Amaro, Italy, 15 March 2012
- Consolidated revenues: from €99.27 million to €93.81 million, -5.5%
- Consolidated gross profit: from €50.41 million to €46.54 million
- Consolidate Adj EBITDA: from €6.81 million to €4.0 million
- Consolidated EBITDA: from €7.39 million to €3.09 million
- Consolidated EBIT: from €-0.74 million to €-4.87 million
- Consolidated pre-tax loss: from €-3.81 million to €-6.61 million
- Group net loss: from €-6.08 million to €-7.25 million
- Net financial debt: €14.33 million
- Group shareholders’ equity: €135.0 million
- Eurotech S.p.A.: net loss from €-0.52 million to €–18.49 million
The Board of Directors of Eurotech S.p.A has today examined and approved the draft Statutory Financial Statements and Consolidated Financial Statements at 31 December 2011, which will be presented to the Ordinary Shareholders’ Meeting.
The Group posted a decrease in revenues of 5.5%, falling from €99.27 million in 2010 to €93.81 million in 2011. This decrease was the result of a combination of factors and events, attributable to the adverse macroeconomic situation and is explained below.
Long-term, Eurotech’s geographic coverage of three continents has been an asset because it allows the Group to maximise its chances of seizing business opportunities wherever they arise and to balance out the effects of poor economic performance in a given region. However, this was not evident in 2011 as each geographic segment in which we have a significant operations was hit, although to different extent, by adverse events: the US came close to defaulting, Europe suffered from a debt and Euro crisis, and Japan experienced an earthquake and subsequent devastating tsunami. Naturally, we could not have foreseen such widespread negative scenarios across our three key regions. Consequently, from March onwards Eurotech's management dealt with an increasingly adverse global setting, one that was markedly different from that projected at end-2010 and that had been initially confirmed by good order levels in the first two months of the year.