B&C SPEAKERS S.P.A. B&C Speakers S.p.A.
The Board of Directors approves the Consolidated Interim Financial Report for the first half of 2017.- Consolidated revenues of Euro 20.12 million (+7.7% compared with Euro 18.67 million for the first half of 2016)
- Consolidated EBITDA of Euro 4.85 million (+8.3%% compared with Euro 4.48 million for the first half of 2016)
- Group net result of Euro 3.15 million (+15.2% compared with Euro 2.74 million for the first half of 2016)
-
Group net financial position of Euro 3.1 million (a positive Euro 7.1 million at year-end 2016)
- The Parent Company's order back-log was Euro 8.4 million at the end of the half-year period (at 30 June 2016 it was Euro 6.9 million).
BagnoaRipoli(Florence),18September2017- The Board of Directors of B&C Speakers S.p.A., one of the foremost international players in the design, production, distribution and marketing of professional electro-acoustic transducers (loudspeakers), approved the consolidated Interim Financial Report of the Group for the first half of 2017, drawn up in accordance with the IFRS international accounting standards.
Revenues
Consolidated revenues during the first half of 2017 show a growth that is upwards higher than in the first quarter of the current year on all major markets. Revenues amounted to Euro 20.11 million (+ 7.72% compared to the first half of 2016 when they amounted to Euro 18.67 million)
In the table below we show the breakdown by geographical area of the turnover achieved by the Group during the period under review compared with the same period of the previous year:
Geographical Area 1sthalf2017 | 2016 | |||||
America Latina | 1,338,680 | 6.7% | 1,159,340 | 6.2% | 179,340 | 15% |
Europa | 9,313,806 | 46.3% | 8,941,745 | 47.9% | 372,061 | 4% |
Italia | 1,274,300 | 6.3% | 1,729,355 | 9.3% | (455,055) | -26% |
Nord America | 4,031,946 | 20.0% | 3,802,354 | 20.4% | 229,592 | 6% |
Medio Oriente & Africa | 236,580 | 1.2% | 149,312 | 0.8% | 87,268 | 58% |
Asia & Pacifico | 3,920,880 | 19.5% | 2,893,188 | 15.5% | 1,027,692 | 36% |
Totale | 20,116,191 | 100.0% | 18,675,293 | 100.0% | 1,440,899 | 7.72% |
%
1st half%
Change Change %During the period, the Group has significantly increased its presence in the Asian market (+36% with sales of Euro 3.9 million) and has achieved very good performance in the South American market ( a strong recovery of +15% with sales of Euro 1.3 million), in the North American market (a further growth of +6% with sales of Euro 4 million) and on the European market (+4% with sales of Euro 9.3 million) which remains the most important market for the Group. On the contrary the Italian market revenues decreased compared with the first half of 2016 (-26% with sales of 1.3 million Euro).
At 30 June 2017, the order back log of the parent company remains on a very steady course, at Euro 8.4 million, marking an increase compared to the first half of 2015 (when the figure was Euro 6.9 million).
Cost of sales
Cost of sales during the first three months of 2017 had a slightly lower impact on revenues compared to the first six months of 2016, rising from 58.59% to 58.10%. The trend was due essentially to a decrease in the impact of costs for raw materials (-0.8 percentage points) offset by an increase in transport, customs duties and other minor components (+0.4 percentage points). Direct labour costs increased proportionally to the increase in revenue and therefore the impact of this item on revenue remained constant compared to the first half of 2016.
Indirect personnel
Indirect personnel costs showed slightly higher growth over the first six months of 2017 compared to the trend in revenues, from a 5.59% incidence in the first half of 2016 to an incidence of 5 ,67% in the first half of 2017.
Commercial expenses
Commercial expenses showed no significant changes compared to the first six months of the previous year. Their impact on revenues remained largely unchanged, representing 2.26% in the first six months of 2016 and 2.38% in the first six months of 2017.
Administrative and General.
Administrative and general expenses increased by around Euro 230 thousand compared to the first six months of the previous period, with a slightly increased impact on revenues which went from 9.75% in the first six months of 2016 to 10.20% of the first six months 2017. The increase is principally due to the use of technical consulting aimed at improving manufacturing and operational procedures.
