SAG GEST – Soluções Automóvel Globais, SGPS, SA

SAG GEST – Soluções Automóvel Globais, SGPS, SA
A Listed Company
Estrada de Alfragide, nr. 67, Amadora
Registered Share Capital: 169.764.398 Euros
Registered at the Amadora Registrar of Companies
Registration and Taxpayer number 503 219 886
PRESS RELEASE
Consolidated Results – 1st Quarter 2015
SAG maintains a strong operational performance
Consolidated Turnover for the 1st Quarter 2015 (Eur 153 million) records a 46%
growth
EBITDA increases 62% to Eur 4.3 million
•
Consolidated Turnover – Eur 153.3 million – a 46% growth
•
SIVA keeps the leadership in the Portuguese passenger cars market, with a 15.5%
share
•
EBITDA increases 61.9% to Eur 4.3 million
•
EBITDA interest coverage increases from 53.5% in the 1st Quarter 2014 to
71.9% in the 1st Quarter 2015
• Consolidated Net Results (a loss of Eur 3.1 million) improved 10.3% when compared
to the 1st Quarter 2014
• Unidas’ turnover increases 20.6% when compared to the 1st Quarter 2014, with
EBITDA advancing 11.1% and EBIT improving 12%. As at 31 March 2015 Unidas’
fleet was approximately 43 thousand units (a 15% increase when compared with
2014)
SAG GEST – Soluções Automóvel Globais, SGPS, SA – Sociedade Aberta
Sede: Estrada de Alfragide, nº 67 Amadora
Capital Social: Eur 169.764.398,00
Matriculada na Conservatória do Registo Comercial da Amadora
Número Único de Matrícula e de Identificação Fiscal 503 219 886
Escritório: Alfrapark – Estrada de Alfragide, nº 67, Edifício SGC – Piso 2
2614-519 Amadora
Tel: 21 359 66 64
Fax: 21 359 66 74
1
1. OPERACIONAL PERFORMANCE
•
•
Automotive Distribution
•
The Portuguese Automotive market strengthened the 2014 growth trend: the Light Vehicles market
recorded a 33.3% growth during the 1st Quarter 2015, when compared with the same period in 2014,
with a volume of 52,910 units.
•
Overall, SIVA advanced in line with the market, and maintained its leadership in the ranking of the
Importers operating in Portugal, with a 14.6% market share and a volume of 7,700 units in the total
Light Vehicles (LV) market, and a 15.5% share, with a volume of 7,185 units in the Passenger Cars
(PC) market:
o
Volkswagen – Passenger Cars, with a volume of 4,177 units recorded a 41.4% growth, and
strengthened its market share to 9.0% (8.7% in 2014). The new Volkswagen Passat (European
Car of the Year and Car of the Year in Portugal) recorded a particularly strong volume.
o
The Audi Brand, which is less geared towards the rent-a-car segment, recorded a 22.8%
volume growth when compared with the same period in 2014, with a volume of 2,371 units
(1,930 units in the 1st Quarter 2014).
o
Skoda’s volume increased 4.8%, to 635 units (606 in the 1st Quarter 2014). The Brand’s growth
was lower than the market’s growth due to the phase-out of the old Fabia version, and to the
March 2015 launch of the new version of the same model (still only with the Limo version).
o
Volkswagen –Commercial Vehicles recorded a 11.5% volume growth, with 515 vehicles (462
units in the same period in 2014). In the vans and pick-ups segment the Brand recorded a
34.0% growth and a 8.7% market share (7.6% in the same period in 2014).
•
Commercial support investment to the Brands represented by SIVA increased by more than 30% when
compared with the investment of the 1st Quarter 2014, with the objective of strengthening the Brands’
image and awareness.
•
In this context, EBITDA for this business area recorded an increase of approximately 35% when
compared to the same period in the previous year.
•
The net contribution of the Automotive Distribution are to the Consolidated Net Results was more than
Eur 3.0 million (Eur 2.3 million in the same period of 2014), recording a growth of almost 30%.
Automotive Retail
•
The Soauto Dealers (Soauto SA, Loures Automóveis, Rolporto and Rolvia) delivered, during the 1st
Quarter 2015, 1,058 new units of the Volkswagen, Audi, Skoda and Volkswagen – Commercial
Vehicles Brands, recording a 34.1% growth when compared with the same period in 2014. In the Used
Cars area, the Soauto Dealers recorded a volume of 483 units, a 21.4% increase when compared with
the 398 units sold in the same period in 2014.
•
Automotive Retail’s EBITDA increased by approximately 28% during the 1st Quarter 2015, and its
contribution to Consolidated Net Results recorded a growth of approximately 18%.
