Earnings Release • Jun 11, 2018
Earnings Release
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| Informazione Regolamentata n. 0955-14-2018 |
Data/Ora Ricezione 11 Giugno 2018 16:45:51 |
MTA | |
|---|---|---|---|
| Societa' | : | PIQUADRO | |
| Identificativo Informazione Regolamentata |
: | 105048 | |
| Nome utilizzatore | : | PIQUADRON01 - Trotta | |
| Tipologia | : | 1.1 | |
| Data/Ora Ricezione | : | 11 Giugno 2018 16:45:51 | |
| Data/Ora Inizio Diffusione presunta |
: | 11 Giugno 2018 16:45:52 | |
| Oggetto | : | BoD approved Draft Separate and March 31, 2018 |
Consolidated Financial Statements as of |
| Testo del comunicato |
Vedi allegato.
Press release
Consolidated Net Profit recurring up 70.5% compared to March 31, 2017.
Silla di Gaggio Montano, June 11, 2018 – Today the Board of Directors of Piquadro S.p.A., which designs, manufactures and distributes leather, approved the Draft Separate Financial Statements and the Consolidated Financial Statements for the year ended March 31, 2018.
The Consolidated Financial Statements for the year ended March 31, 2018 showed consolidated revenue of € 97.63 million, up 28.6% on the previous year (€ 75.91 million). The increase in revenues was determined both by the introduction into the consolidation area of The Bridge S.p.A., which recorded revenues of € 23.76 million, and by a 4.3% increase of sales by the Piquadro brand. To the latter, in particular, contributed both the Wholesale sale channel and DOS sale channel which also includes the Piquadro e-commerce.
With reference to the Piquadro brand, the revenues reported by the DOS channel showed a 6.7% increase. The Same Store Sales Growth data (SSSG), calculated as average global growth rates of profits registered in the existing directly operated stores on was positive and equal to the 3.3% in the period at current exchange rates (assuming an equal number of days open and constant exchange rates, it was equal to a 3.4% growth rate). The DOS channel also includes e-commerce revenues, increasing by 19.7%.
The revenues of the Wholesale Piquadro channel, which represent 44.6% of the Group's total turnover as of 31 March 2018, showed a 2.7% increase. That increase was determined by the increase of sales in the domestic and European markets.
With reference to the The Bridge brand, sales revenues for the period amounted to €23.76 million.
Under a geographic point of view, the Group's revenues as of March 31 2018 show a 31.3% increase in the domestic market, which represents 76.0% of the Group's revenues, and a 33.6% increase in the European market which stands now at 21.1% of the Group's revenues. In the non-European geographical area, where the Group sells over 23 countries, turnover decreased by €1,1 million of Euro compared to the same period of the previous year 2016/2017.
EBITDA of the Piquadro Group as of 31 March 2018 was € 10.78 million shows an increase of 22.6% compared to March 31, 2017 with a ratio of 11.0% to net sales (€ 8,79 million equal to 11.6% in the previous year).
EBITDA recurring of the Piquadro Group, which does not include non-recurring elements, was equal to €10.78 million and showed a 45.5% increase compared to previous year 2016/2017 (€ 7,41 million not including the positive effects arising from the disposal of the DOS store located in Paris).
EBIT of the Piquadro Group amounted to € 7.87 million showed an increase of 38,4% compared to March 31, 2017 with a ratio of 8.1% to net sales (€ 5.69 million with a ratio of 7.5% to net sales in the previous year).
EBIT recurring of the Piquadro Group, which does not include non-recurring elements, was equal to € 7,87 million and showed a 71.0% increase compared to previous year 2016/2017 (€ 4,6 million not including the positive effects arising from the disposal of the DOS store located in Paris).
The Group's Net Profit was equal to € 4.8 million, up 40.2% compared to recorded in the previous year (€ 3.4 million).
The Group's Net Profit recurring of the Piquadro Group, which does not include non-recurring elements, as equal to € 4,8 million and showed a 70.5% increase compared to previous year 2016/2017 (€ 2,8 million not including the positive effects arising from the disposal of the DOS store located in Paris).
Net Financial Position as of March 31, 2018 – negative - stands at € 3.7 million with a significant improvement of about €4.6 million compared to the previous year. Contribute to that came, on the one hand, from a free cash flow of about €9.9 million, on the other hand, the Net Financial Position was affected by the €2 million dividend paid out on the profit for the financial year 2016/2017, by the €1.7 million for investments in tangible and intangible assets and by net improvement in working capital for € 1.6 million.
