SOL GROUP
PRESS RELEASE 2016 FULL YEAR CONSOLIDATED RESULTS Sales: € 703.4 ml (+4.3%) EBITDA: € 167.6 ml (+12.9%) EBIT: € 80.9 ml (+23.3%) Net Profit: € 44.1 ml (+36.0%) Proposed dividend of € 0.15 per share (€ 0.12 in 2015)The Board of Directors of SOL S.p.A. approved the 2016 consolidated results.
Consolidated Sales € 703.4 ml (+4.3% vs € 674.2 ml in 2015), EBITDA € 148.4 ml (23.8% on sales), EBIT €
65.6 ml (11.5% on sales), Consolidated Net Profit of € 44.1 ml (€ 32.4 ml in 2015).
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 of a multinational group, with more than 3,100 employees, primarily involved in the business of technical gases and home-care assistance, operating in Europe, Turkey, Morocco, Brazil and India.
At the upcoming Shareholders' meeting, called for May 11, 2017 in Monza, the company's Board of Directors will propose distribution of a dividend of € 0.15 per ordinary share (€ 0.12 in 2015), to be paid starting from May 24, 2017.
In a climate of moderate economic recovery, market volatility and uncertainty about the prices of raw materials, Sol Group achieved a growth of 4.3 % in sales volume compared to the prior year with a good improvement of the profitability ratios.
In comparison with 2015, the sales increased either abroad (+6.5%), which represent 52.9% of the total sales, and also in Italy, where they marked a growth of 2.0%.
With reference to the sales volumes of the two business of the Group, the Technical Gases Division showed an increase of 2.7%, whereas the Home Care Division, where the Group operates through VIVISOL, achieved a growth of 5.9%.
EBITDA and EBIT improved and marked a good growth of 12.9% and 23.3% respectively, compared with 2015.
The Consolidated Net Profit stood at € 44.1 ml, with an increase of 36.0% compared to the prior year.
The capital expenditures of the Group were € 98.4 ml (CAPEX 14.0%) and the Operating Consolidated Cash Flow amounted to € 127.5 ml.
The total Net Debt was € 231.4 ml, at the same level of 12/31/2015, and the Net Debt / Equity ratio was equal to 47.3%.
The Holding Company SOL S.p.A. registered a turnover of € 208.7 ml (-0.6% v/s 2015) and a Net Profit of € 20.2 ml (€ 15.2 ml in 2015).
"We consider positive the results achieved in 2016" affirmed Marco Annoni, Vice-President of SOL S.p.A. "The results confirm the capacity of development of SOL Group in a complex and uncertain economic environment ".
"In the year 2017" concluded Aldo Fumagalli Romario, President of SOL S.p.A "we'll continue the investments and acquisitions program sustaining the development, the diversification and the innovation to pursue the growth of the sales, maintaining the profitability of the Group at a good level".
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, 2017
SOL Group - Profit and loss account(Thousands Euro)
31/12/2016 | % | 31/12/2015 | % | |
Net sales | 703,369 | 100.0% | 674,216 | 100.0% |
Other revenues and proceeds | 6,189 | 0.9% | 4,942 | 0.7% |
Internal works and collections | 11,339 | 1.6% | 14,397 | 2.1% |
Revenues | 720,897 | 102.5% | 693,555 | 102.9% |
Purchase of materials | 162,417 | 23.1% | 167,211 | 24.8% |
Services rendered | 214,959 | 30.6% | 208,540 | 30.9% |
Change in inventories | (1,994) | -0.3% | (3,559) | -0.5% |
Other expenses | 28,569 | 4.1% | 30,824 | 4.6% |
Total costs | 403,951 | 57.4% | 403,016 | 59.8% |
Added value | 316,946 | 45.1% | 290,539 | 43.1% |
Payroll and related costs | 149,354 | 21.2% | 142,130 | 21.1% |
EBITDA | 167,592 | 23.8% | 148,409 | 22.0% |
Depreciation & amortization | 81,758 | 11.6% | 78,470 | 11.6% |
Other provisions | 4,920 | 0.7% | 4,345 | 0.6% |
Non recurring (Income) / Charges | 44 | 0.0% | 0 | 0.0% |
EBIT | 80,871 | 11.5% | 65,594 | 9.7% |
Financial income | 2,789 | 0.4% | 4,308 | 0.6% |
Financial expense | (13,691) | -1.9% | (13,234) | -2.0% |
Result of investments | (169) | 0.0% | (610) | -0.1% |
Net financial Income / (Charges) | (11,072) | -1.6% | (9,536) | -1.4% |
PBT | 69,799 | 9.9% | 56,057 | 8.3% |
Tax on profit | 24,075 | 3.4% | 21,648 | 3.2% |
Net profit from ongoing operations | 45,724 | 6.5% | 34,409 | 5.1% |
Net profit from discontinuous operations | 0 | 0.0% | 0 | 0.0% |
Minorities | (1,599) | -0.2% | (1,968) | -0.3% |
Net profit | 44,125 | 6.3% | 32,441 | 4.8% |
EPS | 0.486 | 0.358 |
(Thousands Euro)
31/12/2016 | 31/12/2015 | |
Tangible assets | 451,214 | 433,651 |
Goodwill and consolidation differences | 60,233 | 56,342 |
Other intangible assets | 13,347 | 11,635 |
Equity investments | 10,808 | 10,552 |
Other financial assets | 19,558 | 19,436 |
Tax advances | 7,714 | 6,107 |
NON CURRENT ASSETS | 562,874 | 537,722 |
Non current assets held for sale | 0 | 0 |
Inventories | 40,924 | 39,024 |
Trade receivables | 247,934 | 242,822 |
Other current assets | 36,477 | 33,530 |
Current financial assets | 7,847 | 5,402 |
Cash and banks | 119,674 | 101,989 |
CURRENT ASSETS | 452,855 | 422,766 |
TOTAL ASSETS | 1,015,730 | 960,488 |
Share capital | 47,164 | 47,164 |
Share premium reserve | 63,335 | 63,335 |
Legal reserve | 10,459 | 10,459 |
Reserve for treasury shares in portfolio | 0 | 0 |
Other reserves | 304,988 | 287,106 |
Retained earnings | 1,974 | 2,473 |
Net profit | 44,125 | 32,441 |
Shareholders' equity - Group | 472,045 | 442,979 |
Minorities | 15,791 | 13,186 |
Net income attributable to minority shareholders | 1,599 | 1,968 |
Shareholders' equity - minority interests | 17,390 | 15,154 |
SHAREHOLDERS' EQUITY | 489,435 | 458,132 |
Employee benefits | 15,417 | 14,250 |
Provision for deferred tax liabilitieses | 5,387 | 2,709 |
Provision for risks and charges | 828 | 956 |
Payables and other financial liabilities | 334,354 | 301,691 |
NON CURRENT LIABILITIES | 355,986 | 319,606 |
Non current liabilities held for sale | 0 | 0 |
Due to banks | 1,985 | 2,975 |
Trade accounts | 91,428 | 88,960 |
Current financial liabilities | 37,600 | 48,573 |
Taxes payables | 10,001 | 11,523 |
Other current liabilities | 29,294 | 30,720 |
CURRENT LIABILITIES | 170,308 | 182,750 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 1,015,730 | 960,488 |
SOL S.p.A. published this content on 29 March 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 29 March 2017 12:49:13 UTC.
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