GEVELOT : Closing of 2014 Accounts

GROUPE GEVELOT The Board of Directors has approved, during its meeting held on 14th of April, 2015, the Company financial statements and the Consolidated financial statements for the fiscal year 2014, prepared in accordance with IFRS International Accounting Standards, following the confirmation on behalf of the auditors that the audit procedures were performed and the certification reports are in the process of being issued.

Consolidated accounts (in millions of Euros)	Fiscal year 2014	Fiscal year 2013 As restated*	Fiscal year 2013 Published
Turnover	211.8	199.2	213.3
Ordinary operating result	8.1	12.3	12.7
Operating result	73.0	6.2	6.5
Financial result	5.4	1.1	1.1
Ordinary result of consolidated companies, before taxes	78.4	7.3	7.6
Taxes	-6.6	-2.0	-1.9
Net income from continuing operations	71.8	5.3	5.7
Net income of discontinued operations	-4.9	0.4	-
Net income of all consolidated account	66.9	5.7	5.7
Profit attributable to minority interests	-	-	-
Ordinary result of consolidated companies	66.9	5.7	5.7

* Engineering sector, discontinued operation (reclassified)

The Gévelot concern´s consolidated turnover for year 2014 amounted to 211.8 M€ compared with 199.2 M€ in 2013 (excluding the Engineering sector), showing an increase of 6.3 %.

Extrusion sector activity remained largely unchanged compared with previous year. Pumps sector turnover recorded a growth in its Oil & Gas export activity.
As mentioned last year, the PCM SA subsidiary sold, in May 2014, to a third party, its shares in the Canadian company Kudu Industries Inc., having a previously 45% ownership and consolidated using the equity method as of end of 2012. The effects of this sale strongly impacted the hereby presented accounts.
In early December 2014, PCM SA took control of 75% of the company Amik Oilfield Equipment & Rentals Ltd (Canada). On 31st of December, 2014, the latter was fully consolidated using full participation. The global strategic reorganization of Pumps sector is currently under finalisation process and its consolidation continues at internationally level.
During the first half of year 2014, the decision to sell our stake in the French subsidiary Gurtner SA was made. Accordingly, this previously consolidated participation, using full participation, was reclassified in the consolidated balance sheet under "Activities held for sale".

The ordinary consolidated operating result of the concern, in 2014, was in amount of 8.1 M€ compared with 12.3 M€ in 2013. It consists mainly of the Pumps sector's contribution.

After recognition of a capital gain of 64.6 M€ realized with the sale of the KUDU Industries Inc. shares, the operating result was of 73.0 M€ compared with 6.2 M€ in 2013, year which included the 5.1 M€ of impairment of industrial assets.

The consolidated positive financial result was 5.4 M€ compared with 1.1 M€, also positive, from 2013.

The favourable currency trends and performance of the funds received have positively impacted this result.

In 2014, the net charge of consolidated taxes was established at € 6.6 million against € 2.0 million in 2013.

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Consolidated net income from continuing operations thus amounted in 2014 to 71.8 M€ compared with 5.3 M€ recorded in 2013.

The net result of discontinued activities (Engineering sector), due to the loss of 4.4 M€, amounted negative to 4.9 M€.

In the end, the consolidated net income for the year 2014 amounted to 66.9 M€ positive against 5.7 M€ in 2013. The gross profit margin of cash flow amounted to 17,5 M€ compared with 16.4 M€ in 2013. The consolidated net financial structure, influenced by the sale of Kudu Industries Inc., is positive, and the liquidities of the concern have been strengthened.

Regarding Gévelot SA Holding of the concern, the positive operating result in 2014 is equivalent to that in
2013 and the financial result from participations amounted to - 0.1 M€ in 2014, compared with + 0.4 M€ in
2013; the Gévelot S.A. international net result was 0.4 M€ in 2014 compared with 0.3 M€ in 2013.
In early 2015, the automotive market was marked by an improvement, with higher volumes outside Europe and a potential stabilization in Europe. The Extrusion sector in France continued the revision of its industrial base. In Germany, the recent investment effort is expected to lead to expansions into new markets.
The impact of lower oil prices and uncertainty about exchange rate fluctuations show risks to affect the activity and profitability of the Pumps sector for the coming months. However, the high level of orders booked at the end of 2014 frame the same level of activity in 2015 as in 2014.
The consolidated net result of the concern, excluding special items not yet determinable to date, should remain profitable also in 2015.

A distribution of a dividend equal to that of 2014, of 1.80 € per share, will be proposed at the General Meeting of Shareholders to be held on Thursday, the 8th of June, 2015.

Events since the closing of the consolidated financial year

Mr. Mario MARTIGNONI was appointed as President and CEO of Gévelot SA at the Board of Directors meeting held in February, 2015.
The sale of the Engineering sector (Gurtner SA) was conducted in 25th of February, 2015.

Information available on our website: www.gevelot-sa.fr

Website: www.gevelot-sa.fr

Listing on Alternext : ALGEV - ISIN : FR0000033888

Contact Next press release: Annual General Meeting

Mrs. Dominique FLAMBARD - Tel. [phone] - [e-mail]18th of June, 2015

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