DANIELI & C. OFFICINE MECCANICHE S.p.A. Buttrio (UD) Â via
Nazionale n. 41
Fully-Paid Share Capital of Euro 81,304,566 Tax Code and
Registration Number with the Register of Companies of Udine:
00167460302
www.danieli.com
PRESS RELEASE DANIELI GROUP
The Board of Directors of Danieli met today, September 24, 2015, to
examine and approve the financial statements for the year from July
01, 2014 to June 30, 2015, and the consolidated financial
statements for the same period. CONSOLIDATED FINANCIAL STATEMENTS
AT JUNE 30, 2015
(millions of euro)
30/06/2015
30/06/2014
Variation
Revenues Gross operating margin (Ebitda) EBIT Net profit for the
period Net profit attributable to the Group Positive net financial
position Number of employees Group's order book (of which Steel
Making)
2,765.9 250.5 150.2 161.7 161.8 956.0 10,954 3,155 169
2,944.1 308.8 210.7 153.6 153.5 844.3 11,424 3,079 217
-6% -19% -29% 5% 5% 13% -4% 2% -22%
Summary of results for the year 2014/2015 The trend of Group
revenues shows a decrease in sales both for the Plant Making sector
(engineering and construction of metal  steel and aluminium Â
making plants) and for the Steel Making sector (production of
steel) with the ABS Group (Acciaierie Bertoli Safau and ABS Sisak),
even if linked to different aspects. The Board of Directors has
acknowledged the results and pointed out that: Danieli Plant Making
has largely achieved the set production targets, as the
consolidated revenues show the effect of a decrease resulting from
the cancellation of nearly 85 million euro linked to the
"intercompany" invoicing of the ROTOFORGIA plant to the subsidiary
ABS SpA (an activity which occupied the Italian workshops for most
part of 2014/15). Sales of ABS Steel Making show the effect, with
equal production volumes (1 million ton approx.), of a decrease in
sales prices linked to a parallel drop in the costs of raw
materials, and during the financial year maintained a satisfactory
level of margin and plant use. The consolidated profit for the
period has improved compared to the previous financial year, even
if it shows a lower operating margin which is however substantially
in line with the forecasts made at the beginning of the year. This
is mainly due to the Group's financial management which, even if
with a prudent approach, has obtained a very satisfactory result
thanks to the good currency management. Moreover, the Group's net
financial position has improved.
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As regards capital expenditure, in the Plant Making sector the
development plan of our workshops in China and Thailand was
substantially completed during the year, while the production ramp
up of the new factories in India and Russia is under completion. In
the Steel Making sector (ABS), after the conclusion of the first
phase of investments at Sisak in Croatia, investments went on at
Pozzuolo with the completion of the new reversing mills, the
technological upgrading of the continuous casting machine MCC3, and
the start-up of the new Rotoforgia rolling mill in September. The
important investments made at ABS have a high innovative content
which will enable the company to significantly improve quality and
widen the range of its products, thus covering new market segments
in a competitive way. Worldwide prospects of the metal making
sector which influence the activity of the Danieli Plant Making
segment In the first six months of 2015, worldwide steel production
reached nearly 813 million ton, down by 2% approx. compared to the
same period of the previous year (which in 12 months reached 1,660
million ton approx.). The forecasts for 2015 show an overall
decrease of 3-3.5%, with China down by 4% and the advanced
countries together with the emerging ones down by approx. 2-2.5%.
