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Zignago Vetro foresees continued growth for 2016

Post Time:May 03,2016Classify:Company NewsView:283

The Board of Directors of Zignago Vetro S.p.A has approved the 2016 First Quarter Report.

China Glass Network

 

Zignago Vetro foresees continued growth for 2016. The Zignago Vetro Group of companies produce high quality glass containers for the Food and Beverage, Cosmetics and Perfumery industries and Speciality Glass bottles for wines and spirits, for the domestic and international markets.

 

Zignago Vetro Group operating performance

In the first quarter of the year, Beverage and Food glass container demand in Italy and Europe continued to steadily develop, supported by finished product export demand and also by a contained recovery in domestic consumption.

The global Perfumery markets continued to expand, with divergent performances across the various regions. The Luxury segment of the Perfumery market continued to feature excess supply, against demand which, although improving, stemmed mainly from long-standing products and the use principally of flankers for new initiatives.

 

Demand in some Cosmetics sector segments slowed, impacted in part by socio- political conditions in a number of countries. However, positive signals emerged from some regions, among which the emerging economies, with a particular demand for high product quality. Overall, in the first quarter the Group strongly improved revenues - driven by volume growth.

 

Consolidated Revenues in Q1 2016 amounted to Euro 81.8 million compared to Euro 79.4 million in the same period of the previous year (+2.9%). Export revenue totaled Euro 31 million (Euro 32.7 million in Q1 2015; -5.2%), comprising 37.9% of revenues (41.1% in Q1 2015).

 

Consolidated EBITDA in the first quarter of 2016 amounted to Euro 19.6 million, up 11.7% on Q1 2015 (Euro 17.5 million) and a 24% revenue margin (22.1% in Q1 2015).

 

The consolidated EBIT was Euro 10.8 million (up 20.9% compared to Euro 8.9 million in Q1 2015), with a margin of 13.2% (11.2% in Q1 2015).

Consolidated Net Profit in the first quarter of 2016 amounted to Euro 6.1 million, compared to Euro 5.4 million in Q1 2015 (+12.7%) – a margin of 7.4% (6.8% in Q1 2015).

 

Group balance sheet and financial position

Group capital expenditure in the first quarter of 2016 totaled Euro 7 million (Euro 6.3 million in the same period of 2015). Payments on fixed assets amounted to Euro 7.9 million in Q1 2016, compared to Euro 18 million in Q1 2015.

 

The Group generated Free cash flow in Q1 2016, before payments on fixed assets, of Euro 13.9 million (Euro 8.1 million in the first quarter of 2015: +71.6%). After payments on fixed assets, cash of Euro 6 million was generated, compared to an absorption of Euro 9.9 million in Q1 2015.

 

The Group net financial debt at March 31, 2016 was Euro 122.9 million, compared to Euro 129 million at December 31, 2015 and Euro 117.5 million at March 31, 2015. Group liquidity totaled Euro 104.9 million at March 31, 2016, compared to Euro 103.5 million at the end of 2015 and Euro 107 million at March 31, 2015. The funding operations carried out principally in the previous year, in support of the investment programme, will continue in 2016 and confirm the full availability of the lending institutions to finance Zignago Vetro Group industrial initiatives.

 

Outlook and subsequent events

Based on the information available, demand in the sectors in which the Group operates is overall expected to remain at a good level, resulting in increased sales and margins.

 

Source: http://www.gruppozignagovetro.comAuthor: shangyi

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