Financial results

2020 consolidated results

Consolidated Income Statement Data
(Thousands of euro)	2020	2019
Total net sales	168,703	182,352
Gross profit	70,113	78,373
% on sales	41.6%	43.0%
Operating income	16,274	26,772
% on sales	9.6%	14.7%
EBITDA	27,225	36,502
% on sales	16.1%	20.0%
Net income (loss) from continued operations	4,787	19,685
% on sales	2.8%	10.8%
Income (loss) from discontinued operations	0	152
% on sales	0.0%	0.1%
Group net income	4,787	19,837
% on sales	2.8%	10.9%

Consolidated Balance Sheet Data
(Thousands of euro)	December 31, 2020	December 31, 2019
Group shareholders' equity	238,162	252,530
Net financial position	95,742	115,316

MARGINS SUBSTANTIALLY STABLE, DESPITE THE EFFECT OF COVID-19 AND INTERNATIONAL TENSIONS, RESPECTIVELY IN THE MEDICAL SECTOR AND IN SMA FOR INDUSTRIAL APPLICATIONS

PENALIZING EXCHANGE EFFECT IN THE SECOND HALF OF THE YEAR

RECOVERY SIGNS IN THE MEDICAL SECTOR STARTING FROM THE LAST PART OF THE YEAR

Consolidated net revenues equal to €168.7 million compared to €182.4 million in FY 2019; net of the negative exchange rate effect (-1.3%), organic decrease equal to -6.2%
Total revenues of the Group equal to €177.7 million compared to €194 million in FY 2019
Consolidated gross profit equal to €70.1 million compared to €78.4 million in FY 2019
Gross margin equal to 41.6% of revenues, substantially stable compared to 43% of revenues in FY 2019
Consolidated operating income equal to €16.3 million compared to €26.8 million in FY 2019
Consolidated EBITDA equal to €27.2 million (16.1% of revenues) compared to €36.5 million (20% of revenues) in FY 2019
Donations for Covid-19 to hospitals, research institutions and Civil Protection equal to €0.7 million in FY 2020
Financial management penalized by write-downs totaling €3.6 million (write-downs equal to €1.6 million in FY 2019)
Consolidated net income equal to €4.8 million compared to €19.8 million in FY 2019
Net financial position positive and equal to €95.7 million, improved when compared to €94 million at September 30, 2020
Proposed a dividend of €0.4 per ordinary share and of €0.424378 per savings share, by distribution of both net income and retained earnings
Consolidated revenues equal to €26.5 million in the first two months of 2021, compared to €32.4 million in the first two months of 2020