SAG GEST – Soluções Automóvel Globais, SGPS, SA – Sociedade Aberta
Sede: Estrada de Alfragide, nº 67 Amadora
Capital Social: Eur 169.764.398,00
Matriculada na Conservatória do Registo Comercial da Amadora
Número Único de Matrícula e de Identificação Fiscal 503 219 886
Escritório: Alfrapark – Estrada de Alfragide, nº 67, Edifício SGC – Piso 2
2614-519 Amadora
Tel: 21 359 66 64
Fax: 21 359 66 74
2
•
Brazil
•
In spite of the macroeconomic situation prevailing in Brazil during all of the 1st Quarter 2015, the
turnover recorded by the Unidas Affiliate increased by approximately 19% when compared with the
same period in 2014:
o
Volume growth in the Rent-a-Car segment was 26.7%, with more than one million rental days
(789,000 in the 1st Quarter 2014), and the corresponding net turnover increased 18.1%.
o
The impacts of the adverse overall economic situation were more apparent in the highly
competitive Renting segment, and net turnover posted a marginal 1.5% decrease when
compared with the same period in the previous year.
o
Activities in the Semi-New segment recorded a 30% volume increase leading to a 34% net
turnover growth.
o
Unidas’ total fleet as at the end of the Quarter was 42,838 cars, 15.2% more than the 37,186
units in the fleet as at 31 March 2014.
•
EBITDA increased 11.1% when compared with the 1st Quarter 2014.
•
The Affiliate’s net result recorded a decrease of approximately 50% when compared with the same
period in the previous year, due to non-recurring items recognized in the 1st Quarter 2014 (recognition
of Deferred Tax Assets with a positive R$ 7.2 million impact).
2. ECONOMIC AND FINANCIAL OVERVIEW
•
Consolidated Turnover in the 1st Quarter 2015 was Eur 153.3 million, representing a 45.9% growth
when compared with the Eur 105.0 million recorded in the prior year’s equivalent period.
•
Consolidated Effective Margin increased 19.3% when compared with the 1st Quarter 2014.
•
Consolidated EBITDA for the 1st Quarter 2015 (Eur 4.3 million) recorded a 61.9% growth when
compared to the Eur 2.6 million recorded in the 1st Quarter 2014, in spite of the increased commercial
support investment.
•
Consolidated Earnings Before Interest and Taxes (EBIT) was Eur 3.6 million, recording a 83.3% growth
when compared with the Eur 2.0 million recorded during the 1st Quarter 2014.
•
Consolidated Net Financial Expenses increased by approximately Eur 1.0 million, essentially as a result
of obtaining additional bank guarantees required to support the increased activity volumes, and of the
additional working capital requirements. However, EBITDA’s coverage of interest expenses progressed
from 53.5% in the 1st Quarter 2014 to 71.9% in the three months ended 31 March 2014.
•
Net Results attributable to SAG Gest in respect of the 1st Quarter 2015 still remained a negative Eur
3.1 million, although recording a 10.3% improvement when compared to the losses recognized in
respect of the 1st Quarter 2014.
•
Net Equity, which was already a negative Eur 28.4 million as at 31 December 2014, as a result of the
2014 recognition of a Eur 44.1 million impairment loss in respect of the value of SAG Gest’s investment
in the Unidas Affiliate, was a negative Eur 31.6 million as at 31 March 2015.
SAG GEST – Soluções Automóvel Globais, SGPS, SA – Sociedade Aberta
Sede: Estrada de Alfragide, nº 67 Amadora
Capital Social: Eur 169.764.398,00
Matriculada na Conservatória do Registo Comercial da Amadora
Número Único de Matrícula e de Identificação Fiscal 503 219 886
Escritório: Alfrapark – Estrada de Alfragide, nº 67, Edifício SGC – Piso 2
2614-519 Amadora
Tel: 21 359 66 64
Fax: 21 359 66 74
3
•
This situation shall be reversed upon the performance, by the Principal S.A. Shareholder, of
Supplementary Capital Payments of Eur 35.0 million, in accordance with a proposal submitted to the
Annual Shareholders Meeting to be held on 29 May 2015.
