PRESS RELEASE
B&C Speakers S.p.A.:
Board of Directors approves
the Interim Management Report at 30 September 2024
- Consolidated revenues of € 76.63 million (up 7.6% compared to € 71.24 million in the first nine months of 2023);
- Consolidated EBITDA of € 17.71 million (up 1.2% compared to € 17.50 million in the first nine months of 2023);
- Overall Group profit of € 15.65 million (up 31.4% compared to € 11.91 million in the first nine months of 2023);
- Group net financial position of € 1.1 million (€ 0.65 million at the end of 2023);
- New orders continue to grow with respect to 2023 (+33% compared to the first nine months of 2023).
Bagno a Ripoli (Florence), 12 November 2024 - 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-acoustictransducers, has approved the Group Interim Report at 30 September 2024 in accordance with IFRS international accounting standards.
Consolidated revenue
Consolidated revenue reached € 76.6 million, up 7.6% with respect to the figure in the first nine months of 2023, when the amount was € 71.2 million.
The contribution made by the new subsidiaries to turnover during the period came to € 10 million, distributed as follows in geographic terms: Eminence KY achieved turnover of € 5.8 million, mainly on the North American market, while B&C Speakers Cina achieved turnover of € 4.2 million, mainly on the Asian market.
With respect to sales by the rest of the B&C Group (under the B&C and 18s brands), note that the first nine months of 2024 ended on a downturn with respect to the same period in 2023. This decrease, equal to 6.6%, is mainly due to a slowdown on the Chinese market and the figure has improved with respect to the figure recorded for the first half of 2024 (when the decrease in terms of sales was 7.5%).
New orders received during the first nine months of 2024 came to a total of 69 million (+33% compared to the same period in 2023). This figure, although it shows a decrease in the value of new orders with respect to June, confirms the overall loyalty and stability of customers with respect to the Group's brands.
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Below is the full breakdown by region for the first nine months of 2024, compared to the same period in 2023 (amounts in euro):
Revenues per geographic area | 9 months 2024 | % | 9 months 2023 | % | Difference | Difference % |
(values in Euro/thausand) | ||||||
Latin America | 6,192 | 8% | 6,166 | 9% | 26 | 0.4% |
Europe | 37,186 | 49% | 32,686 | 46% | 4,500 | 13.8% |
Italy | 5,210 | 7% | 4,965 | 7% | 245 | 4.9% |
North America | 15,525 | 20% | 13,857 | 19% | 1,668 | 12.0% |
Middle East & Africa | 538 | 1% | 1,176 | 2% | (638) | -54.3% |
Asia & Pacific | 11,979 | 16% | 12,394 | 17% | (415) | -3.4% |
Total | 76,630 | 100% | 71,244 | 100% | 5,386 | 7.6% |
Cost of sales
During the first nine months of 2024 a slight improvement was seen in the impact of the cost of sales with respect to revenues compared to the same period in 2023, going from 62.7% to 61.8%. This trend was driven by significant improvements in efficiency relative to the cost of production components, which saw its impact on revenues improved by more than 3.6 percentage points compared to the same period in 2023. Conversely, direct personnel costs had a greater impact, due to the combined effect of lower volumes and the integration of the two new subsidiaries.
Indirect Personnel
Indirect personnel costs rose as a percentage of revenues compared to the first nine months of 2023, going from 5.1% to 6.6%. In absolute terms, the figure for the first nine months of 2024 is up 39% on the same period in 2023, mainly due to the inclusion of the two new subsidiaries in the scope of consolidation.
Commercial expenses
Commercial expenses increased in absolute terms by 30.4% with respect to the first nine months of 2023. This increase is for the most part due to the inclusion of the two new subsidiaries in the scope of consolidation along with their respective commercial expenses, intended for the completion of development projects for Eminence-brand products.
Administrative costs and overheads
Administrative costs and overheads rose by € 812 thousand with respect to the corresponding figure for 2023, also increasing in terms of their impact on revenues, from 7.1% to 7.6%. The increase in administrative costs and overheads is entirely associated with the inclusion of the two new subsidiaries in the scope of consolidation. In fact, with the scope unchanged with respect to the first half of 2023, administrative costs and overheads fell by 6.9%.
