ESPRINET: THE GROUP CLOSES 2019 WITH EBIT OF 42.0
MILLION AND A GROWING ROCEUP TO 9.8%
Pre- | 0 million |
- SALES
• | 42.0 million, | +77 | EBIT) |
• | 22.0 million, +56 | 14.2 million) |
- ROCE: 9.8% (2018: 9.4%)
- CASH CONVERSION CYCLE: 24 days (2018: 27 days)
• | 286.7 | 381.1 million pre IFRS 16); |
- 9M 2019: negative for |
Vimercate (Monza Brianza), 13 February 2020 - The Board of Directors of ESPRINET (PRT:IM), which met today under the chairmanship of Maurizio Rota, approved the Interim Management Statement as at 31 December 2019, prepared in accordance with IFRSs.
Alessandro Cattani, Chief Executive Officer of ESPRINET: structural improvement of the main value creation indicators identified by the Group and summarised by
recurring EBIT of 2018 and +77% compared to the EBIT of 2018 which was negatively impacted by non-
recurring costs. The Cash Conversion Cycle shows a continuous improvement trend, closing at 24 days, a net reduction of 10 days compared to the peak reached at the beginning of 2018 fiscal year, and marking the best result in the last 16 quarters. ROCE stands at 9.8% (9.4% in 2018), well above the weighted average cost of capital (estimated at 8%) during 2019. The significant improvement in the levels of working capital employed, combined with the review of the financial structure of the Group during the year, form the basis of the financial soundness targeted at ensuring the necessary support for the development plans, both organic and via acquisition. The strong volume growth over the last few years has allowed us to establish the leading position needed to integrate our long-established transactional model on more consumer-oriented products with higher value-added business models, both in terms of the complexity of products distributed (e.g.: Advanced Solutions) and in the level of service provided to customers and ve
In 2020, the Group will continue to implement the strategic target identified, with a strong focus on
profitability.
The sector context remains favourable for distribution and it is believed that the factors which are driving the increasingly greater role
The effectiveness of the strategic initiatives will be measured at ROCE level, which management undertakes to improve, also, through more efficient inventory management which does not impact the product availability indexes.
EVOLUTION OF MAIN STRATEGIC TARGETS AND VALUE CREATION METRICS
In June 2019 the Group presented an update to its strategic guidelines, as part of which the main strategies that must be the cornerstone of management over the next few years were identified, and in relation to which we report here below a progress status in the form of Sales generated in the most strategic business areas involved.
In 2019, the Advanced Solutions segment recorded Sales in 2018. The growth in the segment in question - net of Sales from public supplies - was +7%, while the
1
overall figure reflects a 2018 which had benefitted from high levels of Sales from tenders concentrated on the Server and Software segments.
As regards the XaaS
1. A gradual
-
expected in the medium-term. | The Group is developing plans and activities targeted at establishing | |
structural monitoring not only | of the Cloud m | -Managed Print |
Portugal, both through organic growth (investments in human resources and logistics and selection of the best vendors) and through external growth. According to Context data, the distribution market in Portugal is estimated 9, Esprinet recorded
Sales 38.5 million, +2730.2 million in 2018. During the first part of 2019, a warehouse was opened in the north of Lisbon in order to ensure the conditions to allow a significant improvement in the service level of
rates in the country.
Lastly, a significant growth rate was achieved in White goods -2019E equal to +4%),
in which it seems to appear some signals of a more favourable attitude towards distributors from some pioneering vendors.
In order to assess the quality of its financials, the Group identified ROCE ( Return on Capital Employed ) as
the key indicator | . | |
In the fourth quarter the ROCE increased from 9.4% to 9.8% as showed in the below table: | ||
FY 2019 | FY 2018 | |
Current operating profit (EBIT) | 39.0 | 41.0 |
Average net invested capital (1) | 323.2 | 294.3 |
Cash Conversion Cycle (days) (2) | 24 | 27 |
ROCE (3) | 9.8% | 9.4% |
(1) | the period and on the four previous quarterly closing dates (excluding the equity |
effects of IFRS 16). |
- Equal to the days of turnover of operating net working capital calculated as the sum of trade receivables, inventories and trade payables.