«The Group's double-digit growth in turnover and profitability ratios shows the validity of the work done on The Bridge and the synergies' effectiveness developed at various levels", commented Marco Palmieri, Piquadro Chairman and Chief Executive Officer. "Moreover, the DOS's LFL keeps growing for both brands, leading to a solid cash generation. We are, therefore, very confident that this acceleration will continue, fed by the optimization of resources and processes which are underway within the Group».
During the year ended March 31, 2018, the Parent Company reported revenue of approximately € 70.5 million, up 4.9% compared to the revenue reported in the year ended March 31, 2017. The revenue trend was attributable to the positive performances achieved on the domestic market
(approximately +7.3%) and on the European market (approximately +6.7%) both in the Wholesale sale channel and DOS sale channel.
Domestic market recorded an increase for an amount of €3.8 million compared to the year ended March 31, 2017.
The Parent Company's EBITDA for the year was approximately € 9.37 million compared to € 6.17 million in the previous year and represented 13.3% of the Company's revenue at March 31, 2018 (9.2% for the year ended March 31, 2017).
The Parent Company's EBIT amounted to € 7.58 million, approximately 10.7% of revenues, compared to 6.5% for the financial year 2016/2017.
Net Profit of Piquadro S.p.A. for the year ended March 31, 2018 increased approximately 75.6%, from € 3.0 million to € 5.3 million.
At March 31, 2018, Net Financial Debt of Piquadro S.p.A. was € 7.1 million with an improvement of €2.37 million (negative for an amount of 9.5 million for the year ended March 31, 2017) due to a free cash flow generated during the year of approximately 6.9 million Euros, dividends paid out on the profit for the financial year 2016/2017 of 2.0 million, tangible and intangible assets of approximately € 1.45 million and by net improvement in working capital for € 1.0 million.
During the 2018/2019 financial year, for the Piquadro Group, the acceleration of the global growth will be even more evident, also due to the acquisition of the Lancel Maison.
Therefore, the Management expects that in the 2018/19 financial year the Group - including the acquisition of Lancel International SA - may came close to € 150 million in turnover and experience growth rates in line - on a like-for-like basis - with those recorded during the year ended March 31, 2018. In terms of profitability, the management expects increasing industrial margins for Piquadro and The Bridge, standing a Euro/Dollar ratio in line with the previous year. The Management will be careful in controlling the margins and operating costs, will work consistently to operate the turnaround of the Maison Lancel, all in order to increase the investments in R&D and Marketing with the goal of increasing the visibility and awareness of the brands at an international level.
At the next Shareholders' Meeting, scheduled for 19 July 2018 at 11 a.m. in first call at the head offices of Piquadro S.p.A., and in second call at the same time and place on 23 July 2018, the Board of Directors of Piquadro S.p.A. will propose the distribution of a dividend of € 0.06 per share, calculated on the shares outstanding at today's date (50,000,000 shares).
The total amount of the proposed dividend is therefore € 3 million. The dividend will be placed in payment from 1 August 2018 (record date 31 July 2018) by detaching coupon no. 11 on 30 July 2018.
This memorandum presents a few alternative performance indicators to permit a better assessment of the profitability and financial operation of the Group. Those indicators must not be regarded as substitutes for the conventional ones contemplated in the IFRS. More specifically, the alternative indicator presented is EBITDA (gross operating margin) defined as earnings before depreciation and amortization, interest, and current income taxes. With regard to the financial reporting schedules contained in the memorandum, please note that auditing activity has not yet been completed on these data.
The manager responsible for preparing the Piquadro S.p.A.'s, financial reports, Roberto Trotta, declares – pursuant to paragraph 2 of Article 154-bisof Italy's Legislative Decree 58/1998 – that the accounting information contained in this press release and relevant to the financial year 2017/2018, corresponds to the documented results, books, and accounting records.
The financial statements as of March 31, 2018 are currently being audited and the report on operations as well as the corporate governance and ownership structure report are also being reviewed by the independent auditors. The audit process is underway.
The Board of Directors today approved the Remuneration Report pursuant to art. 123-ter of Legislative Decree 58/1998 (the Consolidated Law on Financial Intermediation "TUF") and the implementation of the regulations issued by the Consob. The Board has also resolved to present and submit to the advisory vote of the next Shareholders' Meeting the first Section of the Report, illustrating the Company's Policy on remuneration for the Directors and Managers with strategic responsibilities, pursuant to art. 123-ter of the TUF.
