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Prima Industrie Earnings Release 2019
4210_10-k_2020-03-09_2b8d98f6-dab7-405f-97dc-fd8c30f8e34a.pdf
Earnings Release
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BORSA ITALIANA - STAR segment
PRESS RELEASE
THE BOARD APPROVES 2019 COMPANY FINANCIAL STATEMENTS AND CONSOLIDATED FINANCIAL STATEMENTS: (in brackets the results at 31/12/2018)
- Consolidated REVENUES at M€ 427.6 (-8.4% compared to M€ 466.9);
- Adjusted EBITDA at M€ 41.0 (compared to M€ 47.9), equal to 9.6% of revenues and EBITDA at M€ 38.4 (compared to M€ 45.1), equal to 9% of revenues;
- Adjusted EBIT at M€ 18.6 (compared to M€32.2) and EBIT at M€ 14.4 (compared to M€ 28.0), decreasing due to impairment and higher depreciation;
- GROUP NET PROFIT at M€ 8.8 (compared to M€ 24.1);
- NET DEBT, net of lease payables, at M€ -68.5, in line with M€ -65.9 at 31/12/2018 and significantly decreasing compared to M€ 98,5 at 30/06/2019;
- ORDER ACQUISITION at M€ 410.4 (-12.9% compared to M€ 471.2), compared to the average reduction of the reference market equal to 15-20%;
- ORDER BACKLOG at M€ 142.3 (-16% compared to M€ 169.4).
Collegno (TO), March 9 th 2020 – The Board of Directors of Prima Industrie S.p.A, a company leader in high technology laser systems, sheet metal working systems and electronic components for industrial applications, met today to approve the Company financial statements as at 31/12/2019 and the consolidated financial statements.
The Company closed the year 2019 with a turnover of 427,582 thousand euro, decreasing by 8.4% compared to 31/12/2018.
Here below are the main economic indicators of the Group by Division, compared with the corresponding period of the previous year.
It should be noted that the data for 2019 consider the application of the new standard IFRS16 "Leases", adopted by the Group by applying the simplified retrospective method without restatement of the comparative data.
| Values in Euro thousand |
|---|
| ------------------------- |
| Values in Euro thousand | ||||||||
|---|---|---|---|---|---|---|---|---|
| 31/12/19 | Revenues | Gross Margin | Gross Margin % |
EBITDA | EBITDA % | EBIT (*) | EBIT % | NET RESULT (*) |
| PRIMA POWER | 398.629 | 86.724 | 21,8% | 33.193 | 8,3% | 15.532 | 3,9% | 7.741 |
| PRIMA ELECTRO | 51.163 | 10.713 | 20,9% | 4.392 | 8,6% | (975) | -1,9% | 1.589 |
| CONSOLIDATION | (22.210) | 384 | 1,7% | 847 | 3,8% | (166) | -0,7% | (512) |
| GROUP | 427.582 | 97.821 | 22,9% | 38.432 | 9,0% | 14.391 | 3,4% | 8.818 |
( % calculated over the revenues)
(*): for better comparability of results, the economic effect deriving from the impairment of the Goodwill of the Prima Electro Laser BU (€ 1,014 thousand) has been classified under the item "consolidation".
