Net Sales for the fourth quarter of 2006 increased by 51.1% to €51,316 thousand, compared to €33,956 thousand for the same period last year. As a result, the year closed with a sales volume of €185,597 thousand, a growth 46.8% bigger than that of 2005.
Net sales increase was mainly driven by organic growth, as only 1.53% of the sales increase is due to the acquisition of JCrespo in May 2005. In addition, there was a slight increase in the price for certain types of equipment due to the strong demand and the long lead times from suppliers of equipment.
EBITDA and Net lncome during the year, excluding IPO, costs were €77,502 thousand and €19,868 thousand, respectively, corresponding to margins over sales of 41.8% and 10.7%, respectively. The future decrease in the Spanish general tax rate has had a positive impact on GAM’s deferred taxes, and therefore, the company has registered an amount of €1.129 million tax revenue. Excluding this effect, GAM’s net profit would have been 10.1% over sales.
The strong organic growth in sales is expected to continue during 2007, due to the powerful demand present in the market and the opening of 12 new depots to reach an even wider current geographical coverage. We also expect margin stability for FY2007 with EBITDA and net margins near to those shown in 2006 results presentation. |
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