Centrale del Latte di Torino & C. S.p.A. Interim report at 31 March 2015

Transcription

1 Interim report at 31 March 2015 Centrale del Latte di Torino & C. S.p.A. - Via Filadelfia Turin Share capital 20,600,000 fully paid up - Turin Chamber of Commerce no Court of Turin no. 631/77 TIN VAT number Tel Fax posta@centralelatte.torino.it

2 1. Consolidated accounting schedules 1.1. Reclassified consolidated statement of financial and equity position 1.2. Reclassified consolidated statement of comprehensive income 2. Comments on the consolidated accounting schedules 2.1 Introduction 2.2 Valuation criteria and accounting standards adopted 2.3 Comments on comprehensive income 2.4 Consolidated financial position 3. Remarks concerning the performance of the company within the scope of consolidation 4. Business outlook 5. Accounting schedules of the Parent Company 5.1. Reclassified statement of financial and equity position 5.2. Reclassified statement of comprehensive income 6. Events after the close of the quarter Interim report on operations at 31 March

3 1. Consolidated accounting schedules Scope of consolidation and accounting standards adopted The scope of consolidation includes Centrale del Latte di Torino & C. S.p.A. and Centrale del Latte di Vicenza S.p.A., a wholly-owned subsidiary. 1.1 Reclassified consolidated statement of financial and equity position 31/03/15 31/03/14 Technical fixed assets 51,059 52,449 Current technical fixed assets Intangible fixed assets 11,664 11,740 Intangible fixed assets under development - 62 Equity investments and securities Financial receivables from affiliates Total fixed assets 63, % 64, % Trade receivables 13,913 17,078 Inventories 3,216 3,797 Other short-term assets 9,530 8,604 Trade payables (17,630) (16,988) Other payables (5,387) (6,332) Tax liabilities (691) (393) Net working capital 2, % 5,765 8,2% LIABILITIES AND EQUITY 66, % 70, ,0% Employee severance indemnity 4,085 3,498 Provision for Directors indemnity at the end of their terms in office Other provisions 1,039 1,211 Provision for deferred taxes 3,815 3,823 Total long-term liabilities and provisions 9, % 8, % Cash, banks and securities (12,090) (9,500) Payables to banks 1,260 5,936 Current share of medium/long-term loans 7,651 6,574 Current share of payables to other lenders Medium/long-term loans 16,381 14,033 Medium/long-term payables to other lenders 3,000 3,679 Net financial position 17, % 21, % Share capital 20,600 20,600 Reserves 19,214 19,383 Profit (loss) for the period after taxes (*) 879 (*) 212 Total Shareholders Equity 40, % % LIABILITIES AND EQUITY 66, % % (*) Pre-tax result Interim report on operations at 31 March

4 1.2 Reclassified statement of consolidated income statement 31/03/15 31/03/14 Revenue from sales and services 24, % 25, % Change in inventories 5 0.0% % Other revenue and income % % Value of production 24, % 26, % Services (6,796) -27.4% (6,698) -25.3% Raw materials (12,147) -49.0% (14,569) -55.0% Other operating costs (239) -1.0% (289) -1.1% Added value 5, % 4, % Personnel costs (3,661) -14.8% (3,615) -13.6% EBITDA 1, % 1, % Allocation to provision for bad debts (57) -0.2% (154) -0.6% Depreciation of tangible fixed assets (762) -3.1% (744) -2.8% Amortisation of intangible fixed assets (42) -0.2% (37) -0.1% EBIT 1, % % Financial income 4 0.0% % Financial charges (204) -0.8% (210) -0.8% Pre-tax result % % Pre-tax profit (loss) for the period % % (*) Pre-tax result Statement of comprehensive income Pre-tax profit (loss) for the period Actuarial gains (losses) due to defined-benefit retirement plans (48) (176) Tax effect due to other profits (losses) Total other comprehensive profits (losses) (35) (138) Pre-tax net comprehensive profit (loss Interim report on operations at 31 March

