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News del 20/05/2020


MASCHIO GASPARDO APPROVES THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 

YEAR’S CONSOLIDATED NET PROFIT OF 5,8 MILLION EUROS, ALMOST QUADRUPLED COMPARED TO THE CONSOLIDATED NET PROFIT FOR THE YEAR 2018 (1,5 MILLION EUROS).

THE NET EQUITY AMOUNTS TO 64 MILLION EUROS, WITH A GROWTH OF 39 MILLION EUROS COMPARED TO THE PREVIOUS FINANCIAL PERIOD

THE CONSOLIDATED NET BORROWING FELL BY 34,7 MILLION EUROS DURING THE FISCAL YEAR

ROE INDEX (RETURN ON EQUITY) RISES FROM 3,96 TO 9,82%

 

The Board of Directors of MASCHIO GASPARDO has approved the financial statements of the Parent Company and the consolidated financial statements of the Group for the year ended 31 December 2019. On the one hand, the 2019 was characterized by a strong recovery of the marginality, on the other by the signing of a performing agreement with financial institutions to reschedule and refinancing debts in Italy and the following capital increase subscribed by Veneto Sviluppo S.p.A., Friulia S.p.A. and Finest.

The 2019 fiscal year concluded with a consolidated net profit of 5,8 million euros, almost quadrupled compared to the previous year, when it was around 1,5 million euros. The Board of Directors has proposed that such net profit is allocated to reserve.

This excellent result is largely attributable to the effects of the implementation of the strategic guidelines given by the Group’s top management at the beginning of last year, which aimed to increase the consolidated economic marginality. Revenues amounted to 316,6 million euros, with a slight decrease by 5%, in line with the international agricultural implements market which, in 2019, recorded a downturn in sales, in particular in the extra UE countries.

The Group’s gross operating margin (EBITDA) increased from 30,6 million euros (fiscal year 2018) to 32,2 million euros, with a +5% growth. The increase in terms of marginality on revenues (EBITDA margin) grew from 9,2% to 10,2%. 

Even more significant it is the growth of the operating income (EBIT), which rose from 14,6 to 17,8 million euros, with an increase of 21,7%. Consequently the marginality on revenues (Ebit margin) grew from 4,4% to 5,6%. This result was achieved also thanks to the decreasing trend in amortization, in particular, those referring to intangible assets.  

The financial management positively benefited from the foreign exchange rate differences for 0,5 million euros, while in 2018 they absorbed 1,6 million euros.

The consolidated net borrowing decreased by 34,7 million euros, thus resulting in a total indebtedness reduction from 183,1 to 148,4 million euros at December 31, 2019.

In this regard, it is to be noted that over the last six years the MASCHIO GASPARDO Group has demonstrated an important and continous ability to generate cash flow which has contributed to the gradual decrease in the total net borrowing for more than 90 million euros.

In light of the good economic results achieved, Group’s ROE (Return on Equity) rose from 3,96% (in 2018 fiscal year) to 9,82% at 31 December 2019, even considering a share capital which includes the capital increase subscribed by Institutional Investors (Veneto Sviluppo S.p.A., Friulia S.p.A. and Finest).

The Group concluded the year 2019 with a consolidated net equity of 64 million euros, with an increase by 25 million euros compared to the previous year, thus confirming the financial solidity of the Group and the solidity of the internal forms of financing.

 “2019 has been a very challenging year – commented Mirco Maschio, Chairman of MASCHIO GASPARDO – but the satisfying results we have just approved confirm that we have been working in the right direction”.

“In 2019 we completed the Group’s financial consolidation path, which, thanks to the renewal of the agreement with the financial institutes and to the capital increase subscribed at the end of the same year, in the next three years, will let us focus on the future business growth”.

 
Andrea Maschio, Vice President of MASCHIO GASPARDO and Chairman of Maschio Holding adds: “Thanks to the commitment of our personnel, we successfully faced the downturn of the international market registered in 2019 and, we believe that, with the dedication and the sense of responsibility which distinguish our Group, from the top management to the employees, we will be able to overcome the difficulties of the current health crisis. In this difficult period the Group is positively tackling the emergency in the interest of the personnel’s health and the business continuity”.