Carbures increases its capital by 31 millions
Capitalise loans, reduce net debt by 35% and obtain financial resources in order to grow.
* The Company reduces its net debt by 35% with regards to the 2014 financial year, which establishes it at 66 million, strengthening the company financially which will allow the company to keep growing and to meet its business plan.
* Carbures will thereby be strengthened and will have the necessary financial resources which will allow them to move forward with their business plan and organic growth.
El Puerto de Santa María, 13th of August, 2015. Carbures introduces an increase in capital of 30.9 million which will allow them to strengthen its financial capacity which will allow them to continue growing as a company and to fulfil its business plan. This will be approved tomorrow in the General Assembly of the Company in its second session, which will take place in El Puerto de Santa María, where the company has its business headquarters.
This increase will allow the company to capitalise on the loans granted by the North American Fund, BlackToro Capital, and the Industrial Group, Anangu, which will allow the group to reduce their net debt to 66 million euros, (a reduction of 35% in comparison with December 2014), and the debt to capitalisation exchange ratio will be around 74%. Likewise, the Company will obtain the financial resources which will allow them to continue growing industrially.
In this sense, the Company will announce two changes with regards to its industrial operations: The sending of the first manufacturing line of large batches of car pieces in China, and the construction of a new plant in the United States which will be located with the current operational plant in South Carolina. The first of the seven previously mentioned lines, which was sold to Hengrui for an amount greater than 97 million dollars, will reach China next September from the port of Bilbao.
The second and third lines which have been planned for this year, will be delayed for several months and will be sent in 2016 due to a lack of space in the merchant ships destined for China, given that this cutting edge technology needs to be transported in special technical conditions to insure its safety. This therefore means that the receipt of payment for lines 2 and 3 will not be effective until 2016, due to the equity accounting requirements for the payment of machines which are handed over and which are put into operation, and not for machines which have been sold. T
he delay of the receipt of payment will have an impact on the 2015 figures but this will simply be transferred to the 2016 figures, which will be positively affected. In this way, the estimated consolidated sales for the 2015 financial year will be 77.6 million euros, which is 32 percent more than the 58.4 million euros of the business turnover of 2014, and a deviation of 35 percent with regards to the Business Plan, fundamentally due to the temporary time lag in the previously mentioned handing over of machines to Hengrui. With regards to EBITDA, it is predicted that at the closing of the financial year there will be a positive EBITDA of 2.9 million euros, in comparison to the negative 6.2 million of the 2014 financial year and the positive forecast of 12.7 millions laid out in the business plan.
The increase in sales has contributed to the strategic department of aeronautics and it has exceeded the industrial and financial forecast. In this sense, the orders for plane parts has exceeded the figures which have been forecast which will contribute to improvements both in the sales figures and in the current EBITDA with regards to the business plan which was released in February (one million euros and 400,000 euros, respectively.)
On the other hand, the Assembly of Carbures will approve, tomorrow, the construction of a new plant in the United States, located close to the plant which is currently operating in South Carolina, a benchmark aeronautical area which manufactures Boeing pieces made of composite materials, such as carbon fibre and other derivatives. Carbures will deal with the projected increase in the workload in the South Carolina plant which is located next to the aeronautical giant.