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.


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