Today, the Board of Directors also approved the Corporate Governance Report for the year ended on March 31, 2018, which contains information on Company's compliance with the Governance Code for listed companies promoted by Borsa Italiana S.p.A. and the additional information required by applicable legislation.
During today's meeting the Board of Directors also approved the 2017-2018 Non-Financial Disclosure drawn-up in accordance with the Italian Legislative Decree 254/2016 in relation to the disclosure of non-financial information and diversity for large companies. This statement, in addition to providing the non-financial information called for under the Decree, confirms the Company's commitment to supporting the development of an increasingly sustainable business which meets the needs of its stakeholders.
The today's Board of Directors' meeting also resolved to call an ordinary Shareholders' Meeting for July 19, 2018 and, if necessary, in a second convening, for July 23, 2018 in order to resolve on the following matters, as well as to approve the Financial Statements as of March 31, 2018:
The call notice of the shareholders' meeting will be published by the Company, pursuant to the provisions of law and of the By-laws, on June 15th 2018, on the Company's internet website as well as on the authorized storage system of Spafid Connect S.p.A., at the address .. The abstract of the call notice will be published, always on June 15th 2018, on the daily newspaper "Il Giornale."
The renewal of the authorization request from the Shareholders' Meeting for the purchase and sale of own shares has the main objective of stabilizing the price of the Company's shares and supporting liquidity but also to make it possible to create, if the Board of Directors will deem it necessary, a 'Share Stock' – to be used as consideration in case of extraordinary dealings, even by means of shares' exchange, with third parties in the interest of the Company - in accordance with market practice no. 2 referred to in Consob Resolution 16839/2009. The proposal of the Board, if approved by the Shareholders' Meeting, envisages that the Board is authorized to purchase own shares in the maximum number permitted by the Law, for a period of 12 months from the authorization date - that is, until the Shareholders' Meeting which will approve the Financial Statements as of March 31, 2019 - by using the reserves available as posted in the last duly approved Financial Statements. These operations may be carried out, in one or more installments, by purchasing shares, pursuant to art.144-bis, paragraph 1, letter b, of the Issuer Regulations, in regulated markets following operating modalities provided for in the regulations for the organization and management of the markets themselves, which do not permit the direct combination of the purchase negotiation proposals with predetermined sale negotiation proposals. The purchases may be made with modalities different from those indicated above pursuant to art. 132, paragraph 3, of the TUF or other regulations from time to time applicable at the time of the transaction. The share purchase price will be identified accordingly from time to time, with regard to the method preselected for the execution of the transaction and in accordance with the provisions of law, regulations or accepted market practices, within a minimum and a maximum which may be determined using the following criteria:
• the minimum purchase consideration must not in any case be 20% lower than the reference price which the share registered during the Stock Exchange session on the day before each transaction;
• the maximum purchase consideration must not in any case be 10% higher than the reference price which the share registered during the Stock Exchange session on the day before each transaction.
If the own shares purchase transaction are carried out within the accepted practices with reference to the liquidity support activity referred to in point 1 of Consob Resolution 16839/2009, notwithstanding the further limits provided for by such Resolution, the price for the purchase negotiation proposals must not be higher than the higher of: a) the price of the most recent independent transaction or b) the current price of the highest independent purchase negotiation proposal present in the market in which the purchase proposals are submitted. The proposal of the Board also envisages authorization for the sale, in one or more installments, of any own shares purchased, at a consideration, which will be set by the Board of Directors, not 20% lower than the reference price, which the share registered during the Stock Exchange session on the day before each transaction. The authorization to the sale of own shares is also requested to the Shareholders' Meeting, from the authorization date - that is the Shareholders' Meeting which will take place on July 19, 2018 with no time limits. If the own share sale operations are carried out within the accepted practices in relation to the market liquidity support activity, as referred to in point 1 of Consob Resolution 16839/2009, without prejudice to the further limits provided for by that Resolution, the price for the sale negotiation proposals must not be lower than the lower of: a) the price of the most recent independent transaction and or b) the current price of the lowest independent sale negotiation proposal present in the market in which the sale proposals are
submitted. The Company does not currently hold own shares; the subsidiary companies do not hold any Company's shares.
