The Group closes the first three months of the year with sales up 2.4% at constant exchange rates and down 0.5% at current exchange rates.
Cear signs of recovery in Europe, while the rest of EMEA and Asia-Pacific post robust growth. Americas off to a weak start due to the adverse weather conditions registered in the quarter.
Profitability improves overall and – net of the exchange effect and the non-recurring costs posted in the comparison period – shows growth both in absolute terms and in margins.
The main results:
- Consolidated REVENUE as at March 31st, 2014 amounted to Euro 188.3 million, up 2.4% at constant exchange rates and down 0.5% at current exchange rates. Europe showed clear signs of recovery in the quarter (+1.8% at constant exchange rates) with the rest of EMEA (+28.8% at constant exchange rates) and ASIA-PACIFIC (+11.6% in AUD) making a positive contribution to this result, while AMERICAS was off to a weak start due to the adverse weather conditions (-0.7% in USD).
- EBITDA amounted to Euro 18.6 million, an increase of 5.0% with respect to the same period of the prior year. Net of the non-recurring costs incurred in the comparison period and the exchange effect, growth in profitability reached 8.6%. Good results were posted in EMEA (+5.8% net of the exchange effect and non-recurring costs), as well as ASIA-PACIFIC (+24.8% in AUD). AMERICAS held, recording a minor downturn of 1.1% in USD.
- EBIT amounted to Euro 7.9 million, an increase of 28.6% against the Euro 6.2 million posted in the prior year. NET PROFIT came to Euro 10 million versus a loss of Euro 2.1 million in the same period of last year. In addition to the increase in operating profit, the figure benefitted from a tax income of Euro 10.3 million following the Australian tax authority’s recognition of the deductibility for tax purposes of part of the assets acquired in 2010.
- NET FINANCIAL DEBT amounted to Euro 287.9 million, a slight increase with respect to the Euro 275.4 million reported as at December 31st, 2013, as a result of the seasonality of working capital, nonetheless an improvement of Euro 31 million against the same period of the prior year.