Approval of interim management statement at 31 march 2010

Amaro (Italy), 14 May 2010


- Consolidated revenues: from EUR 19.31 million to EUR 19.75 million, +2.3%,
- Consolidated gross profit: from EUR 10.48 million to EUR 10.15 million
- Consolidated EBITDA: from EUR -1.17 million to EUR +0.09 million
- Consolidated EBIT: from EUR -3.13 million to EUR -2.02 million
- Consolidated pre-tax profit (loss): from EUR -2.97 million to EUR -2.38 million
- Net financial debt: EUR 10.85 million

Today the Board of Directors of Eurotech S.p.A. reviewed and approved the results relating to the first quarter of 2010.

In the first three months of the year, Group revenues were Euro 19.75 million, compared with Euro 19.31 million in the first three months of 2009. This 2.3% increase represents a first step towards the recovery in revenues after the downturn last year. The current global business cycle remains unstable, but various sectors and markets are showing definite improvement, as confirmed by rising orders from customers.

Gross profit remains at the same level as at 31 December 2009, 51.4%. The slight contraction from 54.3% in Q1 2009 reflects Group business performance in terms of the mix of products sold. However, the ratio of gross profit to revenues remained above 50% in the first quarter of 2010, which is the target set by management. Once again, it confirms on one hand the validity of the business model applied by the Group, based on the sale of high value products, and on the other hand the constant attention on containing COGS.

During the reference period, gross of adjustments, operating costs decreased from Euro 12.1 million in the first quarter of 2009 to Euro 10.8 million in the first quarter of 2010. This improvement had a significant impact on Group EBITDA.
In the quarter just ended, the Group benefited from the policy implemented last year and continued this year to contain fixed costs, streamline existing resources, and identify and activate synergies amongst different subsidiaries.

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20100514_cs_en.pdf : .pdf (231 Kb) Approval of interim management statement at 31 march 2010


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