CENTRALE DEL LATTE DI TORINO & C. S.P.A.: The Board of Directors approved the consolidated results at 31 March 2013.
- Consolidated net revenue of € 24.7 million (vs. € 26.9 million at 31/03/2012)
- EBITDA of 1.6 million euros (vs. 2.1 million euros at 31/03/2012)
- EBIT of € 190 thousand (vs. € 653 thousand at 31/03/2012)
- Pre/tax loss of € – 143 thousand (vs. Pre/tax profit of € 139 thousand at 31/3/2011).
The Board of Directors of Centrale del Latte di Torino & C. S.p.A. – a company listed on the STAR division of Borsa Italiana, dealing in the production and sale of fresh milk, milk products and ultra-fresh products – today approved the consolidated results at 31 March 2013.
As of 1 January 2013, in application of the main international accounting standards, (IAS 28), the 40% equity interest held by Centrale del Latte di Torino & C. S.p.A. in Frascheri S.p.A. no longer lies within the scope of consolidation. Therefore, the economic results for Q1 2013 are no longer fully comparable with those for the same period of the previous year. For this reason, the same indicators are also shown without the share consolidated at 31 March 2012.
In the first three months of 2013, the company recorded consolidated net revenue of 24.7 million, compared to the 26.9 million ( 25.9 million pro forma) recorded at 31/3/2012. EBITDA stood at 1.6 million, compared to 2.1 million ( 2 million pro forma) at 31/3/2012; EBIT stood at 190 thousand compared to the 653 thousand ( 671 thousand pro forma) of 31/3/2012, and the result before income tax was negative for 143 thousand, compared to the positive result of 139 thousand ( 177 thousand pro forma) recorded at 31/3/2012.
These results bear out the negative forecasts regarding the economy and, specifically, the dramatic drop in food consumption. However, despite the fall in sales recorded in Q1 2013, a careful management control policy has allowed the Group to maintain an EBITDA in line with that registered in the last quarter of 2012, albeit lower than the figure for the same period of the previous year.
In addition, the reduction in management costs and financial charges, together with the containing of investments, has allowed CLT group to cut its net financial indebtedness further.
The Group’s net financial position at 31 March 2013 was negative to the tune of 24.4 million, compared to the negative figures of 25.3 million at 31 December 2012 and 33.6 million at 31 March 2012.
As regards the parent company Centrale del Latte di Torino, at 31 March 2013 the company recorded net revenue of 14.7 million, compared with 15.4 million at 31 March 2012; EBITDA stood at 1.5 million, compared to the 1.6 million of 31/3/2012; EBIT stood at 950 thousand, compared to 1.09 million in Q1 2012, and pre-tax profits totalled 744 thousand, compared to the 828 thousand recorded at 31/3/2012.
As regards outlook, the combined effect of stable milk raw material prices and the containing of operating costs indicate that these results are likely to be confirmed during the next quarter, although consumption of products in the food segment remains sluggish and is set to slow further.
As regards new products, the Group launched a new ESL (Extended Shelf-Life) organic milk, thus making its debut in the constantly growing, high-added-value organic food sector. It also extended its product portfolio with a fermented milk product and an exclusive new range of fullfat fruit yogurts with a lower sugar content.
Finally, the deed of the merger that took place on 1 April 2013 was filed with Companies’ House, rendering effective the incorporation of Centro Latte Rapallo S.p.A. into Centrale del Latte di Torino & C. S.p.A.. The fiscal and accounting effects are backdated to 1 January 2013 and will be comprised in the next half-yearly report on 30 June 2013.
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.
Turin, 14 may 2013