RAMADA INVESTIMENTOS E INDÚSTRIA, S.A.

(RAM)
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Ramada Investimentos e Indústria S A : Indústria, S.A. announces Financial Statements for the 1st Quarter 2022

06/23/2022 | 01:36pm EDT

RAMADA INVESTIMENTOS E INDÚSTRIA, S.A.

Public Company

Earnings announcement 1st Quarter 2022

(unaudited information)

This document is a translation of a document originally issued in Portuguese, prepared using accounting policies consistent with the International Financial Reporting Standards adopted in European Union (IFRS-EU), some of which may not conform or be required by generally accepted accounting principles in other countries. In the event of discrepancies, the Portuguese language version prevails.

Head Office: Rua Manuel Pinto de Azevedo, 818 4100-320 Oporto

Share capital: 25,641,459 Euro

INTRODUCTION

Ramada Investimentos is the parent company of a group of companies that together operate within two distinct business segments: i) Industrysegment, which includes the activity of special steels and wire drawing, as well as the activity related to the management of financial investments in which the Group is a minority shareholder; and ii) Real Estatesegment, aimed at the management of real estate assets.

The special steels activity, which develops, especially at the level of the sub-segment of moulds, with a leading position in the domestic market, is developed by three companies: Ramada Aços, Universal Afir and Planfuro Global.

The wire drawing activity is developed by Socitrel, whose main business is the manufacture and commercialization of steel wires, capable of being used in a wide variety of activities, including industry, agriculture and construction.

In the financial investments management activity, among other portfolio investments held by the Group, it should be highlighted the participations held in CEV, S.A. and Fisio Share - Gestão de Clínicas, S.A..

The Real Estate Segment includes the real estate asset management activity (composed by the forest assets and the Real Estate of the Group) and is developed by F. Ramada ll - Imobiliária, S.A..

RAMADA GROUP

INDUSTRY

REAL ESTATE

INDÚSTRIA

2

CONSOLIDATED INCOME STATEMENT BY NATURE

The consolidated financial information of Ramada Investimentos was prepared in accordance with the recognition and measurement principles of the International Financial Reporting Standards, as adopted by the European Union (IFRS

  • EU).

The key information and indicators of Ramada Group's consolidated activity can be presented as follows:

1Q 2022

1Q 2021

Var. %

Total revenues (a)

54 126

32 251

67.8%

Total costs (b)

(46 416)

(27 540)

68.5%

EBITDA (c)

7 710

4 712

63.6%

EBITDA margin (d)

14.2%

14.6%

-0.4 p.p.

Amortization and depreciation

(1 119)

(792)

41.3%

EBIT (e)

6 591

3 920

68.1%

EBIT margin (f)

12.2%

12.2%

-

Results related to investments

109

(13)

ss

Financial expenses

(243)

(274)

-11.3%

Financial income

17

5

ss

Profit before income tax

6 475

3 639

77.9%

Income tax

(1 523)

(782)

94.8%

Consolidated net profit

4 952

2 857

73.3%

Net profit attributable to shareholders of the parent company

4 952

2 857

73.3%

Amounts in thousands of Euro

  1. Total revenues = Sales and services rendered + Other income
  2. Total costs = Cost of sales and production variation + External supplies and services + Payroll expenses + Other expenses + Provisions and impairment losses
  3. EBITDA = Profit before income tax, Financial results, Amortization and depreciation and Results related to investments
  4. EBITDA margin = EBITDA / Total revenues
  5. EBIT = EBITDA + Amortization and depreciation
  6. EBIT margin = EBIT / Total revenues

In the first quarter of 2022, total revenues of Ramada Group amounted to 54,126 thousand Euro, representing a 67.8% increase over the total revenues recorded in the same period of 2021.

Total costs amounted to 46,416 thousand Euro, recording a 68.5% increase when compared to the same period in the previous year.

EBITDA amounted to 7,710 thousand Euro, representing an increase of 63.6% compared to the same period of 2021. EBITDA margin achieved 14.2%, representing a decrease of 0.4 percentage points when compared to the previous year.

3

EBIT, in the amount of 6,591 thousand Euro, recorded an increase of 68.1% when compared to 3,920 thousand Euro in 2021.

The financial results (financial income - financial expenses), in the amount of 226 thousand Euro, recorded a 16.0% decrease over the previous year.

The consolidated net profit of the first quarter of 2022 amounted to 4,952 thousand Euro, increasing 73.3% compared to the net profit of the same period of the previous year.

