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11/11/2010
Martifer SGPS, SA presented 9M10 results

Martifer SGPS, SA presented 9M10 results today, the Highlights are:

- Consolidated Revenues up by 2.6% to 416.1M€, showing a significant rebound from the tendency posted in the 1st Half 2010;
- Gross Profit +13.9% to 160M€; EBITDA (reported) YoY growth of 5.3% to 41.8M€, although adjusted EBITDA for the core business activity is up by 21.5% to 45M€;
- Reported EBITDA margin =10.1% and Adjusted EBITDA margin=10.8%, which means +1.7p.p. Improved margin in an increasingly competitive environment;
- Adjusted Profit Before Tax increased by 27.6% YoY to 6M€;
- Adjusted Net Profit of 400 k€ versus -10.8 M€ last year (excluding capital gains and other one-off effects);
- Adjusted Net Profit attributable to Shareholders of -4.3M€ which compares favourably with -8.0M€ (or +45.8% YoY);
- Net Debt decrease of 20.4M€ to 424.2M (from FY2009 444.5M€);
- Total Capex of the 9M10 amounted 29.5M€;
- Total Net Assets as of 30th of September 2010 amounted to 1,195.2M€

By Business:
- The decrease of Operating Revenues in the Energy Systems (-57.3% YoY), which had been anticipated, was more than offset by the positive performance in the other business areas with strong growth record in Solar and RE Developer with +65.6% and +29.7% YoY respectively, and a growth of 8.6% YoY in the Metallic Construction business area.
- In the Metallic Construction business area the 8.6% YoY increase in Revenue is mainly justified by the launch of some significant projects in the portfolio and a smooth upwards trend felt in the aluminium and steel prices in the international market. Stable order book (279M€) and increased exposure to markets outside Iberia (from 55% in 2Q10 to 65% in the 3Q10)
- The Solar segment registered a Revenue increase of 65.6% YoY to 143.1 million euro, which by now overpasses the level of Revenues achieved in 2009. This activity has taken full advantage of the current buoyancy of the photovoltaic sector.

 

Download: Press Release (281KB)