(3) | Ratio between (a) recurring EBIT excluding the effects of IFRS 16 net of taxes calculated at the effective tax rate of the last set of |
published annual consolidated financial statements, and (b) average net invested capital. |
As regards the main value metrics, the following has been observed:
- | EBIT amounted to 39.0.0 million, showing a slight decrease (-5%) compared to recurring EBIT of 2018 | |
- | by using the same tax rate, in line with th | annual |
consolidated financial statements (2018) and applied to the ROCE of the 4th quarter of 2018 (26%), the | ||
NOPAT Net Operating Profit Less Adjusted Taxes | -5%); ; |
- the average net invested capital before the effects of the introduction of IFRS 16 fell to a greater extent, equal to (-9%) thanks to the favorable performance of the Cash conversion cycle;
- the Cash Conversion Cycle shows a continuous improvement trend, closing at 24 days(-10 days compared to the peak recorded at the start of 2018), and marking the best result in the last 16 quarters; in particular, the inventory turnover days figure fell by 3 days and the DPO rose by 4 days compared to the average recorded in the fourth quarter of 2018.
1 These Sales | agent |
2
MAIN CONSOLIDATED RESULTS AS AT 31 DECEMBER 2019
The scope of consolidation as at 31 December 2019 includes the results of 4Side S.r.l., acquired on 20 March 2019. In addition, from 1 January 2019, the Group adopted the new IFRS 16 with a simplified retrospective approach (option B, with no restatement of the contracts already in place as at 1 January 2019, without applying this standard to 'low-value' and short-term assets).
Sales from contracts with customers 3,571.2 million in 2018.
llions | FY 2019 | FY 2018 | Var. % |
Italy | 2.495,6 | 2.214,7 | 13% |
Spain | 1.383,7 | 1.300,2 | 6% |
Portugal | 38,5 | 30,2 | 27% |
UE | 20,0 | 17,5 | 14% |
Extra-UE | 14,1 | 8,6 | 64% |
Sales from contracts with customers | 3.951,9 | 3.571,2 | 11% |
grew significantly: according to Context data, the market in Italy is
Esprinet outperforms the market and is confirmed as the leader in southern Europe, with a market share exceeding 26%, marking an increase in sales both in
llions | FY 2019 | FY 2018 | Var. % |
PC (notebook, tablet, desktop, monitor) | 1.375,4 | 1.212,8 | 13% |
Printing devices and supplies | 418,3 | 393,1 | 6% |
Other IT products | 244,9 | 237,9 | 3% |
Total IT Clients | 2.038,6 | 1.843,8 | 11% |
Hardware (networking, storage, server and others) | 407,4 | 409,0 | 0% |
Software, Services, Cloud | 153,6 | 146,8 | 5% |
Total Advanced Solutions | 560,9 | 555,7 | 1% |
Smartphones | 1.106,3 | 997,4 | 11% |
White goods | 55,8 | 37,2 | 50% |
Gaming hardware and software | 43,3 | 29,5 | 47% |
Other consumer electronics products | 191,0 | 152,5 | 25% |
Total Consumer Electronics | 1.396,4 | 1.216,6 | 15% |
Adjustments | (44,1) | (44,9) | -2% |
Sales from contracts with customers | 3.951,9 | 3.571,2 | 11% |
The sales breakdown product line shows a notable increase in the Consumer Electronics segment 1,396.4 million, +15%), and within this, aside from growth of +11% for Smartphones, positive performances were recorded for high-margin segments like White Goods (+50%) and Gaming compared to 2018, also thanks to the acquisition of 4Side Srl, an exclusive distributor of Activision Blizzard products for Italy). The IT Clients segment is driven by both the positive performance of PCs (+13%) and Printing, which recorded Sales
lions | FY 2019 | FY 2018 | Var. % |
Retailers / e-tailers | 1.933,3 | 1.661,7 | 16% |
IT Resellers | 2.062,5 | 1.957,1 | 5% |
Adjustments | (44,0) | (47,7) | |
Sales from contracts with customers | 3.951,9 | 3.571,2 | 11% |
The sales breakdown by customer type shows robust growth in both segments. The growth in Retailers /e-tailerswas especially significant, in which the Group has now consolidated a position of undisputed leader. The IT Resellers segment, up by 5%, represents the area in which the Group aims to focus its efforts and investments in 2020.
