Valsoia SpA
MIL:VLS
Income Statement
Earnings Waterfall
Valsoia SpA
Income Statement
Valsoia SpA
| Dec-2007 | Mar-2008 | Jun-2008 | Sep-2008 | Dec-2008 | Mar-2009 | Jun-2009 | Sep-2009 | Dec-2009 | Mar-2010 | Jun-2010 | Sep-2010 | Dec-2010 | Mar-2011 | Jun-2011 | Sep-2011 | Dec-2011 | Mar-2012 | Jun-2012 | Sep-2012 | Dec-2012 | Mar-2013 | Jun-2013 | Sep-2013 | Dec-2013 | Mar-2014 | Jun-2014 | Sep-2014 | Dec-2014 | Mar-2015 | Jun-2015 | Sep-2015 | Dec-2015 | Mar-2016 | Jun-2016 | Sep-2016 | Dec-2016 | Mar-2017 | Jun-2017 | Sep-2017 | Dec-2017 | Mar-2018 | Jun-2018 | Sep-2018 | Dec-2018 | Jun-2019 | Dec-2019 | Jun-2020 | Dec-2020 | Jun-2021 | Dec-2021 | Jun-2022 | Dec-2022 | Jun-2023 | Dec-2023 | Jun-2024 | Dec-2024 | Jun-2025 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest Expense |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
1
|
0
|
1
|
0
|
1
|
0
|
1
|
0
|
1
|
0
|
1
|
0
|
0
|
0
|
1
|
0
|
0
|
0
|
1
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
| Revenue |
56
N/A
|
55
0%
|
55
-1%
|
55
0%
|
55
+0%
|
53
-2%
|
53
0%
|
53
-1%
|
53
+1%
|
54
+2%
|
54
-1%
|
55
+3%
|
57
+3%
|
58
+2%
|
59
+2%
|
58
-1%
|
70
+20%
|
63
-11%
|
73
+16%
|
83
+14%
|
93
+13%
|
96
+3%
|
98
+2%
|
99
+1%
|
100
+1%
|
103
+3%
|
107
+4%
|
111
+4%
|
114
+3%
|
116
+2%
|
117
+0%
|
117
0%
|
115
-1%
|
114
-1%
|
113
-1%
|
114
+1%
|
115
+1%
|
107
-7%
|
100
-7%
|
92
-8%
|
86
-7%
|
86
+1%
|
103
+20%
|
103
0%
|
84
-19%
|
100
+19%
|
75
-25%
|
81
+9%
|
83
+3%
|
86
+4%
|
91
+5%
|
94
+3%
|
101
+8%
|
108
+6%
|
113
+5%
|
115
+2%
|
117
+1%
|
118
+1%
|
|
| Gross Profit | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cost of Revenue |
(43)
|
(43)
|
(43)
|
(43)
|
(43)
|
(43)
|
(42)
|
(41)
|
(41)
|
(40)
|
(40)
|
(41)
|
(43)
|
(44)
|
(46)
|
(46)
|
(56)
|
(50)
|
(59)
|
(67)
|
(76)
|
(78)
|
(65)
|
(66)
|
(80)
|
(68)
|
(70)
|
(73)
|
(88)
|
(77)
|
(78)
|
(77)
|
(65)
|
(65)
|
(64)
|
(65)
|
(66)
|
(59)
|
(59)
|
(52)
|
(52)
|
(52)
|
(65)
|
(65)
|
(51)
|
(63)
|
(44)
|
(47)
|
(49)
|
(52)
|
(56)
|
(59)
|
(65)
|
(70)
|
(74)
|
(73)
|
(73)
|
(73)
|
|
| Gross Profit |
13
N/A
|
13
-3%
|
12
-5%
|
12
-2%
|
12
-3%
|
11
-7%
|
11
+5%
|
12
+7%
|
13
+5%
|
14
+12%
|
14
-1%
|
14
+2%
|
14
-1%
|
14
-2%
|
13
-5%
|
13
-2%
|
14
+9%
|
13
-10%
|
14
+9%
|
16
+14%
|
17
+10%
|
19
+10%
|
33
+76%
|
33
+0%
|
21
-38%
|
35
+69%
|
36
+5%
|
37
+3%
|
26
-30%
|
40
+51%
|
39
-1%
|
39
+1%
|
50
+27%
|
49
-2%
|
49
-1%
|
49
0%
|
49
+0%
|
48
-1%
|
41
-15%
|
40
-2%
|
34
-17%
|
34
+2%
|
38
+13%
|
38
-2%
|
32
-15%
|
37
+14%
|
31
-16%
|
34
+10%
|
34
+2%
|
34
+0%
|
35
+2%
|
35
-1%
|
36
+4%
|
37
+3%
|
39
+5%
|
42
+7%
|
44
+6%
|
45
+2%
|
|
| Operating Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating Expenses |
