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08 Fall
Income
Statement
2018
Results Report – 2018 15th March 2019
Vista Alegre Atlantis, SGPS, S.A. * Public company * Head office: Lugar da Vista Alegre, Ílhavo * Registered
with the Commercial Registry of Ílhavo * Taxpayer no 500 978 654 * Share capital 121,927,316.80 Euros
2/8
Income Statement 2018
Highlights
>> Turnover of 99 million euro, an increase of 17% compared to the same period in 2017; >>Adjusted EBITDA1 of 18.4 million euro, 36% higher than during the same period in 2017; >> Adjusted operating result2 increases 56% reaching to 12 million euro; >> Adjusted Income before taxes3 reaches 9.4 million euro, 103% higher than during the same period in 2017; >> Foreign markets represent 67% of turnover; >> Acquisition of Bordalo Pinheiro and Cerutil in August 2018 reinforced Vista Alegre’s positioning in the ceramics sector and aimed to achieve a greater scale and diversity in its business segments, as well as taking maximum benefit from the long-standing brand “Bordallo Pinheiro”; >> Pro-forma Turnover4 in the period of 2018 was 106 million euro and the Pro-forma adjusted EBITDA5, in the same period, reached 20.5 million euro.
1 EBITDA + costs with the Offering (578,000€)
2 Operating result + costs with the Offering (578,000€)
3 Income before taxes + costs with the Offering (578,000€)
4 If the acquisitions of Cerutil and Bordalo Pinheiro had occurred with reference to the 1st
January 2018 5 Adjusted EBITDA, if the acquisitions of Cerutil and Bordalo Pinheiro had occurred with reference to the 1
st
January 2018 + costs with the Offering (578,000€)
Results Report – 2018 15th March 2019
Vista Alegre Atlantis, SGPS, S.A. * Public company * Head office: Lugar da Vista Alegre, Ílhavo * Registered
with the Commercial Registry of Ílhavo * Taxpayer no 500 978 654 * Share capital 121,927,316.80 Euros
3/8
Activity
In the period of 2018 it is worth to note a better performance of Vista Alegre in the last
years, with an adjusted net profit6 of 6.5 million euro, carrying on with the good results
reached in the last year.
The external market continues to be a great promoter of this good performance, with 66.5
million euro in sales, currently representing 67% of Vista Alegre’s turnover. This growth is
justified by increasing business in new markets, namely in Europe and Asia. In Europe,
France and Spain stood out with the greatest increases.
In the internal market a growth of 7% compared to the previous year was observed,
reaching a turnover of 32.5 million euro. A relevant factor of this growth was Vista Alegre’s
consolidation in commercial strategy in Portugal, making a stronger investment in its
outlets. Also standing out are good performance at the level of national stores, better
communication of the brand in terms of the internal market and a greater proximity to the
tastes and needs of the client, enhanced by the presence and organization of several events.
The integrated refurbishment project of the Vista Alegre Museum was the winner of the
“public’s choice” for the RegioStars Awards, an initiative of the European Commission. On
9th October 2018, the winning projects in 5 categories were announced in Brussels, with
Vista Alegre collecting the award as chosen by the public.
Associated with the Vista Alegre Museum, the Vista Alegre Complex, located in Ílhavo, was
honoured on 24th September 2018 with a silver medal, as part of the awarding of Tourist
Merit Medals, an initiative by the State Secretary of Tourism and the Minister of Economy.
The presence at the Maison & Objet fair in Paris stands out, where the brand presented new
collections developed in collaboration with leaders in modern design, among them Christian
Lacroix and Marcel Wanders.
6 Net profit + costs with the Offering (578,000€)
Results Report – 2018 15th March 2019
Vista Alegre Atlantis, SGPS, S.A. * Public company * Head office: Lugar da Vista Alegre, Ílhavo * Registered
with the Commercial Registry of Ílhavo * Taxpayer no 500 978 654 * Share capital 121,927,316.80 Euros
4/8
Vista Alegre was once again recognised and internationally awarded, this time by the
“European Product Design Awards”, for the collections “Cannaregio”, “Hryb”, “Maya” and
“Bicos Bicolor” glasses. The innovative design as well as the excellence of this long-standing
brand in porcelain, glass and crystal caught the jury’s interest of the international contest
once again, won over by these pieces of great quality and distinction.
Vista Alegre arrives to Mexico through a partnership with Pineda-Covalin, considered to be
one of the leading luxury brands in Latin America. To mark this connection with and
expansion to Mexico, a collection of Vista Alegre pieces was launched paying homage to one
of the symbols of the country – the dreamcatcher. “Atrapasueños” is the name of this
tableware and giftware collection.
Results
Grupo Vista Alegre’s Consolidated income statements 2018 has shown a good performance
compared to the same period in 2017, having the turnover increased 17%, to 99 million
euro and adjusted EBITDA1 with a 36%,growth, amounting to 18.4 million euros at the end
of the year.
Grupo Vista Alegre recorded an adjusted operating result2 of 12 million euro, 56%higher
than during the same period in 2017, and the adjusted net profit6 of the period had a 54%
growth rate, during the same period as well, amounting to 6.5 million euro.
