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Interpump Group — Earnings Release 2015
Aug 6, 2015
4294_ir_2015-08-06_91556c03-c12f-4dd1-8e6c-8aa87125e56b.pdf
Earnings Release
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| Informazione Regolamentata n. 0159-85-2015 |
Data/Ora Ricezione 06 Agosto 2015 13:42:42 |
MTA - Star | |
|---|---|---|---|
| Societa' | : | INTERPUMP GROUP | |
| Identificativo Informazione Regolamentata |
: | 61948 | |
| Nome utilizzatore | : | INTERPUMPNSS01 - BANCI | |
| Tipologia | : | IRAG 02 | |
| Data/Ora Ricezione | : | 06 Agosto 2015 13:42:42 | |
| Data/Ora Inizio Diffusione presunta |
: | 06 Agosto 2015 13:57:43 | |
| Oggetto | : | Consolidated results for the first half of 2015 |
|
| Testo del comunicato |
Vedi allegato.
PRESS RELEASE
CONSOLIDATED RESULTS FOR THE FIRST HALF OF 2015
NET SALES: €467.0 million (+36.9%) - €341.2 million in the first half of 2014
EBITDA: €96.6million (+36.0%) or 20.7% of sales - €71.0 million in the first half of 2014 or 20.8% of sales
EBIT: €76.2 million (+35.6%) or 16.3% of sales - €56.2 million in the first half of 2014 (16.5% of sales)
NET PROFIT: €80.6 million (+144%) including one-off financial income of €32.0 million as per IFRS 3 - €33.1 million in the first half of 2014
FREE CASH FLOW: €29.5 million (€5.0 million in the first half of 2014)
NET FINANCIAL POSITION: €282.5 million following the acquisition of investments for €123.3 million and the purchase of treasury shares for €21.5 million (€152.0 million at 31 December 2014)
CONSOLIDATED RESULTS FOR THE SECOND QUARTER OF 2015
NET SALES: €244.4 million (+35.0%) - €181.0 million in the second quarter of 2014 EBITDA: €53.1million (+36.0%) or 21.7% of sales - €39.0 million in the second quarter of 2014 or 21.5% of sales EBIT: €42.6 million (+35.7%) or 17.4% of sales - €31.4 million in the second quarter of 2014 (17.3% of sales) NET PROFIT: €51.4 million (+164%) including one-off financial income of €25.8 million as per IFRS 3 - €19.5 million in the first half of 2014
Sant'Ilario d'Enza (RE), 6 August 2015 – Meeting today the Board of Directors of Interpump Group S.p.A. approved the results for the second quarter of 2015 and the first half of 2015. It should be noted that the Walvoil Group (Hydraulic Sector) and Inoxhip (Water Jetting Sector) were fully consolidated for the first time in the first half of 2015. Bertoli (Water Jetting Sector) was instead consolidated only for the last two months.
RESULTS FOR THE FIRST HALF OF 2015
Net sales for the first half of 2015 totaled €467.0 million, an increase of 36.9% over sales in the corresponding period of 2014 which amounted to €341.2 million (+12.0% on a like for like basis and + 2.8% if exchange rates had also remained unchanged).
Sales by business area and geographical area were as follows:
| Rest of | ||||||
|---|---|---|---|---|---|---|
| Rest of | North | Far East & | the | |||
| (€/000) | Italy | Europe | America | Oceania | World | Total |
| 1st half 2015 | ||||||
| Hydraulic Sector | 56,382 | 104,700 | 78,370 | 21,356 | 37,042 | 297,850 |
| Water Jetting Sector | 16,629 | 45,088 | 74,148 | 21,468 | 11,826 | 169,159 |
| Total | 73,011 | 149,788 | 152,518 | 42,824 | 48,868 | 467,009 |
| 1st half 2014 | ||||||
| Hydraulic Sector | 38,641 | 77,568 | 47,037 | 11,567 | 30,563 | 205,376 |
| Water Jetting Sector | 9,522 | 41,189 | 60,123 | 15,658 | 9,378 | 135,870 |
| Total | 48,163 | 118,757 | 107,160 | 27,225 | 39,941 | 341,246 |
| Percentage changes 2015/2014 | ||||||
| Hydraulic Sector | +45.9% | +35.0% | +66.6% | +84.6% | +21.2% | +45.0% |
| Water Jetting Sector | +74.6% | +9.5% | +23.3% | +37.1% | +26.1% | +24.5% |
| Total | +51.6% | +26.1% | +42.3% | +57.3% | +22.4% | +36.9% |
| Percentage changes 2015/2014 on a like for like basis | ||||||
| Hydraulic Sector | +8.6% | -2.5% | +28.2% | -3.2% | +3.9% | +7.5% |
| Water Jetting Sector | +29.8% | +5.8% | +22.3% | +31.6% | +19.6% | +18.7% |
| Total | +12.8% | +0.4% | +24.9% | +16.8% | +7.6% | +12.0% |
On a like for like basis with unchanged exchange rates the Hydraulic Sector posted growth of 0.1% and the Water Jetting Sector 6.9%.
