The Group closes 2013 with sales largely unchanged (+0.1% at constant exchange rates), strengthening leadership worldwide and confirming the validity of the geographic diversification strategy, as well as the solidity of the business model. Market share up in the majority of the most important countries.
North America and Asia-Pacific grow at a robust pace in the year, more than offsetting the difficulties encountered in the Netherlands linked to regulatory changes and the unfavorable conditions in the rest of Europe.Tthe performance of the emerging countries appears promising (organic growth reached +45%) though the contribution is still modest.
The results for the fourth quarter show clear signs of a recovery in Europe and confirm the positive growth trend in both North America and Asia-Pacific.
The Group’s profitability holds (EBITDA -3.3% versus 2012) net of the results posted in the Netherlands, the particularly adverse exchange effect and the restructuring costs incurred in the year. Net financial debt improves reaching euro 275.3 million.
In 2013 the Group’s capital structure was strengthened significantly as a result of the us private placement and the eurobond issue completed on the debt capital markets totaling euro 375 million.
The main results:
- Consolidated REVENUE as at December 31st, 2013 amounted to Euro 828.6 million, up 0.1% at constant exchange rates and down 2.1% at current exchange rates. The good performances in North America and Asia-Pacific (+9.9% in USD and +8.7% in AUD, respectively), made a positive contribution, offsetting the negative performance recorded in The Netherlands (-25.6%) and a generally sluggish rest of Europe (-0.1%).
- EBITDA amounted to Euro 117.4 million, down 19.1% against 2012 (Euro 123.2 million or -15.1% on a recurring basis). Net of the results posted in The Netherlands, exchange rates and the restructuring costs, EBITDA reached Euro 140.3 million, a drop of 3.3% against the prior year. Net Profit came to Euro 12.8 million, versus Euro 43.2 million in 2012: this result was impacted by one-offs of Euro 10.6 million.
- NET FINANCIAL DEBT amounted to Euro 275.3 million as at December 31st, 2013, an improvement with respect to the Euro 305.8 million reported at December 31st, 2012, confirmation of the Group’s ability to generate cash flow despite shrinking margins. The FREE CASH FLOW reached a positive Euro 50.9 million after net capital expenditure of Euro 29.7 million.
Payment of a dividend of Euro 0.043 per share proposed, in line with the previous year.