The Board of Directors of Centrale del Latte d'Italia SpA - a company listed in the STAR segment of the Italian Stock Exchange, active in the production and marketing of fresh milk, derivatives and ultra-fresh products with plants in Turin, Florence, Vicenza, Rapallo (Ge) and Casteggio (Pv) – today approved the consolidated results as at 31 December 2016, first financial statements after the merger of Centrale del Latte of Florence, Pistoia and Livorno into Centrale del Latte of Turin, which will be submitted to the Shareholders' Meeting on 27 April 2017 .
Merger operation
It should be recalled that the merger by incorporation of Centrale del Latte di Firenze, Pistoia and Livorno SpA (CLF) into Centrale del Latte di Torino & CSpA (CLT) took effect from 30 September 2016, giving rise to Centrale del Latte d'Italia, the third Italian milk hub with leadership positions in Piedmont/Valle d'Aosta, Tuscany, Liguria and Veneto.
Consequently, CLT implemented the share capital increase from Euro 20.600.000 to Euro 28.840.041,20, through the issue of no. 4.000.020 new ordinary shares with a nominal value of Euro 2,06 each having the same characteristics as those in circulation and intended for CLF shareholders and for the change of its company name to that of “Centrale del Latte d'Italia SpA” (CLI).
Subsequently, with effect from 1 October 2016, the transfer by CLI of the corporate complex already headed by CLF ("Mukki Company") took place, in a new company, wholly owned by CLI and with legal and operational headquarters in Florence called “Centrale del Latte della Toscana SpA”.
Gruppo Centrale del Latte d'Italia has 5 production plants in Turin, Florence, Vicenza, Rapallo (Ge) and Casteggio (Pv) capable of directly producing fresh milk and ESL (Extended Shelf Life), long-life milk ( UHT), yoghurt, fresh-cut products, vegetable drinks and to market packaged products in the fresh segment under its own brands, such as eggs, cheese, pasta made through selected companies. It has 430 employees, over 320 refrigerated vehicles which daily supply 2.750 large-scale retail outlets and over 11.600 normal trade customers, and collects approximately 119 million liters of milk from 161 conferring stables.
The new Group brings together strong brands at a local level, united by essential values such as quality, safety and territoriality with the awareness of having to consolidate, relaunch, diversify and expand its business while continuing to express the typical excellence of the individual companies of the Group , enhancing the production sites while maintaining the values and substantial compliance with the current operating models of the individual companies, without prejudice to the best organizational solutions that can be launched, enhancing the agri-food chain, with the maintenance and development of supplies by local farmers.
Financial statement results as at 31 December 2016
First of all, it should be noted that the consolidated financial statements of Centrale del Latte d'Italia include the balance sheet of Centrale del Latte della Toscana from 1 January 2016 to 31 December 2016, while the income statement includes the revenues and costs relating to the period 1 October 2016 ( effectiveness of the merger) - 31 December 2016.
At a consolidated level, the Centrale del Latte d'Italia Group as at 31.12.2016 recorded consolidated net revenues of 117,7 million Euros, an increase of 21,6% compared to the 96,8 million Euros recorded as at 31/12/ 2015. As regards sales - not comparable with those of the previous year due to the change in the scope of consolidation indicated above - the Central Italy Group confirms itself as the third Italian milk pole with a market share in value terms of 7,3 % in the fresh milk and extended shelf life (ESL) sector, 3,7% in the UHT sector and with leadership positions in Piedmont/Aosta Valley, Tuscany, Liguria and Veneto.
The gross operating margin (EBITDA) went from 4,8 million Euros as at 31/12/2015 to 2,9 million Euros as at 31/12/2016 and the net operating margin (EBIT) from the positive 1,6 million Euros at 31/12/2015 it went to -1,6 million Euros at 31/12/2016. These margins are conditioned by extraordinary and non-recurring costs due to the merger by incorporation of the milk plant of Florence, Pistoia and Livorno.
As at 31 December 2016, the consolidated net profit as a result of the business combination is equal to 12 million Euros compared to the 517 thousand Euros recorded as at 31/12/2015. At the parent company level, the net profit as at 31 December 2016 is equal to Euro 12.783.720 which will be allocated to the legal reserve and to the extraordinary non-distributable reserve from business combinations.
Again as a result of the merger, as at 31/12/2016 the Group's shareholders' equity amounted to 63,5 million Euros compared to 40,8 million Euros as at 31/12/2015 while the net financial debt went from -20,6, 31 million Euros as at 12/2015/60,2 to -31 million Euros as at 12/2016/20 with an increase mainly due to the medium/long-term loans stipulated at the time for the construction of the Florence plant in via dell' Olmatello 2005, inaugurated in XNUMX.