Gross operating income (EBITDA) amounted to €96.6 million (20.7% of sales) compared to €71.0 million in the first half of 2014, which represented 20.8% of sales, a rise of 36.0%. On a like for like basis EBITDA rose by 13.0% to reach €80.3 million, or 21.0% of turnover, increasing the margin by 0.2 percentage points. If exchange rates had also remained unchanged EBITDA would have risen by 1.3%.
The following table sets out EBITDA by business sector:
| 1st half | % of | 1st half | % of | ||
|---|---|---|---|---|---|
| 2015 | total | 2014 | total | Increase/ | |
| €/000 | sales* | €/000 | sales* | decrease | |
| Hydraulic Sector | 53,829 | 18.1% | 37,273 | 18.1% | +44.4% |
| Water Jetting Sector | 42,653 | 25.1% | 33,771 | 24.8% | +26.3% |
| Other Sectors | 69 | N/A | (29) | N/A | N/A |
| Total | 96,551 | 20.7% | 71,015 | 20.8% | +36.0% |
* = Total sales also include those made to other Group companies while the sales analyzed above refer only to those made outside the Group. Thus, for consistency, percentages are calculated as a proportion of total sales instead of as a proportion of those shown above.
On a like for like basis EBITDA in the Hydraulic Sector rose by 7.8% (18.2% of net sales), while again on a like for like basis EBITDA in the Water Jetting Sector rose by 18.6% (24.7% of net sales).
INTERPUMP GROUP S.p.A. - Via E. FERMI, 25 – 42040 S. ILARIO - REGGIO EMILIA (ITALY) - TEL.+39.0522.904311 FAX. +39.0522.904444 - E-mail [email protected] CAP . SOC. Euro 56.617.232,88. I.V. - REG. IMPRESE R.E. - COD.FISCALE 11666900151 - C.C.I.A.A. R.E.A. N. 204185
Operating income (EBIT) amounted to €76.2 million (16.3% of sales) compared to €56.2 million in the first half of 2014 (16.5% of sales), a rise of 35.6%. On a like for like basis EBIT rose by 12.7% to reach €63.4 million, or 16.6% of turnover, increasing the margin by 0.1 percentage points.
Net profit totaled €80.6 million, benefiting from one-off income of €32.0 million, according to the International Accounting Standard (IFRS 3), arising from the exercise of the put options earlier than contractually provided, with figures being estimated and based on a forecast of profitability and cash generation to 2018 and to 2020. As a result a liability had been recognized that exceeded that actually paid. Net profit was €33.1 million in the first half of 2014, thereby rising by 144%. Basic Earnings per share amounted to €0.753 (€0.307 in the first half of 2014), an increase of 145%.
Capital employed rose from €692.6 million at 31 December 2014 to €912.2 million at 30 June 2015. This was mainly due to the consolidation of Walvoil, Inoxihp and Bertoli, which led to an increase of €183.6 million, and to the revaluation of other currencies against the euro, causing an increase of €17.3 million. Non-annualized ROCE amounted to 8.4% (8.5% in the first half of 2014). Non-annualized ROE amounted to13.7% (7.5% in the first half of 2014).
The net financial position at 30 June 2015 amounted to €282.5 million compared to €152.0 million at 31 December 2014, due to payments made for the acquisition of investments of €123.3 million and the purchase of treasury shares of €21.5 million, as well as the distribution of dividends of €20.4 million. This amount does not include commitments for the purchase of investments in existing subsidiaries (put options) and liabilities for the acquisition of investments totaling €42.4 million overall (€74.1 million at 31 December 2014). Net cash generated from operations amounted to €71.7 million (€56.8 million in the first half of 2014), a rise of 26.2%. Free cash flow totaled €29.5 million (€5.0 million in the first half of 2014).
At 30 June 2015 the Company held 1,510,272 treasury shares, equal to 1.39% of its capital, purchased at an average price of €11.19.
