Press

Zola Predosa (BO), 26th   of March 2018 The Board of Directors Officine Maccaferri S.p.A. (Maccaferri Group), chaired by Alessandro Maccaferri has approved this afternoon the draft Consolidated Financial Statements as of 31st December 2017.

The 2017 revenue increase was mainly due to a generalized positive performance in almost all geographical areas. The recovery has been driven by the successful launch of new important product offers and a more favourable economic trend all over the world except for Brazil, still affected by political and economic instability  and  China,  where the increase in  raw  material  prices  has  negatively  impacted on  marginality. However, the Group has been able to improve the financial performance compared to 2016, more than offsetting the lack of the sales of the Bolivia Project.

Sales revenues in Q4 were €144.6 million, with an increase of 19.3% from € 121.2 million of Q3 2017 and of

6% from € 136.4 million of Q4 2016. On a yearly basis, sales revenue reached a total value of €496.5 million, with an increase of 6.7% from the €465.5 million achieved in the previous year. The improved performance of the Group was mainly driven by EMEA (Italy, Spain, Russia, UK), APAC (Indonesia and India) and LATAM (Argentina, Costarica and Peru), together with positive contribution of the new business lines Defense & Security and Tunnelling.

The EBITDA of Q4 was €21.0 million, with an increase of 84.4% from the €11.4 million of the Q3 2017 and of

28.5% from the €16.4 million of the Q4 2016. Compared to Q4 2016 EBITDA margin (percentage on total revenue) grew of 2.5 percentage point to 14.5%. This positive result depends on higher sales volumes with a greater absorption of fixed costs and the worldwide implementation of cost rationalization initiatives. The EBITDA for the year was €44.0 million, with an increase of 10.4% from € 39.9 million in 2016.

Operating costs of Q4 2017, equivalent to €123.5 million, are higher than previous year, but with a lower incidence on revenues of 2.5 percentage point. The decrease of costs percentage-wise is mainly due to a different product mix and a strong focus on cost control.

Financial Income was negative of €17.8 million compared to a negative €15.4 million of the previous year, mainly because of the revaluation of the Euro towards other currencies generating negative exchange rate differences (from €1.9 million of 2016 to €3.7 million of 2017).

Net Financial Indebtness decreased from previous year to €122.3 million from €145.9, largely thanks to the effective management of working capital.

 

Comparison between Q4 201and Q4 2016

 

€000 000 Q4 2017 Q4 2016 Change Change %
 

Total Revenues

144,6 136,4  

8,2

 

6,0%

 

EBITDA

21,0 16,4  

4,7

 

28,5%

 

EBITDA %

14,5% 12,0%    

 

Comparison between Q4 201and Q3 2017

 

 

€000 000

 

Q4 2017

 

Q3 2017

 

Change

 

Change %

 

Total Revenues

 

144,6

 

121,2

 

23,4

 

19,3%

 

EBITDA

 

21,0

 

11,4

 

9,6

 

84,4%

 

EBITDA %

14,5% 9,4%    

 

 

PERFORMANCE BY GEOGRAPICH AREA
With regard to geographic areas, North America, Italian market and Asia Pacific show a considerable growth in the fourth quarter, EMEA market performed slightly below compared to the same period of previous year while Latin America gap is mainly due to the lack of the Bolivia Project than in 2016 impacted mainly the Q4. On a yearly basis, Asia Pacific, Italy and North America show a considerable increase compared to 2016. EMEA is almost in line with previous year, while Latin America shortfall vs 2016 is mainly due to the Bolivia project.

€000 000 Q4 2017 Q4 2016 Change €000 000 2017 2016 Change
EMEA (ex Italy) 43,4 46,4 -2,9 EMEA (ex Italy) 163,7 160,6 3,1
Latin america 30,9 38,5 -7,6 Latin america 116,6 132,2 -15,6
Asia Pacific 30,9 25,7 5,2 Asia Pacific 102,1 83,8 18,3
Italy 23,8 15,9 7,9 Italy 62,3 51,4 10,9
North America 15,5 9,8 5,6 North America 51,9 37,5 14,4
Total Revenues 144,6 136,4 8,2 Total Revenues 496,5 465,5 31,0

 

SIGNIFICANT EVENTS

In  October  2017  the  Group  signed  with  Société  Marita  Immobilière  (SMI),  a  Moroccan  holding  which operates in the industrial, real estate, energy a joint venture agreement for the creation of a new company owned by Maccaferri (55% of shares) and SMI (45%). for the production and distribution of steel mesh, double torsion and reno mattresses. The headquarters of the plant will be located in the industrial area of Rabat. The new company will be operating from April 2018.

