In 2017 Sit achieved revenues of 324 million (+12,4%). The company communicates it. Operating margins grew, with Ebitda (+2%) and Ebit (+7,2%) settling respectively at 44,1 and 25,1 million. The financial year ended with a net loss of shareholders of 23,3 million. The result, the press release specifies, is exclusively due to non-recurring and non-monetary accounting charges (31,3 million) deriving from the recognition at fair value of the merger with Spac Industrial Stars of Italy 2 which took place on 20 July 2017. net financial debt (-59,7 million compared to the end of 2016).
Sit, active in the field of components and systems for domestic heating appliances and for catering systems and listed on the AIM, closed 2017 with revenues of 324 million (+12,4%).
Specifically, the Heating division, which accounts for 84,6% of total turnover, reported revenues of 274 million (+9,7% compared to 2016). The Smart Gas Metering division, which represents 15,3% of the total, achieved revenues of 2017 million in 49,5 (+31,1% compared to the end of 2016).
Operational management improved, with Ebitda up by 2% to 44,1 million, with a margin down by 1,4%. Adjusted Ebitda, net of income and expenses deriving from non-recurring operations, amounted to 45,8 million (+2,7%) with a trend lower than the growth in turnover due to the impact of extra costs and inefficiencies due to production capacity limits on certain product families due to the increase in demand. Furthermore, it should be noted that among the exogenous factors that impacted the adjusted EBITDA in 2017 is the exchange rate trend, which had a negative impact of 1 million. At constant exchange rates, adjusted EBITDA would have been 46,8 million (+4,9%).
Benefiting from a slight drop in depreciation, which fell from 19,7 million to 19 million, Ebit (+7,2%) rose to 25,1 million, marking a modest drop in margins of 0,4 percentage points. The financial management balance remains negative, as in 2016, reporting financial charges of 46,5 million, up from 18,3 million in the previous year.
On the balance sheet side, net financial debt fell to 65,1 million (down by 59,7 million compared to the end of 2016). In 2017 cash flows from operating activities amounted to 24,2 million after investments of 17,3 million.
With regard to the objectives to be achieved in 2018, the executive chairman of Sit, Federico de' Stefani, he stressed: “We plan to complete in the second half of this year a important investment plan to increase our production capacity by around 30%. in order to satisfy, among other things, the growing Chinese demand, whose market has become the first in the world for domestic boilers. If 2017 was the year of our Company's listing on the AIM segment of Borsa Italiana - following the merger with the Spac Industrial Stars of Italy 2 - we are confident that in the next few months we will be able to make the transition to the Stock Exchange's Telematic Stock Market Italian, thus allowing our projects and our results to obtain greater visibility towards markets and investors".
The BoD will propose to the shareholders' meeting a gross dividend of 0,25 euro for each outstanding share (excluding treasury shares) payable starting from 9 May 2018, with coupon detachment on 7 May 2018 and with record date on 8 May 2018 .