RESULTS FOR THE SECOND QUARTER OF 2015
Net sales for the second quarter of 2015 totaled €244.4 million, an increase of 35.0% over the corresponding period of 2014 (€181.0 million). The rise was 10.5% on a like for like basis (+1.3% if exchange rates had also remained unchanged).
Sales for the second quarter by business area and geographical area were as follows:
| Rest of | ||||||
|---|---|---|---|---|---|---|
| Rest of | North | Far East & | the | |||
| (€/000) | Italy | Europe | America | Oceania | World | Total |
| 2nd quarter 2015 | ||||||
| Hydraulic Sector | 29,893 | 53,703 | 39,300 | 11,313 | 17,999 | 152,208 |
| Water Jetting Sector | 9,454 | 24,726 | 39,036 | 11,595 | 7,365 | 92,176 |
| Total | 39,347 | 78,429 | 78,336 | 22,908 | 25,364 | 244,384 |
| 2nd quarter 2014 | ||||||
| Hydraulic Sector | 19,693 | 40,062 | 24,661 | 6,223 | 15,754 | 106,393 |
| Water Jetting Sector | 5,376 | 23,004 | 31,446 | 9,064 | 5,754 | 74,644 |
| Total | 25,069 | 63,066 | 56,107 | 15,287 | 21,508 | 181,037 |
| Percentage changes 2015/2014 | ||||||
| Hydraulic Sector | +51.8% | +34.0% | +59.4% | +81.8% | +14.2% | +43.1% |
| Water Jetting Sector | +75.9% | +7.5% | +24.1% | +27.9% | +28.0% | +23.5% |
| Total | +57.0% | +24.4% | +39.6% | +49.9% | +17.9% | +35.0% |
| Percentage changes 2015/2014 on a like for like basis |
| Hydraulic Sector | +13.9% | -2.5% | +23.1% | -3.0% | -1.4% | +6.6% |
|---|---|---|---|---|---|---|
| Water Jetting Sector | +21.3% | +2.0% | +22.2% | +24.6% | +19.1% | +16.0% |
| Total | +15.5% | -0.8% | +22.6% | +13.3% | +4.1% | +10.5% |
On a like for like basis with unchanged exchange rates sales in the Hydraulic Sector fell by 0.7% and those in the Water Jetting Sector rose by 4.2%.
Gross operating income (EBITDA) amounted to €53.1 million (21.7% of sales) compared to €39.0 million in the second quarter of 2014, which represented 21.5% of sales, a rise of 36.0%. Accordingly the margin rose by 0.2 percentage points in the second quarter of 2015. On a like for like basis, EBITDA increased by 11.9% to reach €43.7 million, or 21.8% of turnover, increasing the margin by 0.2 percentage points.
The following table sets out EBITDA by business sector:
| 2nd quarter | % of | 2nd quarter | % of | Increase/ | |
|---|---|---|---|---|---|
| 2015 | total | 2014 | total | decrease | |
| €/000 | sales* | €/000 | sales* | ||
| Hydraulic Sector | 28,845 | 18.9% | 19,951 | 18.7% | +44.6% |
| Water Jetting Sector | 24,164 | 26.1% | 19,048 | 25.4% | +26.9% |
| Other Sectors | 66 | N/A | 13 | N/A | N/A |
| Total | 53,075 | 21.7% | 39,012 | 21.5% | +36.0% |
* = Total sales also include those made to other Group companies while the sales analyzed above refer only to those made outside the Group. Thus, for consistency, percentages are calculated as a proportion of total sales instead of as a proportion of those shown above.
On a like for like basis the EBITDA of the Hydraulic Sector rose by 8.3% (19.0% of net sales), while again on a like for like basis the EBITDA of the Water Jetting Sector increased by 15.4% (25.3% of net sales).
INTERPUMP GROUP S.p.A. - Via E. FERMI, 25 – 42040 S. ILARIO - REGGIO EMILIA (ITALY) - TEL.+39.0522.904311 FAX. +39.0522.904444 - E-mail [email protected] CAP . SOC. Euro 56.617.232,88. I.V. - REG. IMPRESE R.E. - COD.FISCALE 11666900151 - C.C.I.A.A. R.E.A. N. 204185
Operating income (EBIT) amounted to €42.6 million (17.4% of sales) compared to €31.4 million in the second quarter of 2014 (17.3% of sales), a rise of 35.7%. On a like for like basis, EBIT increased by 11.4% to reach €35.0 million, or 17.5% of turnover, increasing the margin by 0.2 percentage points.
