Consolidated Results 1st Half 2015

Transcrição

1 SAG GEST Sluções Autmóvel Glbais, SGPS, SA Listed Cmpany Estrada de Alfragide, nr. 67, Amadra Registered Share Capital: Eurs Registered at the Amadra Registrar f Cmpanies Registratin and Taxpayer number PRESS RELEASE Cnslidated Results 1st Half 2015 SAG maintains a strng peratinal perfrmance Cnslidated Turnver fr the 1st Half 2015 recrded a 31% grwth t Eur 310 millin EBITDA increased 16% t Eur 8.8 millin The Unidas S/A Affiliate is again included in SAG Gest s Cnslidated Financial Statements using the Equity Methd Cnslidated Turnver Eur millin recrded a 30.8% grwth SIVA maintained the leadership in the Prtuguese passenger car market, increasing its market share t 16.5% (16.4% in 2014) EBITDA increases 15.5% t Eur 8.8 millin Cnslidated Net Results fr the six mnths ended 30 June 2015 recrded a 6.5% imprvement when cmpared t the 1 st Half 2014, and were still a Eur 4.4 millin lss 1 due t the weight f financial expenses (Eur 10.6 millin) The Unidas Affiliate s Cnslidated Turnver increased 20.8% when cmpared t the 1 st Half 2014, with EBITDA advancing 12.4% and EBIT imprving 20.3%. At the end f the 1st Half 2015, the Unidas Affiliate s fleet was apprximately 42 thusand units (an increase f apprximately 7% when cmpared with 30 June 2014) 1 Results were adjusted t reflect the impact f the change in the Unidas S/A Affiliate cnslidatin methd SAG GEST Sluções Autmóvel Glbais, SGPS, SA Sciedade Aberta Sede: Estrada de Alfragide, nº 67 Amadra Capital Scial: Eur ,00 Matriculada na Cnservatória d Regist Cmercial da Amadra Númer Únic de Matrícula e de Identificaçã Fiscal Escritóri: Alfrapark Estrada de Alfragide, nº 67, Edifíci SGC Pis Amadra 1

2 1. OPERATIONAL PERFORMANCE a) Autmtive Distributin The Prtuguese Autmtive market strengthened the 2014 and 1 st Quarter 2015 grwth trend and the Light Vehicle market recrded a 31.1% grwth during the 1 st Half 2015, when cmpared with the same perid in 2014, with a ttal vlume f 114,937 units. Overall, SIVA advanced in line with the market, and maintained its leadership in the ranking f the Imprters perating in Prtugal, with a 15.4% market share and a vlume f apprximately 17,700 units in the ttal Light Vehicles (LV) market, and a 16.5% share, with a vlume f 16,591 units in the Passenger Cars (PC) market: Vlkswagen Passenger Cars, with a vlume f 9,716 units, recrded a 39.3% grwth, and strengthened its market share t 9.7% (9.2% in 2014). The new Vlkswagen Passat (Eurpean Car f the Year and Car f the Year in Prtugal) recrded a strng perfrmance. The Audi Brand, which is less geared twards the rent-a-car segment, recrded a 23.1% vlume grwth when cmpared with the same perid in 2014, with a vlume f 5,122 units (4,162 units in the 1 st Half 2014). b) Autmtive Retail Skda s vlume increased 32.0%, t 1,748 units (1,324 in the same perid in 2014) and held its market share, althugh the new Fabia was nly launched during the 2 nd Quarter Vlkswagen Cmmercial Vehicles recrded a 10.9% vlume grwth, with 1,152 vehicles (1,039 units in the same perid in 2014). In the van and pick-up segment, the Brand recrded a 26.0% grwth and a 9.1% market share (8.8% in the same perid in 2014). The SAG Gest Dealer Subsidiaries (Saut, Lures Autmóveis, Rlprt and Rlvia) sld, during the 1 st Half 2015, 2,206 new units f the Vlkswagen, Audi, Skda and Vlkswagen Cmmercial Vehicles Brands, recrding a 32.3% grwth when cmpared with the 1,667 units sld during the same perid in In the Used Car segment, Saut Dealers recrded a vlume f 1,008 units, a 17.5% increase when cmpared with the 858 units sld during the 1 st Half c) Brazil In spite f the macrecnmic situatin prevailing in Brazil thrughut the 1 st Half 2015, turnver recrded by the Unidas S/A Affiliate increased by apprximately 21% when cmpared with the same perid in 2014: Vlume in the Rent-a-Car segment was 1.9 millin rental days, a 21.5% increase when cmpared with the vlume during the 1 st Half 2014 (1.6 millin rental days). Net turnver fr this segment increased 17.1% when cmpared with the same perid in the previus year. The impacts f the adverse verall ecnmic situatin were mre apparent in the highly cmpetitive Renting segment, and net turnver in the 1 st Half 2015 was similar t what had been achieved in the same perid in the previus year. Activities in the Semi-New segment recrded a 31.9% vlume increase leading t a 36.9% net turnver grwth. The Unidas Affiliate ttal fleet as at the end f the 1 st Half 2015 was 41,640 cars, 6.9% mre than the 38,958 units in the fleet as at 30 June SAG GEST Sluções Autmóvel Glbais, SGPS, SA Sciedade Aberta Sede: Estrada de Alfragide, nº 67 Amadra Capital Scial: Eur ,00 Matriculada na Cnservatória d Regist Cmercial da Amadra Númer Únic de Matrícula e de Identificaçã Fiscal Escritóri: Alfrapark Estrada de Alfragide, nº 67, Edifíci SGC Pis Amadra 2

