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Cosentino Group sets financial record with over $1 billion CAD in revenue in 2017, $199 million CAD in EBITDA and $ 89 million CAD in net profit

Cosentino Group continues to strengthen its economic and financial position as well as its commitment to sustainable growth based on innovation, new technologies and efficient management.

Results and key figures from Fiscal Year 2017

The company closed Fiscal Year 2017 with consolidated revenue of $1.4 billion CAD* ($1.1 billion USD), representing an increase of more than 8% on 2016, a figure negatively impacted by the depreciation of sales income against the euro. In comparable terms (using a regularised exchange rate), this figure was 10%, highlighting strong growth in certain markets, including Europe (+20%) and the Iberian Peninsula (+12%).

In terms of operating results, the Companys EBITDA last fiscal year totalled $199 million CAD* ($157 million USD), or an increase of 10%. Changes in the exchange rate had a strong negative impact on this figure; relatively speaking, this effect was even more pronounced here than for the sales figures mentioned above. With regularised figures, the relative growth on 2016 was 19%This increase in profitability was caused by the absorption of fixed costs, which led to an increase in consolidated revenue (+10%).

The accounting figure with the most pronounced improvement over the last fiscal year was net profit, which totalled $89 million CAD* ($70 million USD), or a 33% increase on 2016. This was due to very strong financial results, as well as the financial coverage provided by the exchange rate risk management policy, which mitigated the negative effect previously mentioned in the EBITDA case.

 

Investment Plan 2016-2019

The company has already invested about $312 million CAD* ($246 million USD), or 52% of its total planned investments, whose total value is $593 million CAD* ($468 million USD); 70% of this has been in productive growth investments, most notably the construction and opening of a second Dekton® manufacturing plant, as well as new automated logistics facilities that will begin operations over the next few months.

In addition, during 2017, Cosentino Group also focused on the automation of existing factories for product diversification, as well as to increase production flexibility and response speed, and has implemented even more improvements to its environmental management as part of its maximum commitment to sustainability. All these investments were made at Cosentinos main industrial park in Cantoria, Almeria (Spain), which is also the seat of its corporate headquarters. At present, the site has a total area of 25 million sq. ft.

 

International Expansion and Job Creation

The Group continues its strong commitment to internationalisation and geographical expansion across the world. Seven new Cosentino Centers were opened in 2017, scattered across countries such as the USA, Canada, Israel, Singapore, South Africa, Poland and the UAE. At the same time, the company opened 2 Cosentino Cities, spectacular showrooms located at the hearts of the world’s most important cities. One was the Groups first City showroom in Spain, located in Madrid.

Thanks to these new facilities, the company closed 2017 with 140 own business units in 32 countries across 5 continents. For the next three years, the company is maintaining an ambitious growth plan in this regard, including the opening of 30 new business units, including Centers (full-service warehouses) and Cities (showrooms). This follows up on the company’s new and recent corporate commitment to inspire people through innovative spaces.

The aforementioned investments, in production as well as business and logistics, have been financed through a combination of own assets and outside financing (which grew 9%, or approximately $31 million CAD* ($24 million USD) last year). Company debt has undergone positive changes, and the current debt ratio (net debt divided by EBITDA) is 1.5.

As in previous fiscal years, industrial and commercial growth has been accompanied by strong job growth, and the total number of Group employees at the end of 2017 totalled more than 4,000 people worldwide. Last year, Cosentino created 340 new jobs. Half of these, or 170 jobs, were in Spain. This figure adds to the 300 jobs the company created across the world in 2016.

Finally, the company is preparing for the coming years in accordance with an updated Strategic Plan that covers the period 2018-2020This Strategic Plan involves speeding up the pace of investment, doubling down on the companys commitment to digitalisation and new technologies in both production and sales to reinforce the competitiveness and leading position that guarantee sustainable growth. And in the midst of all this, we have not lost sight of the continuing Investment Plan, which is now facing its final stage. This stage is particularly focused on innovation and product development, as well as the automation of production processes.

 

*All figures listed were converted from EUROS on February 21, 2018.

 

PR_Cosentino Group 2017 Fiscal Release CA ENG


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