T €
Value % Turnover 99,022 84,981 14,041 17%
EBITDA 17,842 13,586 4,255 31%
Adjusted EBITDA 1 18,420 13,586 4,833 36% Adjusted EBITDA margin 1 18.0% 16.0%
Adjusted Operating Result 2 11,982 7,701 4,281 56%
Adjusted Operating Margin 2 12.1% 9.1%
Adjusted income before taxes 3 9,448 4,645 4,802 103%
Corporate Income Tax -2,968 -428 -2,541 594%
Adjusted Net Profit 6 6,479 4,218 2,262 54%
Consolidated Income
Items 31-12-2018 31-12-2017 Variation
Results Report – 2018 15th March 2019
Vista Alegre Atlantis, SGPS, S.A. * Public company * Head office: Lugar da Vista Alegre, Ílhavo * Registered
with the Commercial Registry of Ílhavo * Taxpayer no 500 978 654 * Share capital 121,927,316.80 Euros
5/8
The continuous improvement of the industrial procedures, innovative production, as well as
investigation and development of new products, and the growing commercial presence in
the world have been the main factors for the good operating performances of Vista Alegre.
Vista Alegre acquired the companies Cerutil and Faianças Artísticas Bordalo Pinheiro on 31st
August 2018. These acquisitions aim to strengthen the position within the context of the
sector and competing companies, granting the Vista Alegre Group greater scale and
diversity as well as giving it the opportunity to market the long-standing brand “Bordallo
Pinheiro”.
In the event these acquisitions are dated 1 January 2018 (Pro-forma), the total of the
turnover and Pro-forma adjusted EBITDA5 of Grupo Vista Alegre in the period of 2018,
would rise to 106 million euros and 20.5 million euro, respectively.
Investments
During the period of 2018 the investments to the amount of 29.5 million euro, were mainly
in the stone tableware (extension of the Ria Stone factory) and crystal / glass (CristalLux
project).
In 2019 Ria Stone will have its production capacity increased by 60%, a production entirely
destined for and absorbed by the client IKEA. Bordalo Pinheiro will finalize investment to
increase production capacity by 50% at the beginning of the year and so it will be able to
respond to the increasing level of demand for its products.
Results Report – 2018 15th March 2019
Vista Alegre Atlantis, SGPS, S.A. * Public company * Head office: Lugar da Vista Alegre, Ílhavo * Registered
with the Commercial Registry of Ílhavo * Taxpayer no 500 978 654 * Share capital 121,927,316.80 Euros
6/8
Prospects
Vista Alegre’s growth strategy, aiming to be one of the leading brands in its segments, at an
international level, is based on the main vectors:
- Developing new products and entering new market segments, adding value and
differentiation;
- Enhancing the positioning of the brand Vista Alegre as a premium brand and
launching Casa Alegre and Cook & Serve as secondary brands;
- Positioning Vista Alegre in the midpoints of creation of international trends, through
the establishment of partnerships with prestigious brands and collaboration with
designers, plastic artists, architects, illustrators, filmmakers, sculptors and
internationally renowned writers;
- Updating and constantly modernizing its sales points, adjusting them to global retail
trends;
- Exploring new sales channels and continuing investment in internationalization;
- Reinforcing sales teams in the main markets and channels;
- Establishing Customer Relationship Management policies focused on customer
loyalty;
- Communicating via collaboration with opinion makers and presence in social
networks;
- Investing in constant innovation and research to create highly differentiating and
value-added products;
- Modernizing the production process, maintaining a balance between classical and
manufacturing methods with new production methods.
Internationalization continues to be the focus of Vista Alegre, so, it is expected that
implementing several investment projects will allow for an increase in sales at the
international level, improving productivity and operational efficiency, enabling it to achieve
high levels of profitability, and consequently, better results.
Results Report – 2018 15th March 2019
Vista Alegre Atlantis, SGPS, S.A. * Public company * Head office: Lugar da Vista Alegre, Ílhavo * Registered
with the Commercial Registry of Ílhavo * Taxpayer no 500 978 654 * Share capital 121,927,316.80 Euros
7/8
Consolidated Financial Statements
On 31th December 2018 and 2017
T €
Items 31-12-2018 31-12-2017
Sales and services provided 99,022 84,981 Cost of sold goods and consumed material -31,154 -26,068 Production variation 39 -447 Gross margin 67,907 58,466 Works for the company itself 2,555 1,148 Supplies and external services -21,902 -17,292 Personnel costs -33,505 -28,995 Amortizations -6,460 -6,414 Impairments 64 -163 Provisions of the financial year -20 372 Other costs and operational losses -1,415 -1,908 Impairment of non-amortizable assets -25 -54 Increases / (reductions) of fair value 4 375 Others revenue and operating income 4,202 2,168 Operating result 11,404 7,701 Interest and similar expenses -2,542 -3,078 Interest and similar income 8 22 Financial result -2,535 -3,056 Income before taxes 8,870 4,645 Income tax -2,968 -428 Consolidated result for the period 5,901 4,218 Attributable: Shareholders 5,941 4,258 Non-controlling interests -40 -40 Basic earnings per share (€) 0.0387 0.0036 Diluted earnings per share (€) 0.0387 0.0036
Results Report – 2018 15th March 2019
Vista Alegre Atlantis, SGPS, S.A. * Public company * Head office: Lugar da Vista Alegre, Ílhavo * Registered
with the Commercial Registry of Ílhavo * Taxpayer no 500 978 654 * Share capital 121,927,316.80 Euros
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