•
As disclosed in the 2014 Annual Report negotiations are in progress involving SAG Gest’s majority
Shareholder and the main creditor Banks with the objective of recomposing SAG Gest’s financial
position, in order to secure its sustainability by providing the conditions required to adequately balance
the Entity’s Equity and its debt at levels compatible, in terms of amount and maturities, with the
profitability of its activities
Alfragide, 29 May 2015
José Maria Cabral Vozone
Investor Relations
SAG GEST – Soluções Automóvel Globais, SGPS, SA – Sociedade Aberta
Sede: Estrada de Alfragide, nº 67 Amadora
Capital Social: Eur 169.764.398,00
Matriculada na Conservatória do Registo Comercial da Amadora
Número Único de Matrícula e de Identificação Fiscal 503 219 886
Escritório: Alfrapark – Estrada de Alfragide, nº 67, Edifício SGC – Piso 2
2614-519 Amadora
Tel: 21 359 66 64
Fax: 21 359 66 74
4
CONSOLIDATED INCOME STATEMENT
(Unaudited)
3 Months Ended 31 March
Consolidated Income Statement
(Values in Eur 000)
2015
2014
% Chg
150,854
2,452
153,306
102,663
2,384
105,047
46.9%
2.9%
45.9%
15,580
10.2%
13,062
12.4%
19.3%
Outside Services & Supplies - Commercial Expenses
Outside Services & Supplies - Car Expenses
Sub Total Variable Expenses
(2,861)
(419)
(3,280)
(2,201)
(386)
(2,586)
30.0%
8.7%
26.8%
Outside Services & Supplies - Non Variable Expenses
Payroll Expenses
Sub Total Overheads
(2,873)
(5,132)
(8,005)
(2,761)
(5,062)
(7,823)
(11,285)
(10,409)
4.1%
1.4%
2.3%
0.0%
8.4%
EBITDA
% of Turnover
4,295
2.8%
2,653
2.5%
61.9%
Depreciation and Amortization
Gains / (Losses) on Sale of Assets
Provisions
Impairments
(435)
4
(117)
(102)
(457)
0
(105)
(102)
-4.8%
2362.9%
-11.0%
0.0%
EBIT
% of Turnover
3,646
2.4%
1,989
1.9%
83.3%
Income from Associated Companies - Equity Method
Net Interest
Other Financial Expenses
Net Financial Income / (Expenses)
1
(4,083)
(1,893)
(5,976)
(6)
(3,363)
(1,587)
(4,957)
-109.5%
21.4%
19.3%
-20.6%
EBT
% of Turnover
(2,330)
-1.5%
(2,967)
-2.8%
21.5%
(642)
(97)
0
(739)
(654)
167
0
(487)
-1.9%
158.3%
#DIV/0!
51.7%
Consolidated Net Profit
(3,068)
(3,454)
11.2%
Non-Controlling Interests
52
24
118.6%
(3,120)
-2.0%
(3,478)
-3.3%
10.3%
Sales
Services Rendered
Turnover
Effective Margin
% of Turnover
Operating Expenses
Current Income Tax
Deferred Income Taxes
Adjustments - Prior Years' Income Taxes
Income Taxes
Net Profit
% of Turnover
SAG GEST – Soluções Automóvel Globais, SGPS, SA – Sociedade Aberta
Sede: Estrada de Alfragide, nº 67 Amadora
Capital Social: Eur 169.764.398,00
Matriculada na Conservatória do Registo Comercial da Amadora
Número Único de Matrícula e de Identificação Fiscal 503 219 886
Escritório: Alfrapark – Estrada de Alfragide, nº 67, Edifício SGC – Piso 2
2614-519 Amadora
Tel: 21 359 66 64
Fax: 21 359 66 74
5
CONSOLIDATED STATEMENT OF THE FINANCIAL POSITION
(Unaudited)
Consolidated Statement of the Financial Position
(Eur 000)
Mar-15
Dec-14
Fixed Assets - Net
Investments in Associates - Equity Method Consolidation
Accounts Receivable - Related Parties
Deferred Tax Assets
Non-Current Assets
79,150
17
118,571
9,088
206,826
79,176
16
116,512
9,361
205,064
Inventories
Accounts Receivable
Current Income Tax Receivable
Taxes Receivable - Other Than Income Taxes
Cash & Marketable Securities
Current Assets
166,152
85,633
6,867
5,673
9,022
273,348
135,221
78,580
7,183
5,171
16,695
242,850
113,467
113,467
593,641
561,381
48,722
282
53,772
(41,383)
(9,501)
(80,404)
(3,120)
48,670
282
53,928
(41,383)
(9,501)
(24,993)
(55,411)
(31,634)
(28,409)
663
1,706
3,520
5,890
4,880
1,706
3,500
10,086
287,185
293,450
1,928
36,822
619,385
297,363
250,936
1,462
29,944
579,705
TOTAL LIABILITIES
625,274
589,791
TOTAL LIABILITIES & SHAREHOLDERS EQUITY
593,641
561,381
Non-Current Assets Held For Sale
TOTAL ASSETS
Registered Share Capital, Equity Reserves, Non-Controlling Interests
Employee Stock Option Plan (Unidas)
Supplementary Capital Payments
Cummulative Translation Adjustments
Cummulative Translation Adjustment - Goodwill
Retained Earnings
Current Period Profit / (Loss)
TOTAL SHAREHOLDERS EQUITY
Bank Debt - Medium and Long Term
Deferred Tax Liabilities
Provisions
Non-Current Liabilities
Bank Debt - Short Term
Accounts Payable
Current Income Tax Payable
Taxes Payable - Other Than Income Tax
Current Liabilities
SAG GEST – Soluções Automóvel Globais, SGPS, SA – Sociedade Aberta
Sede: Estrada de Alfragide, nº 67 Amadora
Capital Social: Eur 169.764.398,00
Matriculada na Conservatória do Registo Comercial da Amadora
Número Único de Matrícula e de Identificação Fiscal 503 219 886
Escritório: Alfrapark – Estrada de Alfragide, nº 67, Edifício SGC – Piso 2
2614-519 Amadora
Tel: 21 359 66 64
Fax: 21 359 66 74
6