3 The Unidas Affiliate cnslidated EBITDA increased 12.4% when cmpared with the 1 st Half The Affiliate s net result in the 1 st Half 2015 was R$ 16.0 millin (Eur 4.9 millin). 2. ECONOMIC AND FINANCIAL OVERVIEW Althugh SAG Gest is still cmmitted t sell its stake in the Unidas S/A Affiliate, macrecnmic cnditins in Brazil prevented the sale f this investment, which has been recgnized as Nn-Current Assets Held fr Sale since 1 July 2013, in accrdance with IFRS 5 Nn-Current Assets Held fr Sale and Discntinued Operatins. Accrding t said Standard, and t IAS 28 Investments in Assciates and Jint Ventures, the Unidas S/A Affiliate was again included in SAG Gest s Cnslidated Financial Statements thrugh the Equity Methd. SAG Gest has recgnized the apprpriatin f its share in the net results f the Unidas S/A Affiliate since 1 July 2013, and cnsequently SAG Gest s Cnslidated Financial Statements were re-stated frm said date nwards. The amunts indicated herein, as well as the attached Cnslidated Financial Statements already reflect the adjustments resulting frm this change, in bth 2015 and Cnslidated Turnver in the 1 st Half 2015 was Eur millin, representing a 30.8% grwth when cmpared with the Eur millin recrded in the same perid in Cnslidated EBITDA fr the 1 st Half 2015 (Eur 8.8 millin) recrded a 15.5% grwth when cmpared t the Eur 7.7 millin recrded during the 1 st Half 2014, in spite f the increased cmmercial supprt investment and nn-recurrent restructuring csts incurred during the perid in the Autmtive Retail area. Cnslidated Earnings Befre Interest and Taxes (EBIT) was Eur 7.6 millin, recrding a 20.8% grwth when cmpared with the Eur 6.3 millin recrded during the 1 st Half Due t the change in the cnslidatin methd used in respect f the Unidas S/A Affiliate, SAG Gest s share in the net result f that Entity was apprpriated, which means that a Eur 1.7 millin prfit was recgnized during the 1 st Half 2015, and a Eur 1.6 millin prfit in the same perid in Cnslidated Net Financial Expenses increased by apprximately Eur 1.6 millin, reflecting the csts assciated with additinal bank guarantees required t supprt the increased activity vlumes and the additinal wrking capital requirements. Net Results attributable t SAG Gest during the 1 st Half 2015 were still a Eur 4.4 millin lss 2. Cnslidated Net Debt as at 30 June 2015 was Eur millin, an increase f apprximately Eur 10.0 millin in cmparisn t Eur millin at the end f This change is essentially the result f the increase in wrking capital requirements fllwing the increased business vlume, particularly in Inventries and Accunts Receivable. On 30 June 2015 Cnslidated Net Equity was a negative Eur 45.3 millin 3. The Annual Sharehlders Meeting held n 29 May 2015 apprved that the Principal S.A. Sharehlder s perfrmance f Supplementary Capital Payments f Eur 35.0 millin. The implementatin f this reslutin 2 The amunt f the result f the Unidas Affiliate apprpriated during the 1st Half 2015 was 1.7 millin. Excluding this adjustment, the reprted Cnslidated Net Prfit attributable t SAG Gest wuld have been a lss f Eur 6.1 millin. 3 Excluding the impact f adjustments fllwing the change in the Unidas S/A Affiliate cnslidatin methd, Cnslidated Equity wuld be Eur 34.6 millin negative. SAG GEST Sluções Autmóvel Glbais, SGPS, SA Sciedade Aberta Sede: Estrada de Alfragide, nº 67 Amadra Capital Scial: Eur ,00 Matriculada na Cnservatória d Regist Cmercial da Amadra Númer Únic de Matrícula e de Identificaçã Fiscal Escritóri: Alfrapark Estrada de Alfragide, nº 67, Edifíci SGC Pis Amadra 3

