 |
|
|
 |
 |
| |
Falck Group operating and financial review
The Group consolidated income statement shows a loss of Euro 1,414 thousand compared to the previous year loss of Euro 22,049 thousand.
The 2009 result was significantly influenced by non-recurring costs arising on the sale/liquidation of the Bioenergy sector's activities in the Ukraine and a number of projects in South East Asia.
With regard to financial performance, revenue decreased (-Euro 3,257 thousand), while gross profit (+Euro 15,168 thousand) and operating profit increased (+ Euro 21,984 thousand). This is principally due to the improved performance of the other activities sector as the previous year's results were strongly affected by the sale and liquidation of the activities in the Bioenergy sector.
The consolidated financial highlights are as follows:
Group revenue decreased compared to the previous year (-Euro 3,257 thousand) principally due to the closure of the biomass plant in Rende in order to carry out a total revamp of the plant, lower revenue recorded by the Bioenergy sector, which had contributed Euro 3,451 thousand in 2009, following the sale/liquidation activities, and the exceptionally low wind levels recorded in the UK at the beginning of 2010.
Revenue by business sector may be analysed as follows:
Ebitda has been adopted as a summary performance indicator for the core business and is determined by the Falck Group as profit for the year before investment income/(costs), finance costs - net, amortisation and depreciation, impairment losses, charges to risk provisions and income tax expense.
This amount has been calculated in line with best market practice taking into consideration the latest project financing contracts entered into by the Group. This definition was applied retroactively to calculate the previous year Ebitda.
Ebitda in 2010 amounted to Euro 82,409 thousand (2009 - Euro 74,906 thousand) and equalled 44.4% (2009 - 39.7%) when expressed as a percentage of revenue.
An analysis by business sector is as follows:
Operating profit increased by Euro 21,984 thousand to Euro 39,679 thousand. Operating profit by business sector may be analysed as follows:
The total loss for the year amounted to Euro 1,414 thousand and may be analysed by business sector as follows:
The net financial position, a higher net indebtedness compared to the previous year, amounted to Euro 799,952 thousand (comprising non-recourse financing of Euro 601,213 thousand), corresponding to an increase of Euro 173,467 thousand (of which non-recourse financing amounted to Euro 182,654 thousand). The increase in net indebtedness is due to the loans received to finance the significant investment in the wind sector and to a lesser extent in the WtE, biomass and photovoltaic sector.
Capital expenditure on property, plant and equipment totalled Euro 177,601 thousand and principally related to the above sectors, specifically new plant construction.
Capital expenditure by sector was as follows:
Capital expenditure on intangible assets by business segment was as follows:
|
|
|
|
|
|
