Management & Capitali S.p.A. reported unaudited parent and consolidated earnings results for the year ended December 31, 2011. For the year, on parent basis, the company reported operating loss of EUR 3,176,263 compared with EUR 2,359,068 a year ago. Pre-tax loss was EUR 2,492,030 compared with EUR 7,244,270 a year ago. Loss from continuing operations was EUR 2,492,030 compared with EUR 7,244,270 a year ago. Loss for the year was EUR 2,492,030 or EUR 0.0061 per diluted share compared with EUR 7,244,270 or EUR 0.0177 per diluted share a year ago. For the year, on consolidated basis, the company reported operating loss of EUR 3,198,000 compared with EUR 2,580,000 a year ago. Pre-tax loss was EUR 671,000 compared with pre-tax profit of EUR 796,000 a year ago. Loss from continuing operations was EUR 671,000 compared with profit from continuing operations of EUR 756,000 a year ago. Loss attributable to the owners of the parent was EUR 9,113,000 or EUR 0.0224 per diluted share compared with profit attributable to the owners of the parent of EUR 25,330,000 or EUR 0.0621 per diluted share a year ago. As on December 31, 2011, the group's net financial debt was EUR 23.0 million.