Draft financial statements for 2013 approved
Turnover at 872 million Euros, the agriculture sector picks up
New product lines and an optimised global production platform considerably improve margins.
A profit of 1.3 million Euros reported for the year, compared to a loss of 15.3 million Euros in 2012.
Consolidated turnover amounts to 871.9 million Euros, in line with 2012 (874.4 million), while volumes have increased by 2%, net of a negative exchange effect; the performance of business areas operating in the mechanical engineering segment (Carraro Drivetech, Minigears and Agritalia) is in line with expectations, reporting a turnover of 817.7 million Euros, and a considerable recovery for Elettronica Santerno (+49,8%) compared to 2012 when this area was affected by a significant downturn
EBITDA is equal to 61.6 million Euros (7.1% of turnover) up by 53.2% compared to 40.2 million Euros (4.6% of turnover) in 2012, increasing by 33.9% if compared with values from the previous year net of non-recurrent costs; EBITDA of business areas operating in the mechanical engineering sector have gone up by 22.9% compared to 2012, from 53.7 million Euros (6.4% of turnover) to 66.1 million Euros (8.1% of turnover)
EBIT for 2013 is equal to 31.1 million Euros (3.6% of turnover), with an important increase compared to 6.3 million Euros (0.7% of turnover) in 2012, increasing by 124.4% if compared with values from the previous year net of non-recurrent costs; EBIT of business areas operating in the mechanical engineering sector has gone up by 64.1% from 24.6 million Euros (2.9% of turnover) to 40.3 million Euros (4.9% of turnover)
A consolidated net profit of 1.3 million Euros has been posted (0.1% of turnover) compared to the loss of 15.3 million Euros (-1.8% of turnover) in 2012; in particular, the growth in earnings before tax is considerable, from a loss of 11.5 million Euros to a profit of 12.7 million Euros
The Net financial position amounts to a negative value of 248.2 million Euros (an improvement compared to 258.2 million Euros as at 30.06.2013 and 268.5 million Euros as at 30.09. 2013)
“2013 has been a positive year for the Group. Despite a moment of reflection on some markets, the Group's core business picked up considerably, particularly in agriculture-related areas and is continuing to improve its margins. At the same time, Santerno recovered volumes lost in 2012, thanks to a major focus on international markets – declared Enrico Carraro, Group Chairman – It is in international arenas, where we have many plants & R&D centers, and also our major customers and where more than 89% of the Group's revenues is realised, that we have found considerable room for growth, bearing in mind the different development dynamics of each area”.
“The continual improvement of our production processes combined with the launch of new products have enabled us to achieve our current turnover and profitability – added Enrico Carraro – and today, considering all of 2014, and in view of a first quarter turnover apparently down on 2013, we have an important confirmation from the market that points to increasing volumes and even better margins”.