The Board of Directors approves the results of the third quarter of 2015

This quarter has seen a loss of € 4.7 million due to the contraction of the markets.

An improvement has been seen in industrial margins, and the reduction of fixed costs continues.

Carraro Agritalia has registered significant growth. Elettronica Santerno has seen a further decline in turnover due to the deferment of several major contracts.

As already anticipated on the approval of the half-yearly results, the general slowdown of the main reference markets has continued into the third quarter.

Consolidated turnover for the third quarter amounted to € 151.1 million, down 18.2% from € 184.7 million in the third quarter of 2014; in cumulative terms, turnover reached € 521.1 million, compared to € 556.2 million on 30/09/2014

▪ The consolidated EBITDA for the third quarter totalled € 7.2 million (4.8% of total turnover), -27.7% compared to the € 9.9 million total recorded in the third quarter of 2014 (5.4% of turnover); net of non-recurring costs (relating to the company reorganization process), this figure would be € 7.7 million (5.1% of total turnover). in cumulative terms, the EBITDA totalled € 29.7 million (5.7% of total turnover), which marks a 1.6% increase over the €29.2 million recorded on 30/09.2014 (5.3% of turnover) Net of non-recurring costs and with the same perimeter (excluding the amount contributed by Mini Gears), the EBITDA would total € 33.6 million (6.5% of turnover), an increase of 16.6%.

▪ The consolidated EBIT for the third quarter amounted to € 586,000 (0.4% of turnover) - 84% from € 3.7 million in the third quarter of 2014 (2.0% of turnover); Net of non-recurring costs, this figure would be € 1.1 million (0.7% of turnover). in cumulative terms, the EBIT totalled € 9.1 million (1.8% of total turnover), which marks a 3.9% increase over the € 8.8 million recorded on September 30, 2014 (1.6% of turnover) Net of non-recurring costs and with the same perimeter, the EBIT would total € 13.1 million (2.5% of turnover), up by 28.4%.

▪ The net loss totalled € 4.7 million (-3.1% of turnover), representing a deterioration from the € 1.6 million (-0.9% of turnover) for the third quarter of 2014. In cumulative terms, the loss suffered by Carraro Group totals € 10.5 million (-2 % of turnover) compared to a loss of € 11.7 million (-2.1% of turnover) as recorded on September 30, 2014. Net of non-recurring costs, a net loss of € 6.5 million (-1.2 % of turnover) was recorded, compared to a loss of € 9.9 million (-1.8% of turnover) as at September 30, 2014.

▪ The net financial position at September 30, 2015 sees the company with debts totalling € 256.2 million, compared to € 247 million at June 30 2015 and € 224.3 million at December 31 2014 (compared to € 281.9 million at September 30, 2014). This worsening is a result of the performance of the Net Working Capital which reflects the negative impact of the sudden decline in volumes on stock.

"This third quarter confirms our previous mid-year statements. All of our reference markets have suffered major contractions - states Enrico Carraro, Chairman of the Group - and only Carraro Agritalia, with their specialist tractors, have bucked the overall trend, recording a 30% increase in turnover."

"For our part, we are reacting with determination to these results, through a series of strategic actions that will lead us to the launch of the new three-year plan in the first quarter 2016. - Enrico Carraro concludes - The first important step taken in recent days was the announcement that Finaid, our holding company, along with a new partner, will guarantee an increase in capital in 2016, allowing us to return to our position as a lead competitor in the market, and to seize new market opportunities, which will in turn assist us in achieving an improved economic and financial balance".

Go to Press release 29.10.2015


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