Draft financial statements for 2014 approved
Declining volumes due to the contraction of all major markets.
As expected the year ended with a loss of 7.9 million euros; before non-recurring costs - related to the reorganization of the Group - the loss would amount to 3.1 million euros.
The first results of the Group reorganization plan launched in the last quarter of 2014 are already visible.
Consolidated turnover came to 727.8 million euros, decreasing 16.5% compared to 2013 (871.9 mln) due to market contraction in the second half of the year for 88 million euros (-10.1%), the sale of Mini Gears operations for 45 million euros (-5.2%), and the foreign exchange losses of approximately 8 million euros (-1.0%). The BUs in the mechanical engineering segment achieved a turnover of 690.9 million euros (down 13.3% compared to € 797 mln).
Consolidated EBITDA as at 31.12.2014 came to 38.8 million euros (5.3% of sales), down 37% compared to 61.5 million euros (7.1% of sales) in 2013. Excluding non-recurring costs and on a like-for-like basis, excluding Mini Gears, adjusted EBITDA in 2014 would amount 42.7 million euros (6% of sales) compared to 52.9 million euros (6.6% of sales).
Consolidated EBIT as at 31.12.2014 amounted to 12.1 million euros (1.7% of sales) compared to 31.2 million euros (3.6% of sales) in 2013. Excluding non-recurring costs and on like-for-like basis, excluding Mini Gears, EBIT in 2014 would amount to 17.8 million euros (2.5% of sales) compared to 28.8 million euros (3.6% of sales) in 2013.
The Net result was a loss of 7.9 million euros (-1.1% of sales) compared to a profit of € 1.3 million (0.2% of sales) in 2013. The net result before non-recurring costs was a loss of 3.1 million euros (-0.5% of turnover).
The Net financial position was a negative 224.3 million euros (an improvement compared to € 263.7 million as at 30.06.2014 and € 248.2 mln as at 31.12.2013)
"As already announced at the Board of Directors’ meeting that approved the results for the third quarter of 2014, the year just ended reflects the sharp contraction of all major markets. - said Enrico Carraro, Group Chairman - In light of the economic environment, we decided to launch a major reorganization plan aimed at shaping a new and more competitive structure, the effects of which have already been visible since the beginning of 2015".
"For the current year we expect sales volumes to remain largely stable, while there may be opportunities for a rebound in demand in some specific business areas. - added Enrico Carraro - Thanks to the full implementation of our new organizational model and an increasingly competitive product offering, our outlook for 2015 is reasonably optimistic".