The Board of Directors approves the results of the first quarter of 2012
The excellent performances of the core business (transmission systems) do not compensate the particularly negative effects caused by the significant drop of the Italian photovoltaic market
The significant drop in activities registered by Elettronica Santerno (due to changes in Italian laws) significantly affects the comparison between the profitability of the first quarter and that of the previous fiscal year, that saw Santerno reaching historic highs in the same period. The impact on volumes was fully compensated by the good growth of all the other Business Units.
- Quarter's consolidated turnover amounting to € 232.6 million, +5.3% compared with IQ 2011 (€ 220.8 million) Core business turnover of € 220.1 million, +23.4% compared to the € 178.4 million of 31.03.2011
- Group's EBITDA at € 11.3 million (IQ 2011: € 18.1 million); Core business EBITDA at € 14.9 million, +69% compared to the € 8.8 million of 31.03.2011
- Group's EBIT at € 3.4 million (IQ 2011: € 10.1 million) Core business EBIT at € 8.2 million, +314% compared to 31.03.2011
- Negative net operating result of € 3.9 million (it was positive by € 3.2 million in IQ 2011), also due to unusually high period taxes
- Net financial position showing liabilities for € 286.6 million compared with € 247.5 million at 31.12.2011 and € 267.3 million at 31.03.2011
For the core business a second quarter is foreseen in line with the first, in terms of turnover and profitability.
For Elettronica Santerno, within a context that confirms the general drop of the turnover due to the protraction of some uncertainty elements linked to the home market, programmes have been implemented to adapt the cost structure to the varied market condition.