enses included a benefit deriving from the recognition of
deferred tax assets on tax losses for that period equal to 1.4
million. Consolidated net income amounted to 1.7 million (2.4% of
consolidated revenues) in the first half of 2013, down by 52.3%
compared to a net income of 3.6 million in the first half of 2012,
but showing a significant increase compared to a consolidated net
loss of 0.2 million in the second half of 2012. In this semester,
net income per ordinary share and per savings share were equal to
0.0461 and 0.1385 respectively; in the corresponding period of the
previous year, net income per ordinary share and per savings share
were equal to 0.1557 and 0.1725 respectively. The consolidated net
financial position as at June 30, 2013 was negative and equal to
39.3 million (cash equal to 15.8 million and net financial
liabilities equal to 55.1 million), compared with a negative net
financial position of 16.3 million as at December 31, 2012 (cash
equal to 22.6 million and net financial liabilities equal to 38.9
million). This worsening, in addition to the negative performance
of operating activities (-1.3 million4) was due to the payment of
dividends (about -10 million) and to the expenditure for the
acquisition of the "hydrogen purifiers" business by Power &
Energy, Inc. (-7.6 million, of which -2.4 million already paid and
-5.2 million to be paid in two tranches at the beginning of 2014
and 2015). In the semester there were also net outflows for
investment activities in tangible and intangible assets equal to
-2.9 million. The exchange rate effect was negative (approximately
-0.2 million): in fact, almost all of the Group's financial debt is
made of loans in U.S. dollar held by the American subsidiaries and
its equivalent value in euro has increased following the
revaluation of the U.S. dollar as at June 30, 2013 compared to
December 31, 2012. The operating cash flow was negative and equal
to 1.3 million in the first half of 2013: the self-financing was
not enough to offset the negative change in the net working
capital, heavily affected by the increase in the volume of
activities in the Semiconductors Business and by the operating
weakness that characterized the
4
For further details please see the comment on the operating cash
flow. 8
SAES Group Press Release
last period of 2012. However, please note that the operating cash
flow, that was strongly negative in the first quarter (-6.6
million), became positive in the second quarter (+5.4 million). As
at June 30, 2013, following the failure to comply with certain
financial covenants5 in place, the long-term portion of loans held
by the American subsidiaries Memry Corporation and SAES Smart
Materials, Inc. has been reclassified as current. The SAES Group
has about 5 months available (grace period) to emend the default
condition, after which, if the non-compliance persists, the value
of such covenants will have to be renegotiated with the financing
institution in order to avoid the call of the debt. However, please
note that such renegotiation is already ongoing and at June 30,
2013 the Group held enough cash and cash equivalents and credit
lines to be able to cope with a possible repayment claim. Actuator
Solutions GmbH The joint venture Actuator Solutions GmbH,
consolidated using the equity method, achieved net revenues equal
to 4.8 million in the first half of 2013. Revenues now fully come
from the sale of valves used in lumbar control systems of the seats
of a wide range of cars; revenues generated by valves are growing
because the lumbar control system based on the SMA technology is
gaining market share. In addition, the company is currently
involved in the development of actuators, miniaturized and not, for
applications in various industrial sectors, some of which have
generated the first orders; other actuators, such as the one for
the image focus and stabilization of mobile phones, are
experiencing increasing interest in the market. The net result was
negative and equal to 0.7 million in the semester, as a result of
the expenses in research and development activities related to the
various industrial sectors in which the company will sell its SMA
devices. The share of the net result of the first half of 2013
pertaining to the SAES Group amounted to -0.4 million. *** The
figures, that have been subject to a limited review by the legal
auditing firm Deloitte & Touche S.p.A., are drawn from the
interim management report as at June 30, 2013, including the
interim condensed consolidated financial statements, the interim
management report and the certification required by article
154-bis, paragraph 5 of TUF. This document will be distributed
through the NIS circuit of the Italian Stock Exchange, posted on
the Company's website www.saesgetters.com and sent to Consob on
August 28, 2013. Events occurred after the end of the semester On
July 29, 2013 the share capital of E.T.C. S.r.l. was increased from
20 thousand to 75 thousand. The increase was underwritten only by
the majority shareholder SAES Getters S.p.A., the minority
shareholder Dr Michele Muccini didn't underwrite it. Following this
transaction, the shareholding of SAES Getters S.p.A. in E.T.C.
