PRESS RELEASE
Approval of Consolidated Interim Financial Statements at 31 October 2019
-
Total consolidated revenue € 115.7 million (+3.8% versus € 111.5 million at
31 October 2018). - Adjusted EBITDA approximately € 15.1 million, in line with the figure at 31 October 2018.
- Net financial debt € 43.4 million at 31 October 2019, improving by € 9 million versus the net financial position of € 52.4 million at 31 October 2018. Net financial debt at 31 October 2019 € 0.9 million lower than at 31 December 2018.
- Guidance on financial statements at 31 December 2019: consolidated revenue forecast at approximately € 136 million, margins steady versus the figures in the Interim Financial Statements at 31 October 2019. Financial debt improves further. Consolidated financial statements at 31 December 2019 to be approved by 31 January 2020.
Filago, 9 December 2019
Neodecortech S.p.A. ("NDT" or the "Company"), the Italian market leader in the production of decorative papers for laminated panels and flooring for interior design, listed on AIM Italia, a multilateral trading system organized and managed by Borsa Italiana S.p.A., hereby announces that the Board of Directors met today and approved the Consolidated Interim Financial Statements at 31 October 2019, which will be fully audited by the Independent Auditors BDO Italia S.p.A..
CONSOLIDATED FINANCIAL HIGHLIGHTS AT 31 OCTOBER 2019
Total consolidated revenue at 31 October 2019 amounted to € 115.7 million (figure net of estimate on premiums to customers) versus € 111.5 million in the same period of 2018, up by 3.8%.
Consolidated EBITDA at 31 October 2019 came to approximately € 13.9 million (12% of total consolidated revenue) versus € 14.4 million in the same period of 2018 (12.9% of consolidated revenue). Mention should be made that adjusted EBITDA at 31 October 2019 has been adjusted due to the extraordinary items from higher costs arising from the MTA translisting process (to date approx. € 0.5 million) and the non- monetary impact of the 2017-2020 Stock Grant Plan (approx. € 0.7 million). Adjusted EBITDA is equal to € 15.1 million: -2.3% versus the same period of 2018 (€ 15.4 million).
Neodecortech S.p.A. | tel +39 035996111 | C.F. e R.I. 00725270151 | www.neodecortech.it |
Via Provinciale, 2 | fax +39 035995225 | P.IVA IT 02833670165 | info@neodecortech.it |
24040 Filago, Bergamo | Capitale Sociale euro 16.203.000,00 iv | R.E.A. 193331 |
The consolidated net financial position (NFP)at 31 October 2019 stands at € 43.4 million versus € 52.4 million at 31 October 2018, decreasing by € 9 million. The reduction is, instead, equal to € 0.9 million versus 31 December 2018 (€ 44.3 million).
Guidance on the consolidated financial statements at 31/12/2019
Forecasts on the financial statementsat 31 December 2019: consolidated revenue is forecast at approximately € 136 million, with percentage margins steady versus the figures in the Interim Financial Statements at 31 October 2019. Financial debt is expected to improve further.
The financial statements at 31 December 2019 will be approved by 31 January 2020.
CEO Luigi Cologni, commenting on the results, says that: "The figures appearing in the interim financial statements confirm the trend seen in recent months and show a healthy picture revenue-wise. The margin figure should be read in an extremely positive light, given the record year achieved in 2018 by the subsidiary BEG, unrepeated however in 2019 due to the increase in the raw material. Most importantly from my point of view, the net financial position has decreased sharply, after making investments of € 6.5 million (at the date of this press release) and paying out dividends of € 2 million. We have full visibility in terms of revenue on the pre-closure of the year, which reassures us on the strategy chosen and pursued: thanks to product innovation and greater agility, we have managed to outdistance our European competitors who have, instead, suffered badly. As further proof of our strategic positioning, we will kick off 2020 with a new plant to release a new product that represents the cutting edge in terms of market proposition and innovation. On top of that, at the turn of this month and next January, a major review will have been completed of both the PPLF (Plastic Printed Laminated Film) plant and the other plant that will allow us to achieve a new width in plastic laminates."
