Mersen's Supervisory Board met on March 14, 2012 and reviewed the audited 2011 financial statements. The Management Board met on the same day to approve them. Luc Themelin, the Chairman of the Management Board, commented: "The pertinence of Mersen's strategy was amply demonstrated during 2011 by the substantial advances in its business and profitability indicators. In addition, the Group achieved some strategic successes during the year, such as acquiring Eldre, which has strengthened our position as a supplier to the power electronics industry, and the integration of Yantaï, which has enabled the Group to consolidate its positions with the leading Chinese solar cell manufacturers directly.
Looking ahead towards 2012, uncertainties surrounding the global economy are restricting our visibility. As we announced in January, the Group anticipates a moderate decline in sales at the beginning of the year (on a like-for-like basis) compared to the very high levels recorded in 2011. For the rest of the year, and over the medium term, barring a substantial change in economic conditions, trends are likely to be more favourable, especially in its two expanding markets, solar energy and electronics. I am confident in Mersen's ability to innovate and seize opportunities in order to accelerate its growth and its development in new markets."
The Group's consolidated sales totaled €829.6 million. They increased by 11.9% on a reported basis and by 10.7% on a like-for-like basis, in line with the guidance provided by the Group. The Group's operating income before non-recurring items came to €103.5 million in 2011, representing an increase of 33% on 2010. The operating margin before non-recurring items stood at 12.5% of sales, in line with the Group's guidance, up 2 points by comparison with 2010.