S.r.l. increased from 85% to 96%, while that of Dr Michele Muccini
decreased from 15% to 4%. Please note that E.T.C. S.r.l. was
already fully consolidated without any attribution to minority
interests as at June 30, 2013, because the shareholders' agreements
provided for an obligation for the Parent Company to cover the
losses also on behalf of the minority shareholder. Notice is also
given that on July 22, 2013 the Parent Company, prior to the
capital increase, paid the sum of approximately 1 million to cover
the loss incurred by E.T.C. S.r.l. during the first half of 2013.
In July 2013 SAES Getters S.p.A. agreed with the trade unions upon
the use of the Ordinary Redundancy Fund for a period of 13 weeks in
the period September-December 2013. In SAES Advanced Technologies
S.p.A., where the use of the Ordinary Redundancy Fund ended on June
30, 2013, a voluntary redundancy procedure has been activated.
5
Calculated on consolidated economic-financial figures. 9
SAES Group Press Release
Business performance outlook For the second half of 2013, we expect
a performance in line with the first half of the year and a further
consolidation of the recovery compared to the second half of 2012.
Also total revenues of the Group, that include the share of the
revenues of the joint venture Actuator Solutions GmbH, will
increase. At the same time, the management continues its actions to
contain costs and to increase the operating efficiency in all the
Group's companies, in order to improve margins. These actions could
generate non recurring expenses.
***
The Officer responsible for the preparation of corporate financial
reports of SAES Getters S.p.A. certifies that, in accordance with
the second subsection of article 154-bis, part IV, title III,
second paragraph, section V-bis, of Legislative Decree February 24,
1998, no. 58, the financial information included in the present
document corresponds to book of account and book-keeping entries.
The Officer responsible for the preparation of corporate financial
reports Michele Di Marco
***
SAES Group
A pioneer in the development of getter technology, the SAES® Group
is the world leader in a variety of scientific and industrial
applications where stringent vacuum conditions or ultra-pure gases
are required. In more than 70 years of activity, the Group's getter
solutions have been supporting innovation in the information
display and lamp industries, in sophisticated high vacuum systems
and in vacuum thermal insulation, in technologies spanning from
large vacuum power tubes to miniaturized silicon-based
microelectronic and micromechanical devices. The Group also holds a
leading position in ultra pure gas refinement for the semiconductor
and other high-tech markets. Starting in 2004, by leveraging the
core competencies in special metallurgy and in the materials
science, the SAES Group has expanded its business into the advanced
material markets, in particular the market of shape memory alloys,
a family of materials characterized by super elasticity and by the
property of assuming predefined forms when subjected to heat
treatment. These special alloys, which today are mainly applied in
the biomedical sector, are also perfectly suited to the realization
of actuator devices for the industrial sector (domotics, white