SUBSEQUENT EVENTS OF 2018

Officine Maccaferri Spa appointed, with effect from 1st of March 2018, Paolo Ramadori as new Chief Executive Officer of the Group. Thanks to his extensive international experience Paolo Ramadori will be able to support the Group in its path of growth over the next years.

 

The attached balance sheet and income statement are reclassified statements, and as such have not been subject to audit.

 

Reclassified Income Statement at 31st December 2017

 

(Euro/000)

 

Revenue from s ales and s ervices

2017

 

478.699

Total Revenue

 

96,4%

2016

 

451.353

Total Revenue

 

97,0%

Change

 

27.347

%

 

6,1%

Other revenue 17.842 3,6% 14.140 3,0% 3.702 26,2%
Total revenue 496.541 100,0% 465.493 100,0% 31.049 6,7%
Cos ts of materials and cons umables (265.136) (53,4%) (248.696) (53,4%) (16.440) 6,6%
Cos ts of s ervices and us e of third party as s ets (104.918) (21,1%) (100.885) (21,7%) (4.033) 4,0%
Cos ts of pers onnel (81.348) (16,4%) (75.262) (16,2%) (6.087) 8,1%
Other operating cos ts (1.124) (0,2%) (788) (0,2%) (336) 42,7%
Total Operating cos ts (452.526) (91,1% ) (425.630) (91,4% ) (26.896) 6,3%
EBITDA 44.015 8,9% 39.863 8,6% 4.152 10,4%
Amortization, depreciation and write downs (19.168) (3,9%) (17.514) (3,8%) (1.655) 9,4%
Accrual to provis ion for ris ks and charges (872) (0,2%) (784) (0,2%) (88) 11,3%
Total Amortiz., deprec., write downs and prov. (20.041) (4,0% ) (18.297) (3,9% ) (1.743) 9,5%
Operating income 23.975 4,8% 21.566 4,6% 2.409 11,2%
Financial income 4.345 0,9% 3.337 0,7% 1.008 30,2%
Financial expens es (18.419) (3,7%) (16.862) (3,6%) (1.557) 9,2%
Gains /(los s es ) on exchange rate (3.727) (0,8%) (1.858) (0,4%) (1.869) 100,6%
Net expens es and los s es from financial activities (17.802) (3,6% ) (15.383) (3,3% ) (2.418) 15,7%
Net non-recurring expens es and charges (2.265) (0,5%) (3.048) (0,7%) 784 (25,7%)
Income before taxes 3.909 0,8% 3.134 0,7% 775 24,7%
(Income taxes )/tax benefit (2.256) (0,5%) (1.675) (0,4%) (581) 34,7%
Net Income / (Los s es ) for the period 1.653 0,3% 1.459 0,3% 194 13,3%

 

 

Reclassified Income Statement of Q4 2017

 

(Euro/000)

 

Revenue from s ales and s ervices

Q4 2017

 

139.085

% of Total Revenue

 

96,2%

Q4 2016

 

133.861

% of Total Revenue

 

98,2%

Change

 

5.223

%

 

3,9%

Other revenue 5.477 3,8% 2.492 1,8% 2.986 119,8%
Total revenue 144.562 100,0% 136.353 100,0% 8.209 6,0%
Cos ts of materials and cons umables (74.886) (51,8%) (71.333) (52,3%) (3.553) 5,0%
Cos ts of s ervices and us e of third party as s ets (26.859) (18,6%) (29.549) (21,7%) 2.690 (9,1%)
Cos ts of pers onnel (21.439) (14,8%) (19.119) (14,0%) (2.320) 12,1%
Other operating cos ts (355) (0,2%) 10 0,0% (365) (3740,6%)
Total Operating cos ts (123.539) (85,5% ) (119.991) (88,0% ) (3.548) 3,0%
EBITDA 21.023 14,5% 16.362 12,0% 4.660 28,5%
Amortization, depreciation and write downs (7.042) (4,9%) (4.440) (3,3%) (2.602) 58,6%
Accrual to provis ion for ris ks and charges (726) (0,5%) (314) (0,2%) (412) 131,2%
Total Amortiz., deprec., write downs and prov. (7.769) (5,4% ) (4.754) (3,5% ) (3.014) 63,4%
Operating income 13.254 9,2% 11.608 8,5% 1.646 14,2%
Financial income 1.568 1,1% 1.017 0,7% 551 54,2%
Financial expens es (5.385) (3,7%) (4.770) (3,5%) (615) 12,9%
Gains /(los s es ) on exchange rate (682) (0,5%) 955 0,7% (1.637) (171,4%)
Net expens es and los s es from financial activities (4.499) (3,1% ) (2.798) (2,1% ) (1.701) 60,8%
Net non-recurring expens es and charges (431) (0,3%) (336) (0,2%) (95) 28,1%
Income before taxes 8.324 5,8% 8.474 6,2% (150) (1,8% )
(Income taxes )/tax benefit (2.931) (2,0%) (1.697) (1,2%) (1.234) 72,8%
Net Income / (Los s es ) for the period 5.393 3,7% 6.777 5,0% (1.384) (20,4% )