The annual report (which also includes the report on operations, the draft separate financial statements, consolidated financial statements for the financial year ended March 31, 2018) and the Corporate Governance Report will be made available to the public at the Company's registered office, on the internet site www.piquadro.com in the Investor Relations section and on the on the authorized storage system of Spafid Connect S.p.A., at the address ., within the terms provided for by current applicable laws. The Directors' Report on the authorization request from the Shareholders' Meeting for the purchase and sale of own shares will be distributed with the modalities provided for by the applicable laws and, therefore, also on the internet site www.piquadro.com in the Investor Relations section - at the time of distribution of the Report on the Agenda (art. 125-ter of the TUF) and, in any case, within the terms provided for by the Law. The Remuneration Report pursuant to art. 123-ter of the TUF will be distributed at the times and with the methods provided for by the applicable standards - therefore, also consultable at the internet site www.piquadro.com in the Investor Relations section - within the terms provided for by the Law.
Consolidated and Separate Balance Sheets, Income Statements and Cash Flow Statements of the Group and the Parent Company Piquadro S.p.A.. The figures presented have yet to be certified and are subject to final assessment by the Board of Statutory Auditors of Piquadro S.p.A.
This press release contains forward-looking statements, especially in the "Outlook 2018/19" section. Such forward-looking statements are founded on the Piquadro Group's expectations and projections of future events and, by their nature, are subject to an intrinsic element of uncertainty. Such statements refer to events and depend upon circumstances that may or may not occur or arise in the future and, as such, undue reliance should not be made upon them. Actual results could differ from those contained in those statements due to a variety of factors, including market volatility and negative performance, changes in the prices of commodities and production processes, changes in macroeconomic conditions and other variations of business conditions, amendments to regulations and modifications of the institutional framework in Italy and abroad and many other factors, most of which are beyond the Piquadro Group's control.
The present press release, issued on June 11th 2018, has been drafted in accordance with the Issuers' Regulation. The press release is made available to the public at Borsa Italiana S.p.A., on the authorized storage system of Spafid Connect S.p.A., at the address ., as well as on the Company's internet website (www.piquadro.com) in the Section "Investor Relations".
The Piquadro Group operates in the sector of leather accessories through the Piquadro, The Bridge and Lancel brands. Cornerstones for the three brands is attention to details and the quality of the workmanship as well as the leather but the Piquadro product stands out for its innovative design and technological content, while The Bridge emphasises the vintage flavour of Tuscan craftsmanship and finally the Lancel collections embody the Parisian allure of a fashion house founded in 1876.
The origins of the Group date back to 1987 when Marco Palmieri, now President and Chief Executive Officer, founded his company near Bologna, where it is still headquartered.
The distribution network extends over 50 countries around the world and counts 187 outlets including 100 Piquadro boutiques (63 in Italy and 37 abroad including 56 DOS-directly operated stores and 44 franchised stores), 14 The Bridge boutiques (11 in Italy and 3 abroad including 8 DOS directly operated stores and 6 franchised) and 73 Lancel boutiques (61 in France and 12 abroad, of which 62 DOS directly operated stores and 11 franchised).