goods industry, consumer electronics and automotive sector). More
recently, SAES has expanded its business by developing components
whose getter functions, traditionally obtained from the
exploitation of the special features of some metals, are instead
generated by chemical processes. These new products are used in the
OLED promising sectors (Organic Light Emitting Diodes), both for
displays and for lighting and in the photovoltaic one. Thanks to
these new developments, SAES is evolving, adding to its
competencies in the field of special metallurgy also those of
organic chemicals. A total production capacity distributed in
eleven facilities across 3 continents, a worldwide-based sales
& service network and more than 1,000 employees allow the Group
to combine multicultural skills and expertise to form a truly
global enterprise. SAES Group is headquartered in the Milan area
(Italy). SAES Getters S.p.A. is listed on the Italian Stock
Exchange Market, STAR segment, since 1986. More information on the
SAES Group is available in the website www.saesgetters.com
10
SAES Group Press Release
Contacts: Emanuela Foglia Investor Relations Manager Tel +39 02
93178 273 E-mail: investor_relations@saes-group.com Laura Magni
Group Marketing and Communication Manager Tel +39 02 93178 252
E-mail: laura_magni@saes-group.com
11
SAES Group Press Release
SAES Getters S.p.A. and Subsidiaries - Consolidated Net Sales by
Business Th o u s an d s of euro (except %) Bus ines s Electro n ic
Devices Lamp s Vacu u m Systems and Thermal Insulation En erg y
Devices Semico n d u cto rs Indus trial Applications S hape Memory
Alloys Liq u id Crystal Displays Cat h o d e Ray Tubes Org an ic
Light Emitting Diodes Information Displays Bus ines s Development
Total Net Sales 2013 1 s t Half 11,552 6,467 5,490 346 24,227 4 8
,0 8 2 2 0 ,6 2 5 21 435 338 794 41 6 9 ,5 4 2 2012 1 s t Half
10,552 6,195 8,791 62 25,151 5 0 ,7 5 1 2 4 ,9 1 8 603 670 555 1 ,8
2 8 11 7 7 ,5 0 8 Total difference (% ) 9.5% 4.4% -37.5% 458.1%
-3.7% -5 .3 % -1 7 .2 % -96.5% -35.1% -39.1% -5 6 .6 % 2 7 2 .7 %
-1 0 .3 %
P ri ce - Q u a n t i t y effect (%) Ex ch a n g e rate e ffe ct
(%)
10.9% 6.8% -33.4% 458.1% -2.4% -3 .4 % -1 6 .2 % -96.1% -34.5%
-35.4% -5 5 .1 % 2 7 7 .3 % -8 .7 %
-1.4% -2.4% -4.1% 0.0% -1.3% -1 .9 % -1 .0 % -0.4% -0.6% -3.7% -1
.5 % -4 .6 % -1 .6 %
Industrial Applications Business Unit Electronic Devices Lamps
Vacuum Systems and Thermal Insulation Energy Devices Semiconductors
Shape Memory Alloys Business Unit Shape Memory Alloys (SMA)
Information Displays Business Unit Liquid Crystal Displays (LCD)
Cathode Ray Tubes (CRT) Organic Light Emitting Diodes (OLED)
Business Development Unit Business Development
Getters and metal dispensers for electron vacuum devices and
getters for microelectronic and micromechanical systems (MEMS)
Getters and metal dispensers used in discharge lamps and
fluorescent lamps Pumps for vacuum systems, getters for solar
collectors and products for thermal insulation Getter sealants for
photovoltaic modules and sophisticated getters for energy storage
devices Gas purifier systems for semiconductor industry and other
industries Shape memory alloys both for medical and for industrial
applications Getters and metal dispensers for liquid crystal
displays Barium getters for cathode ray tubes Dispensable dryers
