Saras S.p.A. - Summary KPIs

SARAS GROUP
KEY INCOME STATEMENT FIGURES
EUR million
	Q1/11	Q2/11	Q3/11
comparable¹ EBITDA	154.3	34.2	22.4
comparable EBIT	101.9	(18.8)	(30.9)
adjusted² NET INCOME	39.5	(44.3)	(24.0)


OTHER FIGURES
EUR million
	Q1/11	Q2/11	Q3/11
Net Financial Position	(524)	(527)	(512)
Equity	1,344	1,304	1,304
Leverage (NFP/NFP+Equity)	28%	29%	28%
Cashflow from Operations	56	36	30

CAPEX	19.9	39.4	14.8
ROACE³	4%	3%	2%

¹ Comparable EBITDA/EBIT: calculated evaluating inventories at LIFO and deducting non recurring items
² Adjusted net income: reported net income adjusted by differences between inventories at LIFO and inventories at FIFO net of taxes, change of derivatives fair value net of taxes and non recurring items net of taxes
³ Return on average capital employed after tax, quarterly figures are 1 year rolling

SARAS GROUP
KEY INCOME STATEMENT FIGURES
EUR million
	Q1/10	Q2/10	Q3/10	Q4/10	2010
comparable¹ EBITDA	13.8	27.9	27.0	80.5	149.2
comparable EBIT	(36.8)	(23.3)	(24.5)	26.5	(58.1)
adjusted² NET INCOME	(29.9)	2.4	(13.0)	(3.5)	(43.9)


OTHER FIGURES
EUR million
	Q1/10	Q2/10	Q3/10	Q4/10	2010
Net Financial Position	(643)	(567)	(644)	(560)	(560)
Equity	1,219	1,240	1,230	1,220	1,220
Leverage (NFP/NFP+Equity)	35%	31%	34%	31%	31%
Cashflow from Operations	(87)	136	(57)	110	102

CAPEX	23	59.7	20.4	26	129
ROACE³	(5%)	(5%)	(4%)	(1%)	(1%)

¹ Comparable EBITDA/EBIT: calculated evaluating inventories at LIFO and deducting non recurring items
² Adjusted net income: reported net income adjusted by differences between inventories at LIFO and inventories at FIFO net of taxes, change of derivatives fair value net of taxes and non recurring items net of taxes
³ Return on average capital employed after tax, quarterly figures are 1 year rolling

SARAS GROUP
KEY INCOME STATEMENT FIGURES
EUR million
	Q1/09	Q2/09	Q3/09	Q4/09	2009
comparable¹ EBITDA	91.1	24.1	1.4	24.6	141.2
comparable EBIT	46.5	(21.5)	(47.0)	(29.9)	(51.9)
adjusted² NET INCOME	25.3	(18.3)	(37.6)	(24.0)	(54.5)


OTHER FIGURES
EUR million
	Q1/09	Q2/09	Q3/09	Q4/09	2009
Net Financial Position	(223)	(472)	(463)	(533)	(533)
Equity	1.371	1.273	1.224	1.228	1.228
Leverage (NFP/NFP+Equity)	14%	27%	27%	30%	30%
Cashflow from Operations	170	31	78	(5)	274

CAPEX	61	122	70	65	317
ROACE³	18%	9%	4%	(2)	(2)

¹ Comparable EBITDA/EBIT: calculated evaluating inventories at LIFO and deducting non recurring items
² Adjusted net income: reported net income adjusted by differences between inventories at LIFO and inventories at FIFO net of taxes, change of derivatives fair value net of taxes and non recurring items net of taxes
³ Return on average capital employed after tax, quarterly figures are 1 year rolling

SARAS GROUP
KEY INCOME STATEMENT FIGURES
EUR million

	Q1/08	Q2/08	Q3/08	Q4/08	2008
comparable¹ EBITDA	148.1	192.1	164.2	168.9	673.3
comparable EBIT	110	151.7	121.9	121.8	505.4
adjusted² NET INCOME	75.4	96.7	60.1	95.1	327.1


OTHER FIGURES
EUR million
	Q1/08	Q2/08	Q3/08	Q4/08	2008
Net Financial Position	77	(223)	(221)	(333)	(333)
Equity	1.545	1.616	1.575	1.311	1.311
Gearing (NFP/Equity)	(5%)	(14%)	(14%)	(25%)	(25%)
Cashflow from Operations	162	43	72	(4)	275

CAPEX	58	69	48	81	257
ROACE³	18%	18%	17%	21%	21%


¹ Comparable EBITDA/EBIT: calculated evaluating inventories at LIFO and deducting non recurring items
² Adjusted net income: reported net income adjusted by differences between inventories at LIFO and inventories at FIFO net of taxes, change of derivatives fair value net of taxes and non recurring items net of taxes
³ Return on average capital employed after tax, quarterly figures are 1 year rolling

Summary KPIs