3
The Gross Profit amounted to | 176.2 million, up +3% compared to 2018 ( | 171.4 million); the percentage |
margin shows clear stability, standing at 4.46% of sales, compared to 4.80% in 2018. | ||
Recurring EBIT amounted to | 42.0 million, up +3% compared to 2018 ( | 41.0 million), with an incidence |
on sales of 1.06% (1.15% in 2018). | |
Recurring EBIT before IFRS 16 is 39.0 million and is in line with expectations. | |
EBIT amounted to 42.0 million, up +77% compared to 2018 ( | 23.7 million), with an incidence on Sales of |
1.06% (0.66% in 2018). | |
Income before taxes, equal to 30.8 million, showed an improvement of +60% compared to 2018 ( 19.2 | |
million). | |
Net Income, amounting to 22.0 million, increased by +56% ( | 14.2 million). |
Net earnings per ordinary share, equal to | 0.43, showed an improvement of +59% compared to 2018 ( |
0.27). | |
The Net Financial Position was a positive | 286.7 million, marking an improvement of 45.6 million |
compared to 241.0 million at 31 December 2018.
It includes 94.4 million of financial liabilities for leases not present as at 31 December 2018 as a result of the first-time adoption of IFRS 16.
The improvement in the specific net financial position, neutralising the latter effect, amounted to 140.0 million, mainly due to the reduction in the year-end levels of Net Working Capital, which was negative by
121.0 million (an improvement of 131.4 million compared to 31 December 2018).
Net Financial Position at 31 December 2019 is affected not only by several technical factors, as the level ade receivables within factoring and securitization programs, but also by seasonal reasons mainly related to a stronger than average financial support by vendors.
Since these programs result in the full transfer of risks and benefits to the assignees, the assigned receivables are de-consolidated and stripped from total assets in accordance with IFRS 9.
The overall positive impact on Net Financial Position at 31 December 2019 coming from the anticipated sales of receivables - also by including 'confirming' in Spain
31 December 2018).
Net Equity amounted to 357.5 million, marking an increase of 14.6 million compared to 342.9 million at 31 December 2018 due to the reinvestment of 75% of the profits realised in the previous year.
MAIN CONSOLIDATED RESULTS FOR THE FOURTH QUARTER OF 2019
In the 4th quarter of 2019, Sales from contracts with customers amounted to 1,340.8 million, up 6% compared to 1,261.4 million in 2018.
Gross Profit amounted to 57.0 million ( 58.6 million in 2018); the percentage margin stood at 4.25% of sales, compared to 4.65% in 2018.
EBIT amounted to 21.4 million and showed a significant increase compared to 2018 ( 8.7 million), with an incidence on sales of 1.60% (0.69% in 2018).
Income before taxes, equal to 17.4 million, showed an improvement of +125% compared to 2018 ( 7.8 million).
Net Income, amounting to 12.7 million, showed an increase of +118% ( 5.8 million).
Net earnings per ordinary share, equal to 0.25, showed an improvement of +127% compared to 2018 ( 0.11).
4
SIGNIFICANT EVENTS OCCURRING IN THE PERIOD AND AFTER THE CLOSE OF THE YEAR
Esprinet S.p.A. has some tax disputes concerning indirect taxes claimed from the Company, with respect to transactions occurred between 2010 and 2013. Since some customers had filed declarations of intent but, subsequent to a tax audit, failed to fulfil the requirements needed to qualify as a frequent exporter, the tax authority is now claiming VAT from the Company on those sales transactions.
ion). The first
instance hearing was set for 25 March 2020.
On 29 January 2020, a second instance hearing was held on the same tax disputes with respect to
transaction carried out: the Company appealed to the negative judgement of first hearing. The judgment is pending.
On 22 January 2020 the second instance hearing was held with respect to the registration duty (disputed a branch of EDSlan S.p.A. (now I-Trading S.r.l.) in
2016: the first instance judgment was positive. The second instance judgment is pending.
Upon commencement of the share buy-back program, which was resolved by the Esprinet S.p.A. AGM of 8 May 2019, in the period between 1 July 2019 and 31 December 2019, the Company purchased a total of 1,145,008 ordinary shares of Esprinet S.p.A. (equal to 2.18% of the share capital), at an average purchase
Following these purchases, as at 31 December 2019, Esprinet S.p.A. owns 2,295,008 own shares (or 4.38% of share capital).
In the period between 1 January 2020 and 13 February 2020, the Company purchased a total of 262,000 ordinary shares of Esprinet S.p.A. (equal to 0.50 5.03 per share, net of fees.
Following these purchases, Esprinet S.p.A. owns 2,557,008 own shares (or 4.88% of share capital) as of the date of this report.