and alkaline metal dispensers for OLED displays Research projects
undertaken to achieve the diversification into innovative
businesses (among which, components for High-Brightness LEDs)
S AES Getters S.p.A. and Subsidiaries - Consolidated Net Sales by
Business Th o u s an d s of euro (except %) Bus ines s Electro n ic
Devices Lamp s Vacu u m Systems and Thermal Insulation En erg y
Devices Semico n d u cto rs Indus trial Applications S hape Memory
Alloys Liq u id Crystal Displays Cat h o d e Ray Tubes Org an ic
Light Emitting Diodes Information Displays Bus ines s Development
Total Net Sales 2013 1 s t Half 11,552 6,467 5,490 346 24,227 4 8
,0 8 2 2 0 ,6 2 5 21 435 338 794 41 6 9 ,5 4 2 2012 2 nd Half
10,280 5,311 6,896 336 18,922 4 1 ,7 4 5 2 2 ,1 7 0 158 561 330 1
,0 4 9 1 6 4 ,9 6 5 Total difference (% ) 12.4% 21.8% -20.4% 3.0%
28.0% 1 5 .2 % -7 .0 % -86.7% -22.5% 2.4% -2 4 .3 % n.s . 7 .0
%
P ri ce - Q u a n t i t y effect (%) Ex ch a n g e rate e ffe ct
(%)
15.1% 25.9% -14.1% 3.0% 32.0% 1 9 .3 % -4 .3 % -84.8% -20.4% 10.2%
-2 0 .4 % n.s . 1 0 .6 %
-2.7% -4.1% -6.3% 0.0% -4.0% -4 .1 % -2 .7 % -1.9% -2.1% -7.8% -3
.9 % n.s . -3 .6 %
12
SAES Group Press Release
S AES Getters S.p.A. and Subsidiaries - Consolidated Net Sales by
Geographic Location of Customer Thousands of euro 2013 2012 Geog
raphic Area 1 s t Half 1 s t Half Italy 1,157 962 Eu ro p ean
countries 18,506 12,421 No rth America 28,234 36,790 Jap an 2,850
5,200 So u th Korea 1,958 7,660 Ch in a 9,197 6,820 Res t of Asia
7,200 7,245 Res t of the World 440 410 Total Net Sales 6 9 ,5 4 2 7
7 ,5 0 8
S AES Getters S.p.A. and Subsidiaries - Consolidated Income
Statement Thousands of euro 2013 1 s t Half 6 9 ,5 4 2 (41,214) 2 8
,3 2 8
R& D expenses Sellin g expenses G& A expenses ( 7 ,8 8 6 )
( 6 ,4 4 6 ) ( 1 0 ,8 5 6 )
Total net sales Co s t of sales Gros s profit
2012 1 s t Half 7 7 ,5 0 8 (44,757) 3 2 ,7 5 1
( 7 ,4 1 5 ) ( 6 ,7 0 1 ) ( 1 2 ,0 4 6 )
To tal operating expenses Ro y alties Oth er income (expenses), net
Operating income In teres t and other financial income, net In co
me (loss) from equity method evalueted companies Fo reig n exchange
gains (losses), net Income before taxes In co me taxes Net income
from continued operations In co me (loss) from assets held for sale
and discontinued operations Net income before minority interest Net
income (loss) pertaining to minority interest Net income pertaining
to the group
(25,188) 1,072 105 4 ,3 1 7 (461) (351) 6 3 ,5 1 1 (1,813) 1 ,6 9 8
0 1 ,6 9 8 0 1 ,6 9 8
(26,162) 1,157 576 8 ,3 2 2 (912) (422) (181) 6 ,8 0 7 (3,336) 3 ,4
7 1 86 3 ,5 5 7 0 3 ,5 5 7
S AES Getters S.p.A. and Subsidiaries - Consolidated Statement of
Comprehensive Income Thousands of euro 2013 1 s t Half Profit for
the period 1 ,6 9 8 Exchange differences on translation of foreign
operations Exch an g e differences on equity method evalueted
companies To tal exchange differences Total components that will be
reclassified to the profit (loss) in the future Actuarial gain
(loss) on defined benefit plans Income taxes Actuarial gain (loss)
on defined benefit plans, net of taxes Total components that will
not be reclassified to the profit (loss) in the future Other
comprehensive income (loss), net of taxes Total comprehensive
income (loss), net of taxes a ttrib u ta b le to: - Equity holders
