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Nice Footwear — Earnings Release 2017
Aug 3, 2017
4155_ir_2017-08-03_770cadf0-1e05-4a87-b6a0-00b03cda4beb.pdf
Earnings Release
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| Informazione Regolamentata n. 0809-41-2017 |
Data/Ora Ricezione 03 Agosto 2017 13:38:46 |
MTA - Star | |
|---|---|---|---|
| Societa' | : | NICE | |
| Identificativo Informazione Regolamentata |
: | 92734 | |
| Nome utilizzatore | : | NICEN04 - Biasini | |
| Tipologia | : | REGEM; 1.2 | |
| Data/Ora Ricezione | : | 03 Agosto 2017 13:38:46 | |
| Data/Ora Inizio Diffusione presunta |
: | 03 Agosto 2017 13:38:47 | |
| Oggetto | : | Revenues and profitability show strong growth in the 1H 2017 |
|
| Testo del comunicato |
Vedi allegato.
The Board of Directors of Nice S.p.A. approves the Half-Year Financial Report as at 30 June 2017
Revenues and profitability show strong growth in the 1H 2017
- • Consolidated revenues of Euro 164.0 million (+14.7% at current exchange rates on 1H 2016 in the Home and Building Automation business)
- • EBITDA of Euro 27.3 million (16.6% of sales), up 21.0% on the Euro 22.6 million (15.0% of sales) of 1H 2016
- • Group net income Euro 12.5 million (Euro 9.7 million adjusted 1H 2016)
- • Net financial position = Euro -13.5 million compared to Euro -4.5 million as at 30 June 2016
Oderzo (TV), 03 August 2017 – The Board of Directors of Nice S.p.A. - listed on the STAR segment of Borsa Italiana has approved the Half-Year Financial Report as at 30 June 2017.
Lauro Buoro, Chairman of Nice, commented: "It gives us great satisfaction to present you with the results obtained by the Nice Group as at 30 June 2017, which show a progress in revenues for the fourteenth quarter running and significant growth in profitability on all levels of profit and loss. This trend confirms the effectiveness of the strategy adopted by the Group and, accordingly, its capacity to create lasting, sustainable value. We look enthusiastically to our ambitious plans to develop new technologies, products, processes and systems by which to make the most of the opportunities offered up by the market, improving our operative performance".
Consolidated Revenues
In the first half of 2017, the Nice Group posted revenues of Euro 164.0 million, up 9.2% at current exchange rates and 6.4% at constant exchange rates on the first half of 2016, showing significant improvement both in some long-standing markets and in the emerging markets.
As specifically regards the Home and Building Automation business, period sales came in at Euro 164.0 million, up 14.7% at current exchange rates and 11.7% at constant exchange rates, as compared with the Euro 143.0 million of the same period of last year.
Geographical Sales Breakdown
The following chart shows the geographical revenue breakdown:
| (in millions of Euro) | 1H 2017 | % | 1H 2016 | % | ∆ % | ∆ % (2) |
|---|---|---|---|---|---|---|
| France | 24.0 | 14.6% | 23.6 | 15.7% | 1.5% | 1.5% |
| Italy | 17.1 | 10.4% | 20.4 | 13.6% | -15.9% | -15.9% |
| Europe 15 (1) | 43.8 | 26.7% | 44.0 | 29.3% | -0.5% | 0.2% |
| Rest of Europe | 27.4 | 16.7% | 26.0 | 17.3% | 5.5% | 5.0% |
| Rest of the world | 51.6 | 31.5% | 36.2 | 24.1% | 42.9% | 30.6% |
| Total Revenues | 164.0 | 100.0% | 150.2 | 100.0% | 9.2% | 6.4% |
| (1) (2) |
Excludes France and Italy At constant exchange rates |
Geographical Sales Breakdown - Home and Building Automation business1
Below is an analysis of the trend of revenues recorded by the Home and Building Automation business in the first half of 2017, compared with the corresponding period of the previous year.
| (in millions of Euro) | 1H 2017 | % | 1H 2016 | % | ∆ % | ∆ % (2) |
|---|---|---|---|---|---|---|
| France | 24.0 | 14.6% | 22.7 | 15.9% | 5.8% | 5.8% |
| Italy | 17.1 | 10.4% | 17.3 | 12.1% | -1.3% | -1.3% |
| Europe 15 (1) | 43.8 | 26.7% | 42.5 | 29.7% | 3.1% | 3.8% |
| Rest of Europe | 27.4 | 16.7% | 25.6 | 17.9% | 7.0% | 6.5% |
| Rest of the world | 51.6 | 31.5% | 34.9 | 24.4% | 48.1% | 35.4% |
| Total Revenues | 164.0 | 100.0% | 143.0 | 100.0% | 14.7% | 11.7% |
| (1) | Excludes France and Italy |
(2) At constant exchange rates
In the first half of this year, sales in France, which represents 14.6% of Group sales, totalled Euro 24.0 million, up 5.8% compared with the same period of 2016.
