AI assistant
Sending…
Prima Industrie — Annual Report 2016
May 16, 2017
4210_rns_2017-05-16_64416abd-2277-43f0-876c-622076181dff.pdf
Annual Report
Open in viewerOpens in your device viewer
Prima Group at a glance
- Founded in 1977, Prima Industrie is a global leader in high technology laser and sheet metal processing systems and electronic components for industrial applications
- Over 12,000 machines installed in more than 80 countries
- 1,664 employees worldwide
- Manufacturing sites in Italy, Finland, USA and China
- Broad direct commercial and after-sales presence in EU, NAFTA, BRIC and other emerging markets.
- 2016 sales were €394 millions, of which 84% outside Italy
- Strong commitment to innovation (R&D is ~6% of turnover)
- Listed on Italian Stock Exchange (STAR segment) since 1999
Prima Group business sectors: Prima Power
LASER MACHINES
SHEET METAL MACHINERY
Prima Group business sectors: Prima Electro
ELECTRONICS
LASER SOURCES
Industrial footprint: 1 plant=1 mission
Sales & service footprint
Direct presence in 25+ countries
- CANADA
- U.S.A.
- MEXICO
- BRAZIL
- CHILE
- ARGENTINA
-
COLUMBIA
-
ITALY
- FRANCE
- GERMANY
- UK
- SPAIN
- PORTUGAL
- SWITZERLAND
- AUSTRIA
- BELGIUM/ HOLLAND
- POLAND
- CZECH REP.
-
HUNGARY
-
RUSSIA
- LITHUANIA
- TURKEY
- U.A.E.
- FINLAND
- SWEDEN
- NORWAY
- DENMARK
- ISRAEL
- EGYPT
-
S. AFRICA
-
INDIA
- CHINA
- S. KOREA
- MALAYSIA
- AUSTRALIA
- NEW ZEALAND
- IRAN
- THAILAND
- VIETNAM
- INDONESIA
- JAPAN
subsidiaries or branch offices
REVENUE DRIVERS
- Machine Tool market expected growth (Oxford Economics) – cagr 2016-2020: 3%
- Laser market expected growth (Optech Consulting) – cagr 2016- 2020: 7.6%
- Success of newly released products
- Strengthening of market coverage in China
-
New HQTC (Headquarters &Tech Center) boosting order intake
-
Higher volumes = Operational leverage
- Progressive increase in fiber laser in sourcing
- Diode Fab success in diodes development
Economic trends
* = according to Company's business plan
Net financial position trend
0,94
2008 2009 2010 2011 2012 2013 2014 2015 2016 2019*
0,76
0,78
0,61
0,00
0,50
1,00
Quarterly order intake since 2011
| 2017 | 2018 | 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| B. IMI | B. Akros | Consensus | B. IMI | B. Akros Consensus | B. IMI | B. Akros Consensus | |||
| tp | 33,1 | 26,7 | 33,1 | 26,7 | 33,1 | 26,7 | |||
| REVENUES | 432,0 | 445 | 438,5 | 470 | 476,7 | 473,4 | 500 | 510,5 | 505,3 |
| EBITDA | 43,0 | 46,6 | 44,8 | 53,1 | 55,8 | 54,5 | 60 | 63,8 | 61,9 |
| EBIT | 27,5 | 30,6 | 29,1 | 37,1 | 40,1 | 38,6 | 44 | 48,3 | 46,2 |
| NET RESULT | 15,5 | 16,5 | 16,0 | 20,6 | 23,4 | 22,0 | 25,3 | 29,7 | 27,5 |
| NFP | -79,8 | -81,4 | -80,6 | -64,1 | -70,3 | -67,2 | -44,9 | -52,6 | -48,8 |
CAGR 2016 (A) -2019 consensus: 9.6%
Released May 10, 2017
Released May 9, 2017
Machine revenues by application
Revenues by geography
Revenues by technology
Always at the cutting edge of technology
Always at the cutting edge of technology
A selection from our 2,000 customers ww
A selection from our 2,000 customers ww
Market trends: machine tool market – by Oxford Economics (update Spring 2017)
Market trends: laser systems market – by Optech Consulting (last available Jan. 2014)
Global market and forecast for high power laser systems
| Global market (€/mio) | CAGR (%) | |||
|---|---|---|---|---|
| 2013 | 2016 | 2020 | 2013-2016 | 2016-2020 |
| 3,707 | 4,682 | 6,282 | 8.1 | 7.6 |
- ‣ ~6% OF REVENUES INVESTED IN R&D
- ‣RANKED BY EU IN THE TOP 500 KNOWLEDGE-BASED COMPANIES IN THE CONTINENT
