Newlat, semester to be framed, also thanks to Centrale del Latte
President Mastrolia: "We aim for new acquisitions"
Newlat Food, the Italian dairy group chaired by Angelo Mastrolia, has approved the Half-Year Financial Report as at 30 June 2020. Aggregate revenues are equal to Euro 255.4 million, up 5.5% compared to Euro 242.0 million in the first half of 2019. Aggregate normalized Ebitda is equal to Euro 23.5 million, up by 64.8% compared to Euro 14.2 million in the first half of 2019. The aggregate normalized net profit is equal to Euro 6 , 9 million, a clear increase compared to a loss of Euro 920 thousand in the pro-forma aggregate data for the first half of 2019.
The Chairman Angelo Mastrolia commented: "Thanks to the important acquisition of Centrale del Latte d'Italia, Newlat has maintained the objectives indicated to shareholders in the IPO phase. The consolidated financial statements data demonstrate the ability to create value thanks to the strong know-how that the Group is able to express in M&A activities. In particular, the consolidated financial statements show that the CLI group was immediately integrated into Newlat with excellent profitability results that confirm the ability to make assets under performing immediately highly profitable. Half-yearly data show that profitability, cash generation and growth forecasts have all been achieved, confirming the management's forecasts in the acquisition phase. Furthermore, the company benefits from an important extraordinary effect generated by the difference between the amount invested and the actual value of the acquired asset. The integration of CLI and the data of the first half of the Group confirm that the investment will have great potential, also thanks to all the synergies that the Group has already generated and that it can generate in the future".
"We therefore believe that 2020 can be a year of solid growth, both organically and externally, considering that the new Group, thanks to strong cash generation and a solid financial position, will be able to seize investment opportunities with respect to a series of very interesting targets that the Company is evaluating".
EFA News - European Food Agency