Despite rising energy and raw materials costs around the world, SOL S.p.A has recorded impressive consolidated sales and a rising net profit of €26.7m after the company's Board of Directors approved its 2007 consolidated results.
Highlights of the consolidated figures approved by the Board of Directors of SOL S.p.A, a listed company on the Italian Stock Exchange, include sales of €427.1m rising 8.5% and EBITDA of €97.1m, while cash flow rose from €60.9m in 2006 to reach €75.7m in 2007. Consolidated net profit of €26.7m for the year showed an impressive increase of 60.9% when compared to 2006 figures of €16.5m, with an increase in sales of 5.4% in Italy and 14.6% abroad considered to be very positive by the group.
At the upcoming Shareholders’ meeting, called for 29th April 2008 in Monza, the company’s Board of Directors will propose distribution of a dividend of € 0.081 per ordinary share, to be paid since 15th May 2008.
Marco Annoni, Vice President of SOL S.p.A, commented, “The results achieved in the year 2007 are very positive, showing a record sales growth of €33.5m and good profitability despite the continuous increase of energy costs. The strengthening of our presence in the foreign markets, which represent 36% of total turnover of the group, is the best sign of our capability to compete with efficiency in both activities of our business in the countries where we are present.”
In further detail, in the technical gas business, which achieved sales of €296.3m, the growth of sales has been mainly realised through the development of new applications and new services. Similarly in the home-care business, sales equal to €142.7m were attributed to the strong increasing trend of the recent years, achieved by a constant care for new markets and new services.
The capital expenditures of the group were €69.2m and the operating consolidated cash flow amounted to €75.7m, compared to €60.9m in 2006, while the net financial debt is thought to be €114.2m, increasing by €9.4m against 2006.
Looking ahead to the year in progress, Aldo Fumagalli Romario, President of SOL S.p.A, commented, “In 2008 we think to consolidate the positive trend of growth of the last years, even if we expect a further increase in the cost of energy and a difficult economic enviroment. Our target is to increase the turnover and to maintain the profitability of the group, also with important production and distribution investments.”