Amaro (Udine), 13 November 2009
Consolidated revenues: from 62.81 million to 57.53 million, -8.4%
Consolidated gross profit: from 34.68 million to 30.44 million
Consolidated EBITDA: from 3.35 million to -1.06 million
Consolidated EBIT: from -2.49 million to -6.91 million
Consolidated EBT: from -4.97 million to -7.82 million
Net financial debt: -3.55 million
Today the Board of Directors of Eurotech SpA reviewed and approved the results relating to the first nine months and to the third quarter of 2009.
FIRST NINE MONTHS OF 2009
In the first nine months of 2009 (9M09), Group revenues totalled 57.53 million (mn) vs. 62.81 mn in the first nine months of 2008 (9M08). The decrease of -8.4% was mainly due to the global economic situation, which, besides having caused a decrease in order intake between the end of 2008 and beginning of 2009, has continued to cause effects during 2009. The impact of the global macroeconomic situation continues to affect above all the areas of Japan and Europe, where most of sales decreases have occurred. Conversely, America is showing signs of recovery, as confirmed by a series of contracts announced from September onwards.
Gross profit margin in 9M09 remained in line with managements expectations at the beginning of the year and was 52.9%, down vs. the 55.2% margin achieved in 9M08, but nevertheless firm notwithstanding the lower contribution made by the historically high-margin Japanese group due to lower sales.
Generally speaking, the trend in gross profit margin demonstrates the soundness of the business model applied by the Group, increasingly based on the sale of high-value products, and the ongoing attention paid to the curbing of COGS implemented via integration and harmonisation among Group affiliates of processes for managing purchased materials.