Sabaf S.p.A. business and financial status 2013
2012
Change 2013/2012
Change %
Sales revenue
112,417
116,202
(3,785)
-3.3%
EBITDA
16,902
15,830
+1,072
+6.8%
Operating profit (EBIT)
5,382
3,765
+1,617
+42.9%
Pre-tax profit
5,718
3,709
+2,009
+54.2%
Net profit
3,730
2,236
+1,494
+66.8%
in thousands of euro
Cash flows during the year are summarised in the following table: in thousands of euro
2013
2012
Cash and cash equivalents – opening balance
1,601
9,180
Operating cash flow
17,101
11,226
(9,217)
(15,509)
(7,140)
(3,296)
744
(7,579)
2,345
1,601
Cash flow from investments Cash flow from financing activities Cash flow for the period Cash and cash equivalents – closing balance
Balance sheet and financial position Reclassification based on financial criteria is as shown below: 31/12/2013
31/12/2012 7
Non-current assets
84,392
86,498
Short-term assets 8
58,478
59,993
Short-term liabilities 9
(23,882)
(23,291)
Working capital 10
34,596
36,702
Financial assets
1,451
1,516
Provisions for risks, postemployment benefits and deferred taxes
(2,928)
(2,992)
Net capital employed
117,511
121,724
(13,152)
(19,956)
0
(317)
Net financial position
(13,152)
(20,273)
Shareholders’ equity
104,359
101,451
in thousands of euro
Net short-term financial position Net medium/long-term financial position
Net financial debt and the net short-term financial position shown in the tables above are defined in compliance with the net financial position detailed in Note 21 of the statutory accounts, as required by the Consob memorandum of 28 July 2006. FY 2013 closed with sales down 3.3% compared with 2012, mainly on account of lower sales of burners on the Turkish market, which the Group now provides directly from the Manisa production site. Over the year, however, technical measures put in place, particularly in the production of light alloy valves, led to significant productivity gains. All profitability indicators therefore show a net improvement against 2012: EBITDA came in at €15.8 million, equivalent to 15% of sales (€15.8 million in 2012, 13.6% of sales), EBIT was €5.4 million, or 4.8% of sales (vs. €3.8 million in 2012, 3.2%), and net profit was €3.7 million, equivalent to 3.3% of sales (€2.2 million in 2012, 1.9%). The actual cost of the main raw materials (brass, aluminium alloys and steel) was on average 5% lower compared to 2012. The impact of the cost of labour on sales rose from 22.3% in 2012 to 24% in 2013, partly following the greater insourcing of some manufacturing phases to make better use of production capacity. Net finance expense as a percentage of sales was minimal, at 0.61% (0.67% in 2012), given the low level of financial debt and the low interest rates. Operating cash flow (net profit plus depreciation & amortisation) rose from €12.6 million to €13.6 million, equivalent to 12.1% of sales (vs. 10.9% in 2012). In 2013 SABAF S.p.A. invested over €9 million. The main investments in the year related to the industrialisation of new models of special burners and light alloy valves, sales of which are expected to increase further in the future.
7 Amounts recalculated following the retrospective application of IAS 19 (revised) 8 Sum of inventories, trade receivables, tax credits, and other current receivables 9 Sum of trade payables, tax payables, and other payables 10 Difference between current assets and current liabilities