The BoD has approved the results of the first half of 2012
Two different trends characterised the performance of the Carraro Group in the first six months of the year
In the first six months of the year, the Group closed with a 5% increase in turnover compared to the same period of 2011.
While the core business performed very well, as it increased by 17% overall with a positive EBIDTA Margin (+31% compared to 2011), the turnover related to the B.U. Electronics (corresponding to Elettronica Santerno) decreased considerably as a consequence of the sharp drop in the demand of the photovoltaic market in Italy, with consequent, adverse impacts on the Group's consolidated results.
The implementation of incisive actions aimed at adjusting the company's structure to the new market dynamics enabled Elettronica Santerno to have profits already in the month of June.
- Consolidated turnover in the relevant half‐year equal to 474.3 million euros, +5.3% compared to the first half of 2011 (450.4 mln €); Turnover with third parties related to the core business equal to 445.8 mln €, equal +17.1% compared to 380.8 mln € as at 30.06.2011
- Group EBITDA equal to 24 million euros (32.6 mln € in the first half of 2011); EBITDA related to the core business equal to 29.3 mln €, +31.5% compared to 22.3 mln € as at 30.06.2011
- Group EBIT equal to 8.2 million euros (16.4 mln € in the first half of 2011); EBIT related to the core business equal to 15.9 mln €, +85.3% compared to 8.6 mln € as at 30.06.2011
- Net loss equal to 5.6 million euros (it was positive for 4.9 mln € in the first half of 2011) both due to a high tax burden consequent to a lower allocation of deferred tax assets and to the adverse impact of the Electronics BU (recording a loss equal to 4.9 mln €)
- Net financial position negative for 280.8 million euros, in line with 286.6 mln € in the first quarter of 2012 (it was equal to 247.5 million euros as at 31 December 2011 and to 257.7 mln € as at 30.06.2011)
For the second half of the year, the Business Units operating in the mechanical sector are expected to remain substantially steady in the relevant markets, thus confirming the growth in turnover and profitability for the whole fiscal year, in line with the trends of the first half of 2012.
No significant growth is expected for Elettronica Santerno in the Italian market at this point in time, given the uncertainty of the demand in the new regulatory context. Conversely, the profitability will benefit from the actions taken in the first months of the year in order to adjust the company's structure to lower sale volumes.