Rassini, S.A.B. de C.V. and Subsidiaries Unaudited Results for the First Quarter of 2015
- Sales grow 7% to record high for the first quarter
-EBITDA rises 35% year-over-year
Apr 23, 2015, 05:48 ET
MEXICO CITY, April 23, 2015 /PRNewswire/ -- Rassini, S.A.B. de C.V. (Mexican Stock Exchange Ticker: RASSINI), a Mexican industrial company engaged in the design and manufacture of suspension and brake components for the automotive industry, announced today its unaudited financial results for the first quarter ended March 31, 2015.
First Quarter Financial Highlights:
- Net revenue rose 6.8% year-over-year to $3,207 million Mexican pesos.
- EBITDA grew 35.1% to $537.0 million Mexican pesos, with an EBITDA margin of 17%.
- Net income before taxes and minority interest increased 22.5% year-over-year to $297.8 million Mexican pesos.
- Net Debt / annualized EBITDA ratio as of March 31, 2015 was 1.0x.
- EBITDA/Net Interest Expense ratio as of March 31, 2015 was 8.5x.
First Quarter Business Highlights:
- Rassini announced the appointment of Eugenio Madero to President of Rassini.
Mr. Madero most recently served as Chairman of the Board and CEO of Rassini North America. Additionally, in March, the Company appointed Juan Pablo Sanchez Kanter, whose tenure with Rassini spans more than 25 years, as Financial Director. These appointments further strengthen Rassini's leadership to support the company's ongoing growth and maximize the value of the company for all stakeholders.
- In the first quarter of 2015, the brokerage house GBM made a secondary offering of 13.6% of Rassini's shares, which received significant interest from the investment community and were ultimately distributed among more than 1,100 investors.
"2014 was a record year for Rassini and our fantastic momentum extended into the first quarter of 2015," commented Eugenio Madero, Rassini's President. "Our reputation for quality and reliability as well as our status as a trusted partner continues to drive market share gains in the very robust NAFTA region. Our ongoing expansion, including the impending opening of our new foundry at our Puebla, Mexico facility, will enable us to meet demand and improve our flexibility. The macroeconomic environment in Brazil remains challenging, and we are actively looking for ways to scale our operations and cost base; however, our momentum in North America is more than enough to offset these pressures and drive ongoing consolidated growth for Rassini."
For a complete overview of our financial results, please visit: http://www.rassini.com/en/financial.html.
Conference Call
Rassini will host a conference call on Friday, April 24, 2015 at 9:00 am (U.S. Central Time/Mexico City Time) / 10:00 am (U.S. Eastern Time) to discuss its unaudited first quarter financial results and recent business activities.
The conference call may be accessed using the following numbers:
| US: |
+1-888-539-3696 |
| Mexico: |
001-800-514-1067 |
| International: |
+1-719-325-2432 |
| Passcode: |
RASSINI or 2137501 |
| Please dial in approximately 10 minutes before the scheduled time of this call. |
|
A replay of the conference call will be available starting from 1:00 pm (U.S. Eastern Time) on April 24, 2015 to 1:00 pm (U.S. Eastern Time) on May 1st, 2015 using the following numbers:
| U.S.: |
+1-888-203-1112 |
| Mexico: |
+1 800-514-5974 |
| Passcode: |
3761519 |
A presentation deck for the call will be available at: http://www.rassini.com/en/financial.html
RASSINI
Rassini is a leader designer and manufacturer of suspension and brake components for the global automotive industry, mainly focused on original equipment manufacturers (OEMs).
Rassini is the world's largest producer of suspension components for light commercial vehicles as well as the largest fully integrated brake disc producer in the Americas and has eight manufacturing sites strategically located in Mexico, the US and Brazil as well as four tech centers located in the same countries.
Suspension products include Leaf Springs (parabolic and multi-leaf) for light and commercial trucks, Coil Springs and Bushings. The Brake business manufactures Rotors, Drums, Brake Assemblies, Clutch Plates and Motor Balancers.
Its solid and diversified customer base includes: General Motors, Ford Motor Company, FCA, Nissan, Volkswagen, Audi, Toyota, MAN, Scania, Maserati and Mercedes Benz among others.
Contact:
Francisco Freyre Servín
Rassini, S.A.B. de C.V.
Tel: (5255) 5229-58-20
Fax: (5255) 5202-58-95
www.rassini.com
e-mail: [email protected]
SOURCE Rassini, S.A.B. de C.V.