Italy-based steelmaker Olifer ACP, which is active in the production of billets, ingots and profiles, closed the year 2010 with a significant loss, although lower than the previous year.
The company's total output grew by 5.2 percent compared to 2009, but remained well below pre-crisis levels. Sales revenues reached € 98.1 million, up 48.5 percent over the previous year primarily due to higher prices, since the increase in sales was only 5.1 percent. The cost of raw materials increased by 71 percent, while costs of services and staff have increased by 8.4 percent. EBITDA, while improving on the previous year, showed a negative value of € 2.2 million (-5.4 million € in 2009). In the given period, Olifer ACP posted a net loss of € 8.7 million, compared with net loss of 10.6 million in the year before.
Finally, the net financial position has worsened by €14.3 million due to higher short-term debt, a consequence of the increase in net working capital from € 22.2 to €32.7 million