Annual results 2003

Consolidated key figures

(mio euro)

31/12/2003
(3 months)

31/12/2002
(3 months)

31/12/2002
(12 months)

Turnover

60,5

57,6

200,5

195,2

EBIT

3,0

1,0

9,2

5,9

Cash flow from operations (EBITDA)(1)

5,8

3,6

16,7

12,9

Financial result

-1,5

-2,2

-6,0

-7,8

Current profit before taxes

1,4

-1,2

3,1

-1,9

Exceptional result

-1,3

0,0

-0,7

-0,6

Result of the year before taxes

0,1

-1,2

2,4

-2,5

Taxes

0,1

0,0

-1,3

0,5

Net result (share of the group)

0,2

-1,2

1,1

-2,0

Current profit after taxes (2)

1,3

-0,8

2,8

-0,3

Net cash flow (3)

4,1

1,8

10,3

6,3

Equity

46,9

48,4

46,9

48,4

Net financial debt

31,9

44,1

31,9

44,1

Total assets

141,2

151,7

141,2

151,7

Consolidated key figures per share

(euro)

31/12/2003
(3 months)

31/12/2002
(3 months)

31/12/2002
(12 months)

Cash flow from operations (EBITDA)(1)

0,70

0,44

0,02

1,97

Current profit before taxes

0,17

-0,15

0,38

-0,29

Current profit after taxes (EPS)

0,16

-0,10

0,34

-0,05

Net result (share of the group)

0,02

-0,15

0,13

-0,31

Net cash flow

0,50

0,22

1,25

0,96

Number of shares (average)

Equity

5,67

5,86

5,67

5,86

Number of shares (end of period)

8.264.842

8.264.842

8.264.842

8.264.842

(1) EBITDA = earnings before interest, taxes, depreciation and amortization; Operating profit plus amounts written off on stocks, trade debtors and provisions for liabilities and taxes.
(2) The current profit after tax is the net profit excluding extraordinary gains and losses (both adjusted for taxes) and including the amortization on adjustments on consolidation.
(3) The net cashflow is the net result increased with depreciations, writeoffs on inventories, trade debtors and provisions for liabilities and charges and increased with goodwill amoritization.