Sabaf has approved the consolidated results for 2015. In 2015 the Group achieved a moderate increase in sales, which reached 138 million euro (+1.2%). The increase in sales is attributable principally to the growth of burners: with standard burners the Group benefited from the strong competitiveness of its production processes (also thanks to increased production at the Turkish plant), while with special burners the introduction of new high energy efficiency models was a success. The sales performance of hinges was also very positive; several important supply relationships were consolidated and new special models were introduced. Conversely, the families of valves and thermostats recorded a downturn, due to greater competitive pressure. In line with the strategy of greater internationalization, the markets which increasingly contributed to sales in 2015 were the non-European markets: particularly significant are the increases achieved in South America (where sales represented more than 15% of the total), despite the weakness of the Brazilian market, and in North America (where sales increased by 36%, bringing their impact on the total revenues to 7%). Sales in Asia, the Middle East and Africa were essentially stable, while the European markets decreased compared with 2014. Average sales prices in 2015 were around 1% lower compared with 2014. In 2015 EBITDA was 26.2 million euro, representing 19% of revenues (26 million euro in 2014, 19% of sales, +0.8%); EBIT reached 14.1 million euro, 10.2% of revenues (13.2 million euro in 2014, 9.7% of sales, +7%) and net profit was 9 million euro, 6.5% of revenues (8.3 million euro in 2014, 6.1% of sales, +7.9%). In 2015 the Sabaf Group made net investments of 12.1 million euro. The main investments in the year aimed at increasing production capacity and the further automation of production of light alloy valves. The machinery necessary for the production launch in China was produced and production capacity at the Turkish plant was also further increased. Investments were made in the enhancement of the production processes – including the purchase of new alcohol washing machinery – and also in maintenance and replacement, designed to keep capital equipment constantly updated.
Besides, sales revenues of the parent company Sabaf S.p.A. were 114 million euro (compared with 115.9 million euro in 2014, -1.7%); EBITDA was 16.1 million euro, 10.3% lower compared with 18 million euro in 2014; EBIT was 8.8 million euro, 8.9% lower compared with 9.7 million euro in the preceding year, and net profit reached 5.6 million euro, 28.4% less compared with 7.9 million euro in 2014.
