The Group's brilliant results in 2011 are also due to the recovery of productivity of our subsidiary C-Global, which has returned to profitability after the re-organisation in 2010/2011.
The area of consolidation includes not only our parent company, Cedacri S.p.A., but our subsidiaries “C-Global S.p.A.” (which has a 37% holding in “Docugest S.p.A.”), “Ribes S.p.A.”, “RE Valuta S.p.A.”, “C-Card S.p.A.” and “Cedacri International S.r.l.” (with offices in Moldavia); SiGrade S.p.A. is not part of this area since its acquisition was concluded only two days before the closing of accounts.
the development of the infrastructure technology outsourcing business and the acquisition of new clients, especially in the manufacturing and service sectors. It has also continued to invest in the development of its platforms and expanded its portfolio of services, thus reinforcing its presence both inside and outside the banking sector, its traditional target. The acquisition of SiGrade in 2011 is part of this strategy, and has enabled us to consolidate our position in the medium/large banking segment while acquiring valuable competencies in the development of custom software solutions.
FINANCIAL DATA
Cedacri finished 2011 with positive results: turnover was 195.1 million euro, 9.4% up over the previous year, EBITDA was 24.4 million euro and net profits 4.9 million euro.
The Group's consolidated statement of account declared a production value of 264.5 million euro, with net profits of 5.4 million euro.
In response to the current economic crisis, the Cedacri Group has pursued a policy of reducing costs with the aim of transferring savings to our clients by reducing the incidence of IT costs on transactions; the increase in turnover for 2011 was mainly due to our cross selling initiatives,