EMAK S.P.A. 
By
Press release
The Board of Directors approves the results for the financial year 2013.
Sales flat at €355 million
(€354.8 million in 2012)
EBITDA grows at €34.2 million
(€28.8 million in 2012)
Consolidated net income at €10.5 million
(€8.6 million in 2012)
Net negative financial position decreases at €76.4 million
(€99.9 million at 31 December 2012)
Proposed a dividend of €0.025 per share
(€0.020 per share last year)
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Bagnolo in Piano (RE), 14 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 the consolidated financial statement and the draft of the parent parent company financial statement at 31 December 2013.
Main consolidated results
In 2013 the Group achieved a consolidated turnover of €355 million compared to €354.8 million in 2012.
Sales of products of the line "Agriculture&Forestry" were slightly lower than last year, but there has been a significant recovery in the latter part of the year. The "Lawn&Garden" line ended the year up compared to last year, thanks to specific commercial initiatives, the consolidation on the market of the new products and the prolongation of the season. The sales of "Construction&Industry" products were in line with the result of last year.
The sales on the European market showed a marked increase compared to last year. In particular, it has to be highlighted the good performance recorded in Italy and in general in Western European countries where the Group has a direct presence. In the "Americas", in spite of the good results obtained in several major markets in Latin America, sales were affected by the decline in the Venezuelan market, affected by restrictions on imports, and the North American market. In the "Asia, Africa and Oceania", where sales were affected throughout the year of the difficulties of the Turkish market, we highlight the good results obtained in the Chinese market, with encouraging signs of development.
Ebitda of the year amounts to €34.2 million, compared to €28.8 million of last year. Ebitda as a percentage of revenues has moved from 8.1% at 31 December 2012 to 9.6% at 31 December 2013.
The improvement is due to better product mix, the purchasing efficiencies and containment of operating costs.
Ebit for 2013 amounts to €22.4 million, against €16.6 million for the previous year.
Net profit for the year is €10.5 million, compared to €8.6 million last year. Financial management benefits primarily from lower charges related to the improvement of the net negative financial position. The currency management has been adversely affected by exchange rates in the second half.
The cash flow from operations generated during the year (calculated as the sum of net profit and amortizations) is € 22.3 million, compared to €20.8 million in 2012.
Investments in tangible and intangible assets made during 2013 amount to €9.1 million, mostly focused on product innovation, which is the main critical success factor on which is based the Group's strategy.
Consolidated net equity at 31 December 2013 stands at €150.8 million, against € 145 million at 31 December 2012. Group net equity amounts to €0.911 for each share outstanding at the end of the year, compared to €0.876 the previous year.
The net negative financial position at 31 December 2013 is €76.4 million compared to €99.9 million at 31 December 2012. The improvement in the net financial position is due to the cash generated through efficiencies on the net working capital and the increase of the cash flow from operations.
Subsequent events
On January 9th, 2014, the controlled company Comet S.p.A. has acquired the control of the distribution company Siagro, with registered office in in Guadalajara, Mexico, bringing its stake from 30% to 85% of the
share capital. Siagro, a company established in 2010 and of which Comet has been a shareholder and has shared the management since the outset, engages in the commercialization on the local market of products for agriculture, and in particular pumps. The transaction is part of the growth strategy of the Emak Group, as it will enhance its overall presence in an important and with significant room for development market as the Mexican.
On January 28th, 2014, the controlled company Tecomec S.r.l. has acquired 51% of the share capital of Geoline Electronic S.r.l. Thanks to this operation, Tecomec S.r.l. will be able to expand its product offering with electronic control systems to be fitted to machinery for weeding and spraying, widen its customer base and, in general, strengthen its market position. Moreover, through this operation, Emak Group will acquire specific know-how in the electronics field,a technology technology that will allow to develop other applications throughout the Group.
On January 2nd, 2014, was completed the transition of the totalitarian share of the company Caj Tech Sarl Au, later renamed Industrie Sarl Speed, to Speed France SAS, the French subsidiary of Tecomec S.r.l.. The company, established in 2012, mainly carries out packaging for Speed France. The acquisition will enable Speed France to supervise directly the costs of certain stages of the production process.
Outlook
The macro economic environment showed slight signs of improvement during the past year , particularly in the second half of the year. For the near future it is expected that the positive trend will continue, albeit with caution related to the fragility of some economies in both developed countries and emerging.
In this scenario, the Group continues to invest on research and development and in commercial campaigns, in order to take advantage of all the opportunities offered by the market. Efforts are also continuing to rationalize costs and optimize processes in order to improve its efficiency and further increase its operating margins. In 2014, moreover, the Group expects to reap the benefits of the activities launched last year to reduce net working capital, resulting in a consequent beneficial impact on net negative financial position, compared to the already positive result in 2013.
Dividend proposal
The Board of Directors resolved to propose to the General Meeting of Shareholders, convened to meet on 24 April 2014, the proposal for the distribution of a dividend (coupon no.17) of € 0.025 per share. The dividend, if approved, will be paid on 5 June 2014, with ex-dividend date 2 June 2014 and record date 4 June 2014.
Shareholders'Meeting
The Shareholders Meeting scheduled for April 24, 2014 to approve the financial statements, will also be called to resolve on the the policy of remuneration of directors and on the proposal for renewal of authorization for the purchase and disposal of treasury shares own.
All the documentation regarding the General Meeting, as prescribed by law, will be available to the public according to legal provisions and regulations at the company's registered office, and on the website www.emak.it, in the section "Investor Relations".
Attached are the highlights from the consolidated accounts of the Group and separate from that of Emak SpA (the Parent Company).
The Company will attend the Milan Star Conference organized by Borsa Italiana on 25 and 26 March 2014.
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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