The group Cir, despite a progressively worsening economic context, closed the first quarter of 2012 reporting a 5,5% net profit growth at altitude 15,2 million compared to the corresponding period of 2011. This was communicated in a note from the Group.
"The result - reads the note - benefited from the positive contribution of the main operating subsidiaries and above all from the recovery of the financial markets which made it possible, in the quarter, to obtain a significant recovery in the fair value of the securities in portfolio compared to the end of 2011" .
I revenues are grew by 11,6% to over 1,2 billion euro “thanks to the increases recorded by Sorgenia, Sogefi and KOS, while the reduction in margins is essentially due to the lower profitability of Sorgenia and Espresso, only partially offset by the growth in Sogefi's results”.
Ebitda was equal to 99,2 million euro (8% of revenues), down 20,6% compared to 124,9 million euros (11,2% of revenues) in the first quarter of 2011. operating result (Ebit) amounted to 47,3 million euros compared to 76,8 million euros in 2011. The reduction in margins, despite the significant increase recorded by Sogefi, is mainly attributable to lower profitability of Sorgenia and Espresso due to the negative Italian economic situation.
Il net result of financial management, negative for 12,3 million euro (negative for 22,4 million euros in the first quarter of 2011), was determined by net financial expenses for 28 million euros partially offset by dividends and net income from trading and valuation of securities for 15,7 million euros. The net financial debt of the Cir group at 31 March 2012 amounted to 2.437,9 million euros compared to 2.335,1 million euros at 31 December 2011.
“The performance of the Cir group in 2012 – concludes the note – will be influenced by the evolution of the macroeconomic framework, currently characterized by a recessionary scenario of currently unpredictable intensity and duration, and by the trend of the financial markets. In this context, the main operating subsidiaries of the group will continue the strategy of combining management efficiency actions with business development initiatives".