| Values in Euro thousand | ||||||||
|---|---|---|---|---|---|---|---|---|
| 31/12/18 | Revenues | Gross Margin Gross Margin % |
EBITDA | EBITDA % | EBIT | EBIT % | NET RESULT | |
| PRIMA POWER | 434.617 | 99.621 | 22,9% | 40.311 | 9,3% | 27.257 | 6,3% | 16.587 |
| PRIMA ELECTRO | 58.858 | 13.054 | 22,2% | 5.280 | 9,0% | 1.317 | 2,2% | 7.853 |
| CONSOLIDATION | (26.543) | (538) | -2,0% | (532) | -2,0% | (533) | -2,0% | (382) |
| GROUP | 466.932 | 112.137 | 24,0% | 45.059 | 9,7% | 28.041 | 6,0% | 24.058 |
( % calculated over the revenues)
The consolidated revenues, broken down by geographical area, as of 31/12/2019 (compared with the corresponding period of the previous year) are shown below:
| Revenues | 31/12/19 | 31/12/18 | |||
|---|---|---|---|---|---|
| Euro thousand | % | Euro thousand | % | ||
| EMEA | 262.798 | 61,5 | 293.145 | 62,8 | |
| AMERICAS | 107.740 | 25,2 | 105.947 | 22,7 | |
| APAC | 57.044 | 13,3 | 67.840 | 14,5 | |
| TOTAL | 427.582 | 100,0 | 466.932 | 100,0 |
The above shows that the Group's turnover at 31/12/2019 (compared to the same period of the previous year) recorded a decline in EMEA (-10.4%) and in APAC (-15.9%) and grew slightly in AMERICAS (+1.7%).
The Group achieved consolidated revenues in EMEA for 262,798 thousand euro; in particular, the main destination countries were Italy (18.0% of consolidated revenues), Russia and Eastern Europe (9.5% of consolidated revenues), Northen Europe (7.3% of consolidated revenues), Germany, Austria and Switzerland (7.2% of consolidated revenues), Spain and Portugal (6.9% of consolidated revenues).
The turnover portion generated by AMERICAS increased by 1.7% compared to 2018, growing from 105,947 thousand euro to 107,740 thousand euro.
As for APAC countries, compared to 2018 revenues decreased from 67,840 thousand euro to 57,044 thousand euro (-15.9%); it should be noted however, the good performance of revenues in China (9.9% of consolidated revenues).
* * * * *
Group EBITDA at 31/12/2019 is equal to 38,432 thousand euro, equal to 9.0% of revenues (32,801 thousand euro excluding the effects deriving from IFRS16 application) against 45,059 thousand euro, equal to 9.7% of revenues of 31/12/2018.
It should be underlined that EBITDA has been affected by non-recurring costs for 2,582 thousand euro (at 31/12/2018 these costs amounted to 2,845 thousand euro), therefore Group's adjusted EBITDA is equal to 41,014 thousand euro (9.6% of revenues), decreasing by 6,890 thousand euro compared to the previous year (47,904 thousand euro equal to 10.3%). In particular, in the last quarter of the year adjusted EBITDA amounted to 10,924 thousand euro (equal to 9.1% on the quarterly turnover).
Group EBIT at 31/12/2019 was 14,391 thousand euro, equal to 3.4% of revenues (14,141 thousand euro, excluding the effects deriving from IFRS16 application) compared to 28,041 thousand euro equal to 6.0% of revenues of the same period of the previous year.
This result is affected by:
- amortization of intangible assets of 11,932 thousand euro (of which 9,140 thousand euro relating to development costs and 1,847 thousand euro relating to the trademark accounted for in the FINN-POWER Group business combination);
- depreciation of tangible assets of 10,472 thousand euro (of which 5,381 thousand euro relating to rights of use recognized in application of the new IFRS 16);
- the impairment of CGU PRIMA ELECTRO-BU LASER goodwill for 1,014 thousand euro;
- the impairment of a PRIMA POWER Division development project, previously capitalized, for 623 thousand euro.
EBIT at 31/12/2019 is affected by non-recurring costs mainly relating to the mentioned impairment; consequently adjusted EBIT amounts to 18,610 thousand euro (4.4% of revenues), decreasing compared to 31/12/2018 (equal to 32,212 thousand euro). In the last quarter of the year, Adjusted EBIT amounted to 5,085 thousand euro (equal to 4.2% on the quarterly turnover).
The Group EBT at 31/12/2019 is positive for 10,456 thousand euro (11,126 thousand euro excluding the effects deriving from the application of IFRS 16) compared to 26,621 thousand euro of 31/12/2018. This result includes 2,629 thousand euro coming from the disposal of 60% of OSAI business. It should be noted that EBT at 31/12/2018 included a capital gain deriving from the full disposal of the investment in EPS SA for 7,179 thousand euro and non-recurring charges for 1,885 thousand euro incurred for the refinancing of the Bond and the Club Deal loan.