4 was cntingent upn the satisfactry cnclusin f the negtiatins between the Principal S.A Sharehlder and the Banks that are parties t the SAG Gest Framewrk Agreement. As agreed with said Banks, the abve reslutin was nt implemented, given that such negtiatins were extended t include a mre cmprehensive financial restructuring f SAG Gest. The bjectives f such restructuring are the strengthening f SAG Gest s Cnslidated Equity, the reductin f its debt and the renegtiatin f debt maturities, s as t allw SAG Gest s incme statement t remain sustainably prfitable and that the Entity s Cnslidated Equity is balanced. This prcess included the appintment f tw Banks t act as advisrs t SAG Gest. Based upn a mdel develped by SAG Gest, the advisrs designed a set f transactins which, when cmpleted, will ensure that the abve bjectives are met in respect f SAG Gest s Cnslidated Equity and its prjected incme statement. On date f releasing the infrmatin herein, each f the fur Banks invlved are in the prcess f cmpleting their internal evaluatin f the prpsed slutin. SAG Gest has the bjective f cncluding this prcess still during the 3 rd Quarter Alfragide, 31 August 2015 Jsé Maria Cabral Vzne Investr Relatins SAG GEST Sluções Autmóvel Glbais, SGPS, SA Sciedade Aberta Sede: Estrada de Alfragide, nº 67 Amadra Capital Scial: Eur ,00 Matriculada na Cnservatória d Regist Cmercial da Amadra Númer Únic de Matrícula e de Identificaçã Fiscal Escritóri: Alfrapark Estrada de Alfragide, nº 67, Edifíci SGC Pis Amadra 4

5 CONSOLIDATED INCOME STATEMENT (Unaudited) SAG GEST Sluções Autmóvel Glbais, SGPS, SA Sciedade Aberta Sede: Estrada de Alfragide, nº 67 Amadra Capital Scial: Eur ,00 Matriculada na Cnservatória d Regist Cmercial da Amadra Númer Únic de Matrícula e de Identificaçã Fiscal Escritóri: Alfrapark Estrada de Alfragide, nº 67, Edifíci SGC Pis Amadra 5

6 CONSOLIDATED STATEMENT OF THE FINANCIAL POSITION (Unaudited) SAG GEST Sluções Autmóvel Glbais, SGPS, SA Sciedade Aberta Sede: Estrada de Alfragide, nº 67 Amadra Capital Scial: Eur ,00 Matriculada na Cnservatória d Regist Cmercial da Amadra Númer Únic de Matrícula e de Identificaçã Fiscal Escritóri: Alfrapark Estrada de Alfragide, nº 67, Edifíci SGC Pis Amadra 6