Though the market was characterised by a negative trend, the gradual implementation of a development strategy and the constant focus on the company processes, with the objective of improving management efficiency, enabled the Group to successfully deal with the external dynamics and close this financial year with broadly satisfactory results.
Consolidated total building sales of 1,257.6 million Euro (which include sales of partners within our Coin stores) has increased by 7.2% compared to the previous year; EBITDA amounted to 149.5 million Euro (12.5% of net sales), increased of 11.9% compared to 2008 (when it was 133.7 million Euro and 11.7% of net sales). Net Profit amounted to 44.3 million Euro, increased of +16% compared to 2008 (38.2 million Euro).
With regard to the financial dynamics, net financial debt as of 31 January 2010 amounted to 347.6 million Euro; if the financial effects deriving from the UPIM acquisition (merged company’s indebtedness and related managers’ capital increase) are excluded, the Group Net Financial Position would be -264.4 million Euro. The Cash Flow from ordinary operations, a positive figure of 34.4 million Euro, is much higher than the previous year, when it was a negative figure 57.5 million Euro as of 31 January 2009.