The revenues of the Cir group in 2011 amounted to 4,5 billion euros, a slight decrease (-2,8%) compared to 4,65 in 2010. The change is attributable to the reduction in sales of Sorgenia, only partially offset by the increases recorded by Espresso, Sogefi and KOS.
On the other hand, Ebitda amounted to 468,4 million euros (10,4% of revenues), up sharply (+17,1%) compared to 400,1 million euros (8,6% of revenues) in 2010. This change was determined by the increase in Ebitda of all the main operating subsidiaries. The operating result (Ebit) amounted to 256,2 million euros, up by 18,7% compared to €215,8 million in 2010.
The net result of financial management, negative for 134,9 million euro (negative for 79,8 million euros in 2010), was determined by net financial expenses for 119,2 million euros, dividends and net income from trading and valuation of securities for 9,2 million euros and negative value adjustments of financial assets for 24,9 million euros.
De Benedetti's group net profit in 2011 was 10,1 million euros compared to 56,9 million euros in 2010. The reduction compared to the result of the previous year is essentially attributable to two factors: the lower profit of Sorgenia, which however in 2010 benefited from higher extraordinary components, e the negative fair value adjustment of securities in the group's portfolio following the turbulence that occurred on the financial markets in the second half of the year. In the first few months of the current year, however, the recovery of the markets allowed a significant recovery of the adjustment losses recorded.
The Board of Directors, after having published the financial statements and also in consideration of the solid results of the operating companies, will propose to the Shareholders' Meeting to confirm the dividend at 0,025 euro per share.