In Italy, revenues came to Euro 17.1 million, down 1.3% on the first half of last year.
Sales in the remaining Europe-15 countries in the first half of 2017 amounted to Euro 43.8 million, up 3.1% at current exchange rates and 3.8% at constant exchange rates compared to the first half of last year.
As at 30 June 2017, revenues booked in the Rest of Europe totalled Euro 27.4 million, rising 7.0% at current exchange rates and 6.5% at constant exchange rates compared to the same period of last year.
During the first half of 2017, turnover booked in the Rest of the world, accounting for 31.5% of the Group's turnover, rose by 48.1% at current exchange rates and by 35.4% at constant exchange rates as compared with the same period of last year, coming in at Euro 51.6 million.
Profitability Indicators
As at 30 June 2017, gross profit (calculated as the difference between revenues and cost of goods sold) totalled Euro 88.3 million, up 9.5% compared to Euro 80.6 million in the corresponding period of last year, and amounted to 53.8% as a percentage of sales, compared to 53.7% in the first half of 2016.
1 2016 results have been restated pro-forma, excluding sales made by the FontanaArte operative business unit.
In 1H of 2017, EBITDA totalled Euro 27.3 million, 16.6% of sales, compared to Euro 22.6 million and a 15.0% of sales in the first half of 2016.
As at 30 June 2017, net profit from financial operations was Euro -2.1 million, compared to Euro -1.6 million in the first half of 2016.
The Group net profit was Euro 12.5 million, compared to Euro 4.7 million (Euro 9.7 million adjusted) in the first half of 2016.
Statement of Financial Position and Statement of Cash Flows
As at 30 June 2017, net working capital amounted to Euro 68.3 million, compared to Euro 77.6 million as at 30 June the previous year and 62.2 million Euro as at 31 December 2016.
As at 30 June 2017, the Group's net financial position was Euro -13.5 million, compared to Euro -4.5 million as at 30 June 2016.
***
Nice S.p.A.
Established in the early 1990s and listed on the STAR Segment of Borsa Italiana, Nice S.p.A. is international reference Group in the Home and Building Automation industry, with a comprehensive offering of integrated automation systems for gates, garage doors, parking systems, wireless alarm systems and solar screens, for residential, commercial and industrial buildings.
The Nice Group is pursuing a strategy of expanding geographically and strengthening its position in high-growth potential markets; broadening, completing and integrating the product lines of the various business units; implementing branding actions to compete in new market segments. Nice exports its products, which combine technological innovation and design, to over 100 countries, generating more than 85% of the Group's consolidated revenues abroad. www.thenicegroup.com
Statement of the assigned Manager in charge of the editing of corporate accounting documents
Under Art. 154 bis, par. 2 of the Italian Consolidated Finance Act, the assigned Manager in charge of the editing of corporate accounting documents, Ms Denise Cimolai, states that the accounting information contained in this press release complies with all documentary evidence, books and accounting records.
***
This press release is available on the Company's website www.thenicegroup.com and on the authorised storage mechanism eMarket Storage mechanism ().
Contacts: Investor Relations Nice S.p.A. [email protected] Tel.: +39 0422 505468 www.thenicegroup.com
Attachments:
PERIOD
Consolidated Nice2
Income Statement
| (in millions of Euro) | 1H 2017 | % | 1H 2016 | % | ∆ % |
|---|---|---|---|---|---|
| Revenues | 164.0 | 100.0% | 150.2 | 100.0% | 9.2% |
| Cost of goods sold | (75.7) | -46.2% | (69.5) | -46.3% | |
| Gross profit | 88.3 | 53.8% | 80.6 | 53.7% | 9.5% |
| Industrial costs | (4.3) | -2.6% | (5.0) | -3.3% | |
| Marketing costs | (4.9) | -3.0% | (4.3) | -2.9% | |
| Trade costs | (7.4) | -4.5% | (7.5) | -5.0% | |
| General costs | (11.7) | -7.2% | (12.8) | -8.5% | |
| Personnel costs | (32.6) | -19.9% | (28.5) | -19.0% | |
| Total operating costs | (61.0) | -37.2% | (58.1) | -38.7% | 5.1% |
| EBITDA | 27.3 | 16.6% | 22.6 | 15.0% | 21.0% |
| Depreciation and amortisation | (5.1) | -3.1% | (11.2) | -7.5% | |
| EBIT | 22.2 | 13.5% | 11.3 | 7.6% | |
| EBIT adjusted (1) | 22.2 | 13.5% | 18.1 | 12.1% | 22.4% |
| Financial management and other costs | (2.1) | -1.3% | (1.6) | -1.1% | |
| Pre-tax result | 20.1 | 12.3% | 9.7 | 6.5% | |
| Taxes | (7.3) | -4.5% | (4.9) | -3.3% | |
| Net profit/loss | 12.8 | 7.8% | 4.8 | 3.2% | |
| Net profit/loss adjusted (1) | 12.8 | 7.8% | 9.7 | 6.5% | 31.4% |
| Profit/Loss attributable to non-controlling interests | 0.3 | 0.2% | 0.1 | 0.1% | |
| Group net profit/loss | 12.5 | 7.6% | 4.7 | 3.1% | |
| Group net profit/loss adjusted (2) | 12.5 | 7.6% | 9.7 | 6.4% | 29.4% |
1As at 30 June 2016, the adjustment referred to the exclusion of the one-off impairment applied on the FontanaArte brand and the property used as the FontanaArte premises, written down respectively by Euro 5.1 million and Euro 2.0 million.
