CONSOLIDATED RESULTS OF OPERATIONS 2103

  • The group’s consolidated value of production for the year 2013 amounts to 44.13 million/EUR, increased by 13.3% in respect to the previous year. This fact was due to better results of the parent company for about 4.37 million, to results coming from financial investments in renewable energy companies of the sector carried out during the financial year for about 0.13 million and to minor results achieved by Essemar S.p.A. for about 1.15 million.
  • Ebitda has grown more than 15% in respect to the financial year 2012, by generating also an increase of margins of about 0.5%.
  • Also the net profit shows a significant improvement (+60.75%) and an increase of margins of about 2.31%.
Consolidated Income Statement (€/M) FY 2013 FY 2012 YOY var. %
Value of Production 44,13 38,95 +13.3%
Operating Costsi -34,2 -30,38 12.6%
EBITDA 9,93 8,58 +15.8%
EBITDA % 22.5% 22.0% +0.48% *
Amortisations and depreciationsi -4,1 -4,72 -13.1%
EBIT 5,83 3,86 +51.2%
EBIT % 13.2% 9.9% +3.2% *
Financial items -0,34 -0,23 47.8%
Value adjustments to financial assets -0,21 -0,22 -4.5%
Non-recurring items 0,18 -0,8 n.m.
Result before tax 5,46 3,41 +59.9%
Income tax for the fiscal year -2 -1,26 +57.8%
Net profit 3,46 2,15 +60.8%
Net income % 7.8% 5.5% +2.1% *
- Group’s share of net profit 3,52 2,09 68.4%
- Third parties’ share of net profit -0,6 0,59 n.m.

CONSOLIDATED BALANCE SHEET

  • The share capital amounts to over 4.2 million/EUR paid in full.
  • In the financial statements of 2013 Marchi Industriale S.pA and its affiliated company Essemar carried out a revaluation of fixed assets pursuant to law 147/2013 (“legge di stabilità”- stability law). The effect on the net equity book value amounted to 8.7 million/EUR for Marchi Industriale and 5.4 for Essemar.
  • The consolidated net equity book value amounts to 35.98 million/EUR and the net cash/debt amounts to 18.83 million/ EUR , of which 14.5 million are ascribable to intra-group financings.
  • In December 2013 the parent company paid back over 12 million/ EUR of payables to shareholders (11.3 million/ EUR for the holding Marchi Finanziaria and 750 thousand/ EUR for Finamar)
  • The debt against the Parent Company refers to the loan granted by Marchi Finanziaria to Marchi Energia with maturity on January 2016.
Short-term consolidated NFP  (€/M)
Banks for short-term financial debts (7,85)
Banks for trade payables (2,41)
Banks for current accounts, Cash and cheques 16,87
Short term net financial positions 5,97
Consolidated Reclassified Balance Sheet (€/M) FY 2013 FY 2012 FY 2011
INVESTED CAPITAL
Fixed assets 23,31 12,62 13,34
Photovoltaic system Italy investments 13,91 13,07 13,492
Photovoltaic system Romania investments 12,27 0 0
Agrimont srl Investments 0,27 0 0
Green Methane srl Investments 0,07 0 0
Net working capital 6,41 11,50 13,41
Provisions -1,42 -1,36 -1,83
Total invested capital 54,80 35,83 38,41
SOURCES OF FINANCING
Consolidated net assets 35,98 22,03 21,14
(a) NFP from intercompany financing 14,49 13,77 12,87
Financing from parent company 12,09
Financing from partners 0,62 12,49 12,09
Debenture loan 0,78 0,78 0,78
Financings from others 1 0,50
(b) NFP from bank debt 4,33 0,04 4,4
Medium-term financings 10,3 1,58 2,03
Short-term net financial position -5,97 -1,54 2,37
Total equity and third party financing 54,80 35,83 38,41
NOTE: Invested capital and N.E. are indicated net of own shares held in portfolio (8 M/€ for no.1,511,111 shares). N.V 1.51 M/EUR.

CONSOLIDATED FINANCIAL STATEMENT 2013

  • In 2013 the cash flow generated by operating activities amounts to over than 7.76 million/EUR.
Reclassified Consolidated Financial Statements  (€/M)
A. OPENING SHORT-TERM NET FINANCIAL POSITION 1,54
B. CASH FLOW FROM (FOR) OPERATIONS 7,76
Profit of the period 3,46
Depreciation and amortisation 4,04
Provisions for risks and bad debts 0,27
CASH FLOW FROM WORKING CAPITAL MANAGEMENT -0,03
D. CASH FLOW FROM (FOR) INVESTMENT OPERATIONS -11,86
E. CASH FLOW FROM (FOR) FINANCIAL OPERATIONS 8,56
F. CASH FLOW OF THE PERIOD (B + C + D + E) 4,43
G. CLOSING SHORT-TERM NET FIANANCIAL POSITION 5,97