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Net consolidated sales amounting to _ 40.1 million, EBITDA amounting to _ 3.4 million, EBIT at _ 672 thousand , earnings before taxes amounting to _ 695 thousand.
The Board of Directors of Centrale del Latte di Torino & C. S.p.A - a company listed in the Star Segment of Borsa Italiana S.p.A. (the Italian Stock Exchange) which, together with its subsidiary Centro Latte Rapallo, produces and sells fresh milk and ultrafresh products - approved today the company's results as of June 30, 2002.
Actually, these results do not compare with those of the corresponding period of last year since they are strongly affected by the recent acquisition of Centrale del Latte di Vicenza.
Indeed, the consolidated results for the first half of 2002 proportionally (by 50%) include the results reported by Centrale del Latte di Vicenza.
More specifically, in the first half of 2002, net consolidated sales amounted to _ 40.1 million from _ 31.3 million in the first half of 2001 with an approximately 29% increase, EBITDA amounted to _ 3.4 million from _ 3.02 million in the first half of 2001, hence recording an approximately 11% increase.
EBIT amounts to _ 672 thousand as against _ 990 thousand in the first half of 2001, due to higher depreciation on new investments made by the Holding Company and depreciations deriving from the allocation of the consolidation difference of Centrale del Latte di Vicenza, whereas earnings before taxes, amounting to _ 695 thousand as against _ 936 thousand in the first half of 2001, have been affected by extraordinary charges arising from the rearrangement of items related to the 2001 Financial Statement of Centrale del Latte di Vicenza and amounting to approximately _ 488 thousand.
The net financial standing of the Group as of June 30, 2002 records a decrease from the previous financial period of approximately _ 9 million, reflecting the addition to the Financial Statement of the liabilities of Centrale del Latte di Vicenza, which include a _ 5.2 million loan for the acquisition of its whole shareholding.
With regard to the Holding Company, net proceeds went up from _ 24.5 million in the first half of 2001 to _ 26 million in the same period of 2002, EBITDA increased from _ 2.1 million in the first half of 2001 to 2.2 in the first half of 2002, EBIT substantially remained unchanged from _ 893 thousand in the first half of 2001 to _ 831 thousand in the first half of 2002, whereas earnings before taxes grew from _ 1 million in the first half of 2001, to _ 1.2 million in the first half of 2002.
Finally, as to forecasts, although the third quarter (especially July and August) is strongly affected by seasonal factors, a good trend in sales and a strict cost control are expected to help the group further improve its results.
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