The first half of 2017 of Sit Spa, a Paduan company recently listed on the Stock Exchange, was characterized by an increase in production volumes driven by the favorable international economic context.
As of June 2017, revenues reached 149,1 million euros, an increase of 10,7% compared to the corresponding period of the previous year.
Ebitda for the first half of 2017 amounted to Euro 21,6 million, an increase (+2,9%) compared to the Euro 21,0 million of the first half of 2016.
The growth of SIT's Ebitda, lower than that of revenues, is due to the decrease in profitability in the Smart Gas Metering Division for which a recovery is expected in the second half of 2017. The Ebitda margin of the Heating Division remains in line with the first half of 2016.
The cost of raw materials and consumables and goods, in terms of incidence on revenues, increased from 48,6% to 52,1% (12,1 million Euros, +18,6%). This trend is due both to the performance of the Smart Gas Metering Division and to the inventory performance which in 2017 recorded a lower increase in the stock of finished products than in the same period of the previous year.
The incidence of personnel costs on revenues went from 23,0% in 2016 to 21,5% in 2017. The trend in the average number of employees between the first half of 2017 and the first half of 2016 grew by 111 units (+6% ).
The operating result for the first half of 2017 amounted to Euro 12,5 million compared to Euro 11,3 million in the first half of 2016 (+10,4%). Amortisation, depreciation and write-downs of assets decreased in the period considered (9,1 million euros in the first half of 2017 compared to 9,7 million in the same period of 2016).
The net result of SIT in the first half of 2017 is equal to 912 thousand Euros (0,6% of revenues) against 1,9 million Euros (1,5% of revenues) in the first half of 2016; the reduction is essentially due to a higher tax burden of the parent company, which has gone from a loss to a profit.
