B&C Speakers S.p.A.:
Board of Directors approves the Interim Management Report at 31 March 2025- Consolidated revenues of € 25.83 million (up 8.3% compared to € 23.86 million in the first three months of 2024);
- Consolidated EBITDA of € 6.30 million (up 25.3% compared to € 5.03 million in the first three months of 2024);
- Overall Group profit of € 3.53 million (up 6% compared to € 3.33 million in the first three months of 2024);
- Group net financial position positive at € 2.52 million (negative at € 0.92 million at the end of the 2024 financial year);
- New Group orders totalling € 30.3 million (stable compared to the same period in 2024).
Bagno a Ripoli (Florence), 13 May 2025 - The Board of Directors of B&C Speakers S.p.A., one of the foremost international players in the design, manufacture, distribution, and marketing of professional electro-acoustic transducers, has approved the Group Interim Report at 31 March 2025 in accordance with IFRS international accounting standards.
Consolidated revenue
Consolidated revenues are equal to Euro 25.83 million, up 8.3% compared to the value for the first three months of 2024, when it stood at Euro 23.86 million.
The collection of new orders during theò three months of 2025 reached the value of 30.3 million, a figure practically in line with the value collected by the Group during the first quarter of 2024 (when 30.5 million euros were collected).
Below is the full breakdown by geographic area for the first three months of 2025, compared to the same period in 2024 (amounts in euro):
Revenues per geographic area | 1Q 2025 | % | 1Q 2024 | % | Difference | Difference % |
(values in Euro/thausand) | ||||||
Latin America | 1,021 | 4% | 1,657 | 7% | (636) | -38.4% |
Europe | 13,946 | 54% | 11,429 | 48% | 2,517 | 22.0% |
Italy | 1,348 | 5% | 1,566 | 7% | (219) | -14.0% |
North America | 4,673 | 18% | 4,743 | 20% | (70) | -1.5% |
Middle East & Africa | 236 | 1% | 171 | 1% | 66 | 38.5% |
Asia & Pacific | 4,606 | 18% | 4,292 | 18% | 314 | 7.3% |
Total | 25,830 | 100% | 23,858 | 100% | 1,971 | 8.3% |
Cost of sales
During the first three months of 2025, an improvement was seen in the impact of the cost of sales with respect to the same period in 2024, going from 63.0% to 59.1%. This positive trend was the result of a favourable sales mix which, combined with the usual internal efficiency in terms of managing component costs, led to this improvement during the period.
Indirect Personnel
Despite an increase of 10.8% in absolute terms in the cost of indirect personnel, compared to the same period in 2024, its impact on revenues remained substantially unchanged, going from 7.0% to 7.1%.
Commercial expenses
Commercial expenses increased slightly in absolute terms compared to the first three months of 2024 (by € 70 thousand), nonetheless keeping their impact on revenues substantially unchanged.
Administrative costs and overheads
Administrative costs and overheads rose by € 235 thousand with respect to the corresponding figure for 2024, however, their impact on revenues remained more or less stable, going from 8.0% to 8.3%.
EBITDA and EBITDA Margin
As a result of these trends, EBITDA for the first three months of 2025 was € 6.30 million, an
increase of € 1.27 million (25.3%) compared to the same period in 2024.
The EBITDA margin for the first three months of 2025 was 24.4% of revenues, compared to 21.1% for the same period in 2024.
Depreciation and amortisation
Depreciation and amortisation of property, plant and equipment, intangible assets, and rights of use increased slightly compared to the first three months of 2024, amounting to
€ 0.71 million (€ 0.63 million in the first three months of 2024).
EBIT and EBIT Margin
EBIT for the first three months of 2025 amounted to € 5.58 million, an increase of 27.0% compared to the same period in 2024 (when it amounted to € 4.39 million). The EBIT margin was 21.6% of revenue (18.4% in the same period of 2024).
Overall Group Profit
The Group's overall profit at the end of the first three months of 2025 amounted to € 3.53 million, representing 13.7% of consolidated revenue, with an overall increase of 6.0% compared to the corresponding period in 2024.
The Net Financial Position (NFP) is positive at € 2.52 million, compared with the negative amount of € 0.92 million registered at the end of 2024. The change in the NFP was positively impacted by excellent cash flow coming from operations (€ 4.2 million), making it possible to limit the effects associated with repayments of existing loans.
