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Value of production amounting to 85.1 billion lire (+10% over '99), net earnings of 881 million lire (+310% over '99).
A dividend of 58 lire (0.03 euro) per share proposed to the Shareholders' Meeting.
Value of production amounting to 85.1 billion lire, gross operating margin of 6.3 billion lire and net earnings of 881 million lire, and a dividend of 58 lire (0.03 euro) per share proposed to the Shareholders' Meeting.
These, in summary, are the main figures reported in the 2000 Financial Statements for Centrale del Latte di Torino & C. S.p.A. - a company that produces and markets fresh milk, derivatives and ultra-fresh products, listed from November 3 last on the Italian Telematic Stock Exchange - approved by the Board of Directors and which will be submitted for approval to the Shareholders' Meeting to be held on April 30 2001 at 11.00 a.m. with, if necessary, a second call established for May 5 2001 at the same time and place.
Examining the figures in more detail, a comparison with results for the previous year shows a production value of 85.1 billion lire against 77.5 billion lire in '99 (+10%). Gross operating margin rose to 6.3 billion lire compared with 5.7 billion lire in '99 (+7.4%), while net earnings were 881 million lire against 214 million lire in '99 (+310%).
Shareholders' equity at the end of the year amounted to 71.3 billion lire, whereas the net financial position stood at 14.2 billion lire.
During the course of the year the company invested more than 7.4 billion lire to update existing plant and equipment and for the purchase of a new P.E.T. bottling line for fresh milk. A second line, similar to the latter, will be added in 2001 for a capital expenditure of approximately 3.5 billion lire.
As regards the Consolidated Financial Statements, during the course of 2000 production value reached 115 billion lire compared with 107.7 billion lire in '99 (+7%), whereas the net result was a loss for the year of 402 million lire (413 million lire in the prior year), after amortisation for consolidation of Centro Latte Rapallo S.p.A. and costs for the share listing. The gross operating margin (EBITDA) was 9.1 billion lire (9.3 billion lire in '99). Capital expenditure at consolidated level amounted to more than 10.2 billion lire.
From the production standpoint, the company pursued its diversification policy in 2000 by launching a number of new products in the ultra-fresh segment, which showed growth of 33% over the previous year.
Again in 2000, the company was listed starting November on the Italian Telematic Stock Exchange with a Global Tender of shares which were oversubscribed to the extent of two times the number issued.
Resources from the listing will be used for both internal growth by means of the launch of new products, production capacity improvements and brand enhancements, and external growth as a result of mergers with and acquisitions of regional companies operating in the fresh and ultra-fresh sector.
In line with this strategy, at the beginning of the current year an offer was made within the privatisation procedure for 49% of Centrale del Latte di Salerno, while in January 2001 Centrale del Latte di Torino acquired a 40% stake in Frascheri S.p.A., a company headquartered in Bardineto (Savona) with warehousing facilities in Borghetto S. Spirito and Imperia.
This latter acquisition has enabled the company to further expand its interests in Liguria with a market coverage that has now been extended to all four provinces of the region.
At the same meeting the Centrale's Board of Directors also approved the proposal - to be submitted to the Shareholders' Meeting - to purchase a maximum of 200,000 of its own shares in order to stabilise the CLT & C. share price.
Lastly, and in the light of the results achieved, the Board of Directors decided to propose a dividend of 58 lire (0.03 euro) per share to the first Shareholders' Meeting, with issue of the relevant warrants on May 21 2001 and payment on May 24 2001.
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