Revenues: euro137.1 million (euro 137.1 million as of September 30th 2014)
Ebitda: euro 645 thousand (euro 2.7 million as of September 30th 2014)
Ebit: euro 5.3 million (euro 2.7 million as of September 30th 2014)
Pretax: euro 35.4 million (euro 29.3 million as of September 30th 2014)
Group Shareholders' Equity: euro 719.9 million (euro 659.6 million as of December 31st 2014)
Vianini Lavori closed the first nine months of 2015 with Operating revenues of euro
137.1 million, unchanged from 2014.
Associates Result reached euro 18.3 million (euro 22.9 million as of September 30th 2014). In particular, Cementir Holding Group has reported results in line with previous year. Acqua Campania Spa and Eurostazioni Spa recorded a slight decline. Furthermore, last year's associates result included Società Autostrada Tirrenica Spa (SAT Spa), no longer consolidated as of 30th of September 2015.
Net Financial Result was positive for euro 11.9 milion (euro 3.7 million as of September 30th 2014) benefitted from higher dividends from participations as well as capital gains from sale of financial stakes.
Pretax result reached euro 35.4 million (euro 29.3 million as of September 30th 2014).
Net Cash Position reached euro 78.3 million (euro 40.6 million as September 30th 2014). The increase of euro 37.7 million was due to the sale of Società Autostrada Tirrenica Spa (SAT) participation as well as dividends received, net of dividends paid.
Group Shareholders' Equity reached euro 719.9 million (Euro 659.6 million as of December 31st 2014). The increase is due to the positive impact of retained
earnings, mark to market of Group financial stakes net of the corresponding value of associates net worth and dividends distributed.
Performance in the third quarter of 2014
In 2015 Q3, Revenues reached euro 39 million (euro 34.3 million in 2014 Q3), Ebitda
declined to euro - 657 thousand (euro 1.2 million in 2014 Q3) and Pretax was euro
10.5 million (euro 12.6 million in 2014 Q3).
Outlook
At this stage there are no elements to envisage a different trend in 2015 Q4 compared to the first nine months of the year. The civil engineering and public works industry keeps being characterized by a very difficult trading due to: a drastic reduction of public resources available for investment; the difficulty in promoting and developing private initiatives and the dramatic drop of mid to large tender. In this scenario the Group can count on a strong and well diversified Order backlog of Euro 1.05 billion.
Other relevant facts
With regards to the Public tender offer launched by FGC Finanziaria srl, the offeror with press release dated 21 October 2015, as a consequence of having reached, together with its concerted parties, the threshold of 90, 009% of Vianini Lavori SpA share capital, has indicated that the time frame agreed with Borsa Italiana to execute the residual offer on Vianini Lavori Spa shares pursuant to art. 108, par 2, of TUF is between October the 26th 2015 and December the 7th 2015 or from December 9th 2015 if FGC Finanziaria srl and its concerted parties were to achieve 95% of the share capital.
On November 7, 2015 was the deadline for the exercise of withdrawal rights attributed to the shareholders of Vianini Lavori Spa which did not approve the amendments to the Articles of Association approved by the Extraordinary Shareholders' Meeting on October 22, 2015. At the date of this Report the Company has not received any notice of exercise of the right of withdrawal by legitimated Shareholders.
***
The Executive responsible for the preparation of company accounting documentation, Fabrizio Caprara, declares in accordance with article 154 bis, paragraph 2, of the Consolidated Finance Act, that the accounting information contained in the present press release corresponds to the underlying accounting documents, books and accounting records.
Consolidated P&L statement is attached hereto
Media Relations Investor Relations
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Fax +39 06 45412300 Fax +39 06 32493349
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Vianini Lavori Group Consolidated Profit & LossEuro/000 | Jan - Sept 2015 | Jan - Sept 2014 | ∆ % | Q3 2015 | Q3 2014 | ∆ % |
TOTAL OPERATING REVENUES | 137,145 | 137,075 | 0.1% | 38,998 | 34,270 | 13.8% |
Labour Costs | (3,784) | (3,855) | -1.8% | (1,211) | (1,214) | -0.2% |
Other Operating Costs | (132,716) | (130,502) | 1.7% | (38,444) | (31,865) | 20.6% |
TOTAL OPERATING COSTS | (136,500) | (134,357) | 1.6% | (39,655) | (33,079) | 19.9% |
EBITDA | 645 | 2,718 | -76.3% | (657) | 1,191 | n.a. |
Amortisation, depreciation, provisions & write-downs | 4,612 | (37) | n.a. | 386 | (14) | n.a. |
EBIT | 5,257 | 2,681 | 96.1% | (271) | 1,177 | n.a. |
Net result of investments valued at equity | 18,277 | 22,889 | -20.1% | 7,381 | 11,435 | -35.5% |
Net financial income/(charges) | 11,883 | 3,744 | n.a. | 3,371 | 28 | n.a. |
Profit before taxes | 35,417 | 29,314 | 20.8% | 10,481 | 12,640 | -17.1% |
Group profit | 35,417 | 29,314 | 20.8% | 10,481 | 12,640 | -17.1% |
Minority interest share - - - - - -
distributed by |