LONDON, February 2 /PRNewswire-FirstCall/ --
- Consolidated Net Debt Down to Euro 48 million, a Strong Improvement vs December 31st '08 (-Euro 18 Million)
- EBITDA Margin Improved to 15% vs 12.4% in 2008.
- Revenues Amounted to Approximately Euro 259 Million, EBITDA to Approx Euro 39 Million
The Board of Directors of Buongiorno S.p.A. (MTA, Borsa Italiana: BNG), a leading multinational in mobile entertainment, reviewed the preliminary figures for FY 2009, which included consolidated revenues of approximately Euro 259 million (vs Euro 316 million in 2008) and an EBITDA of Euro 39 million (vs Euro 39.8 million in 2008). EBITDA margin improved from 12.4% to 15%. These results matched the management's expectations in early 2009, with a decline in sales due to the rationalization of the product portfolio and changes in the accounting principles of some contracts. As expected EBITDA 2009 was line with that of 2008.
Preliminary Net Financial Debt amounted to approximately Euro 48 million at December 31st, 2009, a decrease of approximately Euro 18 million compared to December 31st, 2008 (Euro 66.7 million) and of approximately Euro 6 million compared to Euro 54.7 million reported at September 30th, 2009. The Gross Debt is estimated at approximately Euro 86 million, with a decrease of Euro 26 million compared to December 31st, 2008, and the cash flow amounted to Euro 38 million (of which Euro 3 million are linked to a business deal).
"We are really satisfied with how 2009 ended, given the challenging economic environment" commented Buongiorno's CEO, Andrea Casalini. "It has been a year of consolidation in which we confirmed the quality of the core business in terms of profit stability and cash generation and we also set the basis for the development of the new business lines with investments that reduced the EBITDA by over Euro 3 million. We can look with confidence to 2010, a year where we want to get back on a growth path and substantially increase our investments in new initiatives."
The final results for FY 2009 will be reviewed by the meeting of the Board of Directors scheduled to be held on March 15th, 2010. On March 17th, 2010, Buongiorno will participate to the STAR Conference organised by Borsa Italiana in Milan to present the results achieved by the Group in 2009 and its business guidelines for 2010.
For further information, please contact: Eleonora Villanova Tel. +39-02-582131 Email: [email protected]
SOURCE Buongiorno Spa