Attached are the tables of the consolidated Income Statement, the consolidated Statement of Financial Position and the consolidated Statement of Cash Flows at 31 October 2019, prepared in accordance with international accounting standards.
For the other statements and the Independent Auditors' Report, reference should be made to the Consolidated Interim Financial Statements at 31 October 2019, which will be made available on the Company website.
Neodecortech S.p.A. | tel +39 035996111 | C.F. e R.I. 00725270151 | www.neodecortech.it |
Via Provinciale, 2 | fax +39 035995225 | P.IVA IT 02833670165 | info@neodecortech.it |
24040 Filago, Bergamo | Capitale Sociale euro 16.203.000,00 iv | R.E.A. 193331 |
The Income Statement at 31 October 2019 and the comparison at 31 October 2018 is shown below:
31 OCTOBER | % ON | 31 OCTOBER | % ON | Change | % change | |||
CONSOLIDATED FIGURES IN EURO THOUSANDS | 2019 | REVENUE | 2018 | REVENUE | ||||
Revenue from sales and services | 66 | .366 | 100,0% | 65 | .759 | 100,0% | 606 | 0,9% |
Changes in work in progress, semi-finished and finished | (452) | (0,7%) | 724 | 1,1% | (1.176) | (162,4%) | ||
products | ||||||||
Other revenue | 2.323 | 3,5% | 1.438 | 2,2% | 885 | 61,5% | ||
Value of Production | 68 | .237 | 102,8% | 67 | .920 | 103,3% | 317 | 0,5% |
Raw and ancillary materials and consumables | (38.780) | 58,4% | (40.405) | 61,4% | 1.625 | (4,0%) | ||
Other operating expense | (11.376) | 17,1% | (10.190) | 15,5% | (1.186) | 11,6% | ||
Value Added | 18 | .081 | 27,2% | 17 | .325 | 26,3% | 756 | 4,4% |
Personnel expense | (11.015) | 16,6% | (9.148) | 13,9% | (1.867) | 20,4% | ||
EBITDA | 7 | .065 | 10,6% | 8 | .177 | 12,4% | (1.112) | (13,6%) |
Amortization, depreciation | (4.174) | 6,3% | (3.502) | 5,3% | (672) | 19,2% | ||
Allocations | - | 0,0% | (19) | 0,0% | 19 | 0,0% | ||
EBIT | 2 | .892 | 4,4% | 4 | .657 | 7,1% | (1.765) | (37,9%) |
Financial components | (976) | 1,5% | (1.516) | 2,3% | 540 | (35,6%) | ||
Exchange gains and losses | (19) | 0,0% | 254 | -0,4% | (273) | (107,5%) | ||
Profit (loss) before tax | 1 | .896 | 2,9% | 3 | .394 | 5,2% | (1.498) | (44,1%) |
Income tax | (797) | 1,2% | (677) | 1,0% | (120) | 17,7% | ||
Profit (loss) for the period | 1 | .099 | 1,7% | 2 | .717 | 4,1% | (1.618) | (59,6%) |
Neodecortech S.p.A. | tel +39 035996111 | C.F. e R.I. 00725270151 | www.neodecortech.it |
Via Provinciale, 2 | fax +39 035995225 | P.IVA IT 02833670165 | info@neodecortech.it |
24040 Filago, Bergamo | Capitale Sociale euro 16.203.000,00 iv | R.E.A. 193331 |
The reclassified Statement of Financial Position at 31 October 2019 and the comparison at 31 October 2018 is shown below:
31 October 2019 | 31 October 2018 | Difference | % Difference | |
CONSOLIDATED FIGURES IN EURO THOUSANDS | ||||
Trade receivables | 22.443 | 26.554 | (4.111) | (15,5%) |
Inventory | 35.213 | 35.309 | (96) | (0,3%) |
Trade payables | (25.221) | (26.471) | 1.250 | (4,7%) |
Operating NWC | 32.435 | 35.392 | (2.957) | (8,4%) |
Other current receivables | 3.917 | 6.134 | (2.217) | (36,1%) |
Other current payables | (5.657) | (5.358) | (299) | 5,6% |
Tax payables | (303) | (1.131) | 828 | (73,2%) |
Payables for tax consolidation | (590) | (643) | 53 | (8,2%) |
Net Working Capital | 29.802 | 34.394 | (4.592) | (13,4%) |
Property, plant and equipment | 77.434 | 75.870 | 1.564 | 2,1% |
Intangible assets | 2.898 | 3.349 | (451) | (13,5%) |
Other financial assets | - | (66) | 66 | (100,0%) |
Non-current financial assets not included in NFP | 1.849 | 3.881 | (2.032) | (52,4%) |
