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Buy-back approved for up to 300,000 own shares.
Net revenues Euro 51.3m (+5%), gross operating margin (EBITDA) Euro 4.4m (+35%), operating result (EBIT) stable at Euro 617k, net profit Euro 372m (Euro –125.4k in 2001).
These are the highlights of the 2002 financial statements reported by holding company Centrale del Latte di Torino & C. S.p.A. and approved by the General Shareholders’ Meeting held today in Turin. The company produces and markets fresh milk, derivatives and ultra-fresh products and is listed on the STAR market segment of Borsa Italiana S.p.A.
Comparing last years results with figures from the previous year in more detail, the holding company’s net revenues at 31 December 2002 stand at Euro 51.3m against Euro 48.7m in 2001 (+5%), with gross operating margin (EBITDA) rising to Euro 4.4m from Euro 3.2m in 2001 (+35%). Operating result (EBIT) amounts to Euro 617k, stable against the 2001 figure of Euro 672k, while pre-tax increases to Euro 372k against a loss of Euro 125.4k in 2001.
The result for the year will be appropriated for provisions to the legal reserve, to cover the loss carried forward from 2001 and to the extraordinary reserves. The General Meeting also approved the proposal authorising the buy-back of an additional 300,000 own shares, on the condition that the number of shares involved in each buy-back transaction is covered from time to time by available reserves.
The shares may be acquired at a minimum unit price of Euro 1 and a maximum of Euro 6.80.
So far as the consolidated balance sheet is concerned, it must be remembered that the income statement to 31 December 2002 is not fully comparable with the previous year as a result of the acquisition of Centrale del Latte di Vicenza.
Nevertheless, continuing with the analysis, consolidated net revenues have risen by 46.8% to Euro 92m against Euro 62.7m for the same period in 2001, exceeding budget forecasts, while gross operating margin (EBITDA) reported an increase of 37.4% to Euro 6.9m against Euro 5.07m in 2001. The operating result (EBIT) fell to Euro 508k from Euro 617k in 2001 due to increased depreciation and amortisation deriving from new investments by the holding company and the Vicenza acquisition. The negative result of Euro 1,563m is the result of non-recurring charges of Euro 950m attributable to the reorganisation of the accounting records of Centrale del Latte di Vicenza, as well as to taxes for the year and deferred taxation of Euro 1,193m.
The net financial position to 31 December 2002 (a negative Euro 15.2m against a positive balance of Euro 3.9m for the same period the previous year) is mainly attributable to the consolidation of Centrale del Latte di Vicenza financial indebtedness and to the use of the holding company’s liquidity to fund the acquisition.
The General Meeting also appointed the Statutory Board of Auditors for the three-year period 2003-2005, confirming the posts of its existing members: Chairman Alessandro Rayneri, Standing Auditors Giovanni D’Amelio and Vittoria Rossotto.
Finally, the General Meeting also confirmed the engagement of PricewaterhouseCoopers to audit the financial statements for the three-year period 2003-2005.
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