To complete the buy-back plan 63,209 shares are still missing (equal to 0.12% of the capital)
Change in calendar of corporate events
Pursuant to art. 2.6.2, paragraph 1, letter b) and 2.2.3 paragraph 3 letter a) of the Regulation of the Markets organized and managed by Borsa Italiana S.p.A., it is hereby communicated that the meeting of the Board of Directors in the calendar for 14 May 2020 called to resolve on the approval of the Interim Management Statement as at 31/03/2020 has been brought forward to 12 May 2020; the other dates remain unchanged.
The officer charged with the drawing up of the accounting documents of the Company, Pietro Aglianò, declares that, in compliance with the provisions of paragraph 2 of art. 154-bis of Legislative Decree n. 58/98, the financial data shown in this press release corresponds to the findings resulting from accounting documents, books and accounting records.
Esprinet (PRT:IM)
50 Italian industrial groups and the top 10 distributors worldwide. Thanks to a business model based on the coexistence of different sales channels tailored to the specific characteristics of 39,000 reseller clients, Esprinet markets about 1,000 brands and over 63,000 products available in 130,000 square meters of managed warehouses. Through the V-Valley division, Esprinet is able to distribute value-added products, services and IT Celly (smartphones accessories) and Nilox(IT accessories and outdoor technology).
Press release available on www.emarketstorage.com and www.esprinet.com
5
For more information:
INVESTOR RELATIONS
ESPRINET S.p.A.
Tel. +39 02 40496.1 -investor@esprinet.com
IR TOP CONSULTING
Tel. +39 02 45473884 Maria Antonietta Pireddu e-mail: m.pireddu@irtop.com
Federico Nasta
e-mail: f.nasta@irtop.com
CORPORATE COMMUNICATION
Paola Bramati
e-mail:paola.bramati@esprinet.com
Tel. +39 02 404961; Mobile +39 346 629005
Attachment: summary of main | ded 31 December 2019 |
6
RECLASSIFIED CONSOLIDATED SEPARATE INCOME STATEMENT
12 months 2019 | 12 months | % Var. | |||||
2018 | |||||||
Pre-IFRS16 | |||||||
Sales from contracts with customers | 3,951,864 | 3,951,864 | 3,571,190 | 11% | |||
Cost of goods sold excl. factoring/securitisation | 3,771,001 | 3,771,001 | 3,394,888 | 11% | |||
Financial cost of factoring/securisation(1) | 4,635 | 4,635 | 4,869 | -5% | |||
Gross Profit(2) | 176,228 | 176,228 | 171,433 | 3% | |||
Gross Profit % | 4.46% | 4.46% | 4.80% | ||||
Personnel costs | 64,110 | 64,110 | 61,126 | 5% | |||
Other operating costs | 56,515 | (11,876) | 68,391 | 64,656 | -13% | ||
EBITDA | 55,603 | 11,876 | 43,727 | 45,651 | 22% | ||
EBITDA % | 1.41% | 1.11% | 1.28% | ||||
Depreciation and amortisation | 4,683 | 4,683 | 4,691 | 0% | |||
IFRS 16 Right of Use depreciation | 8,876 | 8,876 | 0 | - | n/s | ||
Recurring EBIT | 42,044 | 3,000 | 39,044 | 40,960 | 3% | ||
Recurring EBIT % | 1.06% | 0.99% | 1.15% | ||||
Non recurring costs(3) | 0 | 0 | 17,240 | n/s | |||
EBIT | 42,044 | 3,000 | 39,044 | 23,720 | 77% | ||
Recurring EBIT % | 1.06% | 0.99% | 0.66% | ||||
IFRS 16 interest expenses on leases | 5,401 | 5,401 | - | - | n/s | ||
Other financial (income) expenses | 4,206 | 4,206 | 3,579 | 18% | |||
Foreign exchange (gains) losses | 1,665 | 1,665 | 962 | 73% | |||
Profit before income taxes | 30,772 | (2,401) | 33,173 | 19,179 | 60% | ||
Income taxes | 8,728 | (483) | 9,211 | 5,021 | 74% | ||
Net income | 22,044 | (1,918) | 23,962 | 14,158 | 56% | ||
NOTES | |||||||
(1) | - | zation | |||||
programs.
- Net of amortization/depreciation that, by destination, would be included in the cost of sales.
