CENTRALE DEL LATTE D’ITALIA S.p.A.: The Board of Directors – chaired by Mr. Luigi Luzzati – approved the results at 31 December 2018.
- FY 2018: a year marked by growth and a recovery in profit margins and profitability, despite the generally weak situation of the milk market and of consumption.
- Consolidated net revenue of € 180.3 million (+1.2% vs. € 178.1 million at 31/12/2017)
- EBITDA of € 7.7 million (+7.5% vs. € 7.2 million at 31/12/2017)
- EBIT of € 848 thousand (+28.4% vs. € 661 thousand at 31/12/2017)
- Net profit after taxes of € 398 thousand (vs. a net loss after taxes of € 260 thousand at 31/12/2017).
Edoardo Pozzoli (36), appointed to the position of General Manager.
Giuseppe Bodrero (50), appointed to the position of Chief Financial Officer.
Chaired by Mr. Luigi Luzzati, the Board of Directors of Centrale del Latte d’Italia S.p.A. (CLI) – 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 consolidated results at 31 December 2018, which will be submitted to the Shareholders’ Meeting on 30 April 2019.
Despite the generally weak situation of the milk market and the drop in consumption, CLI Group closed FY 2018 with an increase in revenue and a recovery in profit margins. This was thanks to the differentiation of geographical areas and clients and to the development of exports, also through the online and mobile sales channel, with the opening of the first Chinese virtual flagship store on Tmall, the largest b-to-c di e-commerce platform of Alibaba Group.
CLI Group’s net revenue at 31 December 2018 amounted to € 180.3 million, compared to € 178.1 million at 31 December 2017, up 1.2%. EBITDA went from € 7.2 million at 31/12/2017 to € 7.7 million at 31/12/2018 (+7.5%), whereas EBIT increased too, from € 661 thousand at 31/12/2017 to € 848 thousand at 31/12/2018 (+28.4%). The consolidated net result after taxes was positive for € 398 thousand, compared to negative result of € 260 thousand at 31/12/2017 due to the accounting of prepaid taxes for € 541 thousand related to the Patent Box.
The Group’s net financial position at 31 December 2018 was negative to the tune of € 73.7 million, compared to € -62.3 million at 31/12/2017 further to the investments undergoing in the Group’s plants.
The results of the Parent Company Centrale del Latte d’Italia S.p.A.
As regards the parent company Centrale del Latte d’Italia S.p.A., at 31 December 2018 the Company recorded net revenue of € 79.7 million, up 2.5% compared to € 77.7 million at 31/12/2017; EBITDA stood at € 2.6 million, compared to the € 2.7 million of 31 December 2017, whereas EBIT was positive for € 475 thousand, compared to the negative figure € 581 thousand at 31 December 2017. The net result after taxes was positive for € 541 thousand, compared to € 204 thousand at 31/12/2017 due to the accounting of prepaid taxes for € 541 thousand related to the Patent Box.
The Parent Company’s net financial position at 31 December 2018 was negative to the tune of € 20.2 million, compared to € -6.7 million at 31 December 2017, reflecting the investments undergoing in the Turin plant.
Appointments
Within the framework of the Group’s new organisation, and with the aim of continuing with the introduction of the new generation, the Board of Directors appointed Edoardo Pozzoli, 36, currently Corporate Director of the Company, to the position of General Manager.
In addition, following the upcoming retirement of Vittorio Vaudagnotti, the current CFO of CLI, the Board of Directors also nominated, with effect from 15 April 2019, Giuseppe Bodrero, the executive in charge of drafting the company’s accounting documents, to the position of Chief Financial Officer and Investor Relator of Centrale del Latte d’Italia S.p.A..
Bodrero, aged 50, boasts a career path that has led him to occupy the position of CFO in complex industrial concerns in the automotive and food sectors. In the last 8 years, he has held the position of Chief Financial Offier in Caffarel Group (Italy).
Call of Shareholders’ Meeting – 30 April 2019
Furthermore, the Board of Directors called the Shareholders’ Ordinary Meeting for 30 April at 3.00 p.m., at the Company’s offices in Via Filadelfia 220, Turin, in order to approve the financial statements and propose to allocate the profit for the year – € 487,010 – as follows:
- € 24,350 to the legal reserve
- € 462,660 to the extraordinary reserve
Business outlook
2019 is expected to see continuing weakness with regard to domestic consumption. CLI Group will be consolidating its business with clients and consumers on the Italian market, also with the launch of new, innovative products. In addition, the Group will continue to develop exports towards new markets.
In 2019, the Group will also continue to simplify its organisational structures and streamline running costs.
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Lastly, the Board today approved the annual report of the Supervisory Body, the annual report on Corporate Governance and the report on the Remuneration paid to Directors.
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.