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

SOL Group - Statement of financial position

(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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