PRESS RELEASE
THE BOARD OF DIRECTORS APPROVES THE 2018 CONSOLIDATED
RESULTS
Net sales: €1,279.2 million (€1,086.5 million in 2017): + 17.7%
EBITDA: €288.5 million or 22.6% of sales
(€248.6 million in 2017 or 22.9% of sales): +16.0%
EBIT: €236.5 million or 18.5% of sales (€198.9 million in 2017 or 18.3% of sales): +18.9%
Consolidated net profit: €173.9 million (€135.7 million in 2017): +28.1%
(net of one-offs, worth €11.4 mn in 2018 and €5.7mn in 2017: +25.0%)
Net debt: €287.3 million (€273.5 million at 31 December 2017)
after acquisitions for €21.1 million, €23.1 million paid in dividends, and purchase of treasury shares for €54.2 million
PROPOSED DIVIDEND OF 0.22 EUROS (0.21 Euros in FY2017)
APPROVAL OF CONSOLIDATED NON-FINANCIAL STATEMENT
SHAREHOLDERS' MEETING CALLED FOR 30 APRIL
- AUTHORIZATION TO PURCHASE TREASURY SHARES
- APPROVAL OF THREE-YEAR INCENTIVE PLAN
Chairman Fulvio Montipò: "I would like to express my satisfaction for this series of record achievements and thank the Interpump team. In just two years, consolidated sales were up
39%, EBITDA up 45%, net income up 84%"
Sant'Ilario d'Enza (RE), 19 March 2019 - The Board of Directors of Interpump Group S.p.A. has approved the draft 2018 financial statements and the 2018 consolidated results.
In 2018, the following companies were consolidated for the first time: companies in the GS-Hydro group (Hydraulics sector, consolidated for the whole year), Ricci Engineering Srl (Water-Jetting sector, acquired August 2 and consolidated for five months), Fluinox Procesos S.L.U. (Water-Jetting sector, acquired December 11 and included in the year-end Statement of Financial Position).
INTERPUMP GROUP S.p.A. - Via E. FERMI, 25 - 42049 S. ILARIOD'ENZA - REGGIO EMILIA (ITALY) - TEL.+39.0522.904311
FAX. +39.0522.904444 - E-mailinfo@interpumpgroup.it
Net sales
Net sales for 2018 totaled €1,279.2 million, representing an increase of 17.7% over sales of €1,086.5 million for 2017.
At unchanged perimeter and exchange rates, organic growth of sales was +13.7%; the FX penalized the year's turnover by €28.3 million.
Profitability
EBITDA amounted to €288.5 million (22.6% of sales) compared to €248.6 million in 2017, which represented 22.9% of sales: an increase of 16.0%.
The negative impact of currency exchange on EBITDA was 7.5 million euro for the whole year.
EBIT amounted to €236.5 million (18.5% of sales) compared to €198.9 million in 2017 (18.3% of sales), up 18.9%.
Net profit for FY2018 totaled €173.9 million, 28.1% higher than the 135.7 million registered in 2017. Net of one-off revenues for both years, the year-on-year increase is +25.0%1
Basic earnings per share amounted to €1.619 in 2018 (€1.257 in 2017).
Capital employed rose from €1,085.1 million at 31 December 2017 to €1,200.8 million at 31 December 2018. This increase is mainly due to the acquisition of GS-Hydro and the increase in working capital resulting from the very strong organic growth. ROCE amounted to 19.7% (18.3% in 2017). ROE reached 20.0% (17.7% in 2017).
Financial situation
Net cash of €209.8 million was generated by operations (€172.4 million in 2017), up 21.7%. Free cash flow was €82.2 million; the decrease compared to 2017 (€93.6 million) is due to higher capex and increase in net working capital resulting from the very strong organic growth.
Net debt at 31 December 2018 stood at €287.3 million (€273.5 million at 31 December 2017), following outlays of €21.1 million for acquisitions, €23.1 million in dividends paid, and purchase
of treasury shares for €54.2 million. In addition, the Group has binding commitments of €44.5
million to acquire minority interests in subsidiaries (€46.8 million at 31 December 2017).
At 31 December 2018 Interpump Group S.p.A. held 3,413,489 treasury shares, representing
3.135% of share capital, purchased at an average price of €21.0343.
1 2017 Net Income included a € 5.7 million benefit from the reassessment of deferred tax assets & liabilities in the US; 2018 Net Income includes a € 11.4 million one-off income resulting from the acquisition of GS-Hydro.
