First quarter of 2011 shows strong growth
WEG S.A., one of the world¿s largest manufacturer of electric-electronic equipment, with five main product lines: Motors, Power, Transmission and Distribution, Automation and Coatings, announced today its results for the first quarter of 2011 (1Q11). The following financial and operating data are presented in a consolidated basis, except when otherwise indicated, in thousands of Brazilian Reais (R$) according to the current Brazilian generally accepted accounting principles, as put forward by the Brazilian applicable laws.
Gross Operating Revenues reached R$ 1,343.1 million in the first quarter of 2011, 18.7% higher year-on-year. Net Operating Revenues reached R$ 1,126.1 million, 20.8% above the 1Q10;
EBITDA reached R$ 164.8 million, 9.3% lower in relation to 1Q10. EBITDA margin reached 14.6%. Net Income reached R$ 121.5 million (net margin of 10.8%) in the quarter, 1.6% higher year-on-year.
Investments on fixed assets amounted to R$ 33.8 million in 1Q11;
The new high voltage electric motor manufacturing plant in Hosur, India, started operations in February 2011;
The technology transfer agreement and joint venture with MTOI for manufacturing, assembling, installing and marketing of wind turbines will leverage MTOI¿s technology and WEG¿s renewable energy expertise in Brazil, opening new opportunities.