Financial results

Full Year 2017 consolidated results

Consolidated Income Statement Data
(Thousands of euro)	2017	2016
Total net sales	231,078	189,031
Gross profit	103,610	85,120
% on sales	44.8%	45.0%
Operating income	39,980	26,083
% on sales	17.3%	13.8%
EBITDA	49,989	35,469
% on sales	21.6%	18.8%
Group net income	13,860	14,029
% on sales	6.0%	7.4%

Consolidated Balance Sheet Data
(Thousands of euro)	December 31, 2017	December 31, 2016
Group shareholders' equity	122,141	134,831
Net financial position	(17,730)	(33,776)

REVENUES AT RECORD LEVELS, EXCEEDING €231 MILLION AND CLOSE TO €250 MILLION IN TOTAL

STRONG GROWTH IN OPERATING RESULTS AND EBITDA JUST SLIGHTLY BELOW €50 MILLION

NET FINANCIAL POSITION SIGNIFICANTLY IMPROVED TO -€17.7 MILLION

Consolidated revenues equal to €231.1 million, up by 22.2% compared to €189 million in FY 2016
Total revenues of the Group equal to €244.9 million, up by 23.5% compared to €198.4 million in FY 2016
Consolidated EBITDA equal to €50 million (21.6% of revenues), significantly increased (+40.9%) compared to €35.5 million (18.8% of revenues) in FY 2016
Net financial position significantly improved to -€17.7 million compared to -€33.8 million as at December 31, 2016, thanks to the strong operating cash flow generation
Consolidated net income penalized by the write-off (equal to €10.8 million) of deferred tax assets of the Parent Company
Consolidated net income equal to €13.9 million, but excluding the above mentioned write-off, net income equal to €24.6 million (+75.6% compared to €14 million in FY 2016)
Proposed a dividend of €0.70 both per ordinary share and per savings share
Consolidated revenues in the first two months of 2018 equal to €39.7 million, up by 14.2% compared to 2017, despite the depreciation of the US dollar; organic growth equal to +28.1%