The half-yearly season continues on Piazza Affari. Although the eyes of investors today were focused on Intesa Sanpaolo, it is also necessary to take into consideration the results published by three large Italian companies such as Ferrari, Campari
Ferrari closed the second quarter of 2016 with a net profit of 97 million euros, up by 21 million, 29% in percentage terms, compared to the same period of 2015. Based on what we read in the note issued by the Prancing Horse, the figure "is due to the joint effect of a strong Ebit and a lower tax rate than the previous year, partially offset by recall charges related to airbag inflators supplied” by Japan's Takata.
Taking into consideration the entire semester, profits rose to 175 million euros, up 24% compared to the first six months of the previous year. As of June 30, net industrial debt decreased to $763 million from $782 million as of March 31, “thanks to industrial free cash flow generation, offset by a cash distribution to common stockholders of $87 million and dividends paid to minority shareholders, for an amount of 13 million euros”.
Prospects for 2016 are also confirmed: Ferrari expects deliveries of around 8.000 units, including supercars. Net revenues are expected to exceed 3 billion euros; adjusted Ebitda should be around €800 million, while forecasts for net industrial debt are around €730 million (including a distribution to holders of ordinary shares).
The accounts published by the Maranello company seem to have met the expectations of investors who reward the Ferrari stock in Piazza Affari. Prancing Horse shares currently gain 0,8% in clear contrast to the trend of the Ftse Mib which instead yields 2,9% ballasted by the banks.
Campari's results were also positive which ends the first six months of 2016 with a net profit down by 13,8% to 67,2 million, a result which was affected by the weight of operating expenses for 14,8 million, largely attributable to the costs related to the acquisition of Grand Marnier. Without considering these items, the net result would have been up by 9,4% to 77,3 million.
The extraordinary items ballast Ebitda, which fell by 4,4% to 157,4 million (+6,3% to 172 million the adjusted figure). Net financial debt, on the other hand, rose to 1,34 billion (from 825,8 million at the end of December) following the 682,9 million paid for the French acquisition.
Sales amounted to 743,9 million euros, down by 1,8% compared to the same period of 2015, but with a positive organic change of 2015%.
«In the first half of 2016 – underlines the CEO Bob Kunze-Concewitz – we spawned sustained organic growth of the business for all performance indicators, the result of the constant implementation of the group's growth strategy». The manager also highlights «the group's continued above-average growth of global and regional priority brands and the positive growth of high-margin developed markets, such as North America and Western Europe».
Campari stock runs on the stock exchange following the publication of the accounts. The shares of the Sesto San Giovanni company, after reaching historical highs above 10 euro, rose by 4,54%, clearly beating the market. It should be emphasized that in recent months the share has never reversed its positive trend, gaining 32,6, despite the discontinuous performance of the lists. In the same period, the Ftse Mib lost 31,6%.
Also noteworthy are the accounts of Reply which closed the first half of 2016 with a net profit of 30,1 million euro, an increase of approximately 5% compared to the same period of the previous year. The turnover recorded an increase of 11,9% to 386,5 million. Taking into consideration only the second quarter, the turnover of the company active in communication and digital media services rose by 13,5% to 200,2 million.
In the first six months of the current year, consolidated Ebitda rose by 8,6% to 51,3 million while Ebit settled at 48 million (+12%).
