Sabaf S p A : Interim management statement at 31 March 2021

INTERIM MANAGEMENT

STATEMENT

AT 31 MARCH 2021

SABAF S.p.A.

Via dei Carpini, 1 - OSPITALETTO (BS) ITALY

Fully paid-in share capital: € 11,533,450

www.sabafgroup.com

Table of contents
Group structure and corporate officers	3
Consolidated statement of financial position	4
Consolidated Income Statement	5
Consolidated statement of comprehensive income	6
Statement of changes in consolidated shareholders' equity	7
Consolidated statement of cash flows	8
Consolidated net financial position	9
Explanatory notes	10
Management Statement	12
Statement of the Financial Reporting Officer pursuant to Article 154-bis (2) TUF	14

Sabaf Group | Interim management statement at 31 March 2021

2

Group structure and corporate officers

Parent company

SABAF S.p.A.

Subsidiaries and equity interest pertaining to the Group

Companies consolidated on a line-by-line basis
Faringosi Hinges s.r.l.		Italy	100%
Sabaf do Brasil Ltda.		Brazil	100%
Sabaf Beyaz Esya Parcalari Sanayi Ve Ticaret Limited	Turkey	100%
Sirteki (Sabaf Turkey)
Sabaf Appliance Components (Kunshan) Co., Ltd.	China	100%
Okida Elektronik Sanayi ve Tickaret A.S.	Turkey	100%
Sabaf US Corp.		U.S.A.	100%
A.R.C. s.r.l.		Italy	70%
Sabaf India Private Limited	India	100%
C.M.I. s.r.l.		Italy	84.25%
C.G.D. s.r.l.		Italy	84.25%
C.M.I. Polska Sp. zoo.		Poland	84.25%
Companies consolidated using the equity method
Handan A.R.C. Burners Co., Ltd.	China	35.7%
Honorary Chairman	Giuseppe Saleri
Board of Directors
Chairman	Claudio Bulgarelli
Vice Chairman (*)	Nicla Picchi
Chief Executive Officer	Pietro Iotti
Director	Gianluca Beschi
Director	Alessandro Potestà
Director	Cinzia Saleri
Director (*)	Carlo Scarpa
Director (*)	Daniela Toscani
Director (*)	Stefania Triva
(*) independent directors
Board of Statutory Auditors
Chairman	Alessandra Tronconi
Standing Auditor	Maria Alessandra Zunino de Pignier
Standing Auditor	Mauro Vivenzi
Sabaf Group | Interim management statement at 31 March 2021		3

Consolidated statement of financial position

		31/03/2021	31/12/2020	31/03/2020
	(€/000)
	ASSETS
	NON-CURRENT ASSETS
	Property, plant and equipment	78,827	76,507	73,803
	Investment property	3,048	3,253	3,869
	Intangible assets	41,816	43,017	49,324
	Equity investments	164	173	185
	Non-current financial assets	0	0	60
	Non-current receivables	589	518	284
	Deferred tax assets	7,800	8,075	6,583
	Total non-current assets	132,244	131,543	134,108
	CURRENT ASSETS
	Inventories	50,081	39,224	34,080
	Trade receivables	73,020	63,436	53,136
	Tax receivables	2,980	2,419	3,067
	Other current receivables	2,865	3,167	2,694
	Current financial assets	1,243	1,495	1,233
	Cash and cash equivalents	11,843	13,318	12,956
	Total current assets	142,032	123,059	107,166
	ASSETS HELD FOR SALE	0	0	0
	TOTAL ASSETS	274,276	254,602	241,274
	SHAREHOLDERS' EQUITY AND LIABILITIES
	SHAREHOLDERS' EQUITY
	Share capital	11,533	11,533	11,533
	Retained earnings, Other reserves	98,791	87,504	97,284
	Net profit for the period	8,456	13,961	1,547
	Total equity interest pertaining to the Parent Company	118,780	112,998	110,364
	Minority interests	5,106	4,809	7,181
	Total shareholders' equity	123,886	117,807	117,545
	NON-CURRENT LIABILITIES
	Loans	33,552	32,153	42,979
	Other financial liabilities	0	0	7,383
	Post-employment benefit and retirement provisions	3,536	3,513	3,718
	Provisions for risks and charges	1,138	1,433	988
	Deferred tax liabilities	4,597	4,697	6,977
	Non-current payables	0	0	68
	Total non-current liabilities	42,823	41,796	62,113
	CURRENT LIABILITIES
	Loans	31,045	30,493	19,562
	Other financial liabilities	8,122	8,489	4,803
	Trade payables	51,883	41,773	26,558
	Tax payables	4,487	3,287	1,617
	Other payables	12,030	10,957	9,076
	Total current liabilities	107,567	94,999	61,616
	LIABILITIES HELD FOR SALE	0	0	0
	TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	274,276	254,602	241,274
Sabaf Group | Interim management statement at 31 March 2021		4