The steel market is therefore undergoing a period of restructuring
in 2015, with a forecast of stabilization for 2016 and improvement
for 2017. Quantities in some markets are increasing, but prices
remain low due to the competition of China, Russia and Ukraine. It
is clear that there is a need for a shared and joint strategy above
all in Europe, in order to reduce evident differences in
development, eliminate the inefficiency present in some countries,
and promote a greater competitiveness in the weaker economies. Some
countries are already showing clear signs of recovery, while others
are still penalised by delays in the reforms required to modernise
their structures. This confirms the need for a greater global
coordination to sustain growth through medium and long term
development plans to foster new investments in infrastructures and
the upgrading of the existing ones. The prospects of global growth
for 2016 show an improvement with a foreseen GDP (Gross Domestic
Product) development of 3.8%. Summary of Results by Business
Segment
Revenues
(millions of euro) Plant making Steel making Total 30/06/2015
2,039.6 726.3 2,765.9 30/06/2014 2,149.0 795.1 2,944.1 Variation
-5% -9% -6%
Gross operating margin (Ebitda)
(millions of euro) Plant making Steel making 30/06/2015 180.0 70.5
250.5 30/06/2014 218.1 90.7 308.8 Variation -17% -22% -19%
Total Operating income
(millions of euro) Plant making Steel making
30/06/2015 123.3 26.9 150.2
30/06/2014 165.8 44.9 210.7
Variation -26% -40% -29%
Total
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Net profit for the period attributable to the Group
(millions of euro) Plant making Steel making 30/06/2015 145.1 16.7
161.8 30/06/2014 125.3 28.2 153.5 Variation 16% -41% 5%
Total
As already disclosed, in the first months of 2015 the "Guardia di
Finanza" (Finance Police) of Udine notified a series of tax audit
reports to a few companies of the Group, which to date the Inland
Revenue Regional Management Offices of Udine and Trieste have
converted in part into Assessment Notices for which appeals have
been lodged with the Tax Commission and are under preparation, and
which have already been taken into account among the financial
risks in the consolidated financial statements. Strategies Among
the Danieli mottos we find: "Passion to innovate and perform" and
"We do not shop around for noble equipment". The Danieli Group will
therefore continue to consolidate and expand its activities to
ensure an increased competitiveness in terms of innovation,
technology, quality, costs, productivity and customer service;
Danieli is renowned not only for its plant-making capabilities but
also for its manufacturing ones: in Europe with noble and high-tech
products, in Asia with the design and manufacturing of consolidated
and tested products with the same European quality. "A step ahead"
with the aim of defining a new organizational model of the Group to
develop its present structure in a way which better reflects the
emerging needs of the markets. In particular, to consolidate these
strategies, we have decided to strengthen the Danieli Academy for
the development of the Juniors, the updating of the Seniors and the
management and enhancement of talented youths. Order Backlog The
Group's order backlog was in line with year-end figures of the
previous year and well diversified by geographical area and product
line and, for the year ended June 30, 2015, amounted to 3,155
million euro (of which 169 million euro in the special steels
sector), compared to 3,079 million euro for the year ended June 30,
2014 (of which 217 million euro for special steels). Human
Resources The number of employees of the Danieli Group at June 30,
2015 was 10,954, decreased by 470 units compared to June 30, 2014.
Danieli continues to pursue high rates of innovation, efficiency
and quality of customer service; it follows that the team
excellence plays a very important and strategic role for the
company's success. The importance of managing with great attention
the enhancement of people's potentials and skills to ensure that
the Group staff training is in line with the best practice is
therefore confirmed. Resolutions of the Board of Directors In
addition to the approval of the financial statements, the Board of
Directors will submit the following items to the Shareholders'
meeting convened in the registered office for October 26, 2015 at 2
p.m. on single call:
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1. distribution of a unit dividend of 0.10 euro for ordinary shares
and 0.1207 euro for savings shares, for a total of 8,194,928 euro
against detachment of the dividend coupon n. 37 Â for both types of
shares  on November 9, 2015, payable as of November 11, 2015
(record date November 10, 2015). This dividend comes from the
distribution of the financial year's profits. The Sherholders'
meeting will be called to deliberate also on the following items:
1. Appointment of the Board of Directors, after the number of its
members has been established. Determination of the term of office
of the directors and of the fees due to them. Related and
consequent resolutions; 2. Appointment of the Board of Legal
Auditors and determination of the fees due to the auditors. Related
and consequent resolutions; 3. Report on Remuneration in accordance
with art. 123-ter of Decree Law no. 58 of February 24, 1998; 4.
