The group Cir recorded a positive net result of 5,3 million in the first half of the year compared to a loss of 164,9 million in the corresponding period of last year. The evolution is due to the subsidiary Sorgenia, whose contribution to the consolidated net result of Cir it had been negative by 170,7 million in the first half of 2013 and was zero in the first half of 2014.
In detail, the Sorgenia group in the first half recorded a loss of 18,4 million, with a negative contribution of 9,8 million to the consolidated Cir; the contribution was entirely offset by the write-downs made in the 2013 financial statements at the consolidated level. Excluding Sorgenia, the consolidated net profit of Cir in the first half it is in line with that obtained in the corresponding period of last year (5,3 million in 2014 compared to 5,8 million in 2013).
Group revenue Cir in the first half they amounted to 1,213 billion (-2,2%), the ebitda to 107,7 million, down by 12,2% compared to the figure for the first half of 2013. The decrease was determined by the lower operating margin Sogefi, which was affected by extraordinary restructuring costs in Europe (€ 14,1 million), by the unfavorable effect of exchange rates and by the negative performance of the Brazilian market.
