The Group closes the first six months of the year with sales on the rise, despite the persistently negative exchange effect. Performance acceleration reaffirmed in the second quarter.
All the profitability ratios improved in the semester – even taking into account the exchange effect and the non-recurring costs posted in the comparison period – growing in both absolute terms and margins.
Strong signs of recovery were confirmed in Europe. the rest of EMEA and Asia-Pacific continued to post robust growth while sales fell slightly in the United States.
The main results:
- Consolidated REVENUE as at June 30th, 2014 amounted to Euro 416.5 million, up 4.4% at constant exchange rates and 1.9% at current exchange rates. Strong signs of recovery in Europe were confirmed (sales rose by +5.9% at constant exchange rates) in the quarter while the rest of EMEA – thanks also to the consolidation of Israel – posted growth of +242.1% at constant exchange rates. Growth continued at a robust pace in ASIA-PACIFIC (+10.2% in AUD). A slight drop in sales was posted in AMERICAS (-1.3% in USD).
- The Group’s EBITDA in the first semester amounted to Euro 57.5 million, an increase of 4.3% with respect to the same period of the prior year. Net of the exchange effect and non-recurring costs incurred in the comparison period, growth reached 7.9%. A positive contribution came from EMEA (+8.5% net of the exchange effect and non-recurring costs), as well as ASIAPACIFIC where the EBITDA margin rose 302 basis points. The contribution of AMERICAS fell by 9.1% in USD.
- EBIT amounted to Euro 35.4 million, an increase of 10.6% against the same period last year. NET PROFIT reached Euro 22.6 million, a sharp increase with respect to the Euro 4.3 million reported in the same period of the prior year.
- NET FINANCIAL DEBT amounted to Euro 297.3 million, up with respect to the Euro 275.4 million reported as at December 31st, 2013, as a result of the acquisitions made in the period and the payment of dividends. Nonetheless it improved with respect to the Euro 313.2 million recorded at June 30th, 2013.