5 2. Comments to the accounting schedules 2.1 Introduction This Interim report on operations at 31 March 2015 has been prepared in accordance with Article 82 of CONSOB Resolution No of 14 May 1999 and Schedule 3 D, amended by Resolution No of 6 April The Company is listed in the STAR division of the Italian Stock Exchange. In Q1, the Company presented analysts with the results for 2014, during the STAR CONFERENCE 2015 organised by Borsa Italiana on 24 March The pertinent presentation to analysts is available on the Company website: Valuation criteria and accounting standards International accounting standards (IASs/IFRSs) are applied in drawing up the interim accounts prepared by the parent company and by the subsidiary and thus in drawing up the consolidated interim accounts. 2.3 Comments on comprehensive income. The first quarter saw a further significant fall in food consumption in Italy. Given this situation, at the end of Q1, the Group recorded a 5.5% drop in turnover compared to the same period of 2014, although it performed better than the market on average, thus consolidating its presence and the strength of its brands. The milk raw material purchase price, largely stable compared to the last quarter of 2014, allowed for a recovery of gross and net profit margins. EBITDA reached million, i.e. 7.8% of the value of production ( million in Q1 2014), whereas EBIT equalled million, i.e. 4.4% of the value of production ( 402 thousand at the end of Q1 2014). The period closed with a positive pre-tax result of 879 thousand ( 212 thousand at 31 March 2014). Set forth below is a comparison between the main economic indicators at 31 March 2015 and those referring to the same period in /03/15 31/03/14 Change on the period Value of production 24,784 26,508 (1,724) -6.5% EBITDA 1, % 1,337 5,0% % EBIT , % 402 1,5% 678 % Pre-tax result % 212 0,8% 667 % The Group s consolidated turnover came to million in Q compared to the million in the same period of 2014, marking a drop of 5.5%. The following table breaks down sales performance by product line on a like-for-like basis. Interim report on operations at 31 March

6 31/03/15 31/03/14 Change on the period Fresh milk 10,478 43% 11,010 42% (532) -4.8% UHT milk 4,944 20% 5,536 21% (593) -10.7% Yogurt 1,865 8% 1,959 8% (94) -4.8% Fresh vegetables 1,229 5% 1,091 4% % Soya drink 303 1% 101 0,4% % Other packaged products 4,924 19% 4,937 19% (13) -0.3% Bulk milk and cream 869 4% 1,072 4% (203) -18.9% Export 172 0,7% 310 1% (138) -44.5% Total 24, % 25, % (1,411) -5.5% Geographical breakdown As regards the geographical breakdown of the turnover at 31 March 2015, 50% was accounted for in Piedmont, with the remaining 50% divided equally between the Liguria and Veneto regions. 2.4 Consolidated financial position The Group s net financial position at 31 March 2015 was negative for million, up 134 thousand compared to 31 December 2014 and up by million compared to 31 March ( /000) 31/03/15 31/12/14 31-mar-14 Cash and cash equivalents 12,090 10,051 9,500 Total current financial assets 12,090 10,051 9,500 Payables to banks (1,260) (1,760) (5,936) Current share of medium/long-term loans (7,651) (6,411) (6,574) Current share of payables to other lenders (853) (850) (839) Total current financial liabilities (9,764) (9,021) (13,349) Payables for medium/long-term loans (16,381) (15,003) (14,033) Medium/long term payables to other lenders (3,000) (3,216) (3,679) Total non-current financial liabilities (19,381) (18,219) (17,712) Total financial liabilities (29,144) (27,239) (31,061) Net financial position (17,054) (17,189) (21,561) Interim report on operations at 31 March

7 3. REMARKS CONCERNING THE PERFORMANCE OF THE COMPANY WITHIN THE SCOPE OF CONSOLIDATION Centrale del Latte di Vicenza S.p.A. Centrale del Latte di Vicenza S.p.A. closed Q with a pre-tax loss of 210 thousand compared to a loss of 324 thousand at 31 March The value of production, gross of intra-group sales, amounted to million, compared to million at the end of Q BUSINESS OUTLOOK The economic recovery forecast for the second half of the year is expected to lead to a gradual upturn in consumption, which, together with the stabilisation of raw material prices, should allow the Group to maintain profit margins at the current levels. Interim report on operations at 31 March

