The Shareholders’ Meeting approves the 2012 Financial Statements

- Consolidated turnover of € 874.4 million, a decrease of 5.4% compared to 2011 (was € 924.2 million); the 60% reduction in turnover of Elettronica Santerno is offset by a good performance of the mechanical BU's (Carraro Drive Tech, Gear World, Carraro Agritalia) which, even in the face of a market downturn from the middle of the year, close 2012 at € 889 million, in line with the previous year (+0.2% compared to € 887 million in 2011)

- EBITDA of € 40.2 million, down from € 64 million in 2011; net of non-recurring costs, consolidated EBITDA at € 46 million and EBITDA of the mechanical BU's amounting to € 57.7 million, an increase of 9.3% compared to € 52.8 million in 2011

- EBITDA of € 6.3 million, down from € 31.6 million in 2011; net of non-recurring costs, consolidated EBIT at € 13.9 million and EBIT of the mechanical BU's with an increase of 20.4% (from € 25.3 million to € 30.4 million)

- Net loss of € 15.3 million compared to a profit of € 5 million in 2011, influenced by non-recurring items - such as extraordinary costs and provisions for the reorganisation in progress (amounting in total to € 7.7 million before tax) - net of which a loss of € 10.6 million would have been recorded, entirely attributable to the result of the Electronics BU (negative for € 11.5 million)

- Net financial position with a negative value of € 213.7 million (an improvement compared to the € 304.6 million as at 30.09.2012; € 280.8 million as at 30.06.2012)

In view of the results achieved, the Shareholders’ Meeting decided not to distribute any dividend.

Campodarsego (Padua), 19 April 2013 – The Shareholders’ Meeting of Carraro SpA, global leader in power transmission systems, today approved, under the chairmanship of Enrico Carraro, the 2012 Financial Statements.

As a result of the sharp decline in volumes of Elettronica Santerno, as well as a temporary slowdown in demand in core mechanical sectors in the last quarter, 2012 closes with a consolidated turnover as at 31 December of 874.4 million Euros, down 5.4% compared to 924.2 million Euros in 2011. The aggregate turnover alone of Business Units operating in the mechanical sector is in line with the previous year (+0.2 %) and amounts to 889 million Euros compared to 887 million Euros in 2011.

At the geographical area level an increasing focus of the Group's sales outside Italy emerges, with the corresponding incidence increasing from 77.1% to 85.3% of total turnover. Volumes to non-European countries, such as South America (+32.4%), North America (+5.5 %) and China (+4.3%) are growing. EBITDA amounted to 40.2 million Euros, a decrease of 37.2% compared to 64 million Euros in 2011 mainly due to the negative performance of the Electronics BU, to the extraordinary costs incurred for closure of a plant in the USA (Virginia Beach) and to provisions for restructuring processes planned in 2013.

EBIT amounted to 6.3 million Euros (0.7% of turnover) compared to 31.6 million Euros in the previous year (3.4% of turnover).

Net of the non-recurring events mentioned above, EBITDA and EBIT for 2012 would have been, respectively, 46 million Euros (5.3% of turnover) and 13.9 million Euros (1.6% of turnover). The margins of Business Units operating in the mechanical sector, always net of non-recurring costs, increased compared to 2011. EBITDA as at 31 December 2012 amounted to 57.7 million Euros (6.5% of turnover), an increase of 9.3% compared to 52.8 million Euros (6.0% of turnover) in the previous year. EBIT at 31 December 2012 amounted to 30.4 million Euros (3.4% of turnover) an increase of 20.4% compared to 25.3 million Euros (2.9% of turnover).

2012 closed with a loss of 15.3 million Euros (-1.8% of turnover) compared to a profit of 5 million Euros (0.5% of turnover) in 2011. The net result of 2012 is affected by the above-mentioned non-recurring costs and taxes whose amount is determined by the tax burden in the companies with a positive taxable income and by containment of deferred tax assets on tax losses to be carried forward.

In 2012, investments amounting to 41.1 million Euros were made, compared to 29.2 million Euros in 2011, mainly in the Drivelines Business Unit (15 million Euros) for the development of new projects to improve production efficiency, in addition to technological upgrading of existing systems, while in the Headquarters they were addressed to the start up of the new SAP ERP (4 million Euros).

Technological innovation was also confirmed in 2012 as an unrenounceable strategic lever. As a result of this, Research and Innovation expenses for the year amounted to 15.3 million Euros (1.7% of turnover), compared to 18.2 million Euros (2.0% of turnover) in 2011.

The net financial position recorded a negative value of 213.7 million Euro, with an improvement over the figures of 280.8 million Euro as at 30 June 2012 and 304.6 million Euro as at 30 September 2012. The significant improvement in the last quarter of 2012 predominantly derived from the reduction in net working capital mainly due to the alignment between the timing of payment of trade payables and inventory dynamics.

As at 31 December 2012, just as at 30 June 2012, the covenants contractually envisaged for that date were respected.

In view of the results achieved, the Shareholders’ Meeting decided not to distribute any dividend.

Renewal of the treasury share purchase plan The Shareholders’ Meeting also approved renewal of the plan for purchase and disposal of a maximum number of ordinary shares equal to no more than 10% of share capital, taking into account Carraro shares already held by the Company. The buyback does not have the purpose of reducing the Company's capital. Purchase authorisation will be requested from Shareholders for a period of 18 months from the date of the authorisation itself. The purchase of ordinary shares will be carried out with a price for each ordinary share of not less than, at the minimum, 30% and, at the maximum, 20% below the reference price of the share on the stock market on the day preceding each individual transaction. These transactions will be carried out according to procedures established by the regulations for the organisation and management of markets in order to ensure equal treatment of shareholders. As at 10 April Carraro SpA holds a total of 2,562,915 treasury shares, equal to approx. 5.57% of share capital, for a total value of 6,492,040 Euros.

Go to Press release 19.04.2013


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