The Group's consolidated turnover for the year 2017/2018 ended on March 31, 2018 is € 97,6 million and the consolidated net profit amounts to approximately € 4.8 million. Piquadro S.p.A. has been listed on the Italian Stock Exchange since October 2007
Piquadro S.p.A. Piquadro S.p.A. Ufficio relazioni con i media Investor relationship Paola Di Giuseppe Roberto Trotta Tel +39 02 37052501 Tel +39 0534 409001 [email protected] [email protected]
| Consolidated statement of financial position as at March 31, 2018 and March 31, 2017 |
||
|---|---|---|
| (in thousands of Euro) | March 31, 2018 | March 31, 2017 |
| ASSETS | ||
|---|---|---|
| NON-CURRENT ASSETS | ||
| Intangible assets | 3,887 | 3,775 |
| Goodwill | 4,658 | 4,658 |
| Property, plant and equipment | 11,115 | 12,691 |
| Investments | 2 | 2 |
| Receivables from others | 707 | 772 |
| Deferred tax assets | 2,318 | 2,204 |
| TOTAL NON-CURRENT ASSETS | 22,687 | 24,102 |
| CURRENT ASSETS | ||
| Inventories | 22,027 | 18,991 |
| Trade receivables | 27,618 | 27,747 |
| Others current assets | 3,326 | 3,473 |
| Derivative assets | 0 | 0 |
| Tax receivables | 275 | 1,011 |
| Cash and cash equivalents | 23,552 | 15,288 |
| TOTAL CURRENT ASSETS | 76,798 | 66,511 |
| TOTAL ASSETS | 99,485 | 90,613 |
Consolidated statement of financial position as at March 31, 2018 and March 31, 2017
| (in thousands of Euro) | March 31, 2018 | March 31, 2017 |
|---|---|---|
| LIABILITIES | ||
| EQUITY | ||
| Share Capital | 1,000 | 1,000 |
| Share premium reserve | 1,000 | 1,000 |
| Other reserves | 415 | 1,042 |
| Retained earnings | 33,319 | 31,942 |
| Group profit for the period | 4,840 | 3,435 |
| Total equity attributable to the Group | 40,574 | 38,420 |
| Capital and Reserves attributable to minority interests | (124) | (105) |
| Profit/(loss) for the period attributable to minority interests | (67) | (31) |
| Total share attributable to minority interests | (191) | (136) |
| TOTAL EQUITY | 40,383 | 38,284 |
| NON-CURRENT LIABILITIES | ||
| Borrowings | 11,128 | 13,676 |
| Payables to other lenders for lease agreements | 12 | 916 |
| Other non current liabilities | 1,838 | 2,209 |
| Provision for employee benefits | 1,885 | 1,756 |
| Provision for risk and chargers | 2,197 | 1,970 |
| Deferred tax liabilities | 0 | 0 |
| TOTAL NON-CURRENT LIABILITIES | 17,060 | 20,527 |
| CURRENT LIABILITIES | ||
| Borrowings | 12,345 | 5,987 |
| Payables to other lenders for lease agreements | 904 | 691 |
| Derivative liabilities | 159 | 11 |
| Trade Payables | 22,149 | 20,244 |
| Other current liabilities | 4,052 | 3,026 |
| Tax payables | 2,433 | 1.844 |
| TOTAL CURRENT LIABILITIES | 42,042 | 31,802 |
| TOTAL LIABILITIES | 59,102 | 52,329 |
| TOTAL EQUITY AND LIABILITIES | 99,485 | 90,613 |
Consolidated income statement for the period ended March 31, 2018 and March 31, 2017
| (in thousands of Euro) | Twelve months as of March 31, 2018 |
Twelve months as of March 31, 2017 |
|---|---|---|
| REVENUES | ||
| Revenues from sales | 97,627 | 75,912 |
| Other income | 1,259 | 2,332 |
| TOTAL REVENUES (A) | 98,886 | 78,243 |
| OPERATING COSTS | ||
| Change in inventories | (3,248) | 2,848 |
| Costs for purchases | 26,981 | 16,407 |
| Costs for services and leases and rental | 42,401 | 32,323 |
| Personnel costs | 20,592 | 16,818 |
| Amortization, depreciation and write-downs | 3,754 | 3,583 |
| Other operating costs | 535 | 575 |
| TOTAL OPERATING COSTS (B) | 91,015 | 72,555 |
| OPERATING PROFIT (A-B) | 7,871 | 5,689 |
| FINANCIAL INCOME AND COSTS | ||
| Financial income | 812 | 885 |
| Financial costs | (1,678) | (1,203) |
| TOTAL FINANCIAL INCOME AND COSTS | (866) | (318) |
| RESULT BEFORE TAX | 7,006 | 5,371 |
| Income tax | (2,233) | (1,966) |
| PROFIT FOR THE PERIOD | 4,773 | 3,405 |
| attributable to: | ||
| EQUITY HOLDERS OF THE COMPANY | 4,840 | 3,435 |
| MINORITY INTERESTS | (67) | (31) |
| (Basic) EARNING PER SHARE | 0,095 | 0.068 |
| (in thousands of Euro) | March 31, 2018 |
