The Industrial Margin during the quarter ended September 30, 2012 was equal to 35.3% on total net sales, up from 29.6% reported last year. Such improvement was the result of different factors such as the increase in the average price per seat and a more efficient production process.

During the third quarter 2012, the incidence of selling expenses (transportation, commissions to agents and advertising) on total net sales was 17.1% from 16.3% reported in 2011 third quarter. More specifically, the incidence of transportation costs on net sales was 10.9% in third quarter 2012 from 10.1% reported for 2011 third quarter, due to relatively more shipments towards the Americas and more sales of medium/low-end products (Private Label); the incidence of commissions to agents passed from 1.8% to 2.4% in third quarter 2012 as consequence of a higher weight in sales from the Americas. The percentage of advertising costs on total net sales decreased, passing from 4.4% in 2011 third quarter to 3.9% in the third quarter of 2012.

Other Selling, General & Administrative expenses decreased over 2011 third quarter both as percentage on net sales (from 21.2% in third quarter 2011 to 20.2% in third quarter 2012) and in Euro terms (from €24.2 million reported one year ago to €22.6 million in third quarter 2012) thanks in particular to the reorganization actions implemented at the Group level.

For the reasons highlighted above, during the third quarter of 2012 the Group reported a positive EBITDA equal to €1.8 million, versus a negative EBITDA of 4.1 million for the third quarter of 2011, and an operating loss of €2.3 million, from a negative EBIT of €9.0 million reported one year ago.

For the three months ended September 30, 2012 the Group reported a net loss of €5.2 million.


Total net sales (including raw materials and semi-finished products sold to third parties) for the first nine months of 2012 were €342.3 million, down 4.1% over the first nine months of 2011.

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