Net profit totaled €51.4 million, benefiting from one-off income of €25.8 million according to International Accounting Standard (IFRS 3), arising from the exercise of the put options earlier than contractually provided, with figures being estimated and based on a forecast of profitability and cash generation to 2018 and to 2020. Net profit was €19.5 million in the second quarter of 2014, thereby rising by 164%. Earnings per share amounted to €0.478 (€0.181 in the second quarter of 2014), an increase of 164%.
* * * Pursuant to article 65-bis, paragraph 2 and article 82 of Consob Resolution no. 11971/1999 as amended, the Interim Report at 30 June 2015 is available to the public at the Group's registered office and at Borsa Italiana S.p.A. and may also be consulted on the "Financial Statements & Reports" page of the "Investor Relations" section of the Company's website www.interpumpgroup.it.
* * *
At its meeting the Board of Directors additionally acknowledged the resignation of Mr. Carlo Conti as Company director due to unforeseen professional commitments which led to the incompatibility of his position. Mr. Conti, a non-executive, independent director, was a member of the Audit and Risks Committee, the Related Party Transactions Committee and the Remuneration Committee, as well as being Lead Independent Director, and had been appointed by shareholders at their ordinary general meeting of 30 April 2014 as part of the sole list submitted by the majority shareholder Gruppo IPG Holding S.r.l..
As provided by article 2386 of the Italian civil code and article 13 of the Company's bylaws, and as also required by article 15 of the Company's bylaws, the Board of Directors accordingly coopted Mr. Marcello Margotto as non-executive director, independent within the meaning of the Corporate Governance Code of Listed Companies promoted by Borsa Italiana S.p.A. and the Consolidated Finance Law.
The Board of Directors appointed Mr. Marcello Margotto as a member of the Remuneration Committee. In addition, the Board of Directors appointed the independent director Franco Garilli as Lead Independent Director and as a member of the Audit and Risks Committee and the Related Party Transactions Committee.
Sant'Ilario d'Enza (RE), 6 August 2015
On behalf of the Board of Directors Fulvio Montipò Chairman
The manager responsible for drafting company accounting documents, Carlo Banci, declares pursuant to the terms of section 2, article 154-bis of the Consolidated Finance Act that the accounting disclosures in the present release correspond to the contents of the underlying documents, the accounting books and the accounting entries.
Sant'Ilario d'Enza (RE), 6 August 2015
Carlo Banci Manager responsible for drafting company accounting documents
For further information please contact: Moccagatta Associati Tel. +39 02 8645.1695 - [email protected] www.interpumpgroup.it
INTERPUMP GROUP S.p.A. - Via E. FERMI, 25 – 42040 S. ILARIO - REGGIO EMILIA (ITALY) - TEL.+39.0522.904311 FAX. +39.0522.904444 - E-mail [email protected] CAP . SOC. Euro 56.617.232,88. I.V. - REG. IMPRESE R.E. - COD.FISCALE 11666900151 - C.C.I.A.A. R.E.A. N. 204185
Financial statements
Consolidated statement of financial position
| (€/000) | 30/06/2015 | 31/12/2014 |
|---|---|---|
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | 114,456 | 87,159 |
| Trade receivables | 203,911 | 135,634 |
| Inventories | 251,778 | 182,463 |
| Tax receivables | 15,459 | 10,477 |
| Other current assets | 10,480 | 6,855 |
| Total current assets | 596,084 | 422,588 |
| Non-current assets | ||
| Property, plant and equipment | 285,094 | 209,073 |
| Goodwill | 347,096 | 279,373 |
| Other intangible assets | 34,692 | 24,649 |
| Other financial assets | 1,000 | 994 |
| Tax receivables | 2,457 | 2,456 |
| Deferred tax assets | 27,378 | 22,035 |
| Other non-current assets | 1,226 | 1,380 |
| Total non-current assets | 698,943 | 539,960 |
| Assets held for sale | - | 615 |
