B&C SPEAKERS S.P.A. PRESS RELEASE
B&C Speakers S.p.A.:
Board of Directors approves
the Interim Management Report at 31 March 2024
- Consolidated revenue totals €23.85m (up by 1.5% compared to €24.22m in the first quarter of 2023);
- Consolidated EBITDA at €5.03m (down by 19.8% compared to €6.27m for the first quarter of 2023);
- Overall Group result of €3.33m (down by 17.4% compared to €4.03m in the first quarter of 2023);
- Group net financial position positive at €3.68m (negative at €0.65m at the end of the 2023 financial year);
- Order book shows significant growth compared to 1Q 2023.
Bagno a Ripoli (Florence), 14 May 2024 - The Board of Directors of B&C Speakers S.p.A., one of the foremost international players in the design, manufacture, distribution and marketing of professional electro-acoustictransducers, has approved the Group Interim Report at 31 March 2024 in accordance with IFRS international accounting standards.
Consolidated revenue
Consolidated revenue reached a record value of €23.8m, a decrease of 1.5% compared to the first three months of 2023, when the figure was €24.2m.
The revenue contribution made by the new subsidiaries during the quarter was €2.7m, with the following geographical distribution: Eminence KY achieved a turnover of €1.5m, mainly on the North American market, while B&C Speakers Cina achieved €1.2m on the Asian market. On the Group's main markets, the drop in sales during the quarter was primarily due to the temporary slowdown in the two biggest markets, Europe and America, combined with the effect of overstock affecting many customers.
However, the trend in new orders rose steadily during the first part of 2024, showing that this downturn in sales is only temporary. During the quarter, orders amounted to €26m, compared to 13.8m during the same period of 2023 and 17.5m during the final quarter of 2023.
Below is the full breakdown by region for the first three months of 2024, compared to the same period in 2023 (amounts in euro).
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Breakdown area geografica | I trimestre | % | I trimestre | % | Variazione | Variazione % |
(importi in migliaia di Euro) | 2024 | 2023 | ||||
America Latina | 1.657 | 7% | 2.110 | 9% | (453) | -21,5% |
Europa | 11.429 | 48% | 11.854 | 49% | (425) | -3,6% |
Italia | 1.566 | 7% | 1.745 | 7% | (179) | -10,2% |
Nord America | 4.743 | 20% | 4.094 | 17% | 649 | 15,8% |
Medio Oriente & Africa | 171 | 1% | 720 | 3% | (549) | -76,3% |
Asia & Pacifico | 4.292 | 18% | 3.693 | 15% | 599 | 16,2% |
Totale | 23.858 | 100% | 24.217 | 100% | (358) | -1,5% |
Cost of sales
During the first three months of 2024, the cost of sales remained essentially constant in terms of its impact on revenues when compared to the same period in 2023 (63%).
This trend was driven by the significant improvements in efficiency relative to the cost of production components, whose impact on revenues has risen by 3 percentage points compared to the same period in 2023. Conversely, there was a higher impact of direct personnel costs, due to the combined effect of lower volumes and the integration of the two new subsidiaries.
Indirect Personnel
Indirect personnel costs have risen as a percentage of revenue, from 4.8% to 7% compared to the first three months of 2023. In absolute terms, the figure for the first three months of 2024 is up 43% on the first quarter of 2023, mainly due to the inclusion of the two new subsidiaries in the scope of consolidation.
Commercial expenses
Commercial expenses showed an increase compared to the first three months of 2023, both in absolute terms and as a percentage of revenues, rising from 0.8% to 1.2%. This increase is mainly due to the inclusion of the two new subsidiaries in the scope of consolidation.
Administrative costs and overheads
Overheads and administrative costs, at €518 thousand, have risen compared to the corresponding figure for 2023, and as a percentage of revenues have also risen, from 5.7% to 8%. €414 thousand of these costs are due to the inclusion of the two new subsidiaries in the scope of consolidation.
EBITDA and EBITDA margin
As a result of these trends, EBITDA for the first three months of 2024 was €5.03m, a decrease of €1.24m (-19.8%) compared to the same period in 2023.