(3) Of which Euro 8. | . |
-
7
CONSOLIDATED SEPARATE INCOME STATEMENT
12 months | non - | 12 months | non - | ||
2019 | recurring | 2018 | recurring | ||
Sales from contracts with customers | 3,951,864 | - | 3,571,190 | - | |
Cost of sales | (3,776,338) | - | (3,408,918) | (8,417) | |
Gross profit | 175,526 | - | 162,272 | (8,417) | |
Sales and marketing costs | (52,439) | - | (52,792) | - | |
Overheads and administrative costs | (80,486) | - | (76,287) | - | |
Impairment loss/reversal of financial assets | (557) | - | (9,473) | (8,823) | |
Operating income (EBIT) | 42,044 | - | 23,720 | (17,240) | |
Finance costs - net | (11,272) | - | (4,541) | - | |
Profit before income taxes | 30,772 | - | 19,179 | (17,240) | |
Income tax expenses | (8,728) | - | (5,021) | 4,401 | |
Net income | 22,044 | - | 14,158 | (12,839) | |
- of which attributable to non-controlling interests | 369 | 127 | |||
- of which attributable to Group | 21,675 | - | 14,031 | (12,839) | |
Earnings per share - basic (euro) | 0.43 | 0.27 | |||
Earnings per share - diluted (euro) | 0.42 | 0.27 | |||
CONSOLIDATE STATEMENT OF COMPREHENSIVE INCOME
12 months | 12 months | |
2019 | 2018 | |
Net income (A) | 22,044 | 14,158 |
Other comprehensive income: | ||
- Changes in 'cash flow hedge' equity reserve | 500 | 75 |
- Taxes on changes in 'cash flow hedge' equity reserve | (120) | (23) |
- Changes in translation adjustment reserve | (2) | 1 |
Other comprehensive income not be reclassified in the | ||
separate income statement: | ||
- Changes in 'TFR' equity reserve | (195) | 185 |
- Taxes on changes in 'TFR' equity reserve | 60 | (51) |
Other comprehensive income (B): | 243 | 187 |
Total comprehensive income (C=A+B) | 22,287 | 14,345 |
- of which attributable to Group | 21,922 | 14,217 |
- of which attributable to non-controlling interests | 365 | 128 |
8
RECLASSIFIED CONSOLIDATE STATEMENT OF FINANCIAL POSITION
(€/000) | 31/12/2019 | 31/12/2018 |
Fixed assets | 211,111 | 118,502 |
Operating net working capital | (121,002) | 10,443 |
Other current assets/liabilities | (2,419) | (12,667) |
Other non-current assets/liabilities | (16,891) | (14,424) |
Total uses | 70,799 | 101,855 |
Short-term financial liabilities | 35,893 | 138,311 |
Lease liabilities | 3,855 | - |
Current financial (assets)/liabilities for derivatives | - | 610 |
Financial receivables from factoring companies | (3,526) | (242) |
Current debts for investments in subsidiaries | - | 1,082 |
Other financial receivables | (9,718) | (10,881) |
Cash and cash equivalents | (463,777) | (381,308) |
Net current financial debt | (437,273) | (252,428) |
Borrowings | 61,015 | 12,804 |
Lease liabilities | 90,559 | - |
Other financial receivables | (966) | (1,420) |
Net Financial debt (A) | (286,665) | (241,044) |
Net equity (B) | 357,464 | 342,898 |
Total sources of funds (C=A+ B) | 70,799 | 101,855 |
9
CONSOLIDATE STATEMENT OF FINANCIAL POSITION
(€/000) | 31/12/2019 | related | 31/12/2018 | related | |
parties | parties | ||||
ASSETS | |||||
Non - current assets | |||||
Property, plant and equipment | 11,622 | 13,327 | |||
Right of use assets | 92,100 | - | |||
Goodwill | 90,714 | 90,595 | |||
Intangibles assets | 480 | 724 | |||
Deferred income tax assets | 13,987 | 11,884 | |||
Receivables and other non - current assets | 3,174 | - | 3,392 | 1,554 | |
212,077 | - | 119,922 | 1,554 | ||
Curent assets | |||||
Inventory | 497,355 | 494,444 | |||
Trade receivables | 470,574 | 1 | 383,865 | - | |
Income tax assets | 2,192 | 3,421 | |||
Other assets | 41,185 | - | 29,610 | 1,310 | |
Cash and cash equivalents | 463,777 | 381,308 | |||
1,475,083 | 1 | 1,292,651 | 1,310 | ||