EBITDA and EBITDA Margin
As a result of these trends, EBITDA for the first nine months of 2024 was € 17.7 million, an increase of € 0.2 million (+1.2%) compared to the same period in 2023.
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The EBITDA margin for the first nine months of 2024 was equal to 23.1% of revenues, compared to 24.6% in the same period in 2023. The dilution of margins is due to the inclusion of the two new subsidiaries, whose margins are lower than those of B&C Speakers. Note that utilising the same scope as in the first nine months of 2023, the EBITDA margin would have been 26% compared to 24.6% in the same period of 2023, demonstrating the well-established efficiency of the original structure of the B&C Speakers Group.
Depreciation and amortisation
Depreciation and amortisation of property, plant and equipment, intangible assets and rights of use increased compared to the first nine months of 2023, amounting to € 1.9 million (€ 1.6 million in the first nine months of 2023). This increase is mainly due to the inclusion of the two new subsidiaries.
EBIT and EBIT Margin
EBIT for the first nine months of 2024 amounted to € 15.7 million, down 1.2% with respect to the same period in 2023 (when it amounted to € 15.9 million). The EBIT margin was 20.5% of revenue (22.4% in the same period of 2023).
Overall Group Profit
The Group's overall profit at the end of the first nine months of 2024 amounted to € 15.7 million, representing 20.4% of consolidated revenue, with an overall increase of 31.4% compared to the corresponding period of 2023.
This trend is mainly due to the Patent Box subsidy, which was renewed for the 2020 tax period and subsequent four tax periods in the first half of 2024, after the ruling proceedings with the Revenues Agency was finalised.
The positive effect of this subsidy on the annual income statement is equal to € 3,994 thousand.
The Net Financial Position (NFP) is equal to € 1.1 million, compared to € 0.6 million at the end of 2023. The excellent cash flow coming from operations (€ 8.86 million) had a positive impact on the NFP, making it possible to limit the effects associated with repayments of existing loans and the distribution of dividends for € 7.7 million in May.
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30 september | 31 december | ||
(values in Euro thousands) | 2024 (a) | 2023 (a) | Change |
A. Cash | 9,351 | 14,613 | -36% |
C. Other current financial assets | 7,274 | 6,979 | 4% |
D. Cash and cash equivalent (A+C) | 16,625 | 21,591 | -23% |
E. Current financial indebtness | (2,500) | (2,708) | |
F. Current portion of non current borrowings | (6,373) | (8,855) | -28% |
G. Current borrowingse (E+F) | (8,874) | (11,563) | -23% |
H. Current net financial indebtness (G+D) | 7,751 | 10,028 | -23% |
I. Non current financial indebtness | (8,817) | (10,681) | -17% |
L. Non current financial indebtness | (8,817) | (10,681) | -17% |
M. Total financial indebteness (H+L) | (1,066) | (653) | 63% |
The Group's reclassified Income Statement for the first nine months of 2024 compared with the same period in the previous year is presented below:
Economic trends - Group B&C Speakers | ||||
(€ thousands) | 9 months | Incidence | 9 months | Incidence |
2024 | 2023 | |||
Revenues | 76,630 | 100.0% | 71,245 | 100.0% |
Cost of sales | (47,365) | -61.8% | (44,678) | -62.7% |
Gross margin | 29,266 | 38.2% | 26,567 | 37.3% |
Other revenues | 292 | 0.4% | 327 | 0.5% |
Cost of indirect labour | (5,096) | -6.6% | (3,661) | -5.1% |
Commercial expenses | (907) | -1.2% | (696) | -1.0% |