Consolidated Income Statement

(€/000)

INCOME STATEMENT

COMPONENTS

OPERATING REVENUE AND INCOME Revenue

Other income

Total operating revenue and income

OPERATING COSTS Materials

Change in inventories Services Personnel costs Other operating costs

Costs for capitalised in-house work

Total operating costs

OPERATING PROFIT BEFORE DEPRECIATION & AMORTISATION,CAPITAL GAINS/LOSSES AND WRITE-DOWNS/WRITE-BACKS OF NON-CURRENT ASSETS (EBITDA)

Depreciations and amortisation

Capital gains/(losses) on disposals of non- current assets Write-downs/write-backs of non-current assets

OPERATING PROFIT (EBIT)

Financial income Financial expenses Exchange rate gains and losses

Profits and losses from equity investments

PROFIT BEFORE TAXES

Income taxes

NET PROFIT FOR THE PERIOD

of which Minority interests

PROFIT ATTRIBUTABLE TO THE GROUP

Q1		Q1	12M
2021	2020	2020

64,825	100.0%		43,852		100.0%	184,906		100.0%
1,888	2.9%		1,049		2.4%	7,194		3.9%
66,713	102.9%		44,901	102.4%	192,100	103.9%
(36,947)	-57.0%		(19,138)	-43.6%	(82,966)	-44.9%
11,535	17.8%		(304)	-0.7%	6,406		3.5%
(12,286)	-19.0%		(7,570)	-17.3%	(34,264)	-18.5%
(13,886)	-21.4%		(10,253)	-23.4%	(43,700)	-23.6%
(704)	-1.1%		(379)	-0.9%	(1,981)	-1.1%
683	1.1%		432		1.0%	1,502		0.8%
(51,605)	-79.6%		(37,212)		-84.9%	(155,003)		-83.8%
15,108	23.3%	7,689	17.5%	37,097	20.1%
(4,132)	-6.4%		(4,337)	-9.9%	(16,968)	-9.2%
44	0.1%		8		0.0%	105		0.1%
0	0.0%		0		0.0%	(141)	-0.1%
11,020		17.0%			3,360		7.7%			20,093		10.9%
500	0.8%		72		0.2%	1,366		0.7%
(211)	-0.3%		(424)	-1.0%	(2,146)	-1.2%
(849)	-1.3%		(816)	-1.9%	(4,812)	-2.6%
(46)	-0.1%		0		0.0%	8		0.0%
10,414	16.1%	2,192	5.0%	14,509	7.8%
(1,646)	-2.5%		(512)	-1.2%	(149)	-0.1%
8,768		13.5%			1,680		3.8%			14,360		7.8%
312	0.5%		133		0.3%	399		0.2%
8,456	13.0%	1,547	3.5%	13,961	7.6%

Sabaf Group | Interim management statement at 31 March 2021

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