The EBT of the Group at 31/12/2019 includes net costs deriving from financial management (including foreign exchange profits and losses) for 6,516 thousand euro (as at 31/12/2018 these were equal to 8,653 thousand euro); it should be noted that financial charges include 920 thousand euro deriving from the application of the new accounting standard IFRS16.
* * * * *
At 31/12/2019 the Group's Net Financial Debt is equal to 68,471 thousand euro net of lease payables of 38,872 thousand euro, compared to 65,930 thousand euro at 31/12/2018.
Below is a breakdown of net financial position:
| Values expressed in Euro thousand | 31/12/19 | 31/12/18 |
|---|---|---|
| NON CURRENT FINANCIAL ASSETS | (4.243) | (4.876) |
| CASH & CASH EQUIVALENTS | (55.136) | (71.078) |
| CURRENT FINANCIAL ASSETS | (532) | (367) |
| CURRENT FINANCIAL LIABILITIES | 43.326 | 35.846 |
| NON CURRENT FINANCIAL LIABILITIES | 85.056 | 106.405 |
| NET FINANCIAL INDEBTEDNESS (before leasing) | 68.471 | 65.930 |
| LEASING LIABILITIES | 38.872 | 8.709 |
| NET FINANCIAL INDEBTEDNESS | 107.343 | 74.639 |
During 2019 the Group's order acquisition (including after-sale services) amounted to 410.4 million euro, down 12.9% compared to the 471.2 million euro at 31/12/2018. Despite the drastic drop in orders from the whole sector and a marked slowdown in the automotive market, there was a good trend in orders from the aerospace segment and a positive trend in the after-sales market.
The consolidated order backlog (not including the after-sale service) at 31/12/2019 amounts to 142.3 million euro (compared to 169.4 million euro at 31/12/2018), equal to approximately 5 months of turnover.
Research and development activities carried out by the Group in 2019 totaled 23,064 thousand euro, equal to 5.4% of consolidated revenues.
The parent company Prima Industrie S.p.A. closed the financial year at 31/12/2019 with a turnover of 186,978 thousand euro, a negative EBIT equal to 1,251 thousand euro and a net loss of 2,164 thousand euro.
The Executive Chairman, Gianfranco Carbonato, commented: "After five years of growth at an average annual rate of 7.5%, the Group, which has always operated in a cyclical business, slowed down in 2019, due to several reasons that also had an impact on the global economy (trade war, sharp slowdown in the auto sector etc).
In this early 2020, the context has become much more challenging due to the spread of the health emergency from Covid-19 and there are strong uncertainties about the macroeconomic outlook for the year. Consequently, it is now difficult to make predictions on the performance of the current year, which, before the very recent events, was expected to be a year of consolidation of the top line and, at the same time, of profitability improvement. We are therefore activating all the necessary measures to ensure the Group, which has also a very significant presence outside of Italy, to continue operating, combining the best protection of employee health with the needs of our customers around the world ".
The Board of Directors also approved the Report on Corporate Governance and Ownership Structure at 31/12/2019 as well as the Report on the remuneration policy and fees paid pursuant to Article 123-ter of the Consolidated Finance Law.
The Board of Directors has resolved to call the Annual General Meeting on April 27th , 2020 (1st call), and May 25th , 2020 (2nd call).
Given the current context of extreme uncertainty, exacerbated in the last few weeks since the spread of Covid-19 through Italy, the Board of Directors has resolved, despite the presence of a positive net result at consolidated level and substantial distributable reserves in the parent company, not to propose to the Shreholders' meeting a possible distribution of dividends.
"The manager responsible for preparing the company financial reports, Davide Danieli, declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Finance Law, that the accounting information contained in this press release corresponds to the document results, books and accounting records".
