PRZOOM - /newswire/ - Amaro, Udine, Italy, 2010/03/15 - The Board of Directors of Eurotech S.p.A examined and approved the draft Statutory Financial Statements and the Consolidated Financial Statements at 31 December 2009, and these will be presented to the Ordinary Shareholders’ Meeting. ETH: MI

The BoD approves the draft Statutory Financial Statements and the Consolidated Financial Statements for 2009

- Consolidated revenues: from EUR 91.73 million to EUR 83.53 million, -8.9%
- Consolidated gross profit: From EUR 50.41 million to EUR 42.97 million
- Consolidated EBITDA: From EUR 5.92 million to EUR 1.29 million
- Consolidated EBIT: From EUR -13.52 million to EUR -6.63 million
- Consolidated pre-tax profit (loss): from EUR -15.68 million to EUR -8.99 million
- Group net profit (loss): from EUR -12.71 million to EUR -9.60 million
- Net financial debt: EUR 10.11 million
- Group shareholders’ equity equal to EUR 116.90 million
- Eurotech S.p.A. net profit (loss): from EUR -12.00 million to EUR -9.22 million.

The Board of Directors of Eurotech S.p.A has today examined and approved the draft Statutory Financial Statements and the Consolidated Financial Statements at 31 December 2009, and these will be presented to the Ordinary Shareholders’ Meeting.

Group consolidated revenues were EUR 83.53 million, compared to EUR 91.73 million in 2008. The decrease of 8.9% is wholly attributable to the global economic crisis that has had an impact throughout 2009 through a reduction in orders. The global macroeconomic situation has impacted most of all on the Japan region, where the falls in Group revenues have been concentrated, and partially on the European region.

Gross profit amounted to EUR 42.97 million and remained in line with management forecasts throughout the whole of 2009, recording 51.4% on sales. This is lower than 55.0% of 2008 but is, however, above the 50% that is the target level for the Eurotech business model. This fluctuation in gross profit reflects the business trend for the Group in terms of product mix and is, in particular, influenced by the significant fall in sales revenues, and the consequent contribution to consolidated profits, of the Japanese region, that has historically shown high profit margins.

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

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