SOL S.P.A. 
By SOL GROUP
PRESS RELEASE 2012 FULL YEAR CONSOLIDATED RESULTS Sales: € 583.0 ml (+4.9%) EBITDA: € 132.2 ml (+1.4%) Net Profit: € 29.0 ml (-6.8%) Proposed dividend of € 0.10 per share (equal to 201 )
The Board of Directors of SOL S.p.A. approved the 2012 consolidated results.
Consolidated Sales € 583.0 ml (+4.9% vs € 555.7 minl
2011), EBITDA € 132.2 ml (22.7% on sales, +1.4%vs
2011 EBITDA equal to € 130.4 ml), EBIT € 56.5 ml 5(.-2% vs 2011), Consolidated Net Profit of € 29.0 ml(€ 31.1 ml in 2011).
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 2,500 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 13, 2013 in Monza, the company's Board of Directors will propose distribution of a dividend of € 0.10 per odr inary share (equal to 2011), to be paid since May 23, 2012.
In a difficult economic climate registered during the year 2012, which means recession for some European
Countries, Sol Group achieved a growth of 4.9 % in sales volume compared with the year 2011.
In comparison to 2011, the sales increased slightly in Italy (+0.2%) but much more abroad (+10.8%), which represents 46.8% of the total turnover. The home-care business, in which the Group operates through VIVISOL, marked a growth of 10.9% (sales equal to € 264.9 m)l, while the technical gases business increased of 1.3% (sales equal to € 344.9 ml).
The growth of EBITDA of 1.4% on 2011 was satisfactory, although the increase of the raw materials, energy and transportation costs.
EBIT was € 56.5 ml, equal to 9.7% on sales, in small reduction vs 2011, due to provisions and non recurring charges for € 7.2 ml and the increase of depreciatoi n for € 3.5 ml due to the continual investments por gram.
The Consolidated Net Profit was € 29.0 ml, a very satisfactory amount (€ 31.1 ml in 2011).
The capital expenditures of the Group were € 85.4 ml (CAPEX 14.7%) and the operating consolidated cash flow amounted to € 98.5 ml.
The total net debt was € 195.3 ml, increased by € 02.9 ml vs 12/31/2011, due to the investments and acquisitions realized. The Net debt / Equity ratio was equal to 50.0%.
There are no subsequent relevant events after December 31, 2012 to point out.
"We consider positive the results achieved in 2012" affirmed Marco Annoni, Vice-President of SOL S.p.A. "which confirm the capability of SOL Group to operate and develop in a deteriorated economic contest".
"In the year 2013" 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 of the Group. In a difficult economic framework, we'll try to maintain the profitability of the Group at the same level of
2012".
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 29, 2013
(Thousands Euro)
(Thousands Euro)
31/12/2012 | 31/12/2011 | |
Tangible assets Goodwill and differences arising from consolidation Other intangible assets Equity investments Other financial assets Deferred tax assets | 362.844 24.970 8.492 781 5.923 5.923 | 343.655 22.374 5.576 753 4.490 4.490 |
NON CURRENT ASSETS | 407.793 | 379.040 |
Non current assets available for sale | - | - |
Inventories Trade receivables Other current assets Current financial assets Prepayments and accrued income Cash and banks | 33.148 238.755 21.938 2.429 3.692 61.403 | 31.747 249.187 20.320 1.087 2.408 47.815 |
CURRENT ASSETS | 361.367 | 352.564 |
TOTAL ASSETS | 769.160 | 731.604 |
Share capital Share premium reserve Legal reserve Other reserves Retained earnings Net profit | 47.164 63.335 8.615 227.535 2.659 29.027 | 47.164 63.335 7.957 214.719 - 31.146 |
Shareholders' equity | 378.334 | 364.321 |
Minorities Net income attributable to minority shareholders | 11.342 976 | 10.179 893 |
Shareholders' equity to minority shareholders | 12.318 | 11.072 |
SHAREHOLDERS' EQUITY | 390.652 | 375.393 |
Employee benefits Deferred tax liabilities Provision for liabilities and charges Debts and other financial liabilities | 8.725 3.015 2.568 224.273 | 8.744 3.562 2.597 183.009 |
NON CURRENT LIABILITIES | 238.581 | 197.912 |
Non current liabilities available for sale | - | - |
Due to banks Trade payables Current financial liabilities Taxes payable Accrued expenses and deferred income Other current liabilities | 3.066 74.576 33.487 6.707 7.999 14.093 | 4.419 85.960 33.540 7.629 8.355 18.396 |
CURRENT LIABILITIES | 139.928 | 158.299 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 769.160 | 731.604 |
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