EBITDA ed EBITDA MarginMainly as a result of the trends described above, EBITDA in the first six months of 2017 amounted to Euro 4.85 million, an increase of 8,28% compared to the first six months of 2016 which amounted to Euro 4.48 million.
The EBITDA margin for the first six months of 2017 was therefore equal to 24.12% of revenues, substantially in line with the first six months of 2016 (when it was 24.00% of revenues for the period).
Depreciation and amortisationThe depreciation and amortisation of tangible and intangible assets was in line with that of the corresponding period of the previous year as a result of net investment flows and assets which ended their useful life.
EBIT and EBIT MarginEBIT of the first half of 2017 amounted to Euro 4.45 million; a, increase (9.33%) compared with the first half of 2016 (when the figure was Euro 4.07 million). The EBIT margin was 22.15% of revenues (21.82% in the first half of 2016).
Group Net Result and Net Financial PositionThe net profit of the Group at the end of the first half of 2017 amounted to 3.15 million Euro and represents a percentage of 15.67% of consolidated revenues (up compared with the same period of the previous financial year, when it amounted to 2.74 million Euro, equivalent to 14.65% of the revenues of the period).
There is a reduction in the tax rate due to the reduction of the IRES rate; this improvement will be further confirmed by the results of the not yet concluded "ruling" with italian tax authorities for Patent Box fiscal break. The conclusion of the process should take place by the end of 2017 and will also cover profits from 2016 and 2015.
The Group's financial stability remains on adequate levels although the Net Financial Position declined compared with the end of the previous financial year; at 30 June 2017 it was in fact a negative 3.01 million Euro while at 31 December 2016 it was a positive
million Euro. The difference is mainly due to the payment of the Euro 10.9 million dividend disbursed in May as well as payment of taxes for Euro 1.39 million.
The Group's reclassified Income Statement for the first half of 2017 is shown in the table below: Economic trends - Group B&C Speakers(€thousands)I half 2017 IncidenceIhalf2016Incidence
Significant events during the first half of 2017Revenues
20,116
100.00%
18,675
100.0%
Cost of sales
(11,688)
-58.10%
(10,941)
-58.6%
Gross margin
8,428
41.90%
7,734
41.4%
Other revenues
95
0.47%
35
0.2%
Cost of indirect labour
(1,140)
-5.67%
(1,043)
-5.6%
Commercial expenses
(478)
-2.38%
(422)
-2.3%
General and administrative expenses
(2,052)
-10.20%
(1,822)
-9.8%
Ebitda
4,852
24.12%
4,481
24.0%
Depreciation of tangible assets
(383)
-1.90%
(375)
-2.0%
Amortization of intangible assets
(14)
-0.07%
(13)
-0.1%
Writedowns
0
0.00%
(19)
-0.1%
Earning before interest and taxes (Ebit)
4,455
22.15%
4,075
21.8%
Financial costs
(253)
-1.26%
(152)
-0.8%
Financial income
284
1.41%
249
1.3%
Earning before taxes (Ebt)
4,486
22.30%
4,172
22.3%
Income taxes
(1,334)
-6.63%
(1,436)
-7.7%
Profit for the year
3,153
15.67%
2,736
14.7%
Minority interest
0
0.00%
0
0.0%
Group Net Result
3,153
15.67%
2,736
14.7%
Other comprehensive result
(87)
-0.43%
(97)
-0.5%
Total Comprehensive result
3,066
15.24%
2,639
14.1%
During the first half of 2017, the following significant events occurred:
The collection of new orders was again satisfactory. The order book on the date when the present report was prepared amounted to Euro 8.4 million andthetotalcollectionduringthefirsthalfoftheyearwasequaltothesameperiodof2016.
The Shareholders' Meeting held on the 26 April 2017 defined the issue of an ordinary dividend of Euro 0.40 per ordinary share in circulation at the ex-coupon date. In addition to the ordinary dividend, and in order to reward shareholders of the Company during the tenth year since listing, the Shareholders' Meeting defined the distribution of an extraordinary dividend of Euro 0.6 for each ordinary share in circulation at the coupon detachment date. The total value of the dividend issued was therefore Euro 10.9 million.
B&C Speakers S.p.A. published this content on 18 September 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 18 September 2017 14:18:09 UTC.
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