The Board of Directors approved the results at 30 September 2018

//The Board of Directors approved the results at 30 September 2018

CENTRALE DEL LATTE D’ITALIA S.p.A.: The Board of Directors approved the results at 30 September 2018.

  • Considerable increase in exports
  • Consolidated net revenue of € 133.8 million (+1.2% vs. € 132.1 million at 30/09/2017)
  • EBITDA of € 5.4 million (+9.4% vs. € 4.9 million at 30/09/2017)
  • EBIT of € 418 thousand (considerably up compared to € 146 thousand at 30/09/2017)
  • Negative result after taxes of € 646 thousand (vs. € -417 thousand at 30/09/2017).

The Board of Directors of Centrale del Latte d’Italia S.p.A. – a company listed, since 2001, on the STAR segment of Borsa Italiana and currently the third-ranking Italian player in the fresh and long-life milk market, with leadership positions in Piemonte, Liguria, Tuscany and Veneto – today approved the results at 30 September 2018.

At 30 September 2018 Centrale del Latte d’Italia recorded consolidated net revenue of € 133.8 million, up 1.2% compared to € 132.1 million at 30/9/2017, also thanks to the positive performance of exports (up from € 944 thousand at 30/9/2017 to € 2.6 million at 30/9/2018).

The recovery in profitability was significant, with EBITDA reaching € 5.4 million at 30/09/2018, compared to € 4.9 million at 30/09/2017 (+9.4%) and EBIT up from € 146 thousand at 30/09/2017 to € 418 thousand at 30/09/2018.

At 30 September 2018, the consolidated net result after taxes was negative for € 646 thousand, compared to the net loss of € 417 thousand at 30/09/2017.
The Group’s net financial position at 30 September 2018 was negative for € 76.4 million, compared to the negative figure of € 62.3 million at 30 December 2017, further to the increase in the need for current assets and the continuing investments for the renewal of plants and warehouses in the various Group factories.

We would like to remind you that 1 September 2018 saw the conclusion of the transaction for the sale of the CLI’s “Salads & Fruits” business unit for the production of fresh salads, located in Casteggio (Pavia), to Zerbinati srl – an Italian market leader in the production of conventional and organic ready-to-eat vegetables and salads, and of fresh ready meals. At the same time, this agreement allows CLI, through its sales channels, to sell the salads and the other products in the large Zerbinati range (soups, cream soups, side servings, gluten-free burgers and vegetable flans) in the areas where the company is present.

As regards forecasts, the further commercial activities undertaken to safeguard the premium positioning of the Group’s brands on the market, the on-going control of costs and the improvement under way in the Italian economy, with an upturn in food consumption, offer sufficient indications to confirm that the economic results achieved during Q3 2018 are likely to continue in Q4.

Lastly, on 15 October, Centrale del Latte d’Italia S.p.A. signed a preventive agreement with Agenzia delle Entrate to obtain access to the benefits of the Patent Box tax regime for the calculation of the income entitled to reduced taxation deriving from the use of its own brands for the 2015 tax year and for the following 4 years. The estimated tax benefit for the years 2015 to 2017 will be shown in the financial statements for the current year.

Pursuant to paragraph 2 of article 154-bis of the Consolidated Finance Law, the Executive in charge of drafting corporate accounts, Mr. Vittorio Vaudagnotti, stated that the accounting information herein contained tallies with the company’s documentary evidence, ledgers and accounts.

With 4 factories and some 415 employees, Centrale del Latte d’Italia Group produces and sells more than 120 products, ranging from milk and milk products to yogurt and drinks of plant origin, distributed in over 16,000 traditional shops and large retail chains in the pertinent areas under the brand names TappoRosso, Mukki, Tigullio and Vicenza.

Barabino & Partners
Donata Astengo
Mobile: 349.77.25.787