General and administrative expenses | (5,843) | -7.6% | (5,031) | -7.1% |
Ebitda | 17,712 | 23.1% | 17,506 | 24.6% |
Depreciation and Amortization | (1,965) | -2.6% | (1,573) | -2.2% |
Writedowns | - | 0.0% | 0 | 0.0% |
Earning before interest and taxes (Ebit) | 15,747 | 20.5% | 15,933 | 22.4% |
Writedown of investments in non controlled associates | - | 0.0% | - | 0.0% |
Financial costs | (1,224) | -1.6% | (1,334) | -1.9% |
Financial income | 1,396 | 1.8% | 1,074 | 1.5% |
Earning before taxes (Ebt) | 15,919 | 20.8% | 15,672 | 22.0% |
Income taxes | (135) | -0.2% | (4,005) | -5.6% |
Profit for the year | 15,784 | 20.6% | 11,668 | 16.4% |
Minority interest | 0 | 0.0% | 0 | 0.0% |
Group Net Result | 15,784 | 20.6% | 11,668 | 16.4% |
Other comprehensive result | (126) | -0.2% | 246 | 0.3% |
Total Comprehensive result | 15,658 | 20.4% | 11,914 | 16.7% |
SIGNIFICANT EVENTS SUBSEQUENT TO 30 September 2024 AND OUTLOOK FOR THE YEAR
The collection of new orders, subsequent to the end of the quarter and up to the date of this press release, shows a slowdown in the incoming flow compared to the beginning of the year. The Group's management, based on the information available, believes that 2024 could close with improved production and sales levels compared to 2023, also due to the contribution from the sales achieved by the newly acquired companies.
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Below are the Consolidated Income Statement and Balance Sheet schedules for the first nine months of 2024
SITUAZIONE PATRIMONIALE-FINANZIARIA CONSOLIDATA (Valori in Euro)
ATTIVO
Attivo immobilizzato Immobili, impianti e macchinari Diritti d'uso Avviamento Altre attività immateriali Attività fiscali differite Altre attività non correnti di cui verso correlate Totale attività non correnti
Attivo corrente
Rimanenze
Crediti commerciali
Attività fiscali per imposte correnti
Altre attività correnti
Disponibilità liquide e mezzi equivalenti
Totale attività correnti
Totale attività
PASSIVO
Capitale e Riserve
Capitale sociale
Altre riserve
Riserva di conversione
Riserve di risultato
Totale Patrimonio netto del Gruppo
Patrimonio netto attribuibile alle interessenze di pertinenza di terzi
Totale Patrimonio netto
Passività non correnti Indebitamento finanziario a medio-lungo termine Passività finanziarie a medio-lungo termine per diritti d'uso di cui verso parti Correlate Fondi benefici a dipendenti e assimilati Fondi per rischi ed oneri Totale passività non correnti
Passività correnti Indebitamento finanziario a breve termine Passività finanziarie a breve termine per diritti d'uso di cui verso parti Correlate Debiti commerciali di cui verso parti Correlate Pasività fiscali per imposte correnti Altre passività correnti Totale passività correnti
Totale passività
30 settembre | 31 dicembre |
2024 | 2023 |
4.940.836 | 3.872.531 |
5.344.313 | 6.477.332 |
2.318.181 | 2.318.181 |
581.640 | 447.843 |
1.005.413 | 906.969 |
576.786 | 579.561 |
6.700 | 6.700 |
14.767.169 | 14.602.417 |
30.869.530 | 27.623.705 |
21.797.132 | 18.149.825 |
1.775.513 | 190.315 |
9.406.381 | 11.168.904 |
9.351.086 | 14.612.848 |
73.199.642 | 71.745.597 |
87.966.811 | 86.348.014 |
30 settembre | 31 dicembre |
2024 | 2023 |
1.096.161 | 1.099.613 |
5.016.982 | 5.589.481 |
229.596 | 365.116 |
47.269.209 | 39.156.124 |
53.611.948 | 46.210.334 |
- | - |
53.611.948 | 46.210.334 |
4.462.241 | 5.452.443 |
4.354.950 | 5.228.386 |
1.821.412 | 2.452.012 |
838.484 | 2.537.875 |
43.012 | 43.012 |
9.698.687 | 13.261.716 |
7.662.433 | 10.147.066 |
1.211.444 | 1.416.216 |
855.622 | 921.670 |
