MARR consolidated:

 

*proposed by the BoD and subject to the approval by the General Shareholders’ Meeting 

Economic and financial data

The 2010 business year closed with total consolidated revenues of 1,193.0 million Euros, an increase of over 54 million (+4.8%) compared to 1,138.4 million Euros in 2009.

The consolidated EBITDA amounted to 83.0 million Euros, an increase of 12.4% compared to 73.8 million Euros in 2009, bringing the EBITDA margin to 6,9%, thanks to the improvement in the sales margin and the containment of operating costs.
The operating result (EBIT) reached 71.1 million Euros, an increase of 12.5% compared to 63.2 million Euros in 2009.

The financial management result also improved, registering net financial costs of 2.2 million Euros with a reduction of 2.5 million Euros compared to 2009, also thanks to the reduction in interest rates.

The net consolidated profit reached 45.7 million Euros, an increase of over 7 million (+18.5%) compared to 38.5 million Euros in 2009; while the Group profit, net of minorities, amounted to 45.1 million Euros (38.1 million Euros in 2009).
Business year taxes amounted to 23.2 million Euros, compared to 19.9 million in 2009.

At the end of 2010, the net financial indebtedness amounted to 156.3 million Euros, therefore in line with the amount registered in the previous year and with a ratio of net financial position on EBITDA of 1.88 (2.12 at the end of 2009).

The trade net working capital improved despite the increase in turnover and reached 190.1 million Euros compared to 190.4 million Euros in 2009. Cash flow generation also improved, with a free cash flow before dividends amounting to 30.6 million Euros, compared to 23.1 million Euros in 2009.

The net consolidated equity at the end of the business year amounted to 207.7 million Euros (192.7 million Euros in 2009).