SOL S.P.A. SOL GROUP
PRESS RELEASE
FIRST HALF 2015 RESULTS
The Board of Directors has approved the First Half 2015 results.
Consolidated Sales € 333.4 ml, (+8.0% vs 1H 2014, € 308.7 ml), EBITDA € 72.6 ml being 21.8% on sales (€ 68.7 ml at 1H 2014), EBIT € 32.3 ml being 9.7% on sales (€ 30.4 ml at 1H 2014), Net Profit € 16.5 ml (15.5 ml at 1H 2014).
These are the highlights disclosed in the First Half 2015 results approved earlier today by the Board of Directors of SOL S.p.A., a listed company on the Italian Stock Exchange that acts as holding company to an Italian multinational group, with about
3,000 employees, involved in the area of technical gases and home-care assistance, operating in Europe, Turkey, Morocco and India.
In a still weak economic trend in the European countries, in the first half of 2015 Sol Group achieved a growth of 8.0 % in sales volume compared with the 1H 2014. The positive result is due to the growth of sales abroad with an increase of 12.6%, but also to an improvement in Italy, where the growth was of 3.6% despite the stop of the production activity of the important customer Acciaieria Lucchini.
With reference to the two businesses of the Group, the Technical Gases Division registered an increase of sales of 7.2% in respect to the first semester of 2014, whereas the Home Care Division, in which the Group operates through VIVISOL, marked a growth of 8.6%.
EBITDA and EBIT were good and marked a growth of 5.6% and 6.4% respectively, compared with the 1H 2014.
The Consolidated Net Profit was € 16.5 ml, with a growth of 6.5% compared with the first half of 2014 (€ 15.5 ml).
In financial terms, Operating Cash Flow was € 55.6 ml (€ 52.3 ml in the same period of 2014); the Total Net Debt was € 246.3 ml, increased by € 33.6 ml vs 12/31/14, due to the investments made in the first semester of € 39.4 ml, the payment of the dividends of € 10.9 ml, the acquisition of the company FLOSIT SA and the increase of the working capital.
The Net Debt/Equity ratio was 0.56 (equal to end of June 2014).
With reference to the relevant events occurred after June 30, 2015, we have to report three new acquisitions: Cryolab Srl, an Italian company located in Rome and active in the biotechnology business; INSPIRAR SA, a Brazilian company located in Sao Paulo and operating in the home care business and Pielmeier Medizintechnik GmbH, a German company also operating in the home care business.
Moreover, on July 10ththe controlled company Diatheva Srl, operating in the biotech sector, sold the worldwide rights to develop and trade antibodies targeting ceaCAM1
to the American company Agenus Inc. If a product is successfully developed and registered in USA and Europe, Agenus might pay to Diatheva in the next years an amount up to $44 million.
"We consider in a positive way the results achieved in the first semester of 2015" affirmed Marco Annoni, Vice-President of SOL S.p.A. "which confirm the solidity of SOL Group in a very difficult economic situation".
"In the year 2015", concluded SOL Chairman Aldo Fumagalli Romario, "our target is to pursue the trend of growth of sales and to maintain the profitability of the Group
at a good level, continuing the investment program sustaining the development, the diversification and the innovation".
Pursuant to paragraph 2 of Article 154-bis of the Unified Finance 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, August 27, 2015
SOL Group - Consolidated income statement
(Thousands Euro)
30/06/2015 % 30/06/2014 %
Net sales 333.372 100,0% 308.661 100,0%
Other revenues and proceeds 2.471 0,7% 1.950 0,6%
Internal works and collections 7.931 2,4% 7.446 2,4% Revenues343.773103,1%318.056103,0%Purchaseofmaterials87.16126,1%77.83225,2%Servicesrendered101.84130,5%93.12930,2%Changeininventories(4.550)-1,4%(1.470)-0,5%Otherexpenses15.9834,8%15.1044,9%Totalcosts200.43560,1%184.59459,8%Addedvalue143.33843,0%133.46343,2%Payrollandrelatedcosts70.75721,2%64.73121,0%
EBITDA 72.581 21,8% 68.732 22,3%Depreciation&amortization38.33111,5%36.13211,7%Otherprovisions1.9380,6%2.2250,7%Nonrecurring(Income)/Charges00,0%00,0%EBIT32.3139,7%30.3759,8%Financialincome2.5440,8%1.0590,3%Financialexpense(6.700)-2,0%(5.541)-1,8%Resultofinvestments(421)-0,1%(5)0,0%NetfinancialIncome/(Charges)(4.576)-1,4%(4.487)-1,5%PBT27.7368,3%25.8888,4%
Tax on profit 10.425 3,1% 9.677 3,1% Netprofitfromongoingoperations17.3115,2%16.2115,3%Netprofitfromdiscontinuousoperations00,0%00,0%Minorities(845)-0,3%(748)-0,2%Netprofit16.4664,9%15.4635,0%EPS0,1820,0%0,1700,0%
SOL Group - Statement of financial position
(Thousands Euro)
30/06/2015 31/12/2014
Tangible assets 423.842 417.726
Goodwill and consolidation differences 48.350 39.351
Other intangible assets 11.017 10.719
Equity investments 9.036 8.881
Other financial assets 12.005 8.107
Tax advances 6.124 5.957
NON CURRENT ASSETS 510.375 490.742
Non current assets held for sale 0 0
Inventories 39.938 35.087
Trade receivables 259.316 232.988
Other current assets 26.088 17.511
Current financial assets 5.217 2.906
Prepayments and accrued income 8.033 5.230
Cash and banks 88.772 95.665
CURRENT ASSETS 427.364 389.387
TOTAL ASSETS 937.739 880.129
Share capital 47.164 47.164
Share premium reserve 63.335 63.335
Legal reserve 10.459 10.459
Other reserves 285.520 256.134
Retained earnings 2.439 2.281
Net profit 16.466 29.180
Shareholders' equity - Group 425.383 408.553
Minorities 12.453 11.770
Net income attributable to minority shareholders 845 1.545
Shareholders' equity - minority interests 13.298 13.315
SHAREHOLDERS' EQUITY 438.681 421.868
Employee benefits 14.466 15.197
Provision for deferred tax liabilitieses 3.155 2.732
Provision for risks and charges 863 1.318
Payables and other financial liabilities 291.363 274.875
NON CURRENT LIABILITIES 309.848 294.122
Non current liabilities held for sale 0 0
Due to banks 2.039 2.531
Trade accounts 92.088 83.454
Current financial liabilities 55.098 37.015
Taxes payables 10.185 12.787
Accrued expenses and deferred income 13.502 10.818
Other current liabilities 16.299 17.533
CURRENT LIABILITIES 189.210 164.138
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 937.739 880.129
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