INDUSTRY

1Q 2022

1Q 2021

Var. %

Total revenues (a)

52 266

30 428

71.8%

Total costs (b)

(46 038)

(27 196)

69.3%

EBITDA (c)

6 228

3 232

92.7%

EBITDA margin (d)

11.9%

10.6%

+1.3 p.p.

EBIT (e)

5 157

2 480

107.9%

EBIT margin (f)

9.9%

8.2%

+1.7 p.p.

Results related to investments

109

(13)

ss

Financial results (g)

(118)

(138)

-14.5%

Profit before income tax

5 148

2 330

120.9%

Income tax

(1 231)

(494)

149.2%

Net profit

3 917

1 836

113.3%

Amounts in thousands of Euro

  1. Total revenues = Sales and services rendered + Other income
  2. Total costs = Cost of sales and production variation + External supplies and services + Payroll expenses + Other expenses + Provisions and impairment losses
  3. EBITDA = Profit before income tax, Financial results, Amortization and depreciation and Results related to investments
  4. EBITDA margin = EBITDA / Total revenues
  5. EBIT = EBITDA + Amortization and depreciation
  6. EBIT margin = EBIT / Total revenues
  7. Financial results = Financial income - Financial expenses

In the first quarter of 2022, total revenues from the Industry segment amounted to 52,266 thousand Euro, recording an increase of 71.8% compared to the same period of 2021.

EBITDA in the Industry segment amounted to 6,228 thousand Euro, representing a positive variation of 92.7% compared to the 3,232 thousand Euro recorded in the first quarter of 2021. EBITDA margin reached 11.9%, recording an increase of 1.3 percentage points over the same period of the previous year.

4

EBIT, in the amount of 5,157 thousand Euro, recorded an increase of 107.9% compared to the 2,480 thousand Euro in 2021.

The net profit of the Industry segment in the first quarter of 2022, in the amount of 3,917 thousand Euro, represented an increase of 113.3% compared to the net profit of the same period of previous year.

In the first three months of 2022, Ramada Group reached record turnover figures, as a result of price increases and volume growth that occurred in all sectors of activity.

The Moulds sector was where there was a more accelerated growth in this period, with increases in demand in quantity, especially in large pieces, which led to a need to reinforce the purchases of materials at higher prices. This acceleration in the Moulds sector leveraged the growth in the machining sector, and this sector registered significant increases in the rendering of conventional and customized machining services.

In the Metalworking sector, demand is currently more stable, and the year-on-year growth was stimulated essentially by the price factor. The reduction in quantities sold is largely related to the industrial downturn resulting from the pandemic and the shortage of electronic components, such as chips.

The rise in electricity and natural gas prices had a significant impact on the Group's profitability. With the uncertainty caused by the war in Ukraine, energy costs have increased significantly and this scenario is likely to continue for some time. In order to partially mitigate this impact and simultaneously improve environmental performance, the Group decided to invest in a self-consumption photovoltaic power plant (Ramada Solar), with the start-up of the first megawatt production planned for the first half of 2022.

Due to the rise in prices, stock management was necessarily one of the pillars of action at the beginning of the year, requiring constant attention to market movements. Additionally, demand was at very high levels, with steel mills' production deadlines being extended by two months more than usual. The difficulties in the supply of materials are increasing, both due to the crisis in Ukraine and Russia, and to price increases from China. At the same time, there were also difficulties in transport, which caused even more uncertainty in the supply chain.

The Group continues to focus on exports and on increasing its customer portfolio to ensure future growth and less dependence on the domestic market. In the first quarter of 2022, the sales of the Steel activity to the external market represented 7.6% of the turnover, registering a growth of 31.4% compared to the same period of 2021. In exports, the start was lower than the same period of the previous year, but now with a higher number of projects for moldmakers in Spain and Germany. The follow-up work in the field consolidated the relationship and the customers' confidence in our capacity and competence.

In the first quarter of 2022, the wire drawing activity registered a record growth in turnover, compared to the same period of the previous year.

The wire drawing activity operates essentially for the foreign market, which in the first quarter of 2022 represented 72.7% of turnover. In the same period of 2021, exports represented 64.2% of turnover.

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Ramada Investimentos e Indústria SA published this content on 23 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 June 2022 17:35:09 UTC.


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Sales 2022 172 M 176 M 176 M
Net income 2022 14,0 M 14,4 M 14,4 M
Net Debt 2022 21,0 M 21,5 M 21,5 M
P/E ratio 2022 12,9x
Yield 2022 5,37%
Capitalization 182 M 186 M 186 M
EV / Sales 2022 1,18x
EV / Sales 2023 1,40x
Nbr of Employees 440
Free-Float 22,6%
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