| Total assets | 1,295,027 | 963,163 |
| (€/000) | 30/06/2015 | 31/12/2014 |
|---|---|---|
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||
| Current liabilities | ||
| Trade payables | 114,469 | 80,273 |
| Payables to banks | 24,806 | 27,770 |
| Interest-bearing financial payables (current portion) | 91,430 | 64,298 |
| Derivative financial instruments | 100 | 169 |
| Taxes payable | 16,478 | 11,665 |
| Other current liabilities | 78,732 | 38,123 |
| Provisions for risks and charges | 4,729 | 4,162 |
| Total current liabilities | 330,744 | 226,460 |
| Non-current liabilities | ||
| Interest-bearing financial payables | 280,714 | 147,060 |
| Liabilities for employee benefits | 20,494 | 14,940 |
| Deferred tax liabilities | 50,530 | 33,436 |
| Other non-current liabilities | 22,842 | 72,605 |
| Provisions for risks and charges | 2,437 | 1,949 |
| Total non-current liabilities | 377,017 | 269,990 |
| Liabilities held for sale | - | 163 |
| Total liabilities | 707,761 | 496,613 |
| SHAREHOLDERS' EQUITY | ||
| Share capital | 55,832 | 53,871 |
| Legal reserve | 11,323 | 11,323 |
| Share premium reserve | 162,722 | 101,237 |
| Reserve for measurement of hedging derivatives | ||
| at fair value | - | (19) |
| Reserve for remeasurement of defined benefit plans | (5,273) | (5,273) |
| Translation reserve | 21,100 | 3,809 |
| Other reserves | 336,082 | 295,747 |
| Group shareholders' equity | 581,786 | 460,695 |
| Minority interests | 5,480 | 5,855 |
| Total shareholders' equity | 587,266 | 466,550 |
| Total shareholders' equity and liabilities | 1,295,027 | 963,163 |
Consolidated income statement for the first half year
| (€/000) | 2015 | 2014 |
|---|---|---|
| Net sales | 467,009 | 341,246 |
| Cost of sales | (298,713) | (215,336) |
| Gross industrial margin | 168,296 | 125,910 |
| % of net sales | 36.0% | 36.9% |
| Other operating income | 6,539 | 5,732 |
| Distribution costs | (43,007) | (33,976) |
| General and administrative expenses | (54,039) | (39,700) |
| Other operating costs | (1,565) | (1,755) |
| EBIT | 76,224 | 56,211 |
| % of net sales | 16.3% | 16.5% |
| Financial income | 39,560 | 2,285 |
| Financial expenses | (7,960) | (6,172) |
| Adjustment of the value of investments carried at equity | (147) | (50) |
| Profit for the period before taxes | 107,677 | 52,274 |
| Income taxes | (27,048) | (19,186) |
| Consolidated profit for the period | 80,629 | 33,088 |
| % of net sales | 17.3% | 9.7% |
| Attributable to: | ||
| Shareholders of the parent company | 80,350 | 32,575 |
| Minority shareholders of subsidiaries | 279 | 513 |
| Consolidated profit for the period | 80,629 | 33,088 |
| EBITDA | 96,551 | 71,015 |
| % of net sales | 20.7% | 20.8% |
| Shareholders' equity | 587,266 | 442,909 |
| Net debt | 282,494 | 154,427 |
| Debt for the purchase of equity investments | 42,397 | 65,188 |
| Capital employed | 912,157 | 662,524 |
| Non-annualized ROCE | 8.4% | 8.5% |
| Non-annualized ROE | 13.7% | 7.5% |
| Basic earnings per share | 0.753 | 0.307 |
EBITDA = EBIT + depreciation + amortization + allocations
ROCE = EBIT / capital employed
ROE = Consolidated profit for the period / Consolidated equity
* = Since EBITDA is not an accounting measure either as part of Italian accounting principles or as part of international accounting standards (IAS/IFRS), the calculation of this item may vary. EBITDA is a measure used by the company's management to monitor and assess its operating performance. Management believes that EBITDA is an important parameter for measuring the company's operating performance as it is not affected by the various criteria that may be used to determine taxable income, the amount and characteristics of capital employed and the relative depreciation and amortization policies. The criteria used by the company to determine EBITDA may not be consistent with that used by other companies/groups and the amount obtained may not be comparable with that calculated by them.