The draft of company financial statements at December 31st , 2019, the Directors' Report, the Statutory Auditors' Reports and the Reports of the independent auditors as well as the consolidated financial statements at December 31st , 2019, the Directors' Reports relevant to the agenda of AGM, the Report on Corporate Governance and Ownership Structure, the Sustainability Report ex Law decree 254/2016 and the Report on remuneration policy and fees paid pursuant to Article 123-ter of the Consolidated Finance Law, will be made available to anyone upon request at the registered office and will also be available under the "Investors" section of the Company's website www.primaindustrie.com, as well as on the authorized storage mechanism , , within the legal terms.
* * * * *
The alternative performance indicators used and accompanied by an explanation which reflects their content and basis of calculation are as follows:
- Revenues at constant currency are determined by applying the prior year average exchange rates to current year's revenues expressed in local currency;
-
EBIT (which corresponds to "Operating income");
-
EBITDA ( "Earnings before interest, taxes, depreciation and amortization"), which is determined by adding to the "Operating Profit" in the financial statements the "Amortization" and the "Impairment and write-downs";
-
EBT (which corresponds to the "Profit before tax");
- EBITDA, EBIT and EBT Adjusted correspond to the mentioned alternative performance indicators net of non-recurring items;
- Net Financial Indebtness, includes cash, financial receivables (current and non-current), net of (current and noncurrent) loans and borrowings and of the fair value of derivative The reconciliation with the net financial position required by the Consob communication no. DEM/6064293 of 28 July 2006 is reported in Notes to the consolidated financial statements.
PRIMA INDUSTRIE heads a leading Group in developing, manufacturing and marketing of laser systems for industrial applications, sheet metal processing machinery, as well as industrial electronics and laser technologies.
The parent company Prima Industrie S.p.A. is listed on the Italian Stock Exchange since 1999 (MTA- STAR segment). With 40 years of experience the Group can count on about 13,000 machines installed in more than 80 countries worldwide and is among the main worldwide manufacturers in its own reference market.
The Group has about 1,800 employees and manufacturing sites in Italy, Finland, USA and China. Remarkable is as well its direct commercial and after-sales presence in BRIC, NAFTA, European Union and other emerging Asian countries. The Prima Industrie Group is structured on 3 Business Units:
Laser and sheet metal processing machines (Prima Power): including design, manufacturing and marketing of:
-
Laser machines for cutting, welding and drilling of 3D and 2D components.
-
Machines for sheet metal treatment by means of mechanical tools (punching machines, combined punching/shearing systems, combined punching/laser cutting systems, panel benders and automation systems).
Industrial electronics and laser technologies (Prima Electro): including development, manufacturing and marketing of power and control electronics, and of high-power laser sources for industrial applications, destined both to the Group machines and to third parties.
Additive Manufacturing (Prima Additive): dedicated to the design, production and marketing of turnkey solutions for the main technologies in the field of Additive Manufacturing; Prima Additive's product range includes both Additive Manufacturing technologies: Powder Bed Fusion - PBF (powder bed fusion) and Direct Metal Deposition - DMD (direct deposition of metals), as well as the related application support and services.