Authorisation to the purchase and transfer of own shares. Related
and consequent resolutions. The Board of Directors has decided to
propose a reduction in the percentage of profits to be
distributable to the shareholders from the usual 13/15% to 5%. This
in order to be able to maintain high the investments in research
and prototyping, in spite of the negative cycle concerning the
investments in new plants. Moreover, it has been underlined that
over the last decade the shareholders reinvested in the company
approx. 1,300 million euro in order to support the expansion on the
markets and the innovation of the hi-tech products with greater
added value. Danieli Group Activities The Danieli Group runs two
main businesses: the first (Plant Making) is in the field of
engineering and manufacture of plants  including turnkey plants Â
for the production of metals. Its principal operating companies in
the Plant Making segment are in Europe (Italy, Sweden, Germany,
France, Austria, The Netherlands, United Kingdom, Russia, Spain)
and in Asia (China, Thailand, India, Vietnam), with service centres
in the US, Brazil, Egypt, Turkey and Ukraine. In the Plant Making
sector, Danieli is one of the top three manufacturers in the world
for metal making plants and machines, market leader in meltshops
and plants for the production of long products (these plants
produce steel in electric arc furnaces  sometimes from direct
reduced iron  and in addition to being competitive in terms of
Capex and Opex, are also environmentfriendly, compared to
integrated plants that use blast furnaces and coke), and second in
the manufacture of plants for flat products. The second business
(Steelmaking) concerns the production of special steels through the
companies Acciaierie Bertoli Safau S.p.A. (ABS) and ABS Sisak
d.o.o. (ABS Sisak). The steels produced in these facilities supply
the automotive industry, heavy-duty vehicles, engineering, energy
and petroleum industries. ABS is the number one steelmaker in Italy
and among the leading ones in Europe in its field. The Danieli
Group employs about 6,000 people in Friuli-Venezia Giulia both
directly and through the allied industries. It contributes by 40%
to the yearly exports of the province of Udine, and by 20% to the
exports of the whole region. Attached are the consolidated balance
sheet, income statement (excluding the Group's Comprehensive
Income) and financial position of the Danieli Group and of the
Parent Company Danieli & C. Officine Meccaniche S.p.A., related
to the year ended on June 30, 2015, compared with the data for the
year ended on June 30, 2014.
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Consolidated Financial Statements of the Danieli Group
(Millions of euro)
CONSOLIDATED BALANCE SHEET (*) Assets Non-current assets Current
assets Total assets Liabilities and equity Share Capital Other
reserves and profits brought forward, including profit from
previous year Group equity Non-controlling interests Non-current
liabilities Current liabilities Total liabilities and equity
CONSOLIDATED INCOME STATEMENT (*) Revenues Raw materials and
consumables Cost of personnel Other operating costs Depreciation,
amortisation and write-downs Operating income Financial income
(charges) Gains (losses) on foreign exchange transactions Gains
arising from the valuation of shareholdings in associated companies
with the equity method Profit (loss) before tax Income taxes Net
profit for the period Loss (profit) attributable to non-controlling
interests Net profit for the period attributable to the Group
30/06/2015 1,165.0 3,991.8 5,156.8 81.3 1,631.5 1,712.8 0.9 589.0
2,854.1 5,156.8
Year ended
30/06/2014 1,093.0 4,029.1 5,122.1 81.3 1,466.1 1,547.4 1.0 456.9
3,116.8 5,122.1
Year ended
30/06/2015 2,765.9 (1,354.3) (446.2) (711.3) (103.9) 150.2 6.1
103.9 0.6 260.8 (99.1) 161.7 0.1 161.8
30/06/2014 2,944.1 (1,503.8) (416.7) (707.7) (105.2) 210.7 14.5
(21.9) 1.5 204.8 (51.2) 153.6 (0.1) 153.5
(*) Some of the items of the consolidated Balance Sheet and Income
Statement are shown in summarised form compared to the Financial
Statements.