| (€/000) | 2015 | 2014 |
|---|---|---|
| Consolidated profit for the period (A) | 80,629 | 33,088 |
| Other comprehensive income which will subsequently be reclassified to consolidated profit or loss |
||
| Cash flow hedge accounting for derivatives hedging interest rate risk: |
||
| - Gains (losses) on derivatives for the period | - | - |
| - Less: Adjustment for gains (losses) reclassified to profit or loss - Less: Adjustment for the recognition of fair value in equity in the |
- | - |
| previous period Total |
- - |
50 50 |
| Cash flow hedge accounting for derivatives hedging currency risk: - Gains (losses) on derivatives for the period |
- | - |
| - Less: Adjustment for gains (losses) reclassified to profit or loss - Less: Adjustment for the recognition of fair value in equity in the |
- | (14) |
| previous period Total |
27 27 |
- (14) |
| Gains (losses) on translating the financial statements of foreign companies |
17,583 | 2,358 |
| Gains (losses) from companies accounted for using the equity method |
(21) | 18 |
| Related taxation | (8) | (9) |
| Total other comprehensive income which will subsequently be reclassified to consolidated profit or loss, net of the tax effect |
||
| (B) | 17,581 | 2,403 |
| Consolidated comprehensive income for the period (A) + (B) | 98,210 | 35,491 |
| Attributable to: | ||
| Shareholders of the parent company | 97,660 | 35,059 |
| Minority shareholders of subsidiaries | 550 | 432 |
| Consolidated comprehensive income for the period | 98,210 | 35,491 |
Statement of consolidated comprehensive income for the first half year
Consolidated income statement for the second quarter
| (€/000) | 2015 | 2014 |
|---|---|---|
| Net sales | 244,384 | 181,037 |
| Cost of sales | (154,426) | (113,167) |
| Gross industrial margin | 89,958 | 67,870 |
| % of net sales | 36.8% | 37.5% |
| Other operating income | 3,325 | 2,737 |
| Distribution costs | (22,184) | (17,735) |
| General and administrative expenses | (27,513) | (20,111) |
| Other operating costs | (972) | (1,365) |
| EBIT | 42,614 | 31,396 |
| % of net sales | 17.4% | 17.3% |
| Financial income | 25,714 | 1,143 |
| Financial expenses | (2,982) | (2,679) |
| Adjustment of the value of investments carried at equity | (75) | 109 |
| Profit for the period before taxes | 65,271 | 29,969 |
| Income taxes | (13,869) | (10,476) |
| Consolidated profit for the period | 51,402 | 19,493 |
| % of net sales | 21.0% | 10.8% |
| Attributable to: | ||
| Shareholders of the parent company | 51,147 | 19,181 |
| Minority shareholders of subsidiaries | 255 | 312 |
| Consolidated profit for the period | 51,402 | 19,493 |
| EBITDA | 53,075 | 39,012 |
| % of net sales | 21.7% | 21.5% |
| Shareholders' equity | 587,266 | 442,909 |
| Net debt | 282,494 | 154,427 |
| Debt for the purchase of equity investments | 42,397 | 65,188 |
| Capital employed | 912,157 | 662,524 |
| Non-annualized ROCE | 4.7% | 4.7% |
| Non-annualized ROE | 8.8% | 4.4% |
| Basic earnings per share | 0.478 | 0.181 |
EBITDA = EBIT + depreciation + amortization + allocations
ROCE = EBIT / capital employed
ROE = Consolidated profit for the period / Consolidated equity
* = Since EBITDA is not an accounting measure either as part of Italian accounting principles or as part of international accounting standards (IAS/IFRS), the calculation of this item may vary. EBITDA is a measure used by the company's management to monitor and assess its operating performance. Management believes that EBITDA is an important parameter for measuring the company's operating performance as it is not affected by the various criteria that may be used to determine taxable income, the amount and characteristics of capital employed and the relative depreciation and amortization policies. The criteria used by the company to determine EBITDA may not be consistent with that used by other companies/groups and the amount obtained may not be comparable with that calculated by them.
