The members approve the cooperative's final balance sheet which marks a production value of 223 million euros, a result of -1.4 million (negative but a clear improvement compared to the 2015 result of -14.8 million) and a shareholders' equity of 112.5 million.
Chairman Gori illustrated several signs of the cooperative's revival: a marked recovery in the EBITDA margin to €17.5 million (+€9.2 million compared to 2015), a reduction in total net debt of €8 million in the last 12 months, and new multi-year orders were launched.
The employment figure in the first months of 2017 recorded a recovery (+2%) and the early closure of the Solidarity Contract scheduled for 2018 has been defined for the end of June.
Regional Councillor Palma Costi: "In the new statute of CPL, cooperative values are reinterpreted in an advanced way according to the constitutional principles of democracy and work".
Mirandola (MO), 10 June 2017 - The General Assembly of CPL CONCORDIA was held this morning in Mirandola, in the presence of working members and grantors from all over Italy.
The cooperative's 2016 financial statements show a loss for the year of €1.4 million, with a pre-tax profit of €-390 thousand, substantially breakeven, due to the write-downs that were necessary due to the losses accumulated in the Group companies.
"Despite the 2016 deficit, looking to the immediate future, I feel I can express a positive opinion on the trend of the cooperative," commented CPL President Mauro Gori. "The economic, financial and equity results related to current operations are in fact significantly better than the demanding objectives indicated in the debt restructuring agreement that we signed with the banking class. These results confirm that we are on the right track."
Thevalue of the cooperative's production amounted to €223 million (compared to €264 million in 2015). and a solid ratio to shareholders' equity of €112.5 million, which represents an important guarantee for the future. Gori reiterated to the members that the actions launched will be used to set up the relaunch of the cooperative, as evidenced by some elements: "There has been a marked recovery in the EBITDA margin, which in 2016 stood at 7.9% of the value of production, exceeding not only the 3.1% of 2015 but also the 6.5% envisaged in the business plan. The operating result was positive for EUR 1.4 million, compared to EUR -10.4 million in 2015. Total net debt decreased by €7.8 million in the last 12 months."
From a financial point of view, there has been an improvement in all indices, in particular the The ratio of financial debt to EBITDA rose from 17.8% in 2015 to 7.9% in 2016, anticipating the expectations of the business plan which provided for the reduction of the index to 9.9 as a 2017 target.
Gori does not neglect the legacy of negative situations of the past, especially at the level of consolidation, but there are also steps forward with regard to compliance with the objectives of the Business Plan for the year 2017, thanks to the multi-year contracts, new contracts awarded in Q1 2017 and further expectations in the coming quarters. These include the launch of the order for the Global Service of the Tor Vergata University Hospital (82 million Euros over 9 years) and the definitive assignment of important contracts by purchasing centres of national importance.
As far as the Consolidated Financial Statements are concerned, the CPL Group recorded a 2016 Value of Production of 288.6 million Euros, with a result of -3.6 million which, although negative, is an improvement compared to -7.5 million in 2015. Despite having incurred losses of €14.5 million, the Group's shareholders' equity amounted to €106 million.
In 2016, the number of members - workers and grantors - decreased by 106 units, reaching a total of 643. The prevailing mutuality requirement, i.e. the ratio between the cost of shareholders' labour and the total cost of personnel, is confirmed to the extent of 58.07% of the total.
The year under approval shows a decrease in the cooperative's workforce from 1184 units in 2015 to 1151 at the end of 2016; In the first months of the current year, there was a significant reversal of the trend with a figure of 1172 workers as of 31 May. In order to protect employment, in 2016 the use of the Extraordinary Wage Guarantee Fund continued, concluded in September 2016 in favour of the Solidarity Contract, which the company expects to close early at the end of June 2017.
The Vice-President of CPL Paolo Barbieri submitted the new statute to the vote of the Shareholders' Meeting, approved by a large majority after a process of widespread participation in which more than 75% of the members from all over Italy were involved.
Guests & Quotes
Among the guests present were the Emilia Romagna Regional Councillor for Productive Activities Palma