2The adjustment refers to what is indicated in note (1) and to the related tax effect for a total of Euro 2.3 million.
• 'EBITDA' represents net profit before depreciation & amortisation, impairment, finance income & expenses, and taxes.
• 'Free cash flow' is defined as the sum of cash flows from/(used in) operating activities and cash flows from/(used in) investing activities.PY
2 The consolidated results as at 30 June 2017 and 30 June 2016 have been subjected to a limited audit. Results as at 31 December 2016 have been fully audited. This press release includes non-IFRS Alternative Performance Measures in order to provide a better understanding of the Group's financial performance and financial position. Here below are the Alternative Performance Measures: 'Gross Profit' is defined as the difference between revenue and the cost of goods sold (consisting of the sub-items purchase of basic components, outsourced processing, and change in inventories).
• 'Net working capital' is defined as the sum of inventories, trade receivables, tax receivables, other current assets, trade payables, tax payables (due within 12 months) and other current liabilities when referring to core business.
• 'Net capital invested' is defined as the algebraic sum of Net working capital (as defined above), fixed assets, other non-current assets and non-current liabilities (the latter net of medium/long-term loans).
• The 'Net financial debt' or 'Net financial position' is a measure of the Company's financial structure and is defined as current and noncurrent financial debts less cash and cash equivalents.
Statement of Financial Position
| (in millions of Euro) | 30/06/2017 | 31/12/2016 | |
|---|---|---|---|
| Intangible assets | 113.0 | 114.0 | |
| Tangible assets | 54.2 | 51.2 | |
| Other fixed assets | 11.4 | 13.0 | |
| Fixed assets | 178.6 | 178.2 | |
| Commercial credits | 66.4 | 56.7 | |
| Inventory | 62.4 | 62.6 | |
| Commercial debts | (49.6) | (49.9) | |
| Other current assets/(liabilities) | (11.0) | (7.2) | |
| Net working capital | 68.3 | 62.2 | |
| % on sales (LTM) | 21.3% | 19.4% | |
| Post-employment benefits and other provisions |
(19.8) | (28.1) | |
| Net capital invested | 227.1 | 212.3 | |
| Shareholders' equity | 214.5 | 219.4 | |
| Minorities | (0.9) | (1.2) | |
| Total shareholders' equity | 213.6 | 218.2 | |
| Cash & cash equivalents | (46.9) | (70.6) | |
| Financial assets | (5.0) | (4.8) | |
| Total debt | 65.4 | 69.4 | |
| Net debt | 13.5 | (5.9) | |
| Net capital invested | 227.1 | 212.3 |
Statement of Cash Flows
| (in millions of Euro) | 1H 2017 | 1H 2016 * |
|---|---|---|
| Net profit/loss | 12.8 | 4.8 |
| D&A and other non cash items | 6.9 | 10.0 |
| Change in Net working capital | (8.2) | (1.2) |
| Operating cash flow | 11.5 | 13.6 |
| Capex | (9.3) | (10.7) |
| Operating free cash flow | 2.2 | 2.8 |
| Acquisitions | (9.7) | 0.0 |
| Free cash flow | (7.5) | 2.8 |
| Dividend paid out | (11.1) | (7.8) |
| Other | (0.9) | 0.0 |
| Subtotal | (12.0) | (7.8) |
| Variation of net financial position | (19.5) | (5.0) |
| Initial net financial position | 5.9 | 0.5 |
| Final net financial position | (13.5) | (4.5) |
* Some items of the Consolidated Statement of Cash Flows as at 30 June 2016 have been reclassified to allow for comparison with the figures as at 30 June 2017