rd quarter results 2018 - cmvm · vista alegre arrives to mexico through a partnership with...
TRANSCRIPT
08 Fall
3rd Quarter
Results 2018
(Non-audited financial
information)
Results Report - 3rd T 2018 29th October 2018
Vista Alegre Atlantis, SGPS, S.A. * Public company * Head office: Lugar da Vista Alegre, Ílhavo * Registered
with the Commercial Registry of Ílhavo * Taxpayer no 500 978 654 * Share capital: 121,927,317.04 Euros
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2018 Third Trimester Results
Highlights
>> Turnover of 63.9 million euro, an increase of 5% compared to the same period in 2017; >> EBITDA of 11.4 million euro, 22% higher than during the same period in 2017; >> Operating result increases 50% reaching to 6.7 million euro; >> Net profit of 3.7 million euro, 96% higher than during the same period in 2017; >> Foreign markets represent 67% of turnover; >> Acquisition of Bordalo Pinheiro and Cerutil allows for reinforcing Vista Alegre’s positioning in the ceramics sector and is aimed at achieving a greater scale and diversity in its business segments as well as taking maximum benefit from the long-standing brand “Bordallo Pinheiro”; >> Pro-forma Turnover1 in the first nine months of 2018 was 70.4 million euro and the Pro-forma EBITDA, in the same period, reached 13.4 million euro.
1 In the event that the Cerutil and Bordalo Pinheiro acquisitions bear the date of 1st January 2018
Results Report - 3rd T 2018 29th October 2018
Vista Alegre Atlantis, SGPS, S.A. * Public company * Head office: Lugar da Vista Alegre, Ílhavo * Registered
with the Commercial Registry of Ílhavo * Taxpayer no 500 978 654 * Share capital: 121,927,317.04 Euros
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Activity
In the first nine months of 2018 it is worth to note Vista Alegre’s excellent performance,
with the net profit of 3.7 million euro standing out, carrying on with the good results
reached in the first half of 2018.
The external market continues to be a great promoter of this good performance, with 42.6
million euro in sales, currently representing 67% of Vista Alegre’s turnover. This growth is
justified by increasing business in new markets, namely in Europe and Asia. In Europe,
France and Spain stood out with the greatest increases.
In the internal market total sales were at 21.3 million euro, rooted in business within its
own stores as well as in Vista Alegre’s consolidation strategy, which invested in these
outlets in Portugal.
The integrated refurbishment project of the Vista Alegre Museum was the winner of the
“public’s choice” for the RegioStars Awards, an initiative of the European Commission. On
9th October 2018, the winning projects in 5 categories were announced in Brussels, with
Vista Alegre collecting the award as chosen by the public.
Associated with the Vista Alegre Museum, the Vista Alegre Complex, located in Ílhavo, was
honoured on 24th September 2018 with a silver medal, as part of the awarding of Tourist
Merit Medals, an initiative by the State Secretary of Tourism and the Minister of Economy.
In the first nine months of 2018, being present at the Maison & Objet fair in Paris stands out
(January 2018), where the brand presented new collections developed in collaboration with
leaders in modern design, among them Christian Lacroix and Marcel Wanders.
Vista Alegre was once again recognised and internationally awarded, this time by the
“European Product Design Awards”, for the collections “Cannaregio”, “Hryb”, “Maya” and
“Bicos Bicolor” glasses. The innovative design as well as the excellence of this long-standing
brand in porcelain, glass and crystal caught the jury’s interest of the international contest
once again, won over by these pieces of great quality and distinction.
Results Report - 3rd T 2018 29th October 2018
Vista Alegre Atlantis, SGPS, S.A. * Public company * Head office: Lugar da Vista Alegre, Ílhavo * Registered
with the Commercial Registry of Ílhavo * Taxpayer no 500 978 654 * Share capital: 121,927,317.04 Euros
4/7
Vista Alegre arrives to Mexico through a partnership with Pineda-Covalin, considered to be
one of the leading luxury brands in Latin America. To mark this connection with and
expansion to Mexico, a collection of Vista Alegre pieces was launched paying homage to one
of the symbols of the country – the dreamcatcher. “Atrapasueños” is the name of this
tableware and giftware collection.
Results
Grupo Vista Alegre’s consolidated income regarding the first nine months of 2018 has
shown a good performance compared to the same period in 2017, having the turnover
increased 5%, to 63.9 million euro and EBITDA with a 22% growth, amounting to 11.4
million euro on the 30th September 2018.
The company recorded an operating result of 6.7 million euro, 50% higher than during the
same period in 2017, and the net profit of the period had a 96% growth rate, during the
same period as well, amounting to 3.7 million euro.
