CENTRALE DEL LATTE DI TORINO & C. S.P.A.: The Board of Directors approved the consolidated results at 30 June 2012.
Net consolidated revenue of € 52.5 million (compared to € 51.9 million at 30/06/2011), EBITDA of € 3.4 million (compared to € 2.9 million at 30/06/2011), EBIT of € 591 thousand (compared to € 81 thousand at 30/06/2011), net negative result of € 747 thousand (compared to a net negative result of € 626 thousand at 30/06/2011).
The Board of Directors of Centrale del Latte di Torino – 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 30 June 2012.
At 30/6/2011, in a market scenario that remains unfavourable as regards consumption, Centrale del Latte di Torino Group recorded a 1% rise in net consolidated revenue, with a figure of € 52.5 million, as compared to the € 51.9 million registered at 30/6/2011.
In particular, whereas the segment of turnover accounted for by fresh milk showed a decrease (-1%), UHT milk (+5%), yogurt (+10%) and the other packaged products (+2%) registered an increase, while a drop was recorded in the fresh food products segment, on which the negative situation has had a greater effect.
As regards profit margins, the reduction in milk raw material prices and the constant efforts to rationalise and reduce current costs have, in general terms, allowed for a recovery of profit margins without increasing sale prices, confirming the positive signs evident in Q1 2012.
As a result, EBITDA went from € 2.9 million at 30/6/2011 to € 3.4 million at 30/6/2012 (after a capital loss of € 170 thousand related to the portion of land owned by Centrale del Latte di Vicenza S.p.A. given over free of charge to the Municipality of Vicenza), EBIT went from € 81 thousand at 30/6/2011 to € 591 thousand at 30/6/2012, while the net result – influenced by the financial charges to discount severance indemnity for € 480 thousand – went from a negative consolidated net result of € -626 thousand at 30/6/2011 to a negative consolidated net result of € –747 thousand.
The Group’s net financial position at 30 June 2012 was negative to the tune of € 28.6 million, an improvement on the € -31.9 million figure at 31 December 2011, but slightly down (€ 300 thousand) on the € -28.3 million figure registered at 30 June 2011.
Looking ahead, the combined effect of a basic stability in milk raw material prices and the containing of operating costs indicate that the results achieved so far are likely to be confirmed. As far as the market is concerned, consumption of products remains sluggish.
During the same meeting, CLT’s Board of Directors also resolved to amend articles 11, 13 and 20 of the Corporate By-Laws in order to adjust it to the regulations governing gender equality in appointing the members of the management and control bodies pursuant to Law 120 of 12/7/2012 and subsequent Consob resolution no.18098 of 8 February 2012. The Board then proceeded to make the necessary adjustments to the Corporate Governance self-regulatory code.
Lastly, it should be noted that on 30 July 2012, the Member of the Board of Directors Mr. Ermanno Restano resigned from his office for professional reasons. For the moment, there are no plans to coopt a new Member onto the Board.
According 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.
The press release is also available on the website www.barabino.it, where it may be downloaded from the “Breaking News” section.
In addition, all the documentation regarding the company (press kit, previous press releases, photographic material, etc.) is available in the section “Online Press Office” of the website.
Turin, 3 August 2012