- ‣LONG HISTORY OF INNOVATION, 1ST LASER MACHINE FOR AUTOMOTIVE APPLICATION IN 1979
- ‣PIONEERS IN SERVO-ELECTRIC PUNCHING AND BENDING SYSTEMS- EFFICIENCY AND SUSTAINABILITY
- ‣ABOUT 15% OF GROUP STAFF EMPLOYED IN R&D
- ‣PRODUCT RANGE ALWAYS AT THE CUTTING EDGE OF TECHNOLOGY
Prima Power Solutions for Industry 4.0 and Smart Manufacturing
Ready for today's production needs… and for tomorrow
Intelligent machines and automated factories collecting real-time and historical data through sensors and cameras
Prima Power software comprehensive portfolio of modular software-based systems
INTELLIGENT MACHINES & FACTORIES SMART SOFTWARE REMOTE DIAGNOSTICS & MAINTENANCE
Data-driven machine diagnostics and predictive maintenance services. Production performance analysis, monitoring of machines status and condition.
Innovation
Competence Center on Laser Based Manufacturing
Industry 4.0 European machine tool builder
- Showroom with training rooms, conference rooms and hospitality area for customers
- Permanent expo of entire product range
-
Built with green technologies: photovoltaic and solar panels, geothermal wells, home automation systems
-
Training and awareness on Industry 4.0
- Live demo on new technologies and best practices for Industry 4.0
- Accelerator of new innovative projects
Financial statements as at Dec. 31, 2016: Balance sheet
CONSOLIDATED BALANCE SHEET
| Values in Euro | 31/12/2016 | 31/12/2015 | Values in Euro | 30/09/2016 | 31/12/2015 |
|---|---|---|---|---|---|
| Property, plant and equipment | 35.281.369 | 28.465.557 | Property, plant and equipment Capital stock |
34.578.130 26.208.185 |
28.465.557 26.208.185 |
| Intangible assets | 155.713.399 | 157.770.974 | Intangible assets Legal reserve |
156.804.302 4.565.082 |
157.770.974 4.494.745 |
| Investments accounted for using the equity method | 1.009.341 | 1.223.555 | Investments accounted for using the equity method Other reserves |
1.163.429 70.738.752 |
1.223.555 72.243.694 |
| Other investments | 139.051 | 121.358 | Other investments Currency translation reserve |
121.358 6.848.598 |
121.358 5.965.409 |
| Non current financial assets | 9.578 | 35.000 | Non current financial assets Retained earnings |
35.000 19.276.926 |
35.000 14.786.376 |
| Deferred tax assets | 11.555.324 | 9.845.765 | Deferred tax assets Net result |
11.350.721 10.102.304 |
9.845.765 6.016.715 |
| Other non current assets | - | 19.703 | Other non current assets Stockholders' equity of the Group |
- 137.739.847 |
19.703 129.715.124 |
| NON CURRENT ASSETS | 203.708.062 | 197.481.912 | NON CURRENT ASSETS Minority interest |
204.052.940 1.212.065 |
197.481.912 1.196.407 |
| Inventories | 98.561.165 | 93.992.707 | Inventories STOCKHOLDERS' EQUITY |
108.252.017 138.951.912 |
93.992.707 130.911.531 |
| Trade receivables | 88.376.748 | 86.413.895 | Trade receivables Interest-bearing loans and borrowings |
90.571.054 111.675.762 |
86.413.895 117.805.350 |
| Other receivables | 6.425.617 | 8.019.131 | Other receivables Employee benefit liabilities Current tax receivables |
9.343.981 8.100.353 4.543.075 |
8.019.131 7.912.782 7.029.222 |
| Current tax receivables | 5.053.888 | 7.029.222 | Deferred tax liabilities Derivatives |
8.340.653 55.415 |
10.518.305 47.225 |
| Derivatives | - | 47.225 | Provisions Financial assets |
162.684 791.509 |
150.551 791.509 |
| Financial assets | 791.509 | 791.509 | Derivatives Cash and cash equivalents |
220.866 28.331.645 |
414.635 41.365.408 |
