The item non-recurring income and charges includes €4.1 million in credits for excess taxes paid in the years 1988 and 1989, received in October 2006. Financial non-recurring income and charges include €4.8 million in capital gains on the sale of non-strategic operations (€4.5 million in 2005). In the first nine months of 2005, this item included more than €13 million in extraordinary dividends from non-consolidated equity investments.
Non-recurring income and charges Consolidated net income decreased from €12.6 million in 2005 to €8.1 million.
Consolidated net debt at 30 September 2006 was reduced to €67.8 million from €109.7 million at year-end 2005 and €130.8 million at 30 September 2005. Free cash flow amounted to €48.0 million, including €18.9 million from the sale of the equity investment in Zucchi.
Forecasts for 2006 - Based on the results for the first nine months of the year and on the orders backlog, and with respect to 2005, for all 2006 Marzotto expect turnover and operating income to continue at the same pace as in the first nine months of the year. Growth is being led in particular by the performance of the Textile sector, driven by increases in volume. Moreover, invested capital will be reduced further compared to 2005 and Marzotto expects a positive cash flow from operations and non-recurring transactions.
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