For further information:
| PRIMA INDUSTRIE S.p.A. | Studio Mailander |
|---|---|
| Chiara Roncolini | Ufficio Stampa |
| Investor Relator | tel. 011 5527311 |
| tel. 011 4103204 | Carlo Dotta |
| [email protected] | 333 2306748 – [email protected] |
CONSOLIDATED BALANCE SHEET
| Values in thousand euro | 31/12/2019 | of which related parties |
31/12/2018 | of which related parties |
|---|---|---|---|---|
| Property, plant and equipment | 69.180 | - | 36.749 | - |
| Intangible assets | 134.705 | - | 145.000 | - |
| Investments accounted for using the equity method | 394 | 394 | - | - |
| Other investments | 6.458 | - | 6.613 | 180 |
| Non current financial assets | 4.243 | - | 4.876 | - |
| Deferred tax assets | 14.671 | - | 11.973 | - |
| NON CURRENT ASSETS | 229.651 | 205.211 | ||
| Inventories | 127.818 | - | 135.863 | - |
| Trade receivables | 85.406 | 2.040 | 110.757 | 72 |
| Other receivables | 9.298 | 59 | 8.929 | - |
| Current tax receivables | 8.057 | - | 9.667 | - |
| Derivatives | - | - | 26 | - |
| Financial assets | 532 | - | 341 | - |
| Cash and cash equivalents | 55.136 | - | 71.078 | - |
| CURRENT ASSETS | 286.247 | 336.661 | ||
| Assets held for sale | 4.229 | - | 1.234 | - |
| TOTAL ASSETS | 520.127 | 543.106 | ||
| Capital stock | 26.208 | - | 26.208 | - |
| Legal reserve | 5.213 | - | 4.992 | - |
| Other reserves | 68.557 | - | 69.154 | - |
| Currency translation reserve | 4.003 | - | 2.706 | - |
| Retained earnings | 58.954 | - | 39.322 | - |
| Net result | 9.046 | - | 24.056 | - |
| Stockholders' equity of the Group | 171.981 | - | 166.438 | - |
| Minority interest | 3.132 | - | 3.334 | - |
| STOCKHOLDERS' EQUITY | 175.113 | 169.772 | ||
| Interest-bearing loans and borrowings | 117.740 | - | 113.180 | - |
| Employee benefit liabilities | 7.017 | - | 7.570 | - |
| Deferred tax liabilities | 5.366 | - | 5.333 | - |
| Provisions | 222 | - | 198 | - |
| Derivatives | 600 | - | 636 | - |
| NON CURRENT LIABILITIES | 130.945 | 126.917 | ||
| Trade payables | 81.290 | 94 | 115.141 | - |
| Advance payments | 34.715 | - | 40.545 | - |
| Other payables | 22.061 | 519 | 23.664 | 850 |
| Interest-bearing loans and borrowings | 48.914 | - | 37.028 | - |
| Current tax payables | 6.445 | - | 7.117 | - |
| Provisions | 20.644 | - | 22.806 | - |
| Derivatives | - | - | 116 | - |
| CURRENT LIABILITIES | 214.069 | - | 246.417 | - |
| TOTAL STOCKHOLDERS' EQUITY AND LIABILITIES | 520.127 | 543.106 |
Figures as at 31/12/2019 include the application of the new accounting principle IFRS 16 "Leases" adopted by the Group applying the retrospective semplified approach with no restatement of comparative figures.
CONSOLIDATED INCOME STATEMENT
| Values in euro thousand | 31/12/2019 | of which related parties |
31/12/2018 | of which related parties |
|---|---|---|---|---|
| Net revenues | 427.582 | 6.901 | 466.932 | 24 |
| Cost of goods sold | (329.761) | (130) | (354.795) | (122) |
| GROSS MARGIN | 97.821 | 112.137 | ||
| Research and Development costs | (25.003) | 60 | (24.174) | 73 |
| Sales and marketing expenses | (31.255) | (58) | (31.505) | - |
| General and administrative expenses | (27.172) | (1.388) | (28.417) | (1.363) |
| OPERATING PROFIT (EBIT) | 14.391 | 28.041 | ||
| of which: non recurring items | (4.219) | (4.171) | ||
| Financial income | 2.241 | - | 4.452 | - |
| Financial expenses | (8.349) | - | (12.863) | - |
| Net exchange differences | (408) | - | (242) | - |
| Net result of investments accounted for using the equity method | (24) | (24) | - | - |
| Net result of other investments | 2.605 | - | 7.233 | 7.179 |
| RESULT BEFORE TAXES (EBT) | 10.456 | 26.621 | ||
| of which: non recurring items | 1.732 | 1.059 | ||
| Taxes | (1.638) | - | (2.563) | - |
| NET RESULT | 8.818 | 24.058 | ||
| - Attributable to Group shareholders | 9.046 | 24.056 | ||
| - Attributable to minority shareholders | (228) | 2 | ||
| RESULT PER SHARE - BASIC (in euro) | 0,86 | 2,30 | ||
| RESULT PER SHARE - DILUTED (in euro) | 0,85 | 2,27 | ||
| EBITDA | 38.432 | 45.059 |
Figures as at 31/12/2019 include the application of the new accounting principle IFRS 16 "Leases" adopted by the Group applying the retrospective semplified approach with no restatement of comparative figures.