| Cash and cash equivalents | 62.679.901 | 41.365.408 | NON CURRENT LIABILITIES CURRENT ASSETS |
128.500.318 241.888.696 |
136.801.623 237.659.097 |
| CURRENT ASSETS | 261.888.828 | 237.659.097 | Trade payables Assets held for sale |
88.448.383 284.000 |
78.323.460 284.000 |
| Assets held for sale | 318.812 | 284.000 | Advance payments TOTAL ASSETS |
26.029.170 446.225.636 |
21.385.159 435.425.009 |
| TOTAL ASSETS | 465.915.702 | 435.425.009 | Other payables Capital stock |
22.076.067 26.208.185 |
19.218.309 26.208.185 |
| Interest-bearing loans and borrowings Legal reserve |
34.894.444 4.565.082 |
25.700.281 4.494.745 |
|||
| Current tax payables Other reserves |
7.695.264 70.959.273 |
7.257.725 72.243.694 |
|||
Currency translation reserve 4.475.919 5.965.409 Retained earnings 19.396.357 14.786.376 Net result 5.584.130 6.016.715 Stockholders' equity of the Group 131.188.946 129.715.124
Provisions 18.424.370 15.796.491 Derivatives 895.774 30.430 CURRENT LIABILITIES 198.463.472 167.711.855 TOTAL STOCKHOLDERS' EQUITY AND LIABILITIES 465.915.702 435.425.009
Financial statements as at Dec. 31, 2016: P & L
| Values in Euro | 31/12/2016 | 31/12/2015 |
|---|---|---|
| Net revenues | 393.885.774 | 364.465.523 |
| Other income | 4.217.630 | 4.773.331 |
| Change in inventories of finished goods and WIP | (1.295.770) | 9.667.276 |
| Increases in fixed assets for internal work | 10.450.001 | 11.751.310 |
| Use of raw materials, consumables, supplies and goods | (179.095.944) | (173.263.011) |
| Personnel cost | (102.699.067) | (100.223.151) |
| Depreciation | (15.853.684) | (13.507.132) |
| Impairment - Write-off | (1.027.682) | (407.924) |
| Other operating expenses | (90.053.657) | (85.769.211) |
| OPERATING PROFIT | 18.527.601 | 17.487.011 |
| of which: non recurring items | (1.752.995) - |
(1.017.205) |
| Financial income | 626.831 | 693.514 |
| Financial expenses | (8.507.194) | (9.472.762) |
| Net exchange differences | (349.409) | (531.702) |
| Net result of investments accounted for using the equity method | 1.057.207 | - |
| Net result of other investments | (7.729) | (44.300) |
| RESULT BEFORE TAXES | 11.347.307 | 8.131.761 |
| of which: non recurring items | (703.517) - |
(3.425.832) |
| Taxes | (1.187.184) | (2.525.917) |
| NET RESULT | 10.160.123 | 5.605.844 |
| - Attributable to Group shareholders | 10.102.304 | 6.016.715 |
| - Attributable to minority shareholders | 57.819 | (410.871) |
| RESULT PER SHARE - BASIC (in euro) | 0,96 | 0,57 |
| RESULT PER SHARE - DILUTED (in euro) | 0,96 | 0,57 |
Financial statements as at Dec. 31, 2016: P & L by destination
| Values in €/mil | ACT 31.12.16 |
|---|---|
| Sales of machines/products | 302,12 |
| Sales of spare parts | 55,82 |
| Sales of services | 35,95 |
| Gross sales | 393,89 |
| Selling expenses | (11,43) |
| Net sales | 382,46 |
| COGS | (286,66) |
| Gross margin - statutory | 95,80 |
| Gross margin - statutory % | 24,3% |
| R&D | (10,76) |
| Sales & Marketing | (27,93) |
| G&A and Management | (21,70) |
| EBITDA | 35,41 |
| EBITDA % | 9,0% |
| Depreciation & Amortization | (16,88) |
| EBIT | 18,53 |
| EBIT % | 4,7% |
| Net Financial Result of Investments | 1,05 |
| Financial income | 0,63 |
| Financial expenses | (8,51) |
| Net Exchange Differences | (0,35) |
| EBT | 11,35 |
| Taxes | (1,19) |
| Net Result | 10,16 |
| - Attributable to Group shareholders | 10,10 |
| - Attributable to minority shareholders | 0,06 |
From 1/1/2017 the Company reports P&L figures with a view by destination .
