Parmalat closed the third quarter with consolidated net income down to 58 from 75,4 million and revenues up by 1,41 billion from 1,1 billion. The data includes the consolidation of Lactalis American Group, Lactalis do Brazil and Lactalis Alimentos Mexico.
The gross operating margin, says a note, rose to 115,8 million from 94,3 and reached 279,2 million in the nine months from 243,6 million in the same period of 2011. The group has set an Ebitda target for the year of between 430 and 440 million; it had closed 374 at 2011 million.
In the nine months, profit fell to 140,5 million from 152,2 million, revenues increased by 13,2% to 3,69 billion. The increase in turnover on a like-for-like basis, ie excluding the effect deriving from the consolidation of Lactalis American Group Inc (and subsidiaries), Lactalis do Brazil and Lactalis Alimentos Mexico in the third quarter of 2012, is 7,5%.
Net financial resources amounted to 745,7 million euros, down by 772,7 million from the end of 2011. The main causes, the note explains, are the absorption of cash from non-recurring activities for 720,8 million, mainly following the acquisition of Lactalis America and the payment of dividends for 178,6 million, partly offset by the generation of cash from operating and financial activities, for 115,1 million and 10,9 million respectively.
Today's Board also examined the unaudited management data of Lactalis America for the nine months, which show an Ebitda up 9,2% on 2011 but approximately 7,7% lower than the budget. "The outlook for the last quarter allows, to date, to predict the recovery of the gap with respect to the budget"; if the deviation from the budget extends throughout 2012, "the price correction mechanism envisaged in the purchase contract would be effective, allowing, through the application of the EBITDA multiple, the full price adjustment in favor of Parmalat".