CONSOLIDATED STATEMENT OF CASH FLOWS
| Values in Euro thousand | 31/12/2019 | of which related parties |
31/12/2018 | of which related parties |
|---|---|---|---|---|
| Net result | 8.818 | 24.058 | ||
| Adjustments (sub-total) | 7.392 | - | (13.098) | - |
| Depreciation, impairment & write-off | 24.041 | - | 17.018 | - |
| Gain from sales of shares in other investments | (2.629) | - | (7.179) | (7.179) |
| Net change in deferred tax assets and liabilities | (2.764) | - | (1.297) | - |
| Change in employee benefits | 298 | - | (124) | - |
| Change in inventories | 6.450 | - | (22.828) | - |
| Change in trade receivables | 25.153 | (1.968) | 2.892 | 92 |
| Change in trade payables and advances | (39.391) | 94 | 1.601 | - |
| Net change in other receivables/payables and other assets/liabilities | (3.766) | (390) | (3.181) | (703) |
| Cash Flows from (used in) operating activities | 16.210 | 10.960 | ||
| Cash flow from investments | ||||
| Acquisition of tangible fixed assets (*) | (7.727) | - | (7.207) | - |
| Acquisition of intangible fixed assets | (733) | - | (1.399) | - |
| Capitalization of development costs | (5.972) | - | (5.431) | - |
| Net disposal of fixed assets (**) | 1.805 | - | 205 | - |
| Investment in Lead Laser | - | - | (6.201) | |
| Change in investments accounted for using the equity method | (238) | (238) | - | - |
| Net result of investments accounted for using the equity method | 24 | 24 | - | - |
| Write-off/Write-up Other Investments | 24 | - | (54) | - |
| Change in Other investments | (5) | - | 7.903 | 7.906 |
| OSAI business sale | 3.676 | - | - | - |
| Cash Flows from (used in) investing activities | (9.146) | (12.184) | ||
| Cash flow from financing activities | ||||
| Change in other financial assets/liabilities and other minor items | 341 | - | (4.120) | - |
| Increases in loans and borrowings (including bank overdrafts) | 18.802 | - | 110.486 | - |
| Repayment of loans and borrowings (including bank overdrafts) | (32.520) | - | (100.401) | - |
| Repayments in financial lease liabilities | (5.802) | - | (1.058) | - |
| Dividends paid | (4.569) | - | (4.193) | - |
| Other variations | (257) | - | (2.032) | - |
| Cash Flows from (used in) financing activities | (24.005) | (1.318) | ||
| Cash Flows from (used in) change of minority shareholders | - | 2.075 | ||
| Foreign exchange translation differences | 999 | 1.025 | ||
| Net change in cash and equivalents | (15.942) | 558 | ||
| Cash and equivalents beginning of period | 71.078 | 70.521 | ||
| Cash and equivalents end of period | 55.136 | 71.078 |
| Additional Information to the Consolidated Statement of Cash-Flow | 31/12/2019 | 31/12/2018 | ||
|---|---|---|---|---|
| Values in euro thousand | ||||
| Taxes paid | 4.396 | - | 3.187 | - |
| Interests paid | 3.922 | - | 5.719 | - |
Figures as at 31/12/2019 include the application of the new accounting principle IFRS 16 "Leases" adopted by the Group applying the retrospective semplified approach with no restatement of comparative figures.
(*) Not included leases and included assets held for sale.
(**) Included assets held for sale.