Other non-current assets | 112 | 52 | 60 | 100,0% |
Fixed assets | 82.294 | 83.086 | (792) | (1,0%) |
Post-employment benefits | (2.969) | (2.887) | (82) | 2,8% |
Provisions for risks and charges | (530) | (455) | (75) | 16,5% |
Deferred tax assets and liabilities | (4.365) | (4.293) | (72) | 1,7% |
Net Capital Employed | 104.232 | 109.846 | (5.614) | (5,1%) |
Equity | (60.785) | (57.424) | (3.361) | 5,9% |
Cash and cash equivalents | 1.309 | 2.890 | (1.581) | (54,7%) |
Other current financial receivables | 4.328 | 330 | 3.998 | 100,0% |
Current financial liabilities | (24.281) | (26.075) | 1.794 | (6,9%) |
Non-current financial liabilities | (24.803) | (29.567) | 4.764 | (16,1%) |
Net Financial Debt | (43.447) | (52.422) | 8.975 | (17,1%) |
Equity and Net Financial Debt | (104.232) | (109.846) | 5.614 | (5,1%) |
Neodecortech S.p.A. | tel +39 035996111 | C.F. e R.I. 00725270151 | www.neodecortech.it |
Via Provinciale, 2 | fax +39 035995225 | P.IVA IT 02833670165 | info@neodecortech.it |
24040 Filago, Bergamo | Capitale Sociale euro 16.203.000,00 iv | R.E.A. 193331 |
The Statement of Cash Flows at 31 October 2019 and the comparison at 31 December 2018 is shown below:
31 October 2019 | 31 December 2018 | |
Euro thousands | ||
Profit (loss) for the period | 3.802 | 6.030 |
Income tax | 934 | 1.381 |
Deferred/(prepaid) tax | 291 | 212 |
Interest expense/(interest income) | 1.581 | 2.963 |
(Dividends) | ||
(Gains)/losses from disposal of assets | (239) | (5) |
1 Profit (loss) for the period before income tax, interest, | 6.369 | 10.590 |
dividends and gains/losses from disposals | ||
Adjustments for non-monetary items that had no | ||
balancing entry in net working capital: | ||
Allocation to post-employment benefits | 31 | 34 |
Allocations to other provisions | 75 | |
Depreciation of fixed assets | 7.200 | 7.157 |
Write-downs for impairment losses | ||
Other adjustments for non-monetary items | 430 | 1.376 |
2 Cash flow before changes in NWC | 14.104 | 19.157 |
Changes in net working capital | ||
Decrease/(increase) in receivables from customers | 608 | 3.699 |
Decrease/(increase) in inventory | 735 | (2.682) |
Increase/(decrease) in payables to suppliers | (7.293) | (2.185) |
Decrease/(increase) in other receivables | 1.097 | 1.880 |
Increase/(decrease) in other payables | (805) | (576) |
Other changes in net working capital | (137) | |
3 Cash flow after changes in NWC | 8.446 | 19.155 |
Other adjustments | ||
Interest received/(paid) | (664) | (1.693) |
(Income tax paid) | (387) | (265) |
(Gains)/losses from disposal of assets | ||
Dividends received | ||
(Utilization of provisions) | (546) | |
(Utilization of provisions for post-employment benefits) | (233) | (178) |
4 Cash flow after other adjustments | 7.162 | 16.473 |
Neodecortech S.p.A. | tel +39 035996111 | C.F. e R.I. 00725270151 | www.neodecortech.it |
Via Provinciale, 2 | fax +39 035995225 | P.IVA IT 02833670165 | info@neodecortech.it |
24040 Filago, Bergamo | Capitale Sociale euro 16.203.000,00 iv | R.E.A. 193331 |
A Cash flow from operations | 7.162 | 16.473 |
Property, plant and equipment | (6.496) | (6.868) |
(Purchase) | (6.532) | (6.868) |
Disposal | 36 | |
Intangible assets | (192) | (860) |
(Purchase) | (192) | (860) |
Disposal | ||
Non-current financial assets | (76) | |
(Purchase) | (76) | |
loans granted | ||
Proceeds from disposal of assets | 239 | |
B Cash flow from investing activities | (6.524) | (7.728) |
Liabilities | (3.724) | (6.245) |
Increase (decrease) in current bank payables | 367 | (1.559) |
