Draft financial statements for 2015 approved
The contraction in demand in the agricultural machinery and construction equipment markets, especially in the second half, penalised sales volumes and brought revenue to 674 million Euros (-7,4%).
The year ended with a net loss of 8.9 million Euros.
Significant non-recurring costs - restructuring and asset impairments - amounting to 27 million Euros.
New course for Elettronica Santerno. Company completely restructured. Major realignments in balance sheet items implemented leading to a loss exceeding 26 million Euros in the year.
Sale of non-strategic assets completed for an overall value of 37 million Euros with the sale of the German company O&KA and part of the industrial area of Carraro Argentina.
New 2016-2019 Plan launched which has received the financial support of the Group's main reference banks.
Consolidated turnover amounted to 674 million Euros, down 7.4% compared to 2014 (was 727.8 million Euros) as a result of the decrease in volumes in the second half of the year. With constant perimeter, compared to 2014, the decrease in turnover would have amounted to 4.5%.In contrast, Carraro Divisione Agritalia (tractors) achieved turnover of 120.4 million Euros (+17.1%).
Consolidated EBITDA as at 31.12.2015 amounted to 46.9 million Euros (7% of turnover), up 21.1% compared to 38.8 million Euros (5,3% of turnover) in 2014. Normalising the 2014 results, net of non-recurring costs and change in perimeter, adjusted EBITDA in 2014 (excluding non-recurring costs) would have amounted to 42.2 million Euros (6% of turnover).
Consolidated EBIT as at 31.12.2015 amounted to 331 thousand Euros (0.1% of turnover), down 97.3% compared to 12.1 million Euros (1.7% of turnover) in 2014. Net of non-recurring costs and change of perimeter, adjusted EBIT would have been 14 million Euros (2.1% of turnover).
Net Loss of 8.9 million Euros (-1,3% of turnover) compared to a loss of 7.9 million Euros (-1.1% of turnover) in 2014. Net of the non-recurring effects, the net loss would have been 14.5 million Euros (-2.2% of turnover), of which 8.8 million Euros related to the Santerno Business Area.
Consolidated net financial position as at 31.12.2015 negative at -227.8 million Euros, improving on the figure of -247 million Euros as at 30 June 2015 and in line with the -224.3 million Euros at 31.12.2014.
“2015 saw the Group heavily involved in a major restructuring process. The markets to direct our forces to have been redefined, a detailed roadmap for new product development has been drawn up and the organization of work and production sites has been reviewed. A set of activities which will guide us in bringing the Group back to profitability and which has in fact already achieved a first important achievement in strengthening the balance sheet and in the essential support received from the main financial institutions. – said Enrico Carraro, Group Chairman – Today we can count on a more solid and forged Group to face the challenges of the coming years with confidence. Starting from 2016 that still today sees recovery in many of our main markets uncertain.”