The EBITDA margin for the first three months of 2024 was 21.1% of revenues, compared to 25.9% for the same period of 2023. The drop in margins is partly due to the lower volumes during the period, and partly to the effect of the two new subsidiaries, whose margins are lower than those of B&C Speakers.
With the same scope as 1Q 2023, the EBITDA margin would have stood at 23.7%.
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Depreciation and amortisation
Depreciation and amortisation of property, plant and equipment, intangible assets and rights of use have increased compared to the first three months of 2023, amounting to €634m (€507 thousand in the first three months of 2023). This increase is mainly due to the inclusion of the two new subsidiaries. Write-offs for bad debts in the period were zero, because at the moment there are no uncollectable accounts from Group customers.
EBIT and EBIT margin
EBIT for the first three months of 2024 amounted to €3.26m, which represents a drop of 23.7% compared to the same period in 2023 (when it was €5.76m). The EBIT margin was 18.4% of revenue (23.8% in the same period of 2023).
Overall Group Profit
The Overall Group profit at the end of the first three months of 2024 amounted to €3.33m, representing 14.0% of consolidated revenue, with a total decrease of 16.7% overall, compared to the corresponding period of 2023.
The overall Net Financial Position (NFP) was positive at €3.68m, compared to a negative figure of €0.65m at the end of 2023. As mentioned, the improvement in NFP is due to the significant generation of cash during the period (€5.3m from operating activities). This has increased net cash and cash equivalents, despite the repayment of outstanding loan instalments.
31 marzo | 31 dicembre | ||
(valori in migliaia di euro) | 2024 (a) | 2023 (a) | Variazione |
A. Disponibilità liquide | 13.877 | 14.613 | -5% |
C. Altre attività finanziarie correnti | 7.164 | 6.979 | 3% |
D. Liquidità (A+C) | 21.042 | 21.591 | -3% |
E. Debito finanziario corrente | (1.000) | (2.708) | -63% |
F. Parte corrente del debito finanziario non corrente | (6.643) | (8.855) | -25% |
G. Indebitamento finanziario corrente (E+F) | (7.643) | (11.563) | -34% |
H. Indebitamento finanziario netto corrente (G+D) | 13.399 | 10.028 | 34% |
I. Debito finanziario non corrente | (9.720) | (10.681) | -9% |
L. Indebitamento finanziario non corrente | (9.720) | (10.681) | -9% |
M. Totale indebitamento finanziario (H+L) | 3.678 | (653) | -663% |
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The Group's reclassified Income Statement for the first quarter of 2024 compared to the corresponding period in the previous year is presented below:
Analisi andamenti economici del Gruppo | ||||
(valori in migliaia di Euro) | I trimestre | incidenza sui | I trimestre | incidenza sui |
2024 | ricavi | 2023 | ricavi | |
Ricavi | 23.858 | 100,0% | 24.217 | 100,0% |
Costo del venduto | (15.035) | -63,0% | (15.265) | -63,0% |
Utile lordo | 8.823 | 37,0% | 8.952 | 37,0% |
Altri ricavi | 54 | 0,2% | 54 | 0,2% |
Personale indiretto | (1.664) | -7,0% | (1.162) | -4,8% |
Spese commerciali | (275) | -1,2% | (185) | -0,8% |
Generali ed amministrativi | (1.910) | -8,0% | (1.391) | -5,7% |
Ebitda | 5.029 | 21,1% | 6.268 | 25,9% |
Ammortamenti | (634) | -2,7% | (507) | -2,1% |
Accantonamenti | 0 | 0,0% | 0 | 0,0% |
Risultato prima delle imposte e degli oneri/proventi finanziari (Ebit) | 4.395 | 18,4% | 5.761 | 23,8% |
Oneri finanziari | (358) | -1,5% | (734) | -3,0% |
Proventi finanziari | 490 | 2,1% | 553 | 2,3% |
Risultato prima delle imposte (Ebt) | 4.527 | 19,0% | 5.580 | 23,0% |
Imposte sul reddito | (1.269) | -5,3% | (1.527) | -6,3% |
Risultato netto del Gruppo e dei terzi | 3.257 | 13,7% | 4.053 | 16,7% |
Risultato netto di competenza di terzi | - | 0,0% | - | 0,0% |
Risultato netto di competenza del Gruppo | 3.257 | 13,7% | 4.053 | 16,7% |
Altre componenti di conto economico | 76 | 0,3% | (17) | -0,1% |
Risultato complessivo del periodo | 3.333 | 14,0% | 4.035 | 16,7% |
SIGNIFICANT EVENTS SUBSEQUENT TO 31 March 2024 AND OUTLOOK FOR THE YEAR
The Shareholders' Meeting, held on 29 April 2024, approved the financial statements and resolved the distribution of an ordinary dividend of €0.70 per ordinary share outstanding at the ex-dividend date (on 6 May, with record date 7 May and payment on 8 May). On that occasion, the Shareholders' Meeting also re-elected the officers of the company. The Board of Directors' meeting, held today, authorised the powers and appointments of the Board Committees.
