The parent company CIR S.p.A. closed financial year 2010 with a net loss of € 14.7 million, compared to a loss of € 2 million in 2009.
Shareholders’ equity stood at € 968.5 million at December 31 2010, down from € 978.9 million at December 31 2009.
The key income statement figures of CIR S.p.A. for 2010, with a comparison with those of 2009. are as follows:
|
(in millions of euro) |
2010 |
2009 |
|
Net operating costs (1) |
(13.9) |
(16.9) |
|
Other operating costs and amortization (2) |
(6.6) |
(3.0) |
|
Financial management result (3) |
2.6 |
12.6 |
|
Result before taxes |
(17.9) |
(7.3) |
|
Income taxes |
3.2 |
5.3 |
|
Net result |
(14.7) |
(2.0) |
(1)This item is the algebraic sum of “sundry revenues and income”, “costs for services” and “personnel costs” in the income statement of the Parent Company CIR S.p.A.
2) This item is the sum of “other operating costs” and “amortization, depreciation and write-downs” in the income statement of the Parent Company CIR S.p.A.
3) This item is the algebraic sum of “financial income”, “financial expense”, “dividends”, “gains from trading securities”, “losses from trading securities” and “adjustments to the value of financial assets” in the income statement of the Parent Company CIR S.p.A.
Net operating costs for 2010 came to € 13.9 million (down from € 16.9 million in 2009) and were lower as a result of lower legal consulting costs. Like last year, they include net expense for stock options of € 4.3 million.
The financial management result includes the dividends of subsidiaries, which totalled € 5.8 million in 2010 versus € 11.4 million in 2009, net financial expense of € 7.9 million (€ 7.3 million in 2009), gains from trading and valuing securities of € 4.6 million (net gains of € 8.5 million in 2009). Lastly 2010 benefited from a positive net tax position of € 3.2 million, down from € 5.3 million in 2009.
The key balance sheet figures of CIR S.p.A. at December 31 2010, compared with the position at December 31 2009, are as follows:
|
(in millions of euro) |
31.12.2010 |
31.12.2009 |
|
Fixed assets (1) |
939.3 |
878.0 |
|
Other net non-current assets and liabilities (2) |
99.6 |
132.2 |
|
Net working capital (3) |
(5.3) |
(10.7) |
|
Net invested capital |
1,033.6 |
999.5 |
|
Net financial position (4) |
(65.1) |
(20.6) |
|
Shareholders’ equity |
968.5 |
978.9 |
1) This item is the sum of “intangible assets”, “ tangible assets”, “investment property” and “equity investments” in the balance sheet of the Parent Company CIR S.p.A..
2) This item is the algebraic sum of “sundry receivables” and “deferred taxes” in the non-current assets and “personnel provisions” in the non-current liabilities of the balance sheet of the Parent Company CIR S.p.A..
3)This item is the algebraic sum of “sundry receivables” in current assets and “other payables” and “provisions for risks and losses” in the current liabilities of the balance sheet of the Parent Company CIR S.p.A.
4)This item is the algebraic sum of “securities”, “available for sale financial assets” and “cash and cash equivalents” in the current assets and “bonds and notes” in the non-current liabilities of the Parent Company CIR S.p.A..
The net financial position at December 31 2010 was one of net debt for € 65.1 million which compares with € 20.6 million at December 31 2009.
The rise of € 44.5 million in the debt figure was due mainly to the investment of € 55 million made in Dry Products, the company which manages short term investments.
The decline in the equity figure, which went down from € 978.9 million at December 31 2009 to € 968.5 million at December 31 2010, was made up mainly on the upside of the effects of the accounting treatment of stock options as per IAS/IFRS and on the downside of the loss for the year. At December 31 2010 there were 43,074,000 own shares being held as treasury stock, equal to 5.44% of capital, for a total equivalent of € 98.6 million, unchanged from December 31 2009.