DeLclima S.p.A.: Approval of Consolidated Results at September 30, 2014

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Nov 20, 2014, 10:00 ET

TREVISO, Italy, November 20, 2014 /PRNewswire/ --

On September 30, 2014, DeLclima Board of Directors gathered at his legal head offices in Treviso, approved the following consolidated financial results:

Revenues of Euro 296.8 million, up 5.2%;
EBITDA of Euro 32.2 million, increasing 13.3%;
Group Net Profit of Euro 12.0 million, significantly improving on 2013 figures (€ 10.4 million excluding impairment of the goodwill in the Radiators business; € -11.1 million including the write-down);
Net financial position (net debt) of Euro 2.7 million, improving on Euro 13.9 million at

September 30, 2013;

The BoD has also approved a Dividend Policy.

In the first nine months of 2014 revenues totalled Euro 296.8 million, improving 5.2% compared to same period of 2013. Both the ICC&R and Radiators businesses contributed to growth. The increase on the first nine months of 2013 reported revenues was 28.9%: Euro 14.7 million of this improvement stems from the business performance. ICC&R business revenues grew across all regions, strongly in Asia and significantly in the Rest of the World. The gross profit rose, while the revenue margin remained stable.

EBITDA amounted to Euro 32.2 million compared to Euro 28.4 million in the same period of 2013,

with the revenue margin increasing to 10.8% from 10.1%. The EBITDA growth relates both to the

ICC&R business, improving 5.9%, and the Radiators business, which reported substantial breakeven.

The Radiators business result was achieved on the basis of a turnaround strategy which

involved the restructuring of the client portfolio and the acquisition of a major OEM commercial

contract. In both sectors, the component and raw material procurement activities contributed

significantly.

The Group Net Profit was Euro 12.0 million, significantly increasing on the same period of 2013,

whether including or excluding write-downs made in 2013 principally on Radiators business

goodwill. We recall that in the first nine months of 2013 one-off tax benefits of approximately

Euro 0.9 million were reported.

The net financial position (net debt) at September 30, 2014 improved approximately Euro 11.3

million compared to September 30, 2013, thanks to the liquidity generated by operations, and

approximately Euro 4.3 million compared to December 31, 2013.

The net financial position (net debt) at September 30, 2014 also includes the effects from the acquisition of Powermaster Products and Powermaster Service.

In the same day the Board of Directions approved a Dividend Policy stating that DeLclima aims at granting a stable and significant dividend payment stream for its shareholders, while providing increased long term value for their investment .

In the absence of exceptional events, the Board of Directors will propose to the yearly

Shareholders' Meeting the distribution as a dividend of between 30.0% and 50.0% of Annual

Profits, which is compatible with ensuring growth potential also through external lines, maintaining an appropriate and safe debt ratio.

SOURCE DeLclima