Results as of June 30, 2014

2014 First Half Results point to the growth of the main economic indicators, due to:

  • A strengthening of the Premium segment, with a 21.6% volume increase and a 56.2% weight on Consumer revenues as against 50.5% in the first half of 2013;
  • The continued price/mix improvement: +5.3% in the first half, +6% in the second quarter;
  • The implementation of our Efficiency Plan: 48.9 million euro, equal to 54% of our target for the whole year.

Consolidated Revenues at 2,986.9, with an organic growth of 6.7% compared with 2013 (-3.3% including the exchange rate effect).

The Ebit equalled 426.2 million euro, with a 12.6% growth as against 387.5 million euro in the first half of 2013, and the Ebit margin went up over 2 percentage points to 14.3%. Profitability, +44 million euro on a yearly basis, improved due to:

  • A price/mix increase, with a positive balance of 60 million euro despite the impact of raw materials and exchange rates;
  • A volume growth: +26 million euro;
  • Efficiencies of 48.9 million euro, that offset input cost increase caused by inflation.

These positive facts largely compensated for the increase in amortization and other costs, -34.2 million euro, and the higher restructuring costs, -5.8 million euro.

Net Income reached 192.1 million euro, growing by 28.5% from 149.5 million euro in the same period of 2013.

Net Debt, amounting to 1,935.2 million euro, has improved compared with the first quarter of the year (1,965,6 million euro), with a cash generation of 187.1 before dividends of 156.7 million euro, as a result of a better operating performance and a tight management of working capital.

The main annual targets are confirmed: Revenues of 6.2 billion euro, Ebit of 850 million euro after 50 million euro of restructuring costs, lower Investments worth 400 million euro, Cash Generation before dividends over 250 million euro, Net Financial Position at approximately – 1.2 billion euro.

2014 Targets

Last revised: 07 Aug 2014