11.725.011 | 10.823.737 |
88.411 | 88.737 |
591.901 | 1.011.163 |
3.465.387 | 3.477.782 |
24.656.176 | 26.875.964 |
87.966.811 | 86.348.014 |
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CONTO ECONOMICO COMPLESSIVO CONSOLIDATO (Valori in Euro) | 9 mesi 2024 | 9 mesi 2023 |
Ricavi | 76.630.445 | 71.244.859 |
Costo del venduto | (47.364.517) | (44.677.960) |
Altri ricavi | 292.159 | 326.994 |
Personale indiretto | (5.095.596) | (3.660.707) |
Spese commerciali | (906.715) | (695.560) |
Generali ed amministrativi | (5.843.420) | (5.031.352) |
Ammortamenti | (1.965.371) | (1.573.429) |
Riprese di valore (svalutazioni) nette di crediti commerciali ed altri crediti | - | - |
Risultato prima delle imposte e degli oneri/proventi finanziari (Ebit) | 15.746.986 | 15.932.845 |
Oneri finanziari | (1.223.778) | (1.334.405) |
di cui verso parti Correlate | (48.644) | (61.679) |
Proventi finanziari | 1.395.654 | 1.074.028 |
Risultato prima delle imposte (Ebt) | 15.918.862 | 15.672.469 |
Imposte del periodo | (134.770) | (4.004.654) |
Risultato netto del periodo (A) | 15.784.092 | 11.667.815 |
Altri utili/(perdite) complessive che non saranno successivamente riclassificati a conto | ||
economico: | ||
Utile/(perdita) derivanti dalla rideterminazione del Fondo benefici a dipendenti al netto del | 9.263 | 1.423 |
relativo effetto fiscale | ||
Altri utili/(perdite) complessive che saranno successivamente riclassificati a conto economico: | ||
Utili/(perdite) derivanti dalla conversione bilanci di imprese estere | (135.520) | 244.946 |
Totale altri utili/(perdite) complessive (B) | (126.257) | 246.369 |
Totale risultato complessivo del periodo (A+B) | 15.657.835 | 11.914.184 |
Risultato netto dell'esercizio attribuibile a: | ||
Azionisti della Controllante | 15.784.092 | 11.667.815 |
Interessenze di pertinenza di terzi | - | - |
Risultato complessivo dell'esercizio attribuibile a: | ||
Azionisti della Controllante | 15.657.835 | 11.914.184 |
Interessenze di pertinenza di terzi | - | - |
Utile per azione | 1,44 | 1,07 |
Utile diluito per azione | 1,44 | 1,07 |
The Financial Reporting Manager of B&C Speakers S.p.A., Francesco Spapperi, hereby declares, pursuant to Art. 154-bis, section 2 of Italian Legislative Decree 58/1998 - that the accounting disclosures contained in this press release are consistent with the company's accounting documents, books and records.
B&C Speakers S.p.A.
Francesco Spapperi (Head of Investor Relations),
Email: investors@bcspeakers.com
B&C Speakers S.p.A. is an international leader in the design, production, distribution and marketing of professional electro-acoustic transducers (the main components in acoustic speakers for music, commonly referred to as loudspeakers), supplied mainly to professional audio-system manufacturers (OEM). With around 347 employees, approximately 12% of whom are in its Research and Development Department, B&C Speakers carries out all design, production, marketing and control activities under the Group's brands at its
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offices in Florence, Reggio Emilia, Eminence (KY-USA) and DongGuan (CN): B&C, 18SOUND, EMINENCE and CIARE. Most of its products are developed according to its key customers' specifications. B&C Speakers also operates in the US and Brazil through two subsidiaries carrying out commercial activities.
Press Office
Spriano Communication
Fiorella Girardo -fgirardo@sprianocommunication.com
Cristina Tronconi -ctronconi@sprianocommunicaton.com
www.sprianocommunication.com
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