Ariston Thermo, a company active in the water and space heating sector, today inaugurated a new production plant in Vietnam, near Hanoi, which will serve the local market and the countries of South-East Asia, employing about 300 people and producing up to 1 million electric water heaters a year.
"This new plant is the concrete expression of our global growth strategy which is developed through a strong international presence combined with local roots, to be as close as possible to our customers - commented Paolo Merloni, President of Ariston Thermo - With today's opening we strengthen our production capacity within the countries of south-east Asia, an area with strong growth of which Vietnam is the central point in our development strategy”.
On this occasion, Ariston Thermo also announced the acquisition of 100% of Heat Tech Geysers, the second player in the South African water heater market, a company that employs over 150 people and with a 2013 turnover of 15 million euros, an increase compared to the 'last year. Transilnk Corporate Finance acted as exclusive financial advisor.
At the same time, the results for 2013 were also presented. The company achieved revenues during the year of 1.335 million euros, up 0,8% on 2012 (+2,4% on a like-for-like basis and exchange rates). achieving an adjusted EBITDA growth of 7,6% to € 141 million and EBIT of 16,5% to € 99 million. Net income increased by 24%, reaching €62 million, and the net financial position was positive by €47 million.
The company has further increased investments and resources allocated to R&D, which during 2013 reached a total of €61 million against 58 million in the previous year.
During 2013 Ariston Thermo took important steps, in line with the Group's objective of continuing to grow both in mature markets and in rapidly developing markets, investing in the improvement of its products and in increasing its international presence.
In the first few months of the year, the company repurchased treasury shares held by Intesa Sanpaolo, BNL and IMI Investimenti SpA, for a value of €104,8 million. Through this transaction, the Group has further increased its strategic flexibility by using its own liquidity.
With the aim of continuing to improve its products and solutions with high energy efficiency and which use energy from renewable sources, Ariston Thermo has obtained a loan of € 40 million - with a duration of 10 years - from the European Bank Investments (EIB), which will be used for research and development activities.
In mid-2013 Ariston Thermo announced two important operations, the first on the Italian market, through the acquisition of DhE - an Italian company specializing in the production of electrical components - and the second in Uzbekistan, with the creation of a joint venture with Uztransgaz - a subsidiary of the state energy holding Uzbekneftegaz – dedicated to the production and sale of energy-efficient products for the local market.
At the beginning of 2014, the Group appointed Leonardo Senni as Chief Executive Officer. With the aim of diversifying funding sources and further increasing its strategic flexibility, Ariston Thermo has issued and placed securities for a value of 50 million dollars (approximately 37 million euros) with Pricoa Capital Group – one of the main players in the US and European private placement market – as part of a shelf contract which provides for the possibility of extending the placement up to 150 million dollars. The securities were issued in a single tranche, with a duration of 7 years with a fixed Euro coupon rate of 3,68%, and enabled the group to enter the American private placement market. For 2014, Ariston Thermo aims to grow further thanks to the continuous evolution of products, systems and services for its customers. The Group will continue to focus on its brands, further increasing investments in marketing and communication, so that they can establish themselves with ever greater strength in the various markets. New investments will also be aimed at enhancing the industrial footprint and research and development activities.
