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Net consolidated earnings amounting to 16.85 million Euro (+8.3%), EBITDA amounting to 1.68 million Euro, EBIT amounting to 593 thousand Euro, earnings before taxes amounting to 982 thousand Euro (+71%)
Net consolidated earnings amounting to 16.85 million Euro (+8.3%) as against 15.64 million Euro in the first quarter of 2001, EBITDA amounting to 1.68 million Euro, practically stable as against 1,679 million Euro in the first quarter of 2001, EBIT amounting to 593 thousand Euro as against 650 thousand Euro in the first quarter of 2001, earnings before taxes amounting to 982 thousand Euro (+71%) as against 571 thousand Euro in the same period of the previous year.
These are the most significant items recorded in the Financial Report as of March 31 2002 and approved today by the Board of Directors of Centrale del Latte di Torino & C. S.p.A, the parent company of a group of companies working in the production and sale of fresh milk and ultrafresh products and listed in the Star Segment of Borsa Italiana S.p.A. (the Italian Stock Exchange).
By comparing these results with the 1st quarter of 2001, the growth in consolidated net proceeds should be pointed out which amounts to 16,85 million Euro (+8.3%) as against 15.64 million Euro in the first quarter of 2001, due to an increase in fresh and ultrafresh products, in addition to fresh milk, as well as to the introduction of a new line of organic products under the "FiordiBio" brand.
The reduction recorded in the EBIT is to be attributed to higher depreciations made on new investments and funds for future risks.
With regard to the Holding, revenues in the first quarter of 2002 amounted to 13.17 million Euro as against 12,20 million Euro in the first quarter of 2001 (+8.3%), EBITDA amounted to 1,127 million Euro, practically stable as against 1,126 million Euro in the first quarter of 2001, EBIT amounted to 430 thousand Euro as against 601 thousand Euro in the first quarter of 2001, while earnings before taxes amounted to 829 thousand Euro as against 556 thousand Euro of the same period in 2001 (+49%).
As to forecasts, the next quarter will close with the half-year report and will also include the shareholding in the recently acquired Centrale Latte Vicenza S.p.A. Therefore, the result will be affected by intense re-structuring activities that the company will have to undergo and that are expected to progressively yield positive results in the following months.
Finally, the Board of Directors complied with Corporate Governance provisions and confirmed the appointment of a Control Committee formed by independent non-executive Directors, namely by Mr. Alessandro Marina, Mr. Ermanno Restano, and Mr. Germano Turinetto.
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