New loans | 182 | 1.128 |
Repayment of loans | (2.185) | (3.209) |
Increase (decrease) in non-current bank payables | ||
Financial liabilities to other lenders | (1.814) | (3.314) |
Change in financial receivables from other lenders | (274) | 710 |
Equity | (2.094) | (2.114) |
Share capital increase | ||
Sale (purchase) of treasury shares | (93) | (94) |
Other changes in equity | (2.001) | (2.020) |
C Cash flow from financing activities | (5.817) | (8.359) |
Increase (decrease) in cash and cash equivalents (A ± B ± C) | (5.180) | 386 |
Cash and cash equivalents at 1 January | 6.489 | 6.103 |
Cash and cash equivalents at 31 October | 1.309 | 6.489 |
Neodecortech S.p.A. | tel +39 035996111 | C.F. e R.I. 00725270151 | www.neodecortech.it |
Via Provinciale, 2 | fax +39 035995225 | P.IVA IT 02833670165 | info@neodecortech.it |
24040 Filago, Bergamo | Capitale Sociale euro 16.203.000,00 iv | R.E.A. 193331 |
Neodecortech S.p.A.
Neodecortech is the Italian market leader in the production of decorative papers for laminated panels and flooring for interior design. The Group's business is in the production of complete and technologically advanced solutions for the realization of interior design projects, covering all stages of the production process for the production of decorative paper, from raw material management, through surface finishing and impregnation, up to the finished product and the management of end-of-line logistics. The Group offers 6 product categories: decorative papers; decorative printings; finish foil; melamine film; PPF; laminates (www.neodecortech.it).
ISIN Code ordinary shares: IT0005275778
ISIN Code Warrants: IT0005346785
For further information:
Nomad and Specialist | Investor Relator |
BPER Banca S.p.A. | Neodecortech S.p.A. |
neodecortech@bper.it | T +39 035 99 63 02 |
051-2756537 | F +39 035 99 52 25 |
www. bper.it | Marco Giussani |
C +39 340 2391966 | |
investor.relations@neodecortech.it | |
www.neodecortech.it |
* * *
This press release is for informational purposes only and does not constitute an offer to the public or an invitation to subscribe or purchase financial instruments in Italy or any other country where such offer or solicitation would be subject to restrictions or authorization by local authorities or otherwise prohibited by law. This press release may not be published, distributed or transmitted to the United States, Canada, Australia or Japan. The shares mentioned in this press release cannot be offered or sold in either Italy or the United States or any other jurisdiction without registration under the applicable provisions or an exemption from the obligation to register under the applicable provisions. The shares mentioned in this press release have not been and will not be registered under the US Securities Act of 1933 nor under the applicable provisions in Italy, Australia, Canada, Japan or any other jurisdiction.
There will be no offer to the public of the Company's shares either in Italy or in the United
States, Australia, Canada or Japan or elsewhere.
Neodecortech S.p.A. | tel +39 035996111 | C.F. e R.I. 00725270151 | www.neodecortech.it |
Via Provinciale, 2 | fax +39 035995225 | P.IVA IT 02833670165 | info@neodecortech.it |
24040 Filago, Bergamo | Capitale Sociale euro 16.203.000,00 iv | R.E.A. 193331 |
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Neodecortech S.p.A. published this content on 09 December 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 December 2019 10:35:08 UTC