Board of Directors approves first quarter 2013 results

Increase in margins compared to first quarter 2012 thanks to entry into new markets, introduction of new products and improvement of industrial processes

  • Quarter's consolidated turnover, in line with expectations, amounting to € 199.5 million Euros, a reduction of 14.2% compared with IQ 2012 (€ 232.6 million Euros) for the business areas operating in the mechanical segment, turnover down 14.7% compared to the same period last year but up 5.6% from the fourth quarter 2012

  • Significant improvement in EBIDTA margin in the quarter, from 4.9% to 5.7% ( in absolute terms, EBITDA amounts to € 11.3 million Euros, compared to € 11.3 million Euros as at 31.03.2012); EBITDA of the business areas operating in the mechanical segment improves both in absolute terms from 14.9 to 15.2 million Euros and, above all, in terms of percentage of turnover, amounting to 7.4% compared to 6.2 % in the first quarter 2012

  • Group EBIT improving both as a percentage of turnover, from 1.5% to 1.9%, and in absolute terms, amounting to € 3.7 million Euros compared to € 3.4 million Euros as at 31 March 2012; EBIT of the business areas operating in the mechanical sector increases from € 8.2 million Euros to € 8.8 million Euros, with an increase also in the percentage of turnover from 3.4% to 4.3%

  • Group profit before tax of € 100 thousand Euros (0.1% of turnover), compared to a loss before tax of € 465 thousand Euros (-0.2% of turnover) as at 31 March 2012

  • Net loss of € 3.1 million Euros (-1.5 % of turnover) compared to a loss of € 3.9 million Euros (-1.7% of turnover) in the first quarter 2012, due to tax for the period of € 3.2 million Euros

  • Net financial position negative at € 277.7 million Euros, down from € 286.6 million Euros as at 31 March 2012, but growing, as expected, compared to € 213.7 million Euros as at 31 December 2012 due to the expected effects of the re-absorption of activities carried out at the end of 2012 to normalise the trend in net working capital

Good performance of the orders portfolio for the first half of 2013 confirmed with Group margins that will maintain their positive trend compared to the previous year.

Merger of Gear World SpA in Carraro Drive Tech SpA completed: a further step forward in the Group's focus on its core business, with the prospect of significant improvements in terms of efficiency and competitiveness.

Go to Press release 03.05.2013

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