SOL S.P.A. 
By SOL GROUP
PRESS RELEASE 2013 FULL YEAR CONSOLIDATED RESULTS Sales: € 596.3 ml (+2.3%) EBITDA: € 131.8 ml (-0.3%) Net Profit: € 21.6 ml (-25.5%) due to non-recurrentfiscal charges Proposed dividend of € 0.10 per share (equal to 2012)The Board of Directors of SOL S.p.A. approved the 2013 consolidated results.
Consolidated Sales € 596.3 ml (+2.3% vs € 583.0 minl 2012), EBITDA € 131.8 ml (22.1% on sales), EBIT€
53.5 ml (9.0% on sales), Consolidated Net Profit of € 21.6 ml (€ 29.0 ml in 2012).
These are highlights of the consolidated figures approved today by the Board of Directors of SOL S.p.A., a company listed on the Italian Stock Exchange that acts as holding company to a multinational group, with more than 2,600 employees, involved in the area of technical gases and home-care assistance, operating in Europe and in India.
At the upcoming Shareholders' meeting, called for May 12, 2014 in Monza, the company's Board of Directors will propose distribution of a dividend of € 0.10 per ordinary share (equal to 2012), to be paid since May 22,
2014.
In a climate of economic recession in many European countries especially during the first nine months of year 2013, Sol Group achieved a growth of 2.3 % in sales volume compared to the prior year.
In comparison with 2012, the sales were stable in Italy (-0.3%) but increased abroad (+5.3%), with a turnover that represents 48.2% of the total.
With reference to the sales volumes of the two business of the Group, the Technical Gases division showed a slight decrease of 0.6%, despite the general fall-off of the industry in almost all Europe, whereas the Home Care division, where the Group operates through VIVISOL, marked a growth of 6.1%.
The level of EBITDA was satisfactory, although the difficult economic context.
EBIT was € 53.5 ml, equal to 9.0% on sales, in small reduction vs 2012, due to the increase of provisions charges for €1.1 ml and of depreciation costs for €1.5 ml.
The Consolidated Net Profit was € 21.6 ml, with areduction of € 7.4 ml compared to the prior year, mostly due to non-recurrent fiscal charges for an amount of € 5.6 ml.
The capital expenditures of the Group were € 92.0 ml (CAPEX 15.4%) and the operating consolidated cash flow amounted to € 92.6 ml.
The total Net Debt was € 205.1 ml, increased by €.89 ml vs 12/31/2012, due to the realized investments. The Net Debt / Equity ratio was equal to 51.8%.
There are no subsequent relevant events after December 31, 2013 to point out.
"We consider positive the results achieved in 2013" affirmed Marco Annoni, Vice-President of SOL S.p.A. "which confirm the solidness of SOL Group to operate and develop in a very complex economic context".
"In the year 2014, in a difficult economic framework, " concluded Aldo Fumagalli Romario, President of SOL S.p.A "we'll continue to pursue the growth and the investments program sustaining the development, the diversification and the innovation and trying to increase the profitability of the Group".
Pursuant to paragraph 2 of Article 154-bis of the Unified Financial Act of February 24, 1998, the manager responsible for preparing the financial reports Marco Filippi declares that the accounting information contained in this press release corresponds to the results documented in the books, accounting and other records.
Enclosure: Consolidated Income Statement and Statement of Financial Position. Monza, March 28, 2014
SOL Group - Profit and loss account(Thousands Euro)
31/12/2013 % 31/12/2012 %
Net sales 596.322 100,0% 582.968 100,0% Other revenues and proceeds 4.023 0,7% 6.835 1,2% Internal works and collections 10.479 1,8% 9.455 1,6% Revenues 610.824 102,4% 599.258 102,8% Purchase of materials 149.288 25,0% 150.730 25,9% Services rendered 177.833 29,8% 177.097 30,4% Change in inventories (313) -0,1% (533) -0,1% Other expenses 27.996 4,7% 24.736 4,2% Total costs 354.804 59,5% 352.030 60,4% Added value 256.020 42,9% 247.228 42,4% Payroll and related costs 124.232 20,8% 115.013 19,7% EBITDA 131.788 22,1% 132.215 22,7% Depreciation & amortization 70.060 11,7% 68.545 11,8% Other provisions 8.288 1,4% 7.182 1,2% Non recurring (Income) / Charges (70) 0,0% 22 0,0% EBIT 53.510 9,0% 56.466 9,7% Financial income 2.583 0,4% 2.185 0,4% Financial expense 10.982 1,8% 12.140 2,1% Net financial Income / (Charges) (8.399) -1,4% (9.955) -1,7% PBT 45.112 7,6% 46.510 8,0% Tax on profit 22.606 3,8% 16.508 2,8% Net profit from ongoing operations 22.506 3,8% 30.002 5,1% Net profit from discontinuous operations 0 0,0% 0 0,0% Minorities (877) -0,1% (976) -0,2% Net profit 21.629 3,6% 29.027 5,0% EPS 0,238 0,320
(Thousands Euro)
31/12/2013 31/12/2012
Tangible assets 385.375 362.844
Goodwill and consolidation differences 24.858 24.970
Other intangible assets 8.755 8.492
Equity investments 778 781
Other financial assets 5.350 4.784
Tax advances 5.779 5.923
NON CURRENT ASSETS 430.894 407.793
Non current assets held for sale 0 0
Inventories 33.379 33.148
Trade receivables 241.073 238.755
Other current assets 20.704 21.938
Current financial assets 2.654 2.429
Prepayments and accrued income 3.874 3.692
Cash and banks 67.345 61.403
CURRENT ASSETS 369.029 361.367
TOTAL ASSETS 799.923 769.160
Share capital 47.164 47.164
Share premium reserve 63.335 63.335
Legal reserve 9.457 8.615
Other reserves 239.257 225.204
Retained earnings 2.659 2.659
Net profit 21.629 29.027
Shareholders' equity - Group 383.500 376.003
Minorities 11.696 11.342
Net income attributable to minority shareholders 877 976
Shareholders' equity - minority interests 12.573 12.318
SHAREHOLDERS' EQUITY 396.073 388.321
Employee benefits 10.687 11.056
Provision for deferred tax liabilitieses 2.684 3.015
Provision for risks and charges 2.535 2.568
Payables and other financial liabilities 235.585 224.273
NON CURRENT LIABILITIES 251.492 240.912
Non current liabilities held for sale 0 0
Due to banks 7.141 3.066
Trade accounts 77.245 74.576
Current financial liabilities 33.630 33.487
Taxes payables 7.542 6.707
Accrued expenses and deferred income 10.781 7.999
Other current liabilities 16.020 14.093
CURRENT LIABILITIES 152.358 139.928
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 799.923 769.160
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