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Net consolidated sales amounting to _ 92 million, Ebit amounting to _ 6.9 million, Ebit amounting to _ 508 thousand, loss before taxes amounting to _ - 422 thousand.
These are in summary the most significant items recorded in the pre-final Financial Statement for 2002 and for the 4th quarter of 2002, which was approved today by the Board of Directors of 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).
It should be pointed out, however, that no homogeneous comparison of the Profit and Loss Account for the Group as of December 31, 2002 is possible with the one of the previous financial period, because of the impact made by the acquisition of Centrale del Latte di Vicenza.
Anyway, getting into more detail, net consolidated sales went up by 46.8% to _ 92 million as against _ 62.7 million in the same period of 2001, thus exceeding even budgeted figures, Ebitda also went up 37.4%, to _ 6.9 million as against _ 5.07 million in 2001, Ebit amounted to 508 thousand compared to _ 617 thousand in 2001, due to higher depreciations on new investments made by the Holding and depreciations deriving from the acquisition of Vicenza. Conversely, a loss before taxes (_ - 422 thousand) was reported due to extraordinary charges deriving from a different posting of some entries referred to Vicenza and amounting to _ 950 thousand.
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 .
With reference to the trends for the Group referred to the 4th quarter of 2002 alone, no homogeneous comparison is again possible, because no reference to the acquisition of Vicenza which took place in 2002 was made in consolidated data for 2001. Apart from this, consolidated sales went up from _ 17.1 million in 2001 to _ 24.3 million in 2002, Ebitda increased from _ 949 thousand in 2001 to _ 1.9 million in 2002, while the loss reported in 2001 (_ -294 thousand) turned into a profit of _ 380 thousand in 2002.
With regard to the Holding Company, Centrale del Latte di Torino, the pre-final Financial Statement as of December 31, 2002 reported higher profits of _ 51.3 million, compared to _ 48.7 million in 2001, Ebitda of _ 4.4 million on the increase as against _ 3.2 million in 2001, Ebit of _ 617 thousand, in line with _ 675 thousand in 2001 with profit before taxation amounting to _ 699 thousand, as against _ 139 thousand in 2001.
As to forecasts, the first quarter of 2003 is expected to confirm the results reported in the last quarter of 2002, resulting from relaunch operations already in place for Centrale del Latte di Vicenza and other industrial and sales strategies already adopted by the other companies in the Group.
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