AMPER, SA and Subsidiaries Consolidated Financial Statements for ...
AMPER, SA and Subsidiaries Consolidated Financial Statements for ... AMPER, SA and Subsidiaries Consolidated Financial Statements for ...
AMPER GROUP 2011 MANAGEMENT REPORT IMPROVED RESULTS IN THE 2011 FINANCIAL YEAR The contracting of Amper in the 2011 financial year has risen significantly to 406 Million Euros, almost twice that obtained in 2010, of 212 Million Euros. In this financial year, the two Divisions of Amper, both the Defence as well as the Communications and Security Divisions, have been awarded major contracts outside Spain. In the foreign market, the total contracts procured have ascended to 314 Million Euros, representing 77% of the total. The turnover of 393 Million Euros has also experienced an important increase, exceeding by 50% the 262 Million Euros recorded in the previous financial year. The revenue share of the foreign market of the total has also increased by 25 percentage points with respects to the previous financial year, and it has amounted to 61% this financial year. In Spain, the turnover has declined in 9% with respects to 2010, reducing the decline with respects to 2009, which was a decline of 14%. The trend of growth abroad and the deceleration of the decline in Spain are in line with the expectations of the Company for 2011. The EBITDA grew significantly, reaching 23.3 Million Euros compared to - 8.9 Million Euros in 2010. The recurring EBITDA for the 2010 financial year ascended to 9.7 Million Euros, a figure from which nonrecurring expenses amounting to 18.6 Million Euros were deducted, most of which corresponded to the provision for labour restructuring carried out in the first months of 2011. The net profit has improved by 25.5 Million Euros reaching - 8.3 Million Euros in 2011, compared to - 33.8 Million Euros in 2010. The composition of the net sales, the contracts and the EBITDA in Millions of Euros by Divisions and Markets is detailed below: Ventas Contratación España Exterior España Exterior Ebitda Defensa 50 19 3 87 9,5 Comunicaciones y Seguridad 102 222 89 227 13,8 España y otros mercados 102 12 89 24 1,2 América Latina 210 203 12,6 Total Mercados 152 241 92 314 Total Amper 393 406 23,3
Defence Communications and Security Spain and other markets Latin America Total Markets Total Amper Sales Contracts Spain Abroad Spain Abroad EBITDA Vast improvement in the initial estimates With this data, Amper has substantially improve the initial estimates, which involved the integration of eLandia from 1 January 2011 (actually integrated 1 April), and a Euro / USD exchange rate of 1.3. If these two premises had been met, the turnover would have been 431 Million Euros, and the EBITDA would have been 26.2 Million Euros, entailing significantly higher figure in both cases (2.6% and 31% respectively) than those of the initial estimates (420 Million Euros for the turnover and Euros 20 Million for the EBITDA). Success of the internationalization strategy Amper has complied during this financial year with its commitment to incorporating eLandia, a major milestone that has contributed additional activity in 14 new countries in Latin America and with sales amounting to 131 Million Euros which represent a growth of 39% compared to sales of eLandia during the same period in 2010. In addition to the operations resulting from this incorporation, the continuation of the strategy to expand into other markets outside Latin America, such as the United Arab Emirates and Vietnam markets, it has led to a great increase in activity abroad in 2011 compared to 2010, as can be seen in graphs below: Spain – Abroad Contracts 2010 Spain – Abroad Contracts 2011 Spain – Abroad Sales 2010 Spain – Abroad Sales 2011 Increased efficiency Improved productivity The optimization of the structure in Spain has been carried out with a dual approach: adaptation to the development of the business in the country and retaining the talent,
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<strong>AMPER</strong> GROUP<br />
2011 MANAGEMENT REPORT<br />
IMPROVED RESULTS IN THE 2011 FINANCIAL YEAR<br />
The contracting of Amper in the 2011 financial year has risen significantly to 406<br />
Million Euros, almost twice that obtained in 2010, of 212 Million Euros. In this financial<br />
year, the two Divisions of Amper, both the Defence as well as the Communications <strong>and</strong><br />
Security Divisions, have been awarded major contracts outside Spain. In the <strong>for</strong>eign<br />
market, the total contracts procured have ascended to 314 Million Euros, representing<br />
77% of the total.<br />
The turnover of 393 Million Euros has also experienced an important increase,<br />
exceeding by 50% the 262 Million Euros recorded in the previous financial year. The<br />
revenue share of the <strong>for</strong>eign market of the total has also increased by 25 percentage<br />
points with respects to the previous financial year, <strong>and</strong> it has amounted to 61% this<br />
financial year.<br />
In Spain, the turnover has declined in 9% with respects to 2010, reducing the decline<br />
with respects to 2009, which was a decline of 14%. The trend of growth abroad <strong>and</strong> the<br />
deceleration of the decline in Spain are in line with the expectations of the Company <strong>for</strong><br />
2011.<br />
The EBITDA grew significantly, reaching 23.3 Million Euros compared to - 8.9 Million<br />
Euros in 2010.<br />
The recurring EBITDA <strong>for</strong> the 2010 financial year ascended to 9.7 Million Euros, a<br />
figure from which nonrecurring expenses amounting to 18.6 Million Euros were<br />
deducted, most of which corresponded to the provision <strong>for</strong> labour restructuring carried<br />
out in the first months of 2011.<br />
The net profit has improved by 25.5 Million Euros reaching - 8.3 Million Euros in 2011,<br />
compared<br />
to - 33.8 Million Euros in 2010.<br />
The composition of the net sales, the contracts <strong>and</strong> the EBITDA in Millions of Euros<br />
by Divisions <strong>and</strong> Markets is detailed below:<br />
Ventas<br />
Contratación<br />
España Exterior España Exterior<br />
Ebitda<br />
Defensa 50 19 3 87 9,5<br />
Comunicaciones y Seguridad 102 222 89 227 13,8<br />
España y otros mercados 102 12 89 24 1,2<br />
América Latina 210 203 12,6<br />
Total Mercados 152 241 92 314<br />
Total Amper 393 406<br />
23,3
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