- Revenues of EUR 36 million (+3.6% versus the first quarter of 2018)
- Positive EBITDA of EUR 6.3 million, amounting to 17.4% of revenues (+8.5% compared to EUR 5.8 million in the first quarter of 2018)
- Net profit of EUR 2.5 million (+16% compared to EUR 2.2 million in the first quarter of 2018)
- Net financial position was a negative EUR 10.4 million, of which EUR 2.6 million related to IFRS 16 (it was a negative EUR 4.5 million at 31 December 2018)
Revenues for the first three months of 2019 amounted to EUR 35.973m, compared with revenue of EUR 34.717m for the same period in 2018, an increase of EUR 1.256m (+3.6%). The acquisition of Elettropiemme S.r.l. on 23 January 2019 contributed to the increase in revenue for a total of EUR 0.974m. Net of this effect, revenue growth compared to the first quarter of 2018 amounted to EUR 0.282 million (+0.8%), focused on original equipment manufacturers (OEM) customers.
The breakdown of revenues by geographical area shows strong growth in North America (+26%, net of the positive effect of the favourable exchange rate trend) and South America (+16.4%), while there was a contraction in sales in non-EU Europe (-34.1%). The growth recorded in Italy (+6.6%) was due to the change in the scope of the consolidation for the aforementioned acquisition.
The breakdown of revenues by business area in the first quarter shows significant growth in Motion control (+12.5%). Sales increased (+9.8%) the automation components business increased, due to the revenues of the newly acquired Elettropiemme S.r.l., without which business sales were in line with the same period of the previous year. On the other hand, sales of the sensors business contracted (-5.2%), mainly in the Asian market.
EBITDA for the first quarter of 2019 amounted to EUR 6.269 million (EUR 5.777 million at 31 March 2018) and reached 17.4% of revenues (16.6% at 31 March 2018), an increase of EUR 0.492 million. The increase was due to the entry of Elettropiemme S.r.l. into the Group, net of which the increase would have been EUR 0.371 million, due to the higher added value and the decrease in operating costs during the period.
EBIT at 31 March 2019 was positive and equal to EUR 2.978 million, representing 8.3% of revenues and compared to an EBIT of EUR 4.251 million at 31 March 2018, showing a decrease of EUR 1.273 million. The change mainly relates to the recording of impairment losses on assets (EUR 1.423 million), relating to the demolition of a building in the sensors business, whose expansion of production lines need for large and new dedicated spaces, essential to support the expansion of the business. Originally, the adaptation of an existing building was assessed, but after a more in-depth analysis, it was found that the building would not have provided adequate technological and energy performance sustainable in the long term. It was therefore decided to proceed with the demolition of the existing building to construct a new building that is more functional and above all at the cutting-edge from the technological and energy point of view. Work should be completed by the end of this year, aiming to bring it into full production by the beginning of 2020.
The net profit from assets held for sale in the first quarter of 2019 was zero, while the figure for the same period in the previous year was negative for EUR 414 thousand and related to the adjustment of the amount of assets available for sale relating to the know-how of the photovoltaic business at their estimated realisable value.
Group net profit was EUR 2.458 million in the first quarter of 2019 compared with a profit of EUR 2.196 million in the same period of 2018, showing an increase of EUR 0.312 million. Net of the positive effect of the entry of Elettropiemme S.r.l. into the Group, the net profit for the first quarter of 2019 was EUR 0.289 thousand higher than the figure for the same period of the previous year.
Shareholders' equity at 31 March 2019 amounted to EUR 75.562 million compared with EUR 72.814 million at 31 December 2018. The change was mainly due to the positive result for the period, amounting to EUR 2.548 million.
The net financial position at 31 March 2019 was negative and equal to EUR 10.364 thousand, an increase of EUR 5.843 thousand compared to 31 December 2018 when it was negative overall by EUR 4.521 million.
The Group’s Chief Executive Officer Alberto Bartoli commented on the results: "We are satisfied with the results of the first quarter, where we achieved revenues in line with the previous year and EBITDA on the rise. At the moment the climate of uncertainty that affects the main areas of reference of our Group remains, but our business structure and diversified geographical presence lead us to foresee to close the year with slightly increasing revenues and EBITDA unchanged or slightly down. We will continue with our plan of major investments in technical and human capital, which are essential to be ready for the challenges of the future".
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