March 30, 2007

Italy's Cremonini saw 10 percent increase in 2006 sales
 

Italian beef processing giant Cremonini Group registered an increase of 10.3 billion in 2006 to Euro 2.35 billion as against Euro 2.13 billion in 2005.

The company's gross operating margin (EBITDA) came to Euro 139.1 million, a rise of 18.8 percent compared to Euro 117.1 million in 2005, while the operational result (EBIT) rose to Euro 87.8 million compared to Euro 71.5 million in 2005, a rise of 22.8 percent.

The overall results from normal operations reached Euro 56.4 million, an increase of 11.4 percent compared to Euro 50.6 million in 2005.

Pre-tax profit for 2006 was Euro 55.4 million which the company says is an improvement if it is considered that the corresponding result in 2005 of Euro 76.8 million included the net extraordinary capital gain of Euro 26.1 million from MARR's flotation.

The group's net profit, which was Euro 40.6 million in 2005, including the effect of the capital gain from the MARR IPO, was Euro 11.6 million in 2006. The group invested a total of Euro 97.6 million in 2006.

During this period, the production sector, which includes the beef processing interests, registered total revenue of Euro 1045 billion, a rise of 3.9 percent compared to Euro 1.01 billion in 2005. The EBITDA reached Euro 50.1 million compared to Euro 43.6 million in 2005, and the EBIT amounted to Euro 19.5 million compared to Euro 15.6 million in 2005.