Financial statements as at Dec. 31, 2016: Net financial position
| Net financial Position | 31/12/16 | 31/12/15 | change | |
|---|---|---|---|---|
| A | CASH ON HAND | 62.680 | 41.365 | 21.315 |
| B | CURRENT FINANCIAL RECEIVABLES | 792 | 839 | (47) |
| C | CURRENT BANK PAYABLES | 5.454 | 9.222 | (3.768) |
| D | CURRENT PART OF NON-CURRENT INDEBTNESS | 24.993 | 14.328 | 10.665 |
| E | BONDS ISSUED | 871 | 869 | 2 |
| F | OTHER CURRENT FINANCIAL PAYABLES | 4.472 | 1.312 | 3.160 |
| G | CURRENT FINANCIAL INDEBTNESS (C+D+E+F) | 35.790 | 25.731 | 10.059 |
| H | NET CURRENT FINANCIAL INDEBTNESS (G-A-B) | (27.682) | (16.473) | (11.209) |
| I | NON-CURRENT BANK PAYABLES | 59.195 | 74.077 | (14.882) |
| J | BONDS ISSUED | 39.660 | 39.591 | 69 |
| K | OTHER NON-CURRENT FINANCIAL PAYABLES | 13.042 | 4.552 | 8.490 |
| L | NON-CURRENT FINANCIAL INDEBTNESS (I+J+K) | 111.897 | 118.220 | (6.323) |
| M | NET FINANCIAL POSITION (H+L) | 84.215 | 101.747 | (17.532) |
Financial statements as at Mar. 31, 2017: Balance sheet Trade receivables 85.624.409 88.376.748 Other receivables 8.261.808 6.425.617 Current tax receivables 7.305.127 5.053.888
| Values in Euro | 31/03/2017 | 31/12/2016 | Assets held for sale Values in Euro TOTAL ASSETS |
1.303.208 31/03/2017 466.687.326 |
318.812 31/12/2016 465.915.702 |
|---|---|---|---|---|---|
| Property, plant and equipment | 34.761.324 | 35.281.369 | Property, plant and equipment Capital stock |
34.761.324 26.208.185 |
35.281.369 26.208.185 |
| Intangible assets | 154.367.930 | 155.713.399 | Intangible assets Legal reserve |
154.367.930 4.565.082 |
155.713.399 4.565.082 |
| Investments accounted for using the equity method | - | 1.009.341 | Investments accounted for using the equity method Other reserves |
- 72.532.677 |
1.009.341 70.738.752 |
| Other investments | 179.551 | 139.051 | Other investments Currency translation reserve |
179.551 6.286.626 |
139.051 6.848.598 |
| Non current financial assets | 9.578 | 9.578 | Non current financial assets Retained earnings |
9.578 27.621.702 |
9.578 19.276.926 |
| Deferred tax assets | 12.702.300 | 11.555.324 | Deferred tax assets Net result |
12.702.300 836.514 |
11.555.324 10.102.304 |
| Other non current assets | - | - | Other non current assets Stockholders' equity of the Group |
- 138.050.785 |
- 137.739.847 |
| NON CURRENT ASSETS | 202.020.683 | 203.708.062 | NON CURRENT ASSETS Minority interest |
202.020.683 1.138.245 |
203.708.062 1.212.065 |
| Inventories | 117.563.897 | 98.561.165 | Inventories STOCKHOLDERS' EQUITY |
117.563.897 139.189.030 |
98.561.165 138.951.912 |
| Trade receivables | 85.624.409 | 88.376.748 | Trade receivables Interest-bearing loans and borrowings |
85.624.409 112.913.724 |
88.376.748 111.675.762 |
| Other receivables | 8.261.808 | 6.425.617 | Other receivables Employee benefit liabilities |