Disposal groups assets | - | - | |||
Total assets | 1,687,160 | 1 | 1,412,573 | 2,864 | |
EQUITY | |||||
Share capital | 7,861 | 7,861 | |||
Reserves | 325,511 | 319,831 | |||
Group net income | 21,675 | 14,031 | |||
Group net equity | 355,047 | 341,723 | |||
Non - controlling interest | 2,417 | 1,175 | |||
Total equity | 357,464 | 342,898 | |||
LIABILITIES | |||||
Non - current liabilities | |||||
Borrowings | 61,015 | 12,804 | |||
Lease liabilities | 90,559 | - | |||
Deferred income tax liabilities | 9,817 | 8,138 | |||
Retirement benefit obligations | 4,680 | 4,397 | |||
Provisions and other liabilities | 2,394 | 1,889 | |||
168,465 | 27,228 | ||||
Current liabilities | |||||
Trade payables | 1,088,931 | - | 867,866 | - | |
Short-term financial liabilities | 35,893 | 138,311 | |||
Lease liabilities | 3,855 | - | |||
Income tax liabilities | 2,165 | 103 | |||
Derivative financial liabilities | - | 613 | |||
Debts for investments in subsidiaries | - | 1,082 | |||
Provisions and other liabilities | 30,387 | - | 34,472 | 1,567 | |
1,161,231 | - | 1,042,447 | 1,567 | ||
Disposal groups liabilities | - | - | |||
Total liabilities | 1,329,696 | - | 1,069,675 | 1,567 | |
Total equity and liabilities | 1,687,160 | - | 1,412,573 | 1,567 | |
10
CONSOLIDATED STATEMENT OF CASH FLOWS
(euro/000) | 12 months | 12 months |
2019 | 2018 | |
Cash flow provided by (used in) operating activities (D=A+B+C) | 157,990 | 127,577 |
Cash flow generated from operations (A) | 56,868 | 37,438 |
Operating income (EBIT) | 42,044 | 23,720 |
Depreciation, amortisation and other fixed assets write-downs | 13,559 | 4,691 |
Net changes in provisions for risks and charges | 505 | 8,208 |
Net changes in retirement benefit obligations | (491) | (285) |
Stock option/grant costs | 1,251 | 1,104 |
Cash flow provided by (used in) changes in working capital (B) | 113,748 | 98,347 |
Inventory | (2,911) | (12,893) |
Trade receivables | (88,407) | (70,792) |
Other current assets | (7,434) | (2,135) |
Trade payables | 220,813 | 177,429 |
Other current liabilities | (8,313) | 6,738 |
Other cash flow provided by (used in) operating activities (C) | (12,626) | (8,208) |
Interests paid, net | (7,921) | (2,338) |
Foreign exchange (losses)/gains | (1,948) | (974) |
Income taxes paid | (2,757) | (4,896) |
Cash flow provided by (used in) investing activities (E) | (4,358) | (2,027) |
Net investments in property, plant and equipment | (2,322) | (2,797) |
Net investments in intangible assets | (280) | (241) |
Changes in other non current assets and liabilities | 643 | 4,939 |
4Side business combination | 1,448 | - |
Own shares acquisition | (3,847) | (3,928) |
Cash flow provided by (used in) financing activities (F) | (71,163) | (41,211) |
Medium/long term borrowing | 72,000 | - |
Repayment/renegotiation of medium/long-term borrowings | (115,408) | (38,912) |
Leasing liabilities remboursement | (6,584) | - |
Net change in financial liabilities | (12,420) | 12,738 |
Net change in financial assets and derivative instruments | (2,274) | (8,660) |
Dividend payments | (6,919) | (6,987) |
Increase/(decrease) in 'cash flow edge' equity reserve | 380 | 52 |
Changes in third parties net equity | 58 | 129 |
Other movements | 4 | 429 |
Net increase/(decrease) in cash and cash equivalents (G=D+E+F) | 82,469 | 84,339 |
Cash and cash equivalents at year-beginning | 381,308 | 296,969 |
Net increase/(decrease) in cash and cash equivalents | 82,469 | 84,339 |
Cash and cash equivalents at year-end | 463,777 | 381,308 |
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Q4 RECLASSIFIED CONSOLIDATED SEPARATE INCOME STATEMENT
