The Board of Directors approves the results for the third quarter 2011
Increase of the turnover during the first nine months compared to the previous fiscal year, mainly thanks to the growth of the traditional reference markets, agriculture and construction equipment.
The significant slow‐down in the renewable energies sector in Italy – which significantly dropped compared to the boom of 2010 as a direct consequence of the reduction of the contributions to the photovoltaic sector – led to a significant drop of the sales volumes and turnover for Elettronica Santerno in the third quarter, with obvious consequences also at Group level, which have not been compensated yet with the good recovery of the other Business Units.
Consolidated turnover of € 230.5 million in the third quarter of 2011 (+20.3% in comparison to € 191.6 million for 3Q2010); in progressive terms, growth of 37.2% compared to 30.09.2010 (going from € 496.3 million to € 680.9 million);
EBITDA of the third quarter equal to € 13.6 million, with a reduction compared to € 15.4 million of the third quarter of 2010, but growing by 56.5% in progressive terms, going from € 29.5 million as at 30.09.2010 to € 46.2 million as at 30.09.2011;
EBIT of the third quarter positive by € 5.5 million, with a reduction compared to € 7.4 of the third quarter of 2010; instead, the progressive data improved, registering € 21.9 million compared to € 5.5 million of 30.09.2010 (+297.2%);
The net profit/(loss) of the third quarter, negatively affected by exchange differences, registered a loss of € 1.1 million, thus worsening compared to the profit of € 3.1 million of the third quarter of 2010; in progressive terms, profit of € 3.7 million was registered, in significant recovery (+151.7%) compared to the loss of € 7.2 million of 30.09.2010;
The net financial position improved showing liabilities of € 258.5 million compared to € 274.2 million of 30.09.2010 (it was € 257.7 million as at 30.06.2011 and € 271.5 million as at 31.12.2010).
By the end of the year, a turnover of over € 900 million, in significant growth compared to € 717.7 million of 2010 (+25%) and a general improvement of the turnover compared to the previous fiscal year are confirmed.