by Alfredo Ballarini26   Giugno   2014

The industry of special finishes for ceramic tiles: an analisys

The industry of special finishes for ceramic tiles as been observed through a representative sample of 13 companies. The survey has showed a 2.19% decrease for the year 2012 with a turnover going from almost €70 milion to €68 milion.
EBITDA has grown from 5.50% to 7.10% of the produced value due to an increase of the impact of surplus value and a lower impact of the cost of labour and of other management costs.
Amortization itself has decreased both in absolute value and in percentage thus contributing to a higher gross profit margin although sales have decreased.  As a consequence, EBIT is increasing of almost 2% and, thanks also to exceptional items, net profit has become positive again.
 

Financial management maintains last year negative cost percentage although turnover is lower. Financial exposure remains within the limits of un acceptable risk, free cash flow increases while treasury management as the chart points out underlines the need for a time frame restructuring of the various positions and of the financial cycle: collection and payment schedule is unbalanced, with collection delayed compared to payments made.
Forecasts on profitability show that EBITDA is more likely to have a lower impact. EBITDA has a 54% chances of decreasing below 6.3% of impact on produced value, while there is just a 2% chance that it overcomes 7.9%; and there are a 44% chances that EBITDA remains between 6.3% and 7.9%.
 

Summarizing the field’s economic and financial scenario through a unified rating process we would have (by simplified calculation) a Standard & Poor’s BBB- rating.