The Board of Directors of Zignago Vetro S.p.A has approved the 2015 Half Year Report.
In H1 2015, the European Food and Beverage containers market showed signs of improving demand. The Italian market performed in line with Europe, even if demand levels are still not balanced with supply.
The global Cosmetics market saw continued strengthening demand, particularly in certain product categories. The Perfumery market also maintained the growth trend of last year, driven in particular by consumption on the emerging markets. In particular, Luxury Perfumery market demand was instead affected by the use of flankers and excess supply on the market.
Overall, in the first half of the year the Group strongly improved revenues, driven by volumes – while also growing margins.
Consolidated Revenues in the first half of 2015 amounted to Euro 160.6 million compared to Euro 152 million in the same period of the previous year (+5.6%). Export sales reached Euro 62 million (Euro 56.2 million in the first half of 2014; +10.4%), comprising 38.6% of revenues (36.9% in H1 2014).
Consolidated EBITDA in the first six months of 2015 was Euro 37.3 million, compared to Euro 33.2 million in H1 2014 (+12.4%). The EBITDA margin was 23.2% (21.8% in H1 2014).
The consolidated EBIT in H1 2015 totalled Euro 20.3 million (compared to Euro 18.6 million in the first half of 2014, +9.4%), with a margin of 12.7% (12.2% in H1 2014).
Consolidated operating profit was Euro 21.3 million, compared to Euro 19.4 million in H1 2014 (+9.4%) – a margin of 13.2% (12.8% in H1 2014).
The consolidated Net Profit in H1 2015 amounted to Euro 13.2 million, compared to Euro 11.5 million in H1 2014 (+14.4%) – a margin of 8.2% (7.6% in H1 2014).
Group capital expenditure in the first half of 2015 amounted to Euro 27.4 million (Euro 13.2 million in H1 2014). Payments on fixed assets totalled Euro 31.5 million in H1 2015, compared to Euro 15.6 million in H1 2014.
The Group generated Free cash flow in H1 2015, before payments on fixed assets, of Euro 23 million (Euro 26.5 million in the first half of 2014). The decrease is particularly due to working capital movements. After payments on fixed assets, cash of Euro 4.4 million was absorbed, compared to cash generated of Euro 13.3 million in H1 2014.
The Group net financial debt at June 30, 2015 was Euro 129.6 million, compared to Euro 107.7 million at December 31, 2014 (Euro 111.5 million at June 30, 2014). Group liquidity totalled Euro 103.9 million at June 30, 2015, compared to Euro 91.2 million at the end of 2014 and Euro 41 million at June 30, 2014. The increase principally relates to the funding operations concluded from the end of the previous year in support of the investment program begun in 2014 which will continue in 2015, confirming the full availability of the lending institutions to finance Group industrial initiatives.