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Net proceeds amounting to 48.7 million Euro, EBITDA amounting to 3,288 million Euro, EBIT amounting to 675.3 thousand Euro, gross profit amounting to 139.3 thousand Euro, net loss amounting to 125.4 thousand Euro.
These are in summary the main items in the 2001 Financial Statement of Centrale del Latte di Torino & C. S.p.A. - a manufacturer and distributor of fresh milk, dairy products, and ultrafresh products which is listed on the STAR Segment of Borsa Italiana S.p.A (the Italian Stock Exchange), and approved by the Meeting of Shareholders held in Turin today.
More specifically, by comparing these results with those of the previous financial year, as of December 31, 2001 net proceeds amounted to 48.7 million Euro compared with 43.4 million in the same period of 2000 (+ 12%), EBITDA remained more or less the same - 3,288 million Euro in 2001 compared with 3,267 million Euro in 2000 -, EBIT amounted to 675.3 thousand Euro in 2001 compared with 1,199 million Euro in 2000, earnings before taxes amounted to 139.3 thousand Euro in 2001 compared with 898.4 thousand Euro in 2000.
The loss amounted to 125.4 thousand Euro, after the allocation of 602,952 Euro for depreciation on intangible assets, 1,965,801 Euro for depreciation on tangible assets, 44,549 Euro for transfer to bad and doubtful debt fund, 255,736 Euro for taxes on the income for the year, and 9,048 Euro for differed taxes.
Despite the upward trend in sales during the financial year, well in line with the forecasts, the loss reported in the year was the result of lower profitability due to both ordinary and extraordinary management events.
In particular, the drop in EBIT is to be attributed to the increase in depreciation rates (874 thousand Euro), arising from new investments on the second fresh-milk bottling line with Pet bottles, carried out in the Turin plant. It was also due to the cost of listing on the stock exchange which had originally been calculated pro-rata, but also to additional new costs compared to the previous financial years related to the listing of the company in the Star segment of the Italian Stock Exchange, as well as to the devaluation of Treasury Shares owned by the company amounting to Euro 252 thousand.
Further, in the last quarter of 2001, raw material prices increased initially by 6.12% and, on average for the entire 2001 financial year, by 9%. These higher costs could only partially be offset by an increase in retail prices.
The net worth as of the end of the period amounted to 36,414 million Euro, while the net financial position is positive, with 4,509 million Euro.
With regard to the Group as a whole, the consolidated Financial Statement for 2001 reported net proceeds amounting to 62.7 million Euro (+ 6.7%) compared to 58.7 million Euro in 2000, EBITDA amounting to 5,071 million Euro (+ 7.7%) compared to 4.7 million Euro in 2000, EBIT amounting to 617 thousand Euro (with a decrease compared to 1,073 million Euro in 2000), and a net loss amounting to 834.8 thousand Euro compared to 208.1 thousand Euro in the previous year.
With regard to this financial year, consolidated proceeds increased in the first quarter of 2002 amounting to 16.8 million Euro, thus with a 8.3% increase over the same period of 2001.
The Meeting of Shareholders further appointed the Board of Directors of Latte di Torino & C. S.p.A. for the 2002 - 2004 three year period, and approved the entry of a new Director, Mr. Alberto Tazzetti.
Therefore, the Board of Directors is now consisting of the following people: Mr. Luigi Luzzati, President, Mr. Antonio Forchino, Vice-President, Mr. Riccardo Pozzoli, Executive Vice-President and Managing Director, Mr. Aroldo Luzzati, Managing Director, Ms. Adele Artom, Mr. Alessandro Marina, Mr. Ermanno Restano, Mr. Alberto Tazzetti and Mr. Germano Turinetto, Directors.
The Meeting of Shareholders finally was informed on the new Self-Discipline Code provisions applicable to all stock-listed companies.
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