- MANAGEMENT PLATFORM REVENUES AT €41.9 MILLION (€41.6 AT MARCH 31ST, 2010), IN LINE
WITH THE YEAR-END TARGET
- EBIT IS POSITIVE €19.5 MILLION ALMOST DOUBLED
COMPARED TO €10.3 MILLION IN THE FIRST QUARTER 2010
- MANAGEMENT PLATFORM ACTIVITIES EBIT AT €6.1 MILLION, A 22% INCREASE COMPARED TO
THE €5 MILLION AT MARCH 31ST, 2010, IN LINE WITH THE YEAR END TARGET (+15%/+25%),
CONSISTENT WITH THE OBJECTIVE OF FOCUSSING ON THE SERVICE ACTIVITIES
- REAL ESTATE SALES AT €700.4 MILLION, HIGHER THAN €146.5 MILLION AT MARCH 31ST, 2010:
ALMOST REACHING THE MID-POINT OF THE 2011 YEAR-END TARGET (€1.5 BILLION).
AVERAGE MARGIN ON SALES APPROXIMATELY 6.5% ON BOOK VALUE
- POSITIVE NET RESULT OF €10 MILLION, A SIGNIFICANT IMPROVEMENT COMPARED TO €0.4
MILLION IN THE FIRST QUARTER 2010
- NET FINANCIAL POSITION, EXCLUDING SHAREHOLDER LOANS GRANTED, AT €-459.5 MILLION
COMPARED TO €-424 MLN AT DECEMBER, 2010; GEARING AT 0.75
At today’s meeting, the Board of Directors of Prelios S.p.A. examined and approved the interim management statement at March 31st, 2011.
As confirmation of the effectiveness of the Company's repositioning and recovery plan, the 2011 first quarter shows an improvement in profitability and a return to a net result of €10 million (break even at March 31st, 2010). EBIT is at €19.5 million compared to €10.3 for the first quarter 2010, while the management platform result has grown by 22% to €6.1 million.
Group performance in first quarter 2011
Consolidated revenues amount to €46.4 million (€51.7 million at March 31st, 2010). In particular, the management platform revenues - core business of Prelios - show a slight increase to €41.9 million (€41.6 in first quarter 2010), in line with the year end target ("in consolidation").
EBIT is €19.5 million, an improvement compared to the €10.3 million in first quarter 2010.
The management platform activities reached a positive result of €6.1 million, an increase of 22% compared to the €5 million for the same period in 2010. Based on this result, the Company confirms the target for year end at between +15% and +25%.