During the first part of 2024, the number of new orders has risen steadily, compared to the same period in 2023, and this trend continued even after the quarterly reporting date. At the end of April, the number of new orders was significantly higher than in 2023 (+85% for the first 4 months of the financial year).
Group Management therefore considers that, based on the data, there may be a positive reversal of the trend in turnover during the second half of the year.
The Board has also verified that the independent directors meet the independence criteria prescribed by law and the bylaws.
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The Financial Reporting Manager of B&C Speakers S.p.A., Francesco Spapperi, hereby certifies, pursuant to Art. 154-bis, section 2 of Italian Legislative Decree No. 58/1998, that the accounting disclosures relating to the figures for the year ended 31 March 2024, as presented in this press release, are consistent with the company's accounting documents, books and records.
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The table below shows the Consolidated Income Statement and Balance Sheet for the first quarter of 2024
SITUAZIONE PATRIMONIALE-FINANZIARIA CONSOLIDATA (Valori in Euro) | 31 marzo | 31 dicembre |
2024 | 2023 | |
ATTIVO | ||
Attivo immobilizzato | ||
Immobili, impianti e macchinari | 4.366.839 | 3.872.531 |
Diritti d'uso | 6.115.079 | 6.477.332 |
Avviamento | 2.318.181 | 2.318.181 |
Altre attività immateriali | 432.927 | 447.843 |
Partecipazioni in imprese collegate | - | - |
Attività fiscali differite | 906.097 | 906.969 |
Altre attività non correnti | 583.808 | 579.561 |
di cui verso correlate | 6.700 | 6.700 |
Totale attività non correnti | 14.722.931 | 14.602.417 |
Attivo corrente | ||
Rimanenze | 27.319.394 | 27.623.705 |
Crediti commerciali | 20.137.903 | 18.149.825 |
Attività fiscali per imposte correnti | 192.614 | 190.315 |
Altre attività correnti | 10.838.718 | 11.168.904 |
Disponibilità liquide e mezzi equivalenti | 13.877.288 | 14.612.848 |
Totale attività correnti | 72.365.917 | 71.745.597 |
Totale attività | 87.088.848 | 86.348.014 |
31 marzo | 31 dicembre | |
2024 | 2023 | |
PASSIVO | ||
Capitale e Riserve | ||
Capitale sociale | 1.097.356 | 1.099.613 |
Altre riserve | 5.190.531 | 5.589.481 |
Riserva di conversione | 442.167 | 365.116 |
Riserve di risultato | 42.411.755 | 39.156.124 |
Totale Patrimonio netto del Gruppo | 49.141.809 | 46.210.334 |
Patrimonio netto attribuibile alle interessenze di pertinenza di terzi | - | - |
Totale Patrimonio netto | 49.141.809 | 46.210.334 |
Passività non correnti | ||
Indebitamento finanziario a medio-lungo termine | 4.762.664 | 5.452.443 |
Passività finanziarie a medio-lungo termine per diritti d'uso | 4.957.721 | 5.228.386 |
di cui verso parti Correlate | 2.247.441 | 2.452.012 |
Fondi benefici a dipendenti e assimilati | 2.542.508 | 2.537.875 |
Fondi per rischi ed oneri | 43.012 | 43.012 |
Totale passività non correnti | 12.305.905 | 13.261.716 |
Passività correnti | ||
Indebitamento finanziario a breve termine | 6.297.545 | 10.147.066 |
Passività finanziarie a breve termine per diritti d'uso | 1.345.343 | 1.416.216 |
di cui verso parti Correlate | 895.234 | 921.670 |
Debiti commerciali | 12.238.642 | 10.823.737 |
di cui verso parti Correlate | 86.981 | 88.737 |
Pasività fiscali per imposte correnti | 2.297.160 | 1.011.163 |
Altre passività correnti | 3.462.444 | 3.477.782 |
Totale passività correnti | 25.641.134 | 26.875.964 |
Totale passività | 87.088.848 | 86.348.014 |