(7)
|
(7)
|
(7)
|
(8)
|
(7)
|
(7)
|
(7)
|
(7)
|
(7)
|
(7)
|
(8)
|
(8)
|
(8)
|
(8)
|
(8)
|
(8)
|
(8)
|
(8)
|
(8)
|
(9)
|
(9)
|
(9)
|
(22)
|
(22)
|
(9)
|
(23)
|
(23)
|
(23)
|
(11)
|
(23)
|
(23)
|
(23)
|
(35)
|
(35)
|
(34)
|
(35)
|
(37)
|
(37)
|
(31)
|
(31)
|
(24)
|
(24)
|
(27)
|
(27)
|
(24)
|
(26)
|
(22)
|
(23)
|
(25)
|
(25)
|
(24)
|
(25)
|
(26)
|
(28)
|
(29)
|
(31)
|
(33)
|
(34)
|
|
| Selling, General & Administrative |
(5)
|
(5)
|
(5)
|
(5)
|
(5)
|
(5)
|
(5)
|
(5)
|
(5)
|
(6)
|
(6)
|
(6)
|
(6)
|
(6)
|
(7)
|
(7)
|
(7)
|
(7)
|
(7)
|
(7)
|
(7)
|
(7)
|
(21)
|
(21)
|
(7)
|
(21)
|
(21)
|
(21)
|
(9)
|
(22)
|
(22)
|
(22)
|
(33)
|
(33)
|
(33)
|
(33)
|
(35)
|
(35)
|
(29)
|
(29)
|
(22)
|
(22)
|
(24)
|
(24)
|
(22)
|
(23)
|
(20)
|
(21)
|
(22)
|
(22)
|
(22)
|
(23)
|
(24)
|
(25)
|
(27)
|
(28)
|
(30)
|
(30)
|
|
| Depreciation & Amortization |
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(3)
|
(3)
|
(2)
|
(3)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(3)
|
(3)
|
(3)
|
(3)
|
(3)
|
(3)
|
(3)
|
|
| Other Operating Expenses |
(1)
|
(1)
|
(1)
|
(1)
|
(0)
|
(1)
|
(0)
|
(0)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(0)
|
(0)
|
0
|
0
|
0
|
0
|
(0)
|
(0)
|
(0)
|
(0)
|
0
|
(0)
|
(0)
|
(0)
|
(0)
|
0
|
1
|
1
|
1
|
1
|
1
|
1
|
0
|
0
|
0
|
0
|
0
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
0
|
0
|
(0)
|
(0)
|
0
|
0
|
1
|
0
|
0
|
0
|
(0)
|
(0)
|
|
| Operating Income |
6
N/A
|
5
-6%
|
5
-16%
|
4
-6%
|
4
N/A
|
3
-22%
|
4
+25%
|
5
+25%
|
6
+6%
|
7
+22%
|
6
-6%
|
6
-4%
|
6
+0%
|
6
-3%
|
5
-13%
|
5
-3%
|
6
+20%
|
4
-29%
|
5
+23%
|
7
+24%
|
8
+23%
|
10
+21%
|
11
+9%
|
11
+1%
|
11
+4%
|
12
+8%
|
14
+12%
|
15
+7%
|
16
+7%
|
17
+7%
|
17
+0%
|
17
+0%
|
16
-7%
|
14
-8%
|
14
+0%
|
14
-4%
|
12
-12%
|
12
-5%
|
10
-14%
|
9
-5%
|
10
+5%
|
10
+2%
|
12
+16%
|
11
-6%
|
8
-25%
|
11
+30%
|
9
-19%
|
11
+25%
|
10
-12%
|
10
+2%
|
11
+8%
|
9
-13%
|
10
+4%
|
9
-6%
|
10
+5%
|
11
+9%
|
11
+8%
|
11
+0%
|
|
| Pre-Tax Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest Income Expense |
(0)
|
0
|
0
|
0
|
(0)
|
0
|
0
|
0
|
(0)
|
0
|
0
|
0
|
0
|
(0)
|
(0)
|
0
|
(0)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(0)
|
(0)
|
(0)
|
(1)
|
(1)
|
(1)
|
(1)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
1
|
2
|
1
|
0
|
0
|
1
|
|
| Non-Reccuring Items |
0
|
0
|
0
|
0
|
(0)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(1)
|
(0)
|
(0)
|
0
|
(0)
|
(0)
|
(0)
|
(0)
|
0
|
0
|
0
|
0
|
1
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(0)
|
0
|
(0)
|
(0)
|
0
|
0
|
0
|
0
|
(0)
|
(0)
|
(0)
|
0
|
|
| Total Other Income |
0
|
(0)
|
0
|
0
|
0
|
0
|
0
|
(0)
|
0
|
(0)
|
0
|
(0)
|
0
|