| (€/000) | 2015 | 2014 |
|---|---|---|
| Consolidated profit for the period (A) | 51,402 | 19,493 |
| Other comprehensive income which will subsequently be reclassified to consolidated profit or loss |
||
| Cash flow hedge accounting for derivatives hedging interest rate risk: |
||
| - Gains (losses) on derivatives for the period | - | - |
| - Less: Adjustment for gains (losses) reclassified to profit or loss - Less: Adjustment for the recognition of fair value in equity in the |
- | - |
| previous period | - | 19 |
| Total | - | 19 |
| Cash flow hedge accounting for derivatives hedging currency risk: - Gains (losses) on derivatives for the period |
- | - |
| - Less: Adjustment for gains (losses) reclassified to profit or loss | - | - |
| - Less: Adjustment for the recognition of fair value in equity in the previous period |
- | - |
| Total | - | - |
| Gains (losses) on translating the financial statements of foreign companies |
(11,236) | 2,341 |
| Gains (losses) from companies accounted for using the equity method |
(24) | 18 |
| Related taxation | - | (3) |
| Total other comprehensive income which will subsequently be | ||
| reclassified to consolidated profit or loss, net of the tax effect (B) |
(11,260) | 2,375 |
| Consolidated comprehensive income for the period (A) + (B) | 40,142 | 21,868 |
| Attributable to: | ||
| Shareholders of the parent company | 40,128 | 21,521 |
| Minority shareholders of subsidiaries | 14 | 347 |
| Consolidated comprehensive income for the period | 40,142 | 21,868 |
Statement of consolidated comprehensive income for the second quarter
Consolidated cash flow statement for the first half year
| (€/000) | 2015 | 2014 |
|---|---|---|
| Cash flows from operating activities | ||
| Profit before taxes | 107,677 | 52,274 |
| Adjustments for non-cash items: | ||
| Losses (gains) on the sale of fixed assets | (1,361) | (671) |
| Losses (gains) on the sale of business units and equity investments | - | (423) |
| Amortization, depreciation, impairment losses and reversals of impairment losses | 19,616 | 13,976 |
| Costs recognized in the income statement relative to stock options that do not involve | ||
| monetary outflows for the Group | 680 | 680 |
| Losses (profits) from equity investments | 147 | 50 |
| Net change in risk provisions and allocations to employee benefit provisions | 11 | 246 |
| Expenditures for tangible assets to be leased | (4,617) | (2,655) |
| Proceeds from the disposal of leased tangible assets | 2,926 | 1,640 |
| Net financial charges | (31,600) | 3,887 |
| 93,479 | 69,004 | |
| (Increase) decrease in trade receivables and other current assets | (26,110) | (27,721) |
| (Increase) decrease in inventories | (10,103) | (12,191) |
| Increase (decrease) in trade payables and other current liabilities | 9,531 | 8,076 |
| Interest paid | (3,069) | (3,079) |
| Realized exchange differences | 2,923 | 151 |
| Taxes paid | (21,656) | (9,264) |
| Net cash from operating activities | 44,995 | 24,976 |
| Cash flows from investing activities | ||
| Payments for the purchase of investments net of cash received and gross of treasury | ||
| shares transferred | (153,939) | (34,624) |
| Sale of equity investments including cash transferred | 746 | 650 |
| Capital expenditure on property, plant and equipment | (14,729) | (19,376) |
| Proceeds from the sale of tangible fixed assets | 997 | 875 |
| Increase in intangible assets | (1,345) | (1,465) |
| Financial income received | 272 | 363 |
| Other | (134) | 208 |
| Net cash used in investing activities | (168,132) | (53,369) |
| Cash flows from financing activities | ||
| Disbursement (repayment) of loans | 131,642 | 570 |
| Dividends paid | (20,368) | (18,108) |
| Payment for the purchase of treasury shares | (21,533) | (15,240) |
| Disposal of treasury shares to acquire equity investments | 60,542 | 5,445 |
| Proceeds from the sale of treasury shares to stock option beneficiaries | 3,077 | 3,826 |
| (Disbursement) repayment of loans to unconsolidated subsidiaries | - | 24 |
| Disbursement (repayment) of shareholder loans | (242) | (141) |
| Change in other financial fixed assets | (25) | - |
| Payment of finance lease installments (principal) | (1,687) | (3,170) |