March 31, 2017 |
|---|---|---|
| Profit before tax | 7,006 | 5,370 |
| Adjustments for: | ||
| Depreciation of property, plant and equipment/Amortisation of intangible assets | 2,746 | 2,492 |
| Write-downs of property, plant and equipment and intangible assets | 405 | 565 |
| Provision for bad debts | 843 | (478) |
| Adjustment to the provision for employee benefits | 0 | 0 |
| Net financial costs/(income), including foreign exchange differences | 866 | 318 |
| Cash flow from operating activities before changes in working capital | 11,865 | 8,268 |
| Change in trade receivables (net of the provision) | (714) | 2,520 |
| Change in inventories | (3,036) | 2,467 |
| Change in other current assets | 212 | (3,173) |
| Change in trade payables | 1,905 | (6,536) |
| Change in provisions for risks and charges | 227 | (590) |
| Change in other current liabilities | 655 | 1,758 |
| Change in tax receivables/payables | 147 | (539) |
| Cash flow from operating activities after changes in working capital | 11,262 | 4,175 |
| Taxes paid | (2,365) | (1,866) |
| Interest paid | (866) | (189) |
| Cash flow generated from operating activities (A) | 8,031 | 2,119 |
| Investments in and disinvestments from intangible assets | (490) | (315) |
| Variation of consolidation area (The Bridge S.p.A.) | 0 | 620 |
| Disinvestment for the sale of the Saint Honoré store | 0 | 1,530 |
| Investments in and disinvestments from property, plant and equipment | (1,197) | (1,116) |
| Changes generated from investing activities (B) | (1,687) | 719 |
| Financing activities | ||
| Change in long-term financial receivables | 0 | 0 |
| Change in short-and medium/long-term borrowings | 3,810 | 4,633 |
| Changes in financial instruments | 148 | 59 |
| Lease instalments paid | (691) | (605) |
| Change in the translation reserve | 484 | 148 |
| Other minor changes | 168 | 0 |
| Dividends paid | (2,000) | (2,000) |
| Cash flow generated from/(absorbed by) financing activities (C) | 1,920 | 2,236 |
| Net increase (decrease) in cash and cash equivalents (A+B+C) | 8,264 | 5,074 |
| Cash and cash equivalents at the beginning of the period | 15,288 | 10,214 |
| Cash and cash equivalents at the end of the period | 23,552 | 15,288 |
| (in Euro units) | March 31, 2018 | March 31, 2017 |
|---|---|---|
| ASSETS | ||
| NON-CURRENT ASSETS | ||
| Intangible assets | 1,596,610 | 1,836,354 |
| Property, plant and equipment | 8,701,738 | 9,343,147 |
| Financial assets | 9,730,171 | 8,799,966 |
| Receivables from others | 303,730 | 292,000 |
| Deferred tax assets | 1,000,886 | 791,349 |
| TOTAL NON-CURRENT ASSETS | 21,333,135 | 21,062,816 |
| CURRENT ASSETS | ||
| Inventories | 12,501,126 | 11,418,708 |
| Trade receivables | 20,952,539 | 21,538,394 |
| Receivables due from group companies | 12,193,429 | 13,792,915 |
| Others current assets | 2,075,540 | 2,371,377 |
| Receivables for derivative financial instruments | 0 | 0 |
| Tax receivables | 16,588 | 486,690 |
| Cash and cash equivalents | 19,546,335 | 13,346,382 |
| TOTAL CURRENT ASSETS | 67,285,557 | 62,892,466 |
| TOTAL ASSETS | 88,618,692 | 84,017,282 |
| (in Euro units) | March 31, 2018 | March 31, 2017 |
|---|---|---|
| LIABILITIES | ||
| EQUITY | ||
| Share Capital | 1,000,000 | 1,000,000 |
| Share premium reserve | 1,000,000 | 1,000,000 |
| Other reserves | 1,127,721 | 1,234,840 |
| Retained earnings | 31,701,562 | 30,695,785 |
| Group profit for the exercise | 5,277,580 | 3,005,842 |
| EQUITY | 40,106,863 | 36,936,467 |
| NON-CURRENT LIABILITIES | ||
| Borrowings | 11,127,644 | 13,676,094 |
| Payables to other lenders for lease agreements | 0 | 830,480 |
| Other non current liabilities | 1,631,464 | 2,209,000 |
| Provision for employee benefits | 268,452 | 294,147 |
| Provision for risk and chargers | 1,266,601 | 814,670 |
| TOTAL NON-CURRENT LIABILITIES | 14,294,161 | 17,824,391 |
| CURRENT LIABILITIES | ||
| Borrowings | 12,176,353 | 5,826,963 |
| Payables to other lenders for lease agreements | 830,475 | 600,166 |