8 5. ACCOUNTING SCHEDULES OF THE PARENT COMPANY 5.1 Parent Company s reclassified statement of financial and equity position ( /000) 31/03/15 31/03/14 Technical fixed assets 15,554 15,845 Intangible fixed assets 6,379 6,517 Equity investments and securities 27,460 27,264 Financial receivables from affiliates Total fixed assets 49, % 49, % Trade receivables 8,653 10,415 Inventories 1,875 2,177 Other short-term assets 7,074 6,777 Trade payables (12,556) (12,824) Other payables (3,901) (4,880) Tax liabilities (440) (313) Net working capital % 1, % LIABILITIES AND EQUITY 50, % 51, % Employee severance indemnity 3,234 2,729 Provision for Directors indemnity at the end of their terms in office Other provisions Provision for deferred taxes 2,317 2,325 Total long-term liabilities and provisions 6, % 6, % Cash, banks and securities (11,359) (9,277) Current share of medium/long-term loans 4,789 5,803 Current share of payables to other lenders Medium/long-term loans 6,484 5,933 Medium/long-term payables to other lenders Net financial position % 2, % Share capital 20,600 20,600 Reserves 21,990 21,485 Pre-tax profit (loss) for the period 1, Total Shareholders Equity 43, % 42, % LIABILITIES AND EQUITY 50, % 51, % Net financial position ( /000) 31/03/15 31/12/14 31/03/14 Cash and cash equivalents 11,359 8,236 9,277 Total current financial assets 11,359 8,236 9,277 Current share of medium/long-term loans (4,789) (4,563) (5,803) Current share of payables to other lenders (35) (41) (57) Total current financial liabilities (4,824) (4,604) (5,860) Payables for medium/long-term loans (6,484) (3,831) (5,933) Medium/long term payables to other lenders (137) (145) - Total non-current financial liabilities (6,621) (3,977) (5,933) Total financial liabilities (11,445) (8,580) (11,793) Net financial position (86) (343) (2,516) Interim report on operations at 31 March

9 5. 2 Parent Company s reclassified income statement 31/03/15 31/03/14 Revenue from sales and services 18, % 19, % Change in inventories % (69) -0.4% Other revenue and income % % Value of production 18, % 19, % Services (5,374) -28.3% (5,267) -26.6% Raw materials (8,945) -47.2% (10,487) -53.0% Other operating costs (174) -0.9% (177) -0.9% Added value 4, % 3, % Personnel costs (2,743) -14.5% (2,711) -13.7% EBITDA 1, % 1, % Allocation to provision for bad debts (50) -0.3% (55) -0.3% Depreciation of tangible fixed assets (449) -2.4% (449) -2.3% Amortisation of intangible fixed assets (42) -0.2% (37) -0.2% EBIT 1, % % Financial income 4 0.0% % Financial charges (100) -0.5% (100) -0.5% Pre-tax result 1, % % Pre-tax profit (loss) for the period 1, % % Statement of comprehensive income Pre-tax profit (loss) for the period 1, Actuarial gains (losses) due to defined-benefit retirement plans (27) (148) Tax effect due to other profits (losses) 7 32 Total other comprehensive profits (losses) (19) (116) Pre-tax net comprehensive profit (loss 1, Interim report on operations at 31 March

10 6. EVENTS AFTER THE CLOSE OF THE QUARTER The month of April saw the conclusion of the inspection on the part of the Guardia di Finanza (Italian financial police) regarding the possible failure to pay withholding tax to the self-employed drivers in relation with the ENASARCO dispute. The inspection regarded the years from 2010 to 2013, and the Guardia di Finanza issued a formal notice of assessment for a total of 1620 million. The Company is firmly convinced of its position, also in the light of the favourable sentence issued by the Court of Appeal of Rome regarding the dispute with the ENASARCO Foundation, and will oppose the outcome of the inspection through all possible channels. Turin, 28 April 2015 The Chairman of the Board of Directors Luigi LUZZATI Pursuant to paragraph 2 of article 154 bis of the Consolidated Finance Law, the Executive in charge of drafting corporate accounts, Mr. Vittorio Vaudagnotti, stated that the accounting information herein contained tallies with the company s documentary evidence, ledgers and accounts. Turin, 28 April 2015 statements The Executive in charge of drafting financial Vittorio VAUDAGNOTTI Interim report on operations at 31 March