Q4 2019 | Q4 2018 | % Var. | ||||||
Pre-IFRS16 | ||||||||
Sales from contracts with customers | 1,340,810 | 1,340,810 | 1,261,389 | 6% | ||||
Cost of goods sold excl. factoring/securitisation | 1,282,112 | 1,282,112 | 1,201,252 | 7% | ||||
Financial cost of factoring/securisation(1) | 1,687 | 1,687 | 1,492 | 13% | ||||
Gross Profit(2) | 57,011 | 57,011 | 58,645 | -3% | ||||
Gross Profit % | 4.25% | 4.25% | 4.65% | |||||
Personnel costs | 16,961 | 16,961 | 15,846 | 7% | ||||
Other operating costs | 15,097 | (3,113) | 18,210 | 16,825 | -10% | |||
EBITDA | 24,953 | 3,113 | 21,840 | 25,974 | -4% | |||
EBITDA % | 1.86% | 1.63% | 2.06% | |||||
Depreciation and amortisation | 1,190 | 1,190 | 1,168 | 2% | ||||
IFRS 16 Right of Use depreciation | 2,365 | 2,365 | 0 | - | n/s | |||
Recurring EBIT | 21,398 | 748 | 20,650 | 24,806 | -14% | |||
Recurring EBIT % | 1.60% | 1.54% | 1.97% | |||||
Non recurring costs(3) | 0 | 0 | 16,141 | n/s | ||||
EBIT | 21,398 | 748 | 20,650 | 8,665 | 147% | |||
Recurring EBIT % | 1.60% | 1.54% | 0.69% | |||||
IFRS 16 interest expenses on leases | 3,353 | 3,353 | - | - | n/s | |||
Other financial (income) expenses | 921 | 921 | 616 | 50% | ||||
Foreign exchange (gains) losses | (351) | (351) | 277 | -227% | ||||
Profit before income taxes | 17,475 | (2,605) | 20,080 | 7,772 | 125% | |||
Income taxes | 4,789 | (606) | 5,395 | 1,953 | 145% | |||
Net income | 12,686 | (1,999) | 14,685 | 5,819 | 118% | |||
NOTES | ||||||||
(1) | - | zation | ||||||
programs.
- Net of amortization/depreciation that, by destination, would be included in the cost of sales.
(3) Of which Euro 7.3 million included in | . |
-
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Q4 CONSOLIDATED SEPARATE INCOME STATEMENT
Q4 | non - | Q4 | non - | ||
2019 | recurring | 2018 | recurring | ||
Sales from contracts with customers | 1,340,810 | - | 1,261,389 | - | |
Cost of sales | (1,283,981) | - | (1,210,251) | (7,318) | |
Gross profit | 56,829 | - | 51,138 | (7,318) | |
Sales and marketing costs | (14,217) | - | (13,554) | - | |
Overheads and administrative costs | (21,438) | - | (20,020) | - | |
Impairment loss/reversal of financial assets | 224 | - | (8,899) | (8,823) | |
Operating income (EBIT) | 21,398 | - | 8,665 | (16,141) | |
Finance costs - net | (3,923) | - | (893) | - | |
Profit before income taxes | 17,475 | - | 7,772 | (16,141) | |
Income tax expenses | (4,789) | - | (1,953) | 4,137 | |
Net income | 12,686 | - | 5,819 | (12,004) |
- of which attributable to non-controlling interests
- of which attributable to Group
Earnings per share - basic (euro)
Earnings per share - diluted (euro)
229 | (26) | ||
12,457 | - | 5,845 | (12,004) |
0.25 | 0.11 | ||
0.24 | 0.11 |
Q4 CONSOLIDATE STATEMENT OF COMPREHENSIVE INCOME
Q4 | Q4 | |
2019 | 2018 | |
Net income (A) | 12,686 | 5,819 |
Other comprehensive income: | ||
- Changes in 'cash flow hedge' equity reserve | 547 | (91) |
- Taxes on changes in 'cash flow hedge' equity reserve | (131) | 21 |
- Changes in translation adjustment reserve | (2) | (5) |
Other comprehensive income not be reclassified in the | ||
separate income statement: | ||
- Changes in 'TFR' equity reserve | 152 | 25 |
- Taxes on changes in 'TFR' equity reserve | (37) | (16) |
Other comprehensive income (B): | 529 | (66) |
Total comprehensive income (C=A+B) | 13,215 | 5,753 |
- of which attributable to Group | 12,975 | 5,788 |
- of which attributable to non-controlling interests | 240 | (35) |
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Esprinet S.p.A. published this content on 14 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 February 2020 02:48:00 UTC