| Trade Payables | 13,362,033 | 14,788,269 |
| Payables due to group companies | 2,839,639 | 5,286,741 |
| Payables for derivative financial instruments | 158,972 | 10,940 |
| Other current liabilities | 2,610,913 | 1,513,345 |
| Current income tax liabilities | 2,239,283 | 1,230,000 |
| TOTAL CURRENT LIABILITIES | 34,217,668 | 29,256,424 |
| TOTAL LIABILITIES | 48,511,829 | 47,080,815 |
| TOTAL EQUITY AND LIABILITIES | 88,618,692 | 84,017,282 |
| (in Euro units) | Twelve months as of March 31, 2018 |
Twelve months as of March 31, 2017 |
|---|---|---|
| REVENUES | ||
| Revenues from sales | 70,504,532 | 67,239,637 |
| Other income | 1,033,085 | 760,238 |
| TOTAL REVENUES (A) | 71,537,617 | 67,999,875 |
| OPERATING COSTS | ||
| Change in inventories | (1,082,418) | 2,374,699 |
| Costs for purchases | 22,110,254 | 18,895,421 |
| Costs for services and leases and rental | 28,655,954 | 28,519,636 |
| Personnel costs | 11,810,556 | 11,094,901 |
| Amortisation, depreciation and write-downs | 2,389,388 | 2,274,540 |
| Other operating costs | 295,803 | 500,578 |
| TOTAL OPERATING COSTS (B) | 64,179,537 | 63,659,775 |
| OPERATING PROFIT (A-B) | 7,358,080 | 4,340,100 |
| FINANCIAL INCOME AND CHARGES | ||
| Earning (losses) from Financial assets | 220,488 | 0 |
| Financial income | 987,429 | 905,661 |
| Financial charges | (1,319,482) | (896,951) |
| TOTAL FINANCIAL INCOME AND CHARGES | (111,565) | 8,710 |
| PRE-TAX RESULT | 7,246,515 | 4,348,810 |
| Income tax expenses | (1,968,935) | (1,342,968) |
| PROFIT FOR THE PERIOD | 5,277,580 | 3,005,842 |
| (in thousands of Euro) | March 31, 2018 |
March 31, 2017 |
|---|---|---|
| Pre-tax profit | 7,247 | 4,349 |
| Adjustments for: Depreciation of property, plant and equipment/Amortisation of intangible assets Write off tangible and intangible assets Other provisions Provision for bad debts |
1,790 0 269 600 |
1,835 0 0 440 |
| revaluation of equity investments Adjustment to the provision for employee benefits Dividends received Net financial charges (income), including exchange rate differences Cash flow from operating activities before changes in working capital |
(542) 0 (365) 332 9,331 |
0 0 (339) (9) 6,276 |
| Change in trade receivables (net of the provision) Change in trade receivables (group companies) Change in inventories Change in other current assets Change in trade payables Change in trade payables (group companies) Change in provisions for risks and charges Change in other current liabilities |
(14) 1,599 (1,082) 284 (1,426) (2,447) (155) 1,098 |
1,592 (7,580) 2,375 (1,058) 2,917 3,118 (238) 85 |
| Change in tax receivables/payables | 1,479 | (788) |
| Cash flow from operating activities after changes in working capital | 8,667 | 6,700 |
| Payment of taxes | (2,137) | (1,332) |
| Interest paid | (332) | 9 |
| Cash flow generated from operating activities (A) | 6,198 | 5,377 |
| Investments in intangible assets | (211) | (360) |
| Investments in property, plant and equipment | (730) | (880) |
| Disinvestments in property, plant and equipment | 32 | 246 |
| Investments in financial assets | (506) | (332) |
| Disinvestments in financial assets | 0 | 0 |
| Dividends received | 365 | 339 |
| Investments for The Bridge S.p.A. acquisition | 0 | (1,675) |
| Changes generated from investing activities (B) | (1,050) | (2,662) |
| Financing activities | ||
| Repayment and registering of borrowings | 3,801 | 4,760 |
| Changes in derivative financial instruments | (148) | 0 |
| Lease instalments paid | (600) | (606) |
| Other movements | (1) | 0 |
| Payment of dividends | (2,000) | (2,000) |
| Cash flow generated from/(absorbed by) financing activities (C) | 1,052 | 2,154 |
| Net increase (decrease) in cash and cash equivalents (A+B+C) | 6,200 | 4,869 |
| Cash and cash equivalents at the beginning of the period | 13,346 | 8,478 |
| Cash and cash equivalents at the end of the period | 19,546 | 13,346 |
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