8.261.808 7.976.956 |
6.425.617 8.100.353 |
| Current tax receivables | 7.305.127 | 5.053.888 | Current tax receivables Deferred tax liabilities |
7.305.127 8.407.960 |
5.053.888 8.340.653 |
| Financial assets | 791.509 | 791.509 | Financial assets Provisions |
791.509 160.545 |
791.509 162.684 |
| Cash and cash equivalents | 43.816.685 | 62.679.901 | Cash and cash equivalents Derivatives |
43.816.685 53.833 |
62.679.901 220.866 |
| CURRENT ASSETS | 263.363.436 | 261.888.828 | CURRENT ASSETS NON CURRENT LIABILITIES |
263.363.436 129.513.018 |
261.888.828 128.500.318 |
| Assets held for sale | 1.303.208 | 318.812 | Assets held for sale Trade payables |
1.303.208 84.148.336 |
318.812 88.448.383 |
| TOTAL ASSETS | 466.687.326 | 465.915.702 | TOTAL ASSETS Advance payments |
466.687.326 30.463.089 |
465.915.702 26.029.170 |
| Capital stock Other payables |
26.208.185 22.839.886 |
26.208.185 22.076.067 |
|||
| Legal reserve Interest-bearing loans and borrowings |
4.565.082 32.362.645 |
4.565.082 34.894.444 |
|||
| Other reserves Current tax payables |
72.532.677 7.207.921 |
70.738.752 7.695.264 |
|||
| Currency translation reserve Provisions |
6.286.626 20.562.965 |
6.848.598 18.424.370 |
|||
| Retained earnings Derivatives |
27.621.702 400.436 |
19.276.926 895.774 |
Net result 836.514 10.102.304 Stockholders' equity of the Group 138.050.785 137.739.847 CURRENT LIABILITIES 197.985.278 198.463.472 TOTAL STOCKHOLDERS' EQUITY AND LIABILITIES 466.687.326 465.915.702
CURRENT ASSETS 263.363.436 261.888.828
Financial statements as at Mar. 31, 2017: P & L
| Values in Euro | 31/03/2017 | 31/03/2016 |
|---|---|---|
| Net revenues | 89.482.554 | 79.420.511 |
| Cost of goods sold | (67.456.640) | (59.224.520) |
| GROSS MARGIN | 22.025.914 | 20.195.991 |
| Research and Development costs | (3.237.748) | (3.033.516) |
| Sales and marketing expenses | (6.916.527) | (6.832.778) |
| General and administrative expenses | (5.593.246) | (5.627.766) |
| OPERATING GROSS MARGIN (EBITDA) | 6.278.393 | 4.701.931 |
| Impairment - Write-off | - | - |
| Depreciation | (4.299.307) | (3.653.902) |
| OPERATING PROFIT (EBIT) | 1.979.086 | 1.048.029 |
| Financial income | 666.105 | 501.928 |
| Financial expenses | (1.692.113) | (1.751.578) |
| Net exchange differences | (139.282) | (829.183) |
| Net result of investments accounted for using the equity method | - | 209.324 |
| Net result of other investments | 226.664 | - |
| RESULT BEFORE TAXES (EBT) | 1.040.460 | (821.480) |
| Taxes | (270.797) | 389.754 |
| NET RESULT | 769.663 | (431.726) |
| - Attributable to Group shareholders | 836.514 | (359.397) |
| - Attributable to minority shareholders | (66.851) | (72.329) |
| RESULT PER SHARE - BASIC (in euro) | 0,08 | (0,03) |
| RESULT PER SHARE - DILUTED (in euro) | 0,08 | (0,03) |
Source: latest dividend payment (May 2016)