(0)
|
(0)
|
(1)
|
0
|
(1)
|
(1)
|
(1)
|
0
|
(1)
|
(0)
|
0
|
1
|
1
|
1
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
| Pre-Tax Income |
6
N/A
|
5
-5%
|
5
-16%
|
4
-5%
|
4
-7%
|
3
-18%
|
4
+25%
|
5
+26%
|
6
+9%
|
7
+21%
|
6
-5%
|
6
-3%
|
6
+0%
|
6
-3%
|
5
-14%
|
5
-2%
|
5
N/A
|
4
-25%
|
4
+11%
|
5
+28%
|
7
+23%
|
9
+27%
|
10
+14%
|
10
+1%
|
10
+6%
|
11
+9%
|
13
+13%
|
14
+9%
|
16
+13%
|
16
+4%
|
16
+1%
|
16
0%
|
15
-7%
|
13
-12%
|
14
+2%
|
13
-4%
|
12
-11%
|
12
-1%
|
10
-15%
|
9
-5%
|
10
+4%
|
10
+2%
|
12
+17%
|
11
-6%
|
8
-25%
|
11
+30%
|
9
-19%
|
11
+26%
|
9
-15%
|
10
+3%
|
11
+12%
|
9
-13%
|
11
+20%
|
11
-1%
|
10
-6%
|
11
+6%
|
12
+8%
|
12
+2%
|
|
| Net Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tax Provision |
(3)
|
(2)
|
(2)
|
(1)
|
(1)
|
(1)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(1)
|
(2)
|
(2)
|
(2)
|
(3)
|
(3)
|
(3)
|
(4)
|
(4)
|
(4)
|
(5)
|
(5)
|
(5)
|
(5)
|
(5)
|
(5)
|
(3)
|
(3)
|
(3)
|
(3)
|
(3)
|
(2)
|
(2)
|
(3)
|
(3)
|
(3)
|
(3)
|
(2)
|
(3)
|
(1)
|
(2)
|
(1)
|
(2)
|
(3)
|
(2)
|
(3)
|
(3)
|
(3)
|
(3)
|
(4)
|
(4)
|
|
| Income from Continuing Operations |
3
|
3
|
3
|
3
|
3
|
2
|
3
|
3
|
4
|
4
|
4
|
4
|
4
|
4
|
3
|
3
|
3
|
2
|
3
|
3
|
5
|
6
|
6
|
7
|
7
|
8
|
9
|
9
|
11
|
11
|
11
|
11
|
11
|
11
|
11
|
11
|
8
|
9
|
8
|
7
|
7
|
7
|
8
|
8
|
6
|
8
|
7
|
9
|
8
|
8
|
8
|
7
|
8
|
8
|
7
|
8
|
8
|
8
|
|
| Income to Minority Interest |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
| Net Income (Common) |
3
N/A
|
3
-5%
|
3
-1%
|
3
-3%
|
3
-1%
|
2
-20%
|
3
+12%
|
3
+28%
|
4
+8%
|
4
+24%
|
4
-8%
|
4
-3%
|
4
N/A
|
4
-4%
|
3
-15%
|
3
-2%
|
3
-6%
|
2
-21%
|
3
+11%
|
3
+29%
|
5
+33%
|
6
+27%
|
7
+17%
|
7
+0%
|
10
+47%
|
11
+7%
|
12
+9%
|
12
+8%
|
11
-14%
|
11
+4%
|
11
+1%
|
11
+1%
|
12
+6%
|
11
-10%
|
11
+3%
|
11
-4%
|
9
-17%
|
9
-1%
|
8
-14%
|
7
-2%
|
7
-5%
|
7
+2%
|
8
+17%
|
8
-5%
|
10
+26%
|
12
+19%
|
7
-40%
|
9
+22%
|
8
-13%
|
8
+2%
|
7
-5%
|
6
-13%
|
8
+25%
|
8
-1%
|
7
-10%
|
8
+6%
|
8
+9%
|
8
+2%
|
|
| EPS (Diluted) |
0.31
N/A
|
0.28
-10%
|
0.28
N/A
|
0.28
N/A
|
0.28
N/A
|
0.23
-18%
|
0.26
+13%
|
0.33
+27%
|
0.34
+3%
|
0.43
+26%
|
0.39
-9%
|
0.37
-5%
|
0.38
+3%
|
0.36
-5%
|
0.31
-14%
|
0.31
N/A
|
0.28
-10%
|
0.23
-18%
|
0.25
+9%
|
0.32
+28%
|
0.43
+34%
|
0.54
+26%
|
0.62
+15%
|
0.64
+3%
|
0.94
+47%
|
1.01
+7%
|
1.06
+5%
|
1.17
+10%
|
1.01
-14%
|
1.06
+5%
|
1.02
-4%
|
1.07
+5%
|
1.12
+5%
|
1.01
-10%
|
1
-1%
|
1
N/A
|
0.82
-18%
|
0.82
N/A
|
0.71
-13%
|
0.69
-3%
|
0.66
-4%
|
0.68
+3%
|
0.8
+18%
|
0.76
-5%
|
0.95
+25%
|
1.12
+18%
|
0.67
-40%
|
0.81
+21%
|
0.73
-10%
|
0.71
-3%
|
0.68
-4%
|
0.59
-13%
|
0.74
+25%
|
0.73
-1%
|
0.66
-10%
|
0.7
+6%
|
0.77
+10%
|
0.78
+1%
|
|