Sabaf SpA Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2012; Provides Earnings Guidance for the Year 2012
May 14, 2012
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Sabaf SpA announced unaudited consolidated earnings results for the first quarter ended March 31, 2012. For the quarter, the company reported total operating revenue and income of EUR 38,298,000 against EUR 41,682,000 for the same period a year ago. Operating profit before depreciation and amortization, capital gains, losses and write downs and write backs of non current assets (EBITDA) was EUR 6,485,000 against EUR 9,304,000 for the same period a year ago. Operating profit was EUR 3,254,000 against EUR 6,259,000 for the same period a year ago. Pre-tax profit was EUR 2,705,000 against EUR 5,730,000 for the same period a year ago. Net profit was EUR 1,700,000 against EUR 3,785,000 for the same period a year ago. Cash inflow from operations was EUR 3,856,000 against EUR 4,929,000 for the same period a year ago. Net financial debt was EUR 13,503,000 against EUR 11,923,000 for the same period a year ago.
The company expected a fall in revenues of approximately 5% for fiscal year 2012 and lower operating profitability than in 2011. These targets assume a macroeconomic scenario not affected by unpredictable events. If the economic situation were to change significantly, actual figures might diverge from forecasts.
Sabaf SpA is an Italy-based manufacturer of components for domestic gas cooking appliances. The Company specializes in the design and manufacture of non-ferrous alloy components for household gas cooking appliances. The Company has two operating segments: gas components, and hinges. It offers a range of products, including multigas valves, for free-standing cookers, as well as for built-in hobs; one-way and two-way multigas thermostats, with or without safety devices; gas burners, and hinges. There is also a range of accessories for each product line. It sells its products to manufacturers of cookers, hobs and ovens. The Company has several wholly owned subsidiaries, such as Faringosi-Hinges Srl, Sabaf Immobiliare Srl, Sabaf do Brasil Ltda, Sabaf Mexico SA de CV, , among others.