Operating Result was 115.5 million Euro, an improvement of 23.4 million Euro compared to 2009 (92.1 million Euro), after having absorbed higher depreciation (+29.5 million Euro, of which about 25 million Euro relative to the Upim perimeter acquired, the remainder mainly related to the significant reconversion investments involving the Upim commercial network).
Financial charges were 26.7 million Euro, increasing by 8.1 million Euro over 2009; this increase being mainly due to indebtedness of about 100 million Euro needed for the acquisition of Upim.
Net Result was a positive figure of 48.2 million Euro, up by 8.8% over 2009. Considerable improvement for Upim stand alone which had recorded 36.3 million Euro on net result compared to the previous year, even if the improvement of result have occurred in the second half of the year. Excluding the impact of Upim the Net Result would be a positive figure of 56.4 million Euro, an increase of 27.4% over 2009.
As for the financial management, as of 31 January 2011, Group financial indebtedness is 362.6 million Euro, a higher figure than 31 January 2010, when it was 347.6 million Euro. The cash absorption recorded in 2010 relates mainly to the investments made in converting the 67 ex-Upim stores to the OVS Industry, Coin and Upim Pop formats and an increase in warehouse stocks both for to support the reopening of the converted stores and to support the introduction of new collections and product segments within OVS Industry.
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
