Press Release of August 04, 2016 CPL CONCORDIA returns to profit.

The process of industrial reorganization continues. Pierluigi Capelli appointed General Manager. Elio Cirelli leaves: "A huge thank you goes to him for the generosity with which he accepted an improbable challenge in a very difficult moment" declares Mauro Lusetti, President of Legacoop Nazionale.

Concordia sulla Secchia (Mo), 4 August 2016 - The Board of Directors of CPL CONCORDIA met today to review the performance of the cooperative as at 30 June 2016.
Compared to the figures at 31 December 2015, the half-year figures show improvements in all items of the income statement, showing signs of growth in line with the business plan.
"The half-year figures are in line with the objectives of the current 2016 financial year indicated in the Business Plan that the Company presented to the Banking Class on 3 December 2015, indeed, they tend to be even better if projected at the end of the year, confirming the validity of the assumptions developed, the objectives set and above all the important work carried out by the entire company over the last 15 months", says President Mauro Gori.

In fact, the income trends signal the consolidation of the trend reversal that the 2015 financial statements had already highlighted: in fact, the value of production and EBITDA improved, which grew by another percentage point (7,633,534 euros, equal to 6.9% of the value of production). As a result, both the operating result, for €1,346,246, and the pre-tax profit for the period, which reached €8,930,562, were in positive territory, being able to benefit from the significant disposal of Coopgas S.r.l. last February and offsetting provisions for risks and write-downs of receivables and equity investments of over €6 million.

The Board of Directors, aware that the road ahead will be challenging and not without difficulties, expressed satisfaction with these first results achieved. "These are results that reward the sacrifices made by all the workers in these long months and that encourage us to pursue, with even greater determination, the path of restructuring the cooperative. A process that has begun but is still far from over, to be carried out in the name of transparency, efficiency, sharing, a more compact structure and clearer responsibilities," Gori points out.

The organizational strengthening of the cooperative has taken a further and important step forward with the appointment of Dr. Pierluigi Capelli as general manager.
After joining CPL at the end of his studies, Capelli held various positions in administration, management control and corporate finance, until he took on the role of Chief Financial Officer in 2011 and, since last February, he has also been responsible for overseeing and supervising the implementation of the Company's business plan.

Today's change in the governance structure represents an important and planned further step towards the progressive normalization of CPL CONCORDIA's business.
With this appointment, in fact, a double process can be considered completed:

  • the enhancement of managerial skills obtained with the recent entry into CPL of figures of high professional depth in the key roles of sales manager, organization and human resources manager, legal manager and production manager who work alongside the other valid managers already present in the company, thus completing the "team" to which the Company has entrusted the task of overseeing the implementation of the business plan and achieving its objectives;
  • the equally important one, resolved by the Board of Directors in February 2016 with the significant contribution of the three experts appointed by the Prefect of Modena, to assign to the Board of Directors specific tasks of direction and control and to assign the powers of management to the management, profoundly renewed, of the cooperative.

Mr. Elio Cirelli, who has served as Managing Director since his inauguration, resigned at the end of the Board meeting in order to strengthen the process of renewal of the cooperative.

The Chairman of the Board of Directors Mauro Gori, the Chairman of the Board of Statutory Auditors Alessandro Clò, the Chairman of the Supervisory Body Vito Zincani, also on behalf of the members of the various bodies, expressed their gratitude and great appreciation to Elio Cirelli for the work done. "His managerial, managerial and experience skills have been very important for the Cooperative's activity in the last year and a half, actively contributing to creating the conditions for its return to the white list and to obtain the results highlighted by the half-year financial statements approved today," Gori said.

The President of Legacoop, Mauro Lusetti, who expressly wanted to be present at the final part of the Council, recalled the generosity with which Cirelli accepted an improbable challenge in a very difficult moment in the name of an ethical conception of work, making his great competence and professionalism available for a work that is bearing its first fruits. "The Italian cooperation is grateful for the good that Elio Cirelli has done for CPL, for the members, for the employees and for the territory".