9.9 | 15,568 | 18.9 | |
| Provisions for risks and future liabilities | (866) | (1.1) | (1,171) | (1.4) | |
| Deferred tax provisions | (4) | (0.0) | (9) | (0.0) | |
| Employee benefits | (2,398) | (2.9) | (4,356) | (5.3) | |
| Invested capital from operations | 81,295 | 100.0 | 81,045 | 98.5 | |
| Invested capital from assets held for sale | - | - | 1,207 | 1.5 | |
| Net invested capital | 81,295 | 100.0 | 82,252 | 100.0 | |
| Shareholders' equity | 63,760 | 78.4 | 61,398 | 74.6 | |
| Non-current financial payables | 11,864 | 14.6 | 13,933 | 16.9 | |
| Current financial payables | 19,738 | 24.3 | 18,699 | 22.7 | |
| Financial liabilities for derivatives | 28 | 0.0 | 76 | 0.1 | |
| Financial assets for derivatives | (19) | (0.0) | (56) | (0.1) | |
| Non-current financial assets | (126) | (0.2) | (166) | (0.2) | |
| Cash and cash equivalents and current financial receivables | (13,950) | (17.2) | (11,632) | (14.1) | |
| Net debt relating to operations | 17,535 | 21.6 | 20,854 | 25.4 | |
| Total sources of financing | 81,295 | 100.0 | 82,252 | 100.0 |
| (EUR / 000) | 31 December 2018 |
31 December 2017 |
|
|---|---|---|---|
| A) CASH AND CASH EQUIVALENTS AT THE START OF THE PERIOD | 11,365 | 10,840 | |
| B) CASH FLOW GENERATED BY (USED IN) OPERATIONS IN THE PERIOD: Net profit (loss) for the period |
7,630 | 8,448 | |
| Depreciation/amortisation | 5,032 | 6,882 | |
| Provisions (Releases) | 2,724 | 2,304 | |
| Capital (gains) losses on the sale of non-current assets | (4) | (39) | |
| Capital (gains) losses on the sale of assets held for sale | 1,201 | (187) | |
| Net result from financial operations | (2,302) | (1,262) | |
| Taxes | 681 | 496 | |
| Change in provisions for risks and future liabilities | (1,581) | (1,670) | |
| Change in other assets and liabilities | 1,807 | (1,990) | |
| Change in deferred taxes | 1,599 | (385) | |
| Change in trade receivables | 4,673 | (2,082) | |
| of which related parties: | 11 | 51 | |
| Change in inventories | (4,021) | (1,983) | |
| Change in trade payables | (2,734) | 2,519 | |
| of which related parties: | 206 | 50 | |
| TOTAL | 14,705 | 11,051 | |
| C) CASH FLOW GENERATED BY (USED IN) INVESTMENT ACTIVITIES | |||
| Investments in: | |||
| - Property, plant & equipment and intangible assets | (7,491) | (5,262) | |
| of which related parties: | (919) | (168) | |
| - Equity investments and securities | (10) | 136 | |
| - Financial receivables | 3 | 55 | |
| Disposal of non-current assets | 19 | 66 | |
| TOTAL | (7,479) | (5,005) | |
| D) FREE CASH FLOW (B+C) | 7,226 | 6,046 | |
| E) CASH FLOW GENERATED BY (USED IN) FINANCING ACTIVITIES | |||
| New financial payables | 5,000 | 11,000 | |
| Repayment of financial payables | (9,462) | (13,507) | |
| Increase (decrease) in current financial payables | (6) | (1,846) | |
| Taxes paid | (808) | (705) | |
| Interest (paid) | (539) | (480) | |
| Interest received | 371 | 45 | |
| Sale (purchase) of own shares | (156) | 1,129 | |
| Dividends received | 2,294 | 2,443 | |
| Dividends paid | (5,040) | (3,600) | |
| TOTAL | (8,346) | (5,521) | |
| F) CASH FLOW FROM CONTINUING OPERATIONS (D+E) | (1,120) | 525 | |
| G CASH FLOW FROM OPERATING ASSETS HELD FOR SALE | - | - | |
| H) NET CHANGE IN CASH AT HAND (F+G) | (1,120) | 525 | |
| I) CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (A+I) | 10,245 | 11,365 |
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