The BoD has approved the results of the first half of 2013
Back in profit in the amount of 152 thousand Euros, compared to the loss of 5.5 million Euros in the same period of 2012
The positive performance was led by Carraro Drive Tech and Agritalia, Elettronica Santerno also reversed the trend and achieved a major improvement in margins.
Over 88% of revenues generated abroad, more than 50% outside Europe.
Profitability for the second quarter has been positively impacted by the launch of new products with high performance and technology, by penetration into new markets and the acquisition of new clients, supported by the Carraro Group Reorganization Plan.
These actions already allow to recover the loss of 3.1 million Euros recorded on March 31, 2013.
- Consolidated turnover in the relevant half-year equal to 449.2 million Euros, -5.3% compared to the first half of 2012 (474.3 mln €)
- EBITDA of the Group came in at 30.5 million Euros (6.8% of turnover) up +25.1% as compared to 24.4 million Euros (5.1% of turnover) for the first half of 2012
- EBIT of the Group came in at 15.3 million Euros (3.4% of turnover) up 78.0% as compared to 8.6 million Euros (1.8% of turnover) for the first half of 2012
- The net result for the Group as at June 30, 2013, distorted by taxation for the period (equal to 5.6 thousand Euros), is back in profit in the amount of 152 thousand Euros, compared to the loss of 5.5 million Euros as at June 30, 2012. The earnings before tax are 6.3 million Euros (1.4% of turnover), compared to a loss of 317 thousand Euros (-0.1%) for the first half of 2012
- The net financial position of the half-year period recorded a debt of 258.2 million Euros, with an improvement over the figures of 277.7 million Euros as at March 31, 2013, and 280.8 million Euros as at June 30, 2012
The second half expects sales volumes in line with the first six months of 2013. Turnover for Drive Tech is expected to be slightly up in the second half of the year compared to the first half, although the sectors will be subject to different trends. A significant increase in volumes is expected for Agritalia compared to 2012, due to increased demand in Turkey. A slight increase in turnover is expected for Elettronica Santerno compared to the first half of the year, due to the acquisition of new sales contracts.