PRIMA INDUSTRIE S.p.A. - BALANCE SHEET
| Values in thousand euro | 31/12/2019 | of which related parties |
31/12/2018 | of which related parties |
|---|---|---|---|---|
| Property, plant and equipment | 30.341 | - | 18.889 | - |
| Intangible assets | 9.557 | - | 11.500 | - |
| Investment in subsidiaries | 179.841 | 179.841 | 163.227 | 163.227 |
| Investments in associates | 418 | 418 | - | - |
| Other investments | 60 | - | 235 | 180 |
| Financial assets non current | 2.728 | - | 3.228 | 500 |
| Deferred tax assets | 5.274 | - | 3.860 | - |
| NON CURRENT ASSETS | 228.219 | 200.939 | ||
| Inventories | 37.870 | - | 44.913 | - |
| Trade receivables | 70.378 | 45.357 | 75.704 | 34.674 |
| Other receivables | 4.599 | 59 | 4.493 | 164 |
| Current tax receivables | 5.066 | - | 5.148 | - |
| Derivatives | - | - | 26 | - |
| Financial assets current | 3.790 | 3.784 | 4.339 | 4.215 |
| Cash and cash equivalents | 10.180 | - | 27.926 | - |
| CURRENT ASSETS | 131.883 | 162.549 | ||
| Assets held for sale | 229 | - | 1.234 | - |
| TOTAL ASSETS | 360.331 | 364.722 | ||
| Capital stock | 26.208 | - | 26.208 | - |
| Legal reserve | 5.213 | - | 4.992 | - |
| Other reserves | 68.590 | - | 68.993 | - |
| Retained earnings | (1.698) | - | (1.698) | - |
| Net result | (2.164) | - | 4.424 | - |
| STOCKHOLDERS' EQUITY | 96.149 | 102.919 | ||
| Interest-bearing loans and borrowings | 108.979 | 16.613 | 106.262 | - |
| Employee benefit liabilities | 4.553 | - | 4.522 | - |
| Deferred tax liabilities | 1.270 | - | 1.317 | - |
| Provisions | 7.350 | - | 1.827 | - |
| Derivatives | 600 | - | 636 | - |
| NON CURRENT LIABILITIES | 122.752 | 114.564 | ||
| Trade payables | 69.863 | 28.580 | 82.568 | 25.909 |
| Advance payments | 6.462 | - | 10.120 | - |
| Other payables | 8.883 | 536 | 8.427 | 682 |
| Interest-bearing loans and borrowings | 46.732 | 8.886 | 35.377 | 6.466 |
| Current tax payables | 2.162 | - | 2.597 | - |
| Provisions | 7.328 | - | 8.034 | - |
| Derivatives | - | 116 | - | |
| CURRENT LIABILITIES | 141.430 | 147.239 | ||
| TOTAL STOCKHOLDERS' EQUITY AND LIABILITIES | 360.331 | 364.722 |
Figures as at 31/12/2019 include the application of the new accounting principle IFRS 16 "Leases" adopted by the company applying the retrospective semplified approach with no restatement of comparative figures.
PRIMA INDUSTRIE S.p.A. - INCOME STATEMENT
| Values in thousand euro | 31/12/2019 | of which related parties |
31/12/2018 (*) | of which related parties |
|---|---|---|---|---|
| Net revenues | 186.978 | 94.952 | 224.778 | 101.501 |
| Cost of goods sold | (163.544) | (39.413) | (195.203) | (50.038) |
| GROSS MARGIN | 23.434 | - | 29.575 | - |
| Research and Development costs | (8.702) | (374) | (7.402) | (16) |
| Sales and marketing expenses | (7.793) | 1.133 | (8.514) | 831 |
| General and administrative expenses | (8.190) | 384 | (9.555) | 559 |
| OPERATING PROFIT (EBIT) | (1.251) | 4.104 | ||
| of which: non recurring items | (949) | (1.387) | ||
| Financial income | 2.483 | 458 | 4.729 | 452 |
| Financial expenses | (6.756) | (148) | (11.771) | (71) |
| Dividends and adjustments on investments value | 1.952 | 1.952 | 6.567 | 6.567 |
| Net exchange differences | (19) | - | 410 | - |
| RESULT BEFORE TAXES (EBT) | (3.591) | 4.039 | - | |
| of which: non recurring items | (7.298) | (3.756) | ||
| Taxes | 1.427 | - | 385 | - |
| NET RESULT | (2.164) | 4.424 | ||
| EBITDA | 5.642 | 9.905 |
Figures as at 31/12/2019 include the application of the new accounting principle IFRS 16 "Leases" adopted by the company applying the retrospective semplified approach with no restatement of comparative figures.
