... S.p.A.'s operating performance was solid in the year ending December 2014. Group revenues grew by 7%, driven by Asia, the Middle East and America. The EBITDA margin grew to 18.7% from 18.5% a year earlier, supported by operating leverage and margin-accretive measures. Positive trading momentum continued in 1H15, with revenues up 9% and EBITDA up 7% year-on-year. Continued Cost Cutting: The group's EUR100m bond issue in 2014 allowed cost-cutting measures to be implemented. These included new product launches in higher-margin technical sectors, procurement cost reductions from offering higher quantities and better payment terms to suppliers in exchange for lower prices and the renegotiation of rent contracts. As a result, the company obtained margin uplifts with limited working-capital absorption. K-Flex's continued cost focus during times of healthy volume growth is positive from a credit perspective. Supportive Long-Term Demand: Fitch Ratings...