of the Parent Company - Minority interests 52 0 52 52 0 0 0 0 52 1
,7 5 0 1,750 0
2012 1 s t Half 3 ,5 5 7 2,357 0 2,357 2 ,3 5 7 0 0 0 0 2 ,3 5 7 5
,9 1 4 5,914 0
13
SAES Group Press Release
SAES Getters S.p.A. and Subsidiaries - Consolidated Income
Statement by Business Unit Thousands of euro Indus trial
Applications 2013 1 s t Half 4 8 ,0 8 2 (26,298) 2 1 ,7 8 4 (9,249)
1 2 ,5 3 5 2012 1 s t Half 50 ,7 5 1 (27,081) 23 ,6 7 0 (7,964) 15
,7 0 6 S hape Memory Alloys 2013 1 s t Half 2 0 ,6 2 5 (13,972) 6
,6 5 3 (4,813) 1 ,8 4 0 2012 1 s t Half 24 ,9 1 8 (16,108) 8 ,8 1 0
(5,445) 3 ,3 6 5 Informati on Displays 2013 1 s t Half 794 (732) 62
(1,771) (1 ,7 0 9 ) 2012 1 s t Half 1 ,8 2 8 (1,409) 419 (1,776) (1
,3 5 7 ) Bus i nes s Development & Corporate Costs 2013 2012 1
s t Half 1 s t Half 41 11 (212) (159) (1 7 1 ) (1 4 8 ) (8,178)
(9,244) (8 ,3 4 9 ) (9 ,3 9 2 ) TOTAL 2013 1 s t Half 6 9 ,5 4 2
(41,214) 2 8 ,3 2 8 (24,011) 4 ,3 1 7 2012 1 s t Half 7 7 ,5 0 8
(44,757) 3 2 ,7 5 1 (24,429) 8 ,3 2 2
Total net sales Co s t of sales Gros s profit (loss) Op eratin g
expenses and other income (expenses) Operati ng income (loss)
S AES Getters S.p.A. and Subsidiaries - Consolidated Income
Statement by Business Unit ( 1st Half 2013 vs 2nd Half 2012 )
Thousands of euro Indus tri al Applications 2013 1 s t Half 4 8 ,0
8 2 (26,298) 2 1 ,7 8 4 (9,249) 1 2 ,5 3 5 2012 2 nd Half 4 1 ,7 4
5 (23,888) 1 7 ,8 5 7 (7,178) 1 0 ,6 7 9 S hape Memory Alloys 2013
1 s t Half 2 0 ,6 2 5 (13,972) 6 ,6 5 3 (4,813) 1 ,8 4 0 2012 2 nd
Half 2 2 ,1 7 0 (14,274) 7 ,8 9 6 (5,060) 2 ,8 3 6 Information
Displays 2013 1 s t Half 794 (732) 62 (1,771) (1 ,7 0 9 ) 2012 2 nd
Half 1 ,0 4 9 (976) 73 (1,918) (1 ,8 4 5 ) Bus ines s Development
& Corporate Costs 2013 2012 1 s t Half 2 nd Half 41 1 (212)
(185) (1 7 1 ) (1 8 4 ) (8,178) (8,459) (8 ,3 4 9 ) (8 ,6 4 3 )
TOTAL 2013 1 s t Half 6 9 ,5 4 2 (41,214) 2 8 ,3 2 8 (24,011) 4 ,3
1 7 2012 2 nd Half 6 4 ,9 6 5 (39,323) 2 5 ,6 4 2 (22,615) 3 ,0 2
7
Total net sales Co s t of sales Gros s profit (loss) Op eratin g
expenses and other income Operati ng income (loss)
S AES Getters S .p.A. and S ubsi di ari e s - Consolidated Income
(Loss) per S hare
Eu ro
2013 1st Half Net income (loss) per ordinary share Net income
(loss) per savings share 0.0461 0.1385 2012 1st Half 0.1557
0.1725
S AES Getters S.p.A. and Subsidiaries Consolidated Statement of
Financial Position Thousands of euro June 30, 2013 December 31,
2012 Pro p erty , plant and equipment, net 54,702 55,964 In tan g
ib le assets, net 48,929 41,563 Oth er non current assets 20,396
20,161 Cu rren t assets 73,776 76,717 A s s ets held for sale 0 0
Total Assets 1 9 7 ,8 0 3 1 9 4 ,4 0 5 Sh areh o ld ers ' equity
106,012 114,227 M in o rity interest in consolidated subsidiaries 3
3 Total Shareholders' Equity 1 0 6 ,0 1 5 1 1 4 ,2 3 0 No n current
liabilities 17,281 33,441 Cu rren t liabilities 74,507 46,734 Liab
ilities held for sale 0 0 Total Liabilities and Shareholders'
Equity 1 9 7 ,8 0 3 1 9 4 ,4 0 5
14
SAES Group Press Release
SAES Getters S.p.A. and Subsidiaries - Consolidated Net Financial
Position Thousands of euro June 30, 2013 Cas h on hands Cas h
equivalents Cas h and cash equivalents Current financial assets Ban
k overdraft Cu rren t portion of long term debt Related parties
financial liabilities Oth er current financial liabilities Current
