Zignago Vetro satisfied with 2016 financial performance
Zignago Vetro approves its 2016 budget that closes with a business deal of Euro 323 million, up 1.4%; Ebitda of approximately Euro 81 million, up 7.8%; and Ebit of Euro 47.4 million, up 12.8%. Net profit was Euro 31.2 million, up 7.4%. Net debt increased to 156.4 million from Euro 129 million at the end of 2015, compared to net assets of Euro 155.5 million (Euro 145.6 million in 2015).
Zignago Vetro, which produces containers for the food and cosmetics industries, approves its 2016 results evidencing an increase in consolidated revenue and progress in operating margins.
The positive trend in demand has persisted throughout 2016 in the Italian and European glass container markets for food and beverages. International perfume markets were also positive with differing developments in various geographical areas. In this context, the group closed 2016 with a 1.4% increase in profit of approximately Euro 323 million, sustained by the development of the domestic market, up 3.2% to Euro 192.4 million, while exports decreased 1.4% to Euro 126.1 million and margins increased to 25.1% (from 23.6% in 2015) with small offsets from costs of goods and services, which declined 2% to Euro 176 million.
A double-digit increase in Ebit of Euro 47.4 million, up 12.8%, after depreciation of Euro 33.2 million ( up 3.6%) and provisions decreased by Euro 1 million to Euro .3 million.
Minor net finance charges were down 12% to Euro 3.5 million and nonrecurring revenues decreased from Euro 3.6 million in 2015 to Euro .9 million within the period.
All this leads to a net income of Euro 31.2 million, up 7.4% compared to the end of 2015.
Zignago Vetro, which produces containers for the food and cosmetics industries, approves its 2016 results evidencing an increase in consolidated revenue and progress in operating margins.
The positive trend in demand has persisted throughout 2016 in the Italian and European glass container markets for food and beverages. International perfume markets were also positive with differing developments in various geographical areas. In this context, the group closed 2016 with a 1.4% increase in profit of approximately Euro 323 million, sustained by the development of the domestic market, up 3.2% to Euro 192.4 million, while exports decreased 1.4% to Euro 126.1 million and margins increased to 25.1% (from 23.6% in 2015) with small offsets from costs of goods and services, which declined 2% to Euro 176 million.
A double-digit increase in Ebit of Euro 47.4 million, up 12.8%, after depreciation of Euro 33.2 million ( up 3.6%) and provisions decreased by Euro 1 million to Euro .3 million.
Minor net finance charges were down 12% to Euro 3.5 million and nonrecurring revenues decreased from Euro 3.6 million in 2015 to Euro .9 million within the period.
All this leads to a net income of Euro 31.2 million, up 7.4% compared to the end of 2015.
The Group’s balance sheet at the end of 2016 shows net debt up to Euro 156.4 million, compared to Euro 129Â million at the end of 2015.
Within the year, the group made technical investments of Euro 72 million, while the net cash flow generated by operations was over Euro 52 million.
Within the year, the group made technical investments of Euro 72 million, while the net cash flow generated by operations was over Euro 52 million.
The board is proposing to shareholders a distribution of dividend per share of Euro .252 (.235 Euro in 2016), paid on 10 May 2017, for a total of Euro 21.8 million (Euro 20.3 million in 2016), a payout of 70% of consolidated net debt.
Management states that demand within its various operating sectors in 2017 remains high.