|
Approved buy-back proposal up to maximum 300,000 Treasury shares.
Net consolidated sales amounting to _ 51.3 million (+5), EBITDA amounting to _ 4.4 million (+35%), EBIT amounting to _ 617 thousand, thus near break-even; net profit amounting to _ 372 thousand (_ -125.4 thousand in 2001).
These are in summary the most significant figures recorded in the Financial Statement for 2002 of the Holding Centrale del Latte di Torino & C. S.p.A, a company producing and selling fresh milk, dairy products, and ultrafresh products. The company is listed in the Star Segment of Borsa Italiana S.p.A. (the Italian Stock Exchange). The Financial Statement was approved by the Board of Directors and will be submitted to the approval of the Meeting of Shareholders to be held, in first call, on April 29 2003 at 11.00 a.m. and, if required, in second call, on May 6 2003, same place and time.
More specifically, by comparing these results with those of the previous financial year, as of December 31, 2002, net proceeds amounted to _ 51.3 million compared with _ 48.7 million in the same period of 2001 (+5%), EBITDA amounted to _ 4.4 million compared with _ 3.2 million in 2001 (+35%); EBIT amounted to _ 617 thousand, practically unchanged from _ 672 thousand in 2001; earnings before taxes amounted to _ 372 thousand, compared with the loss of _ 125.4 thousand in 2001.
The profit for the year will be allocated to the legal reserve, to make up for the loss recorded in 2001 and carried over, and to an extraordinary reserve. Further, the Board of Directors approved the proposal to authorize the purchase of up to 300,000 Treasury shares, and in any case not exceeding the amount of shares normally held in the available reserve.
Finally, the Board of Directors approved the Annual Report on Corporate Governance.
With regard to the consolidated Financial Statement, it should be noted that no homogeneous comparison is possible between the Profit and Loss Account as of December 31, 2002 and the one of the previous financial year, owing to the impact of the acquisition of Centrale del Latte di Vicenza.
However, analyzing the figures more in detail, it can be noted that sales increased by 46.8% to _ 92 million compared with _ 62.7 million in the same period of 2001, thus exceeding even the budget estimates, EBITDA increased by 37.4% to _ 6.9 million compared with _ 5.07 million in 2001, EBIT amounted to 508 thousand, compared with 617 thousand in 2001 due to higher depreciations following new investments by the Holding Company and depreciations related to the acquisition of Centrale del Latte di Vicenza. The loss amounts to _ 1,563 million, due to extraordinary charges deriving from a different posting of some entries referred to Vicenza and amounting to _ 950 thousand, as well as to differed taxes for _ 1,193 million.
With regard to the net financial position as of December 31 2002, a loss was reported of _ 15.2 million, as against + _ 3.9 million at the same date of the previous year, mainly due to the consolidation of debts of Centrale del Latte di Vicenza and the use of cash by the Holding company for its acquisition.
As to forecasts for 2003, the result achieved in the last quarter of 2002 is expected to be confirmed also through re-launch actions under way for Centrale del Latte di Vicenza and all the other industrial and sales strategies that are already in place for the other companies in the Group.
|