financial liabilities Current net financial position Lo n g term
debt, net of current portion Oth er non current financial
liabilities Non current liabilities Net financial position 19
15,779 1 5 ,7 9 8 124 (26,820) (22,268) 0 (2,443) (5 1 ,5 3 1 ) (3
5 ,6 0 9 ) (80) (3,607) (3 ,6 8 7 ) (3 9 ,2 9 6 ) March 31, 2013 20
15,139 1 5 ,1 5 9 0 (13,086) (6,624) (1,007) (1,358) (2 2 ,0 7 5 )
(6 ,9 1 6 ) (18,005) (50) (1 8 ,0 5 5 ) (2 4 ,9 7 1 ) December 31,
2012 16 22,594 2 2 ,6 1 0 114 (10,051) (6,476) (2,019) (1,276) (1 9
,8 2 2 ) 2 ,9 0 2 (19,179) (54) (1 9 ,2 3 3 ) (1 6 ,3 3 1 )
S AES Getters S.p.A. and Subsidiaries Consolidated Cash Flows
Statement Thousands of euro 2013 1 s t Half Net income from
continuing operations 1,698 Net income from discontinuing
operations 0 Cu rren t income taxes 2,656 Ch an g e in deferred
income taxes (843) Dep reciatio n , amortization and write down of
non current assets 4,948 Net loss (gain) on disposal of property,
plant and equipment (7) In teres ts and other financial income, net
358 Oth er non-monetary costs (356) 8 ,4 5 3 Ch an g e in operating
assets and liabilities (6,066) Pay men ts of termination
indemnities and similar obligations (606) Fin an cial income
received, net of payment of interest (100) Pay men t of income
taxes (2,968) Net cash provided by (used by) operating activities
(1 ,2 8 7 ) Pu rch as e of property, plant and equipment, net of
proceeds from sales (2,655) Pu rch as e of intangible assets (219)
In v es tmen t in joint-venture 0 Price paid for the acquisition of
shareholding in subsidiaries (500) Price paid for the acquisition
of businesses (2,440) Cas h flows provided by (used by) investing
activities (5 ,8 1 4 ) Pro ceed s from debt, net of repayments
10,939 Div id en d s paid (9,965) In teres t and other expenses
paid on loans (550) Cas h flows provided by (used by) financing
activities 424 Effect of exchange rate differences (483) Increas e
(decrease) in cash and cash equivalents (7 ,1 6 1 ) Cas h and cash
equivalents at the beginning of the period 22,609 Cas h and cash
equivalents at the end of the period 1 5 ,4 4 8
2012 1 s t Half 3,472 85 3,234 102 5,229 (133) (214) 182 1 1 ,9 5 7
4,003 (248) (426) (2,406) 1 2 ,8 8 0 (1,418) (34) (3,994) 0 0 (5 ,4
4 6 ) 11,157 (10,792) (664) (2 9 9 ) 960 8 ,0 9 5 20,291 2 8 ,3 8
6
15
SAES Group Press Release
Actuator Solutions GmbH - SAES Group interest (50% ) Thousands of
euro J une 30, December 31, Statement of Financial Position 2013
2012 No n current assets 2,744 2,405 Cu rren t assets 1,255 2,108
Total Assets 3 ,9 9 9 4 ,5 1 3 No n current liabilities 61 35 Cu
rren t liabilities 882 1,071 Total Liabilities 943 1 ,1 0 6 Cap
ital stock, reserves and retained earnings 3,407 4,236 Net income
(loss) for the period (351) (829) Oth er comprehensive income
(loss) for the period 0 0 Total Equity 3 ,0 5 6 3 ,4 0 7 Income
Statement To tal net sales Co s t of sales To tal operating
expenses Oth er income (expenses), net Operati ng income In teres t
and other financial income, net In co me taxes Net income (loss)
2013 1 s t Half 2,382 (1,885) (746) 67 (1 8 2 ) 20 (188) (351) 2012
1 s t Half 1,005 (1,104) (487) 0 (5 8 6 ) 3 161 (4 2 2 )
16
Grafico Azioni SAES Getters (BIT:SGR)
Storico
Da Ott 2024 a Nov 2024
Grafico Azioni SAES Getters (BIT:SGR)
Storico
Da Nov 2023 a Nov 2024
