· All the income statement items have grown in 1Q21 vs 1Q20.
· Net Profit amounted to €22m in 1Q21 vs €6m in 1Q20 (+255%) and €18m in 1Q19 (+22%).
· Revenues in 1Q21 increased +5.5% in local currency (+2.2% in reported terms) vs 1Q20, pushed by Defence and Minsait.
· EBITDA and EBIT grew by +25% and +104% respectively vs 1Q20.
· Minsait increased its sales by +4.2% in local currency in 1Q21, boosting its EBIT margin above 4% in the period (1.5% in 1Q20).
· T&D revenues went up +7.3% and EBIT increased +58% in 1Q21 vs 1Q20. Sales in Defence grew by +21%, mainly pushed by its International Business.
· Cash generation was €-17m (including the €11m cash out of the workforce transformation plan) vs €-59m in 1Q20.
· Net Debt reached €505m vs €633m in March 2020. Net Debt / EBITDA LTM ratio stood at 2.4x in March 2021 vs 2.2x in March 2020.
· Backlog reached another new historic absolute high (€5,322m), implying 1.74x backlog/revenues LTM.