Press release

The Board of Directors approves consolidated results for the first quarter 2014

  • Sales at € 105.8 million (€ 102.6 million in 2013)
  • EBITDA at € 13.3 million (€ 12.5 million in 2013)
  • EBIT at € 10.6 million (€ 9.7 million in 2013)
  • Net profit € 5,9 million (€ 6.5 million in 2013)


Bagnolo in Piano (RE), 15 March 2014 - The Board of Directors of Emak S.p.A. (MTA, STAR), one of the main global players in the production and distribution of machines, components and accessories for gardening, agriculture, forestry and industry, today approved Interim Report at March 31, 2014.

Main consolidated results at March 31, 2014

The consolidated turnover for the first quarter 2014 amounted to € 105.8 million compared to € 102.6  million for the same period of the previous year, an increase of 3.1%.
The segment "Lawn and Garden" has recorded a good sales performance, benefiting from the premature start of the season. Sales in the segment "Agriculture and Forestry" marked a slight decline compared to the same period in 2013. The turnover of the segment "Construction and Industry" has been broadly in line with the first quarter of 2013.
Sales in the European market, amounting to € 80.6 million (€ 73 million in the first quarter of 2013) have collectively benefited from the good season for gardening products. The growth was driven by the markets where the Group operates through its subsidiaries, in particular Italy and the countries of Western Europe.
In the "Americas", the Group achieved a turnover of € 16.5 million (€ 18.9 million in the first quarter of 2013).
The decrease in sales in the "Americas" is due mostly to the crisis that is affecting Venezuela. In contrast to what was recorded in Europe, the weather conditions have negatively impacted sales in the North American market. The turnover of the "Asia, Africa and Oceania" is € 8.7 million (€ 10.7 million in the first quarter of 2013).

EBITDA for the first quarter 2014 amounts to € 13.3 million, compared to € 12.5 million for the corresponding quarter of the previous year. The result for the quarter benefited from higher sales volumes, a more favorable product mix and efficiencies achieved regarding the purchase of direct materials. EBITDA as a percentage of revenues moved from 12.2% at March 31, 2013 to 12.6% at March 31, 2014..

EBIT for the first quarter 2014 is € 10.6 million, compared to € 9.7 million for the same quarter of last year.

Net profit for the first quarter 2014 is € 5.9 million, against € 6.5 million for the same quarter of the previous year. The management of currency, negative for € 0.5 million due to the devaluation of the Ukraine currency as a result of political tensions in the reference area, had a negative impact on the profit for the period, while it had made ​​a positive contribution of € 0.6 million in first quarter of 2013.

The cash flow from operations generated during the first quarter (calculated as the sum of net profit and amortization and depreciation) is € 8.6 million.



Investments in tangible and intangible assets made during the first quarter 2014 amount to € 2.6 million.

Consolidated net equity stands at € 156.2 million, compared to € 152.2 million as of 31st December 2013.

At 31 March 2014, the net negative financial position amounted to € 104.5 million, compared to € 110.2 million at 31 March 2013 and € 76.4 million at December 31, 2013. The increase compared to the end of the previous year is mainly attributable to the increase in net working capital, linked to seasonal sales, and financial investments due to the acquisitions made in the period.

Business outlook

The first quarter benefited from the positive trend in demand, supported by favorable weather conditions. The expectations for the second quarter, considering the backlog and sales forecasts, are to confirm the trend of the results obtained so far.

Other information

Please note that the minutes of the Shareholders' Meeting held on April 24, 2014 is available to the public at the registered office and on website www.emak.it.

Aimone Burani, the executive responsible for the preparation of the corporate accounting documents, declares and certifies in accordance with article 154 bis, paragraph 2, of the Consolidated Finance Act, that the financial statements contained in the present press release correspond to the underlying accounting documents, records and accounting entries.

For additional information:
Mr. Andrea La Fata
Investor Relation Office
Phone (+39) 0522 956332;Fax (+39) 0522 959227
alafata@emak.it; www.emak.it

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Emak is one of the main global players in the production and distribution of machines, components and accessories for gardening,
agriculture, forestry and industry such as chainsaws, brushcutters, lawnmowers, garden tractors, motor hoes, power cutters, high pressure pumps, pressure washers. The Group distributes its products through commercial branches and a network of distributors and specialized dealers in more than 80 countries in all five continents. In 2013 Emak Group realized a total turnover of € 355 million and counted more than 1,500 employees. .The parent company Emak S.p.A. has obtained the following certifications: Quality ISO 9001, Ethical SA 8000 and Environmental ISO 14001.
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