Board of Directors approves results as of March 31 2015SOGEFI (CIR GROUP): REVENUES UP BY 10% TO € 373 MLN (+5.9% AT SAMEEXCHANGE RATES)NET INCOME AT € 7.6 MLN (LOSS OF € 6.3 MLN IN Q1 2014)The rise in sales was due to higher volumes in all of the geographical areas and partly also to favourable exchange ratesRevenues rose in Europe by 7.7%, in North America by 15.1% and in Asia by 39.7%. Sales in South America were up slightly despite the continuing weakness of the marketEBITDA and earnings benefit from higher revenues and lower restructuring costs than in 2014EBITDA before restructuring +10.7% to € 35.2 mln, with ratio to sales stable at 9.5%Highlights from Q1 2015 results (in millions of €)
Q1 2014 | Q1 2015 | Δ% | |
Revenues | 338.7 | 372.5 | 10.0 |
EBITDA | 20.9 | 34.9 | 66.9 |
EBITDA before restructuring | 31.8 | 35.2 | 10.7 |
EBIT | 5.8 | 19.1 | |
Net result | (6.3) | 7.6 | |
Net debt (end of period) | 322.5 | 327.5 |
€ 210.6 million in the first quarter of 2014, while the Suspension Components Business Unit posted revenues of € 141.1 million, up by 9.5% on the same period of last year (€ 128.8 million). EBITDA before restructuring came to € 35.2 million,up by10.7% compared to the first quarter of last year (€ 31.8 million), with a ratio to sales of 9.5% (9.4% in 2014). The erosion of contribution margins is continuing but in the first quarter if was offset by the lower impact in percentage terms of fixed costs. EBITDA came in at € 34.9 million, up significantly from € 20.9 million in the first quarter of 2014. It should be remembered that in first quarter 2014 the group had incurred restructuring charges for a total of € 11.3 million, reduced to € 0.4 million in the first three months of 2015. EBIT before restructuring came to € 19.5 million and was up by13.7% with a ratio to sales of 5.2% versus 5% in the corresponding period of 2014. EBIT was € 19.1 million (€ 5.8 million in first quarter 2014). The result before taxes and minority interests was a positive figure of € 12.3 million (a negative € 2.6 million in first quarter 2014), after net financial expense of € 6.8 million. Net financial expense also includes a non-recurring gain of € 1.5 million from the periodic mark to market of the derivative embedded in the convertible bond until January 28 2015, when the company renounced the right to settle the exercise of the conversion rights of the bond in cash. The consolidated net result of the first quarter of 2015 was a positive figure of € 7.6 million, compared to a loss of € 6.3 million in the same period of last year. Net debt stood at € 327.5 million at March 31 2015 and was substantially in line with the figure at the end of March 2014 (€ 322.5 million). The increase compared to € 304.3 million at December 31 2014 was due to the seasonal rise in working capital typical of the automotive sector and to cash disbursements relating to the restructuring charges recognized last year. Moreover, the net financial position received a total positive impact of € 10.5 million from the derivative embedded in the convertible bond and a disbursement of € 8 million as payment of a provisional amount, linked to quality charges, which had already been set aside at the end of last year. Shareholders' equity excluding minority interests stood at € 182.5 million at March 31 2014
(€ 161.2 million at December 31 2014). The Sogefi group had 6,771 employees at the end of first quarter 2015, up from 6,668 at December 31 2014. Outlook for the year In 2015, in a global car market that appears to be growing, Sogefi expects to continue the positive trends seen in North America, China and India. In Europe, the company should achieve a slightly better performance than last year, while in the South American market it is likely that the current phase of weakness will continue. The executive responsible for the preparation of the Company's financial statements, Giancarlo Coppa, hereby declares, in compliance with the terms of paragraph 2 Article 154-bis of the Finance Consolidation Act (TUF), that the accounting figures contained in this press release correspond to the results documented in the Company's accounts and general ledger.
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