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CONTO ECONOMICO COMPLESSIVO CONSOLIDATO (Valori in Euro) | I trimestre | I trimestre |
2024 | 2023 | |
Ricavi | 23.858.450 | 24.216.536 |
Costo del venduto | (15.035.188) | (15.264.700) |
Altri ricavi | 54.015 | 54.409 |
Personale indiretto | (1.663.824) | (1.162.190) |
Spese commerciali | (275.291) | (185.267) |
Generali ed amministrativi | (1.909.614) | (1.391.125) |
Ammortamenti | (633.650) | (506.888) |
Riprese di valore (svalutazioni) nette di crediti commerciali ed altri crediti | 0 | 0 |
Risultato prima delle imposte e degli oneri/proventi finanziari (Ebit) | 4.394.897 | 5.760.776 |
Svalutazione di partecipazioni | - | 0 |
Oneri finanziari | (358.270) | (733.703) |
di cui verso parti Correlate | (17.423) | (20.263) |
Proventi finanziari | 490.060 | 552.995 |
Risultato prima delle imposte (Ebt) | 4.526.687 | 5.580.067 |
Imposte del periodo | (1.269.462) | (1.527.475) |
Risultato netto del periodo (A) | 3.257.225 | 4.052.592 |
Altri utili/(perdite) complessive che non saranno successivamente riclassificati a conto | ||
economico: | ||
Utile/(perdita) derivanti dalla rideterminazione del Fondo benefici a dipendenti al netto del | (1.333) | 6.526 |
relativo effetto fiscale | ||
Altri utili/(perdite) complessive che saranno successivamente riclassificati a conto economico: | ||
Utili/(perdite) derivanti dalla conversione bilanci di imprese estere | 77.051 | (23.952) |
Totale altri utili/(perdite) complessive (B) | 75.718 | (17.426) |
Totale risultato complessivo del periodo (A+B) | 3.332.943 | 4.035.167 |
Risultato netto dell'esercizio attribuibile a: | ||
Azionisti della Controllante | 3.257.225 | 4.052.592 |
Interessenze di pertinenza di terzi | - | - |
Risultato complessivo dell'esercizio attribuibile a: | ||
Azionisti della Controllante | 3.332.943 | 4.035.167 |
Interessenze di pertinenza di terzi | - | - |
Utile per azione | 0,30 | 0,37 |
Utile diluito per azione | 0,30 | 0,37 |
B&C Speakers S.p.A. Financial Reporting Manager Francesco Spapperi certifies - in accordance with Art. 154- bis, section 2 of Italian Legislative Decree No. 58/1998 - that the accounting disclosures contained in this press release are consistent with company's accounting documents, books and records.
B&C Speakers S.p.A.
Francesco Spapperi (Head of Investor Relations),
Email: investors@bcspeakers.com
B&C Speakers S.p.A. is an international leader in the design, production, distribution and marketing of professional electro-acoustic transducers (the main components in acoustic speakers for music, commonly referred to as loudspeakers), supplied mainly to professional audio-system manufacturers (OEM). With around 220 employees, approximately 10% of whom are in its Research and Development Department, B&C Speakers carries out all design, production, marketing and control activities under the Group's brands at its
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offices in Florence, Reggio Emilia, Eminence (KY-USA) and DongGuan (CN): B&C, 18SOUND, EMINENCE and CIARE. Most of its products are developed according to its key customers' specifications. B&C Speakers also operates in the US and Brazil through two subsidiaries carrying out commercial activities.
Press Office
Spriano Communication
Fiorella Girardo -fgirardo@sprianocommunication.com
Cristina Tronconi -ctronconi@sprianocommunicaton.com
www.sprianocommunication.com
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B&C Speakers S.p.A. published this content on 14 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 May 2024 14:09:04 UTC.