The constant focus on product differentiation through unique design and quality, and the
continuous improvement of the industrial procedures, innovative production, as well as
investigation and development of new products have been the main factors for the good
operating performances of Vista Alegre.
T €
Valor %
Turnover 63,921 60,906 3,015 5%
E B I T D A 11,388 9,336 2,052 22%
EBITDA Margin 17.8% 15.3%
Operating result 6,738 4,478 2,259 50%
Operating Margin 10.5% 7.4%
Result before taxes 4,830 2,071 2,759 133%
I R C -1,178 -203 -974 480%
Net results 3,652 1,868 1,784 96%
Consolidated results
Items 30-09-2018 30-09-2017 Variation
Results Report - 3rd T 2018 29th October 2018
Vista Alegre Atlantis, SGPS, S.A. * Public company * Head office: Lugar da Vista Alegre, Ílhavo * Registered
with the Commercial Registry of Ílhavo * Taxpayer no 500 978 654 * Share capital: 121,927,317.04 Euros
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It should also be pointed out that Vista Alegre acquired the companies Cerutil and Faianças
Artísticas Bordalo Pinheiro on 31st August 2018. These acquisitions aim to strengthen the
position within the context of the sector and competing companies, granting the Vista
Alegre Group greater scale and diversity as well as giving it the opportunity to market the
long-standing brand “Bordallo Pinheiro”.
In the event these acquisitions are dated 1 January 2018 (Pro-forma), the total of the
turnover and the EBITDA of Vista Alegre Group in the first nine months of 2018, would rise
to 70.4 million euro and 13.4 million euro, respectively.
Investments
In the first nine months of 2018 the investments to the amount of 17.5 million euro were
mainly in the stone tableware (extension of the productive capacity of the Ria Stone factory)
and crystal / handmade glass (CristalLux project).
Prospects
Following a third quarter in 2018 marked by good performance within the Group, it is
expected that the last semester will carry on along the same lines, seated in the strategic
vectors that have been implemented. These are namely in the continuous launch of new
products that are relevant in international markets, in design awards offering visibility and
boosting brand awareness greatly, in communication on digital platform channels, public
relations events, through the emphasis on participating in leading international fairs,
through investment in growth within the hotel sector in the top segments on the
international level and in reinforcing expansion into new markets and consolidating its
presence in its current main markets.
The priority markets in which Vista Alegre will direct its efforts in order to continue on with
sustainable growth will be France, Italy, Mexico, India and Canada. In the French market,
Results Report - 3rd T 2018 29th October 2018
Vista Alegre Atlantis, SGPS, S.A. * Public company * Head office: Lugar da Vista Alegre, Ílhavo * Registered
with the Commercial Registry of Ílhavo * Taxpayer no 500 978 654 * Share capital: 121,927,317.04 Euros
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where the company already has a branch, expansion of the current distribution network is
expected so as to bring the brand ever closer to consumers. Operations in Mexico and in
India are starting and due to business investment in the North American markets, namely in
Canada, such that sales in this region will grow in the coming quarters.
With the focus on the foreign markets and the reinforcement of the commercial teams
throughout the world, the last trimester of 2018 will present reinforcement on sales
growth, allowing to improve the Group’s profitability.
Vista Alegre holds its focus on increasing production capacity, innovation, competitiveness,
productivity and operational efficiency through investment projects currently underway in
Ria Stone, Atlantis, Cerutil and Bordallo Pinheiro.
Consolidated Financial Statements
On 30th September 2018 and 2017
Unaudited T €
Items 30-09-2018 30-09-2017
Sales and services provided 63,921 60,906 Gross margin 46,266 42,139 Supplies and external services -13,873 -12,301 Personnel costs -23,192 -20,650 Other costs and operational losses -1,186 -1,192 Other revenue and operating income 3,373 1,340 EBITDA 11,388 9,336 Amortizations, impairment and provisions for the year -4,650 -4,858 Operating income 6,738 4,478 Interest and similar expenses -1,994 -2,429 Interest and similar income 86 22 Financial result -1,908 -2,407 Result before taxes 4,830 2,071 Income tax -1,178 -203 Consolidated result for the period 3,652 1,868
Results Report - 3rd T 2018 29th October 2018
Vista Alegre Atlantis, SGPS, S.A. * Public company * Head office: Lugar da Vista Alegre, Ílhavo * Registered
with the Commercial Registry of Ílhavo * Taxpayer no 500 978 654 * Share capital: 121,927,317.04 Euros
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