The bad quarterly accounts and the resignation of CEO Guglielmo Fiocchi cost dearly to Sogefi, a company of the Cir group, even on the Stock Exchange. Around 10 the title loses almost 9% a 2,298 euro.
Yesterday the Sogefi board of directors approved the nine-month accounts which show revenues of 1,01 billion (stable on last year), an Ebitda of 80,8 million (-25,5%, but the drop would be 11% excluding restructuring charges) and a net loss of €5,8 million (from the profit of €23,8 million recorded in the first nine months of 2013). Debt stands at 348 million (from 340,8 million as at 30 June last).
The managing director Guglielmo Fiocchi, "in mutual agreement with the company, is leaving Sogefi". On the proposal of the chairman Rodolfo De Benedetti, Monica Mondardini assumed the role of executive vice chairman; however, a new CEO will be appointed.
“The results for the nine months – explains the company – are mainly affected by the persistent weakness of the South American market, where revenues fell by 23,3% compared to 2013. In addition to Mercosur, margins are also affected by restructuring and the consequent temporary industrial inefficiencies in Europe”.