(*) For a better comprehension, the 2018 figures have been re-exposed.
PRIMA INDUSTRIE S.p.A. - STATEMENT OF CASH FLOWS
| Values in thousand euro | 31/12/2019 | of which related parties |
31/12/2018 (*) | of which related parties |
|---|---|---|---|---|
| Net result | (2.164) | - | 4.424 | - |
| Adjustments (sub-total) | 5.937 | - | (4.989) | - |
| Depreciation, impairment and adjustments on investments value | 13.125 | 6.231 | 6.167 | 366 |
| Net change in deferred tax assets and liabilities | (1.461) | - | (402) | - |
| Change in employee benefits liabilities | 31 | - | (17) | - |
| Change in inventories | 7.043 | - | (8.220) | - |
| Change in trade receivables | 5.326 | (10.683) | (1.360) | (17.274) |
| Change in trade payables and advances | (16.363) | 2.671 | 3.433 | 8.749 |
| Net change in other receivables/payables and other assets/liabilities | (1.764) | (251) | (4.590) | (546) |
| Cash Flows from (used in) operating activities (A) | 3.773 | (565) | ||
| Cash flow from investments | ||||
| Increase of tangible fixed assets (**) | (2.570) | - | (1.188) | - |
| Increase of intangible fixed assets | (500) | - | (778) | - |
| Capitalization of development costs | (1.362) | - | (1.887) | - |
| Net disposal of fixed assets (***) | 1.038 | - | - | - |
| Capital Increase PRIMA POWER SUZHOU | - | - | (4.838) | (4.838) |
| Variations in investments in associates | (238) | (238) | - | - |
| Variations in Other investments | (5) | - | (2) | - |
| Cash Flows from (used in) investing activities (B) | (3.637) | (8.693) | ||
| Cash flow from financing activities | ||||
| Change in financial receivables and other financial assets | 1.051 | 931 | (1.064) | 997 |
| Change in other non current financial liabilities and other minor items | (100) | - | 296 | - |
| Increases in loans and borrowings | 18.314 | 4.613 | 112.541 | (2.945) |
| Repayment of loans and borrowings | (30.714) | (2.196) | (98.258) | - |
| Repayments in financial lease liabilities | (1.801) | - | (619) | - |
| Dividends paid | (4.569) | - | (4.193) | - |
| Other net equity variations | (63) | - | (2.093) | - |
| Cash Flows from (used in) financing activities (C) | (17.882) | 6.610 | ||
| Net change in cash and equivalents (D=A+B+C) | (17.746) | (2.648) | ||
| Cash and equivalents beginning of period (E) | 27.926 | 25.243 | ||
| Cash and equivalents deriving from merger with FINN-POWER ITALIA srl (F) | - | 5.331 | ||
| Cash and equivalents end of period (G=D+E+F) | 10.180 | 27.926 |
| Additional Information to the Statement of Cash-Flow | 31/12/2019 | 31/12/2018 (*) | |
|---|---|---|---|
| Values in Euro | |||
| Taxes paid | 167 | 495 | |
| Interests paid | 2.753 | 4.868 |
Figures as at 31/12/2019 include the application of the new accounting principle IFRS 16 "Leases" adopted by the company applying the retrospective semplified approach with no restatement of comparative figures.
(*) For a better comprehension, the 2018 figures have been re-exposed.
(**) Not included leases and included assets held for sale.
(***) Included assets held for sale.