The Board of Directors approved the results of the first half of 2014
The Group's turnover and margins decreased, mainly because of Elettronica Santerno's results, seeing as important orders in the photovoltaic sector to be placed with the latter were postponed to 2015, and because of Agritalia's transitional delay in delivery due to the contemporaneous launch of three new lines of tractors.
The margins of Carraro Drivetech (the main business area of the Group with a turnover of 326.8 million in the half) improved, thanks to the optimization of industrial processes.
Consolidated turnover of the half equal to 371.4 million Euros, with a decrease of 77.8 million Euros (-17.3%), of which: 27 million Euros ascribable to Elettronica Santerno, 12 million Euros to the transfer of the Mini Gears business unit and 11 million Euros to the exchange rate effect.
Group's EBITDA equal to 19.2 million Euros (5.2% of turnover), 37% less in comparison to 30.5 million Euros (6.8% of turnover) of the first half 2013; the incidence of the EBITDA of the main Business Area, Carraro Drivetech, on the turnover, increased from 8.5% to 9.4%
Group's EBIT equal to 5.1 million Euros (1.4% of turnover), 66.6% less in comparison to 15.3 million Euros (3.4% of turnover) of the first half 2013; Carraro Drivetech's EBIT is equal to 20.2 million Euros (6.2% of turnover), with a 5% increase in comparison to 19.2 million Euros (5.2% of turnover) of the first half 2013
The pre-tax result of the Group as of June 30, 2014 registered a loss of 4 million Euros (-1.1% of turnover); as a consequence of the period taxes equal to 5.7 million Euros, the net operating result was in the negative for 10.1 million Euros (-2.7% of turnover)
Net financial position of the half with indebtedness for 263.7 million Euros, which was an improvement compared to 279.5 million Euros of March 31, 2014 (it was equal to 248.2 million Euros as of 31 December 2013)
In the second half Carraro Drivetech had the same trend as that of the first part of the year, both in terms of turnover and in terms of margins: in relation to Agritalia, the recovery of the specific volumes is expected, with positive impacts on profitability, whereas in relation to Santerno the break even is expected in the second half of the year.
For the second half of the year, therefore, the Group expects a decrease in turnover and margins compared to the levels of the previous trading year, but with a considerable recovery as compared to the results of the first half of 2014.
In the month of July, there was the acquisition of the minority shareholding of GE Capital Interbanca SpA in Carraro Drive Tech SpA.