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The Board Approves the Draft Statutory and Consolidated Financial Statements for FY2010 - The Board of Directors of Eurotech S.p.A. reviewed and approved the draft Statutory and Consolidated Financial Statements as at 31 December 2010, which will be submitted to the Ordinary Shareholders’ Meeting
The Board Approves the Draft Statutory and Consolidated Financial Statements for FY2010

 

PRZOOM - /newswire/ - Amaro, Italy, 2011/03/15 - The Board of Directors of Eurotech S.p.A. reviewed and approved the draft Statutory and Consolidated Financial Statements as at 31 December 2010, which will be submitted to the Ordinary Shareholders’ Meeting.

   
 
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- Consolidated revenues: from € 83.53 million to € 99.27 million, +18.8%
- Consolidated gross profit: from € 42.97 million to € 50.41 million
- Consolidated EBITDA: from € 1.29 million to € 7.39 million
- Consolidated EBIT: from € -6.63 million to € -0.74 million
- Consolidated pre-tax profit (loss): from € -8.99 million to € -3.81 million
- Group net profit (loss): from € -9.60 million to € -6.08 million
- Net financial debt: € -8.64 million
- Group shareholders’ equity: € 131.52 million
- Eurotech S.p.A.: net profit (loss) from € -9.22 million to € -0.52 million

The Group’s consolidated revenues grew by 18.8%, increasing by € 15.74 million to € 99.27 million vs. € 83.53 million in 2009. The increase, which had already emerged during the financial year (FY), confirms sales recovery after a 2009 featuring, for the first time in the Eurotech Group’s history, a decrease of business turnover, due to the global economic situation. Although it cannot be certain that all the effects of the adverse economic situation were played out in 2010, the Group has seen signs of recovery in all the various geographical areas where it operates.

Gross margin amounted to € 50.41 million and, during the various quarters of FY2010, remained in line with management’s budget projections, reaching a margin of 50.8% on sales at year-end, slightly lower than the 51.4% of 2009 but in any case well above the 50% that is the target level of Eurotech’s business model. Some minor fluctuations of gross profit margin are natural and depend on the mix of products sold, which feature different margins depending on type, application sectors and outlet markets. In addition, gross profit margin is still feeling the effects of the ongoing shortage of electronic components (chips) characterizing the global electronics market.

 
 
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Agency / Source: Eurotech Group / Eurotech S.p.A.

 
 

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The Board Approves the Draft Statutory and Consolidated Financial Statements for FY2010

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Contact: Cristiana della Zonca - Eurotech.com 
+39 0433 485411 cristiana.dellazonca[.]eurotech.com
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Eurotech Group / Eurotech S.p.A. securities in any jurisdiction including any other companies listed or named in this release.

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