| Net cash from (used in) financing activities | 151,406 | (26,794) |
| Net increase (decrease) in cash and cash equivalents | 28,269 | (55,187) |
| (€/000) | 2015 | 2014 |
|---|---|---|
| Net increase (decrease) in cash and cash equivalents | 28,269 | (55,187) |
| Exchange differences from converting the cash of non-EU companies | 1,557 | 99 |
| Opening cash and cash equivalents for companies consolidated on a line-by-line basis for the first time |
435 | 41 |
| Cash and cash equivalents at the beginning of the period | 59,389 | 84,380 |
| Cash and cash equivalents at the end of the period | 89,650 | 29,333 |
Cash and cash equivalents may be analyzed as follows:
| 30/06/2015 | 31/12/2014 | |
|---|---|---|
| €/000 | €/000 | |
| Cash and cash equivalents as per the consolidated statement of financial position | 114,456 | 87,159 |
| Bank payables (overdrafts and subject to collection advances) | (24,806) | (27,770) |
| Cash and cash equivalents as per the consolidated cash flow statement | 89,650 | 59,389 |
Statement of changes in consolidated shareholders' equity
| 6, 263 |
||
|---|---|---|
| At 1 J 20 14 55, 003 11, 323 125 039 ( 27 ) ( 3, 39 6) ( 19, 084 ) 25 7, 828 42 6, 686 an uar y , |
432 949 , |
|
| nit ion in th e i of the fa ir val of Re st ate nt cog nco me me ue |
||
| ck tio d a nd rci sab le 680 680 sto nte op ns gra exe - - - - - - |
- | 680 |
| Pu rch of sha ( 787 ) ( 14, 45 3) ( 15, 240 ) tre ase asu ry res - - - - - |
- | ( 15, 240 ) |
| Sal f tr sh ck tio n b fic iar ies 399 3, 42 7 3, 826 s to sto e o eas ury are op ene - - - - - |
- | 3, 826 |
| Tra nsf of sha fo ity tre ent er asu ry res as pa ym r e qu - |
||
| inv 296 5, 149 5, 44 5 est nts me - - - - |
- | 5, 44 5 |
| Div ide nd s d istr ibu ted ( 18, 108 ) ( 18, 108 ) - - - - - - |
- | ( 18, 108 ) |
| Pu rch of ad dit ion al i t in Hy dro Ch ile ( 542 ) ( 542 ) nte ase an res car - - - - - - |
( 1, 870 ) |
( 2, 41 2) |
| Eff of Hy dro Ch ile- Sy bin atio ( 82) ( 82) ect car sca m c om n - - - - - - |
289 | 207 |
| Eff of Co Go lf m 58 58 ect pa- erg er - - - - - - |
( 58) |
- |
| rch of Pu IM M ase - - - - - - - - |
71 | 71 |
| reh ive in e f the fir st h alf of 45 575 35 05 Co 20 14 27 2, 7 32 9 mp ens com or - - - - , , |
43 2 |
35 49 1 , |
| At 30 Jun e 2 014 54, 91 1 11, 323 134 29 5 ( 3, 39 6) ( 16, 62 7) 25 7, 27 6 43 7, 782 - , |
5, 12 7 |
442 909 , |
| Re nit ion in th e i of the fa ir val of st ate nt cog nco me me ue |
||
| ck tio d a nd rci sab le 690 690 sto nte op ns gra exe - - - - - - |
- | 690 |
| rch of sha ( 1, 199 ) ( 35, 970 ) 14, 110 ( 23 059 ) Pu tre ase asu ry res - - - - , |
- | ( 23 059 ) , |
| Sal f tr sh ck tio n b fic iar ies 83 717 800 s to sto e o eas ury are op ene - - - - - |
- | 800 |
| Tra nsf of sha fo ity tre ent er asu ry res as pa ym r e qu - |
||
| inv 76 1, 505 1, 58 1 est nts me - - - - |
- | 1, 58 1 |
| Div ide nd s d istr ibu ted - - - - - - - - |
( 58) |
( 58) |
| Eff of th has f a mi ity in ect ter est e p urc e o nor |
||
| in HC Hy dra uli Te chn olo ies ( P) Ltd cs g - - - - - - - - |
( 1) |
( 1) |
| Co reh ive in e f the d h alf of 20 14 ( 19) ( 1, 877 ) 20 43 24 36 1 42 90 1 6 mp ens com or se con , , , |
787 | 43 688 , |
| 31 ber 20 14 53, 87 1 11, 323 101 23 19) 27 3) 3, 809 295 747 46 0, 695 At De 7 ( ( 5, cem , , |
855 5, |
46 6, 0 55 |
| Re nit ion in th e i of the fa ir val of st ate nt cog nco me me ue ck tio d a nd rci sab le 680 680 sto nte op ns gra exe - - - - - - |
- | 680 |
| rch of sha ( 853 ) ( 20 680 ) ( 21 533 ) Pu tre ase asu ry res - - - - - , , |
- | ( 21 533 ) , |
| Sal f tr sh ck tio n b fic iar ies 265 2, 812 3, 077 s to sto e o eas ury are op ene - - - - - |
- | 3, 077 |
| nsf of sha for ity Tra tre nt er asu ry res a s pay me e qu - inv 2, 549 57 99 3 60 542 est nts me - - - - , , |
- | 60 542 , |
| Pu rch of sid ual in in W alv oil Flu id Po r In dia ter est ase re we |
||
| - Ltd ( 14) ( 14) - - - - - |
- | ( 14) |
| Div ide nd s d istr ibu ted ( 19, 32 1) ( 19, 32 1) - - - - - - |
( 925 ) |
( 20 246 ) , |
| Co reh ive in e f the fir st h alf of 20 15 19 17, 29 1 80, 350 97 660 mp ens com or - - - - , |
550 | 98 210 , |
| At 30 Jun e 2 015 55, 832 11, 323 162 722 ( 5, 27 3) 21, 000 336 082 58 1, 786 - , , |
5, 48 0 |
58 7, 26 6 |