CONSOLIDATED NON-FINANCIAL STATEMENT
Additionally, the Board approved Interpump Group's Non-Financial Disclosure, prepared according to the Italian law (D.Lgs 254/2016). Pursuant to Consob regulation 20267 of 18/1/2018, the Disclosure will be published in the same terms as the 2018 Financial Statements.
GENERAL SHAREHOLDERS' MEETING AND DIVIDEND PROPOSAL
APPROVAL OF THE FY2018 SEPARATE ACCOUNTS
The Board of Directors has resolved to convene an Ordinary General Shareholders' Meeting to approve the 2018 separate financial statements in single call on 30 April 2018 at the offices of Interpump Group in Sant'Ilario d'Enza.
DIVIDEND
The Board of Directors has resolved to submit a proposal to shareholders to approve the distribution of a dividend of 22 euro cents (FY2017: 21 euro cents). If approved, the dividend will be paid on May 22 and the share will go ex-dividend on May 20 (record date May 21).
AUTHORIZATION FOR TREASURY SHARES PURCHASE AND DISPOSAL
The Shareholders' Meeting convened in ordinary session will also be called to adopt a resolution
regarding authorization for the purchase and disposal of treasury shares. It will be proposed to cancel the existing authorization and grant a new one, valid until October 2020. A short description follows for convenience; full details will be included in the Directors' Report to the Shareholders' Meeting, which will be published in accordance with the law.
The Company currently owns 3.443.489 treasury shares, or 3.16267% of total share capital. The purchase(s) for which authorization is sought shall be made on a regulated market or through a public tender/exchange offer in accordance to the law, for a maximum of 3,500,000 ordinary shares, at a price between €0.52 and €40.00.
The purchase and disposal for which authorization is sought shall be made for the purpose of investment, price stabilization in case of low liquidity, use of shares as payment for acquisitions and/or commercial agreements with strategic partners, and service of the existing and future incentive plans adopted by the Company.
INCENTIVE PLAN
The Board of Directors has resolved to propose to the Meeting the approval of "Interpump 2019/2021 Incentive Plan" having as beneficiaries employees, directors and/or collaborators of the Company and its subsidiaries. Further details of the Incentive Plan as per article 84-bis of Consob Resolution no. 11971/1999 may be found in the illustrative report that will be made available to the public in accordance with law.
***
REPORT ON CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURES REPORT ON REMUNERATION POLICY
Pursuant to article 123-bis of the Consolidated Finance Act (TUF), the Board approved the Report on Corporate Governance and Ownership Structures for the FY2018.
In addition, pursuant to article 123-ter of the Consolidated Finance Act (TUF) the Board also approved the Interpump Group S.p.A. Report on Remuneration. The Shareholders' Meeting
convened in ordinary session will be called to adopt a resolution on the first section of that report (remuneration policy and procedures for its adoption).
Both documents will be published and advertised in accordance with the law.
Sant'Ilario d'Enza (RE), 19 March 2019
On behalf of the Board of Directors
The Chairman
Fulvio Montipò
The manager responsible for drafting company accounting documents, Carlo Banci, declares pursuant to the terms of section 2, article 154-bis of the Consolidated Finance Act that the accounting disclosures in the present release correspond to the contents of the underlying documents, the accounting books and the accounting entries.
Sant'Ilario d'Enza (RE), 19 March 2019 | Manager responsible for drafting |
company accounting documents | |
Carlo Banci | |
Media Relations: | Investor Relations: |
Moccagatta Associati | Luca Mirabelli |
Tel. 02 8645.1695 | Tel. 0522-904433 |
segreteria@moccagatta.it | lmirabelli@interpumpgroup.it |
Consolidated statement of financial position
(€/000) | 31/12/2018 | 31/12/2017 |
ASSETS | ||
Current assets | ||
Cash and cash equivalents | 118,140 | 144,938 |
Trade receivables | 270,364 | 236,761 |
Inventories | 366,480 | 291,701 |
Tax receivables | 24,596 | 15,410 |
Other current assets | 10,931 | 8,302 |
Total current assets | 790,511 | 697,112 |
Non-current assets | ||
Property, plant and equipment | 355,488 | 321,833 |
Goodwill2 | 434,699 | 425,991 |
Other intangible assets | 34,731 | 38,096 |
Other financial assets | 2,319 | 1,145 |
Tax receivables | 1,664 | 1,770 |
Deferred tax assets | 29,776 | 24,909 |
Other non-current assets | 2,177 | 2,582 |
Total non-current assets | 860,854 | 816,326 |
Assets available for sale | - | 785 |
Total assets | 1,651,365 | 1,514,223 |
2 2017 data restated in 2018 as per IFRS3 |
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Interpump Group S.p.A. published this content on 19 March 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 19 March 2019 10:44:05 UTC