 

 

Reclassified Balance Sheet at 31st December 2017

(Euro/000)  31 December 2017  31 December 2016
 

Intangible assets

 

 

33.373

 

 

29.834

of which goodwill 19.705 19.457
Property, plant and equipment 103.542 123.048
Inves tment in s ubs idiaries , as s ociates , joint ventures and other companies 1.204 441
Other non-current as s ets 30.738 25.696
of which deferred tax assets 26.657 21.781
Total non-current as s ets 168.857 179.019
Cas h and cas h equivalents 65.406 46.619
Other current financial as s ets 32.000 29.000
Trade receivables 119.816 109.654
Inventories 89.195 85.238
Current tax receivables 17.259 15.112
Other current non-financial as s ets 17.870 16.434
Total current as s ets 341.545 302.057
Total as s ets 510.402 481.076
 

 

Shareholders ’ equity and liabilities

   
Share capital 33.400 33.400
Res erves 21.778 37.572
Profit / (Los s ) for the Year Group 218 47
Equity attributable to equity holders of the parent 55.396 71.019
Equity attributable to non-controlling interes ts 35.400 37.286
Total s hareholders ’ equity 90.796 108.305
Non-current portion of banks loans and other financial liabilities 13.626 8.155
Non-current bonds 190.000 190.000
Employees ’ termination indemnity 1.252 1.463
Provis ions for ris ks and charges 7.038 7.018
Deferred tax liabilities 7.341 6.908
Total non-current liabilities 219.257 213.543
Current portion of banks loans and other financial liabilities 16.116 23.394
Advance from cus tomers 11.502 3.134
Trade payables 96.497 71.507
Current tax payables 8.568 6.405
Other current non-financial liabilities 67.666 54.787
Total current liabilities 200.350 159.227
Total liabilities 419.607 372.770
Total s hareholders ’ equity and liabilities 510.402 481.076

 

Net Financial Position as at 31st December 2017

Net Financial Indebtnes s  
(Euro/000) 31 December 2017 31 December 2016
Non-current portion of banks loans and other financial liabilities (13.626) (8.155)
Non-current bonds (190.000) (190.000)
Current portion of banks loans and other financial liabilities (16.116) (23.394)
Gros s Financial Indebtnes s (219.742) (221.549)
Other current financial as s ets (1) 32.000 29.000
Cas h and cas h equivalents 65.406 46.619
Net Financial Indebtnes s (122.336) (145.930)

 

Founded in 1879 and headed by Alessandro Maccaferri, Officine Maccaferri, is a global company leader in the environmental engineering with total turnover 2016 at 465 million Euro, 30 plant operating in 4 continents, nearly 2800 employees and commercial active in over 100 countries. Historical company of Maccaferri Group, Officine Maccaferri offers advanced engineering solution for coastal protection, reinforcement of the soil, rockfall protection and tunnelling. www.maccaferri.com

The Maccaferri Group is headed by the family holding, S.E.C.I., a company which operates since 1949 in various business areas through its seven divisions: Officine Maccaferri (Environmental engineering), Manifatture Sigaro Toscano (Tobacco), Eridania Sadam (Food and Agro-industry), Samp (Mechanical Engineering), Seci Real Estate (Buildings) and Seci Energia (Energy).

The Group, chaired by Gaetano Maccaferri, has a worldwide presence with 57 factories and a total turnover of 1,191 billion Euro. www.maccaferri.com

 

 

 

 

 

 

 

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