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CONSOLIDATED NET FINANCIAL POSITION
(millions of euro)
30/06/2015
30/06/2014
Variation
Current financial assets - Securities and other financial
receivables - Cash at banks Total current financial liabilities
Non-current financial liabilities - Bank debts Total non-current
financial liabilities Current financial liabilities - Bank debts
and other financial liabilities Total current financial liabilities
Non-current net financial position Current net financial position
Positive net financial position Gross financial indebtedness 429.1
429.1 (314.7) 1,270.7 956.0 (743.8) 594.4 594.4 (202.5) 1,046.8
844.3 (796.9) (165.3) (165.3) (112.2) 223.9 111.7 53.1 314.7 314.7
202.5 202.5 112.2 112.2 340.5 1,359.3 1,699.8 337.4 1,303.8 1,641.2
3.1 55.5 58.6
Gross financial indebtedness represents the total of payables to
banks and other financial liabilities.
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Financial Statements of Danieli & C. Officine Meccaniche
S.p.A.
(Millions of euro)
BALANCE SHEET (*) Assets Non-current assets Current assets Total
assets Liabilities and equity Share Capital Other reserves and
profits brought forward, including profit from previous year Equity
Non-current liabilities Current liabilities Total liabilities and
equity
30/06/2015
30/06/2014
1,310.7 1,057.6 2,368.3 81.3 571.3 652.6 337.7 1,378.0 2,368.3
1,347.1 1,018.6 2,365.7 81.3 454.1 535.4 181.9 1,648.4 2,365.7
Year ended
Year ended
INCOME STATEMENT (*) Revenues Raw materials and consumables Cost of
personnel Other operating costs Depreciation, amortisation and
write-downs Operating income Financial income (charges) Gains
(losses) on foreign exchange transactions Profit (loss) before tax
Income taxes Net profit for the period
30/06/2015 1,013.6 (546.8) (148.2) (282.2) (21.8) 14.6 125.2 17.6
157.4 (17.5) 139.9
30/06/2014 1,057.9 (604.3) (148.0) (280.3) (20.3) 5.0 135.3 (4.2)
136.1 (4.6) 131.5
(*) Some of the items of the consolidated Balance Sheet and Income
Statement are shown in summarised form compared to the Financial
Statements.
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NET FINANCIAL POSITION OF DANIELI & C. OFFICINE MECCANICHE
S.p.A.
(millions of euro)
30/06/2015
30/06/2014
Variation
Current financial assets - Other financial receivables - Cash at
banks Total current financial liabilities Non-current financial
liabilities - Bank debts Total non-current financial liabilities
Current financial liabilities - Bank debts and other financial
liabilities Total current financial liabilities Non-current net
financial position Current net financial position Negative net
financial position Gross financial indebtedness 157.6 157.6 (201.7)
55.9 (145.8) (359.3) 202.7 202.7 (41.6) (103.8) (145.4) (244.3)
(45.1) (45.1) (160.1) 159.7 (0.4) (115.0) 201.7 201.7 41.6 41.6
160.1 160.1 04 213.1 213.5 0.2 98.7 98.9 0.2 114.4 114.6
The company's net financial position is shown net of financial
payables and receivables with Group companies (net payables
amounting to 29.1 million euro and 164.9 million euro, at June 30,
2015 and June 30, 2014 respectively). Gross financial indebtedness
represents the total of payables to banks and other financial
liabilities.
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Dr. Alessandro Brussi, the manager responsible for preparation of
company accounting documents, in accordance with article 154 bis
paragraph 2 of the Financial Consolidation Act declares that, as
far as he is aware, the financial statements contained herein
correspond to the documental findings, books and records at June
30, 2015.
CORPORATE CONTACTS: Investor relations: investors@danieli.it
Manager: Dr. Alessandro Brussi (phone no. 0432 1958763) Department
of Corporate Affairs: Mrs. Daniela Boz, (phone no. 0432 1958308)
d.boz@danieli.it
Danieli & C. Officine Meccaniche S.p.A. Via Nazionale, 41 33042
Buttrio (Udine) Fully-Paid Share Capital of Euro 81,304,566 Tax
number, VAT registration number, and registration number with the
Register of Companies of Udine: 00167460302 REA (ECONOMIC AND
ADMINISTRATIVE INDEX): 84904 UD Tel. +39 0432 1958111 Fax +39 0432
1958289 www.danieli.com info@danieli.com
Financial statements and publications are filed with the authorised
storage mechanism SDIR & STORAGE www.emarketstorage.com and on
the Company Internet Site: www.danieli.com, Investors section
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