Draft Financial Statements for 2016 Approved by the Board of Directors
Group restructuring completed. The Group is fully focused on transmission systems for off-highway vehicles and tractors.
With the sale of the controlling interest in Elettronica Santerno the Group is fully focused on transmission systems for off-highway vehicles and tractors.
Net loss of 9.1 million Euros, but net of extraordinary operations, the group would have a profit of 5.2 million Euros.
Significant improvement in the consolidated net financial position of operations which from 227.8 million Euros decreased to 183.1 million Euros.
- 2016 consolidated turnover of 593.7 million Euros, down by 11.9% compared to 2015 (674 million Euros). Net of disposals, the decrease in turnover was only 8.3%.
- Consolidated EBITDA amounted to 39.2 million Euros (6.6% of turnover), down 16.5% compared to 46.9 million Euros (7% of turnover) in 2015; net of non-recurring costs and with constant perimeter, EBITDA amounted to 48.2 million Euros (8.6% of turnover), down 4.9% (50.6 mln € in 2015).
- Consolidated EBIT amounted to 11.8 million Euros (2% of turnover), up compared to 0.3 million Euros (0% of turnover) in 2015. Net of non-recurring costs and with constant perimeter, EBIT grew by 4.3% to 27.7 million Euros (5% of turnover) .
- Net Loss of 9.1 million Euros (-1.5% of turnover) compared to a loss of 8.9 million Euros (-1.3% of turnover) in 2015. Net of non-recurring operations and with constant perimeter, net profit was 5.2 million Euros (0.9% of turnover), an increase compared to the loss of 3.5 million Euros (-0.6% of turnover) in 2015.
- Consolidated net financial position of operations showed liabilities of 183.1 million Euros at 31.12.2016, compared to 194.6 million Euros at 30 June 2016 and with a significant improvement compared to 227.8 million Euros at 31.12.2015.
“The close of 2016 for us marks major turning point. A new organisational plan, the sale of all non-strategic and loss-making businesses and the capital increase ensure once again a solid economic base for the Group for its relaunch to ensure development in the coming years. – said Enrico Carraro, Group Chairman – Today, in the eyes of the market and our customers, we are now stronger than before. We start once again with a clear vision of the new scenarios, determined to start to grow again where we had stopped, adding new technologies and new applications to the traditional products. It was a restructuring which our Group had never seen before. We went through difficult decisions, but with a clear vision of the future of the Group. A journey shared and supported by our major customers, suppliers and the entire banking system that never lost its trust in Carraro”.