31 march | 31 december | ||
(values in Euro thousands) | 2025 (a) | 2024 (a) | Change |
A. Cash | 11,467 | 9,314 | 23% |
C. Other current financial assets | 7,325 | 7,283 | 1% |
D. Cash and cash equivalent (A+C) | 18,792 | 16,597 | 13% |
E. Current financial indebtness | (2,592) | (2,595) | |
F. Current portion of non current borrowings | (5,652) | (5,549) | 2% |
G. Current borrowingse (E+F) | (8,245) | (8,144) | 1% |
H. Current net financial indebtness (G+D) | 10,548 | 8,453 | 25% |
I. Non current financial indebtness | (8,023) | (9,377) | -14% |
L. Non current financial indebtness | (8,023) | (9,377) | -14% |
M. Total financial indebteness (H+L) | 2,524 | (924) | -373% |
2025 | 2024 | |||
Revenues | 25,830 | 100.0% | 23,858 | 100.0% |
Cost of sales | (15,278) | -59.1% | (15,035) | -63.0% |
Gross margin | 10,552 | 40.9% | 8,823 | 37.0% |
Other revenues | 84 | 0.3% | 54 | 0.2% |
Cost of indirect labour | (1,844) | -7.1% | (1,664) | -7.0% |
Commercial expenses | (349) | -1.4% | (275) | -1.2% |
General and administrative expenses | (2,144) | -8.3% | (1,910) | -8.0% |
Ebitda | 6,299 | 24.4% | 5,029 | 21.1% |
Depreciation and Amortization | (715) | -2.8% | (634) | -2.7% |
Writedowns | - | 0.0% | 0 | 0.0% |
Earning before interest and taxes (Ebit) | 5,583 | 21.6% | 4,395 | 18.4% |
Writedown of investments in non controlled associates | - | 0.0% | - | 0.0% |
Financial costs | (646) | -2.5% | (358) | -1.5% |
Financial income | 215 | 0.8% | 490 | 2.1% |
Earning before taxes (Ebt) | 5,153 | 19.9% | 4,527 | 19.0% |
Income taxes | (1,421) | -5.5% | (1,269) | -5.3% |
Profit for the year | 3,732 | 14.4% | 3,257 | 13.7% |
Minority interest | 0 | 0.0% | 0 | 0.0% |
Group Net Result | 3,732 | 14.4% | 3,257 | 13.7% |
Other comprehensive result | (198) | -0.8% | 76 | 0.3% |
Total Comprehensive result | 3,534 | 13.7% | 3,333 | 14.0% |
(€ thousands) 3 months
Incidence 3 months
Incidence
SIGNIFICANT EVENTS SUBSEQUENT TO 31 March 2025 AND OUTLOOK FOR THE YEAR
The Shareholders' Meeting, held on 29 April 2025, approved the financial statements and resolved the distribution of an ordinary dividend of € 1 per ordinary share outstanding at the ex-dividend date (on 5 May, with record date 6 May and payment on 7 May).
The international economic situation, in which uncertainty is the dominating factor, due to the possible consequences of reciprocal tariffs between the USA and China, makes it difficult to predict the evolution of the reference markets in the coming months. However, a general climate of client trust can be confirmed. The critical issues in the supply chain caused by the temporary halt to magnet exports from China in response to the duties applied by the US could generate difficulties in meeting delivery times due to delays in supplies.
Below are the Consolidated Income Statement and Balance Sheet schedules for the first three months of 2025CONSOLIDATED STATEMENT OF FINANCIAL POSITION | 31 March | 31 December | |
(Values in Euro) | 2025 | 2024 | |
ASSETS | |||
Fixed assets | |||
Tangible assets | 5,106,432 | 5,095,272 | |
Right of use | 6,236,216 | 6,692,427 | |
Goodwill | 2,318,181 | 2,318,181 | |
Other intangible assets | 570,810 | 621,360 | |
Deferred tax assets | 982,264 | 1,050,595 | |
Other non current assets | 630,884 | 622,199 | |
related parties | 6,700 | 6,700 | |
Total non current assets | 15,844,787 | 16,400,034 | |
Currents assets | |||
Inventory | 30,515,723 | 29,952,836 | |
Trade receivables | 21,199,404 | 20,128,062 | |
Tax assets | 410,533 | 1,531,488 | |
Other current assets | 10,831,097 | 9,938,214 | |
Cash and cash equivalents | 11,467,213 | 9,313,627 | |
Total current assets | 74,423,970 | 70,864,227 | |
Total assets | 90,268,757 | 87,264,261 | |
LIABILITIES | |||
Equity | |||
Share capital | 1,087,198 | 1,090,507 | |
Other reserves | 3,588,342 | 4,113,008 | |
Foreign exchange reserve | 530,698 | 728,382 | |
Retained earnings | 52,994,840 | 49,263,330 | |
Total equity attributable to shareholders of the parent | 58,201,078 | 55,195,227 | |
Minority interest | - | - | |
Total equity | 58,201,078 | 55,195,227 | |
Non current liabilities | |||
Long-term borrowings | 2,998,827 | 3,820,239 | |
Long-term lease liabilities | 5,024,670 | 5,557,150 | |
related parties | 1,808,890 | 2,140,714 | |
Severance Indemnities | 872,641 | 859,546 | |
Provisions for risk and charges | 44,483 | 44,483 | |
Total non current liabilities | 8,940,621 | 10,281,418 | |
Current liabilities | |||
Short-term borrowings | 6,770,359 | 6,762,957 | |
Short-term lease liabilities | 1,474,205 | 1,380,620 | |
related parties | 969,825 | 871,159 | |
Trade liabilities | 11,234,101 | 9,981,831 | |
related parties | 88,141 | 100,134 | |
Tax liabilities | 249,214 | 103,809 | |
Other current liabilities | 3,399,179 | 3,558,399 | |
Total current liabilities | 23,127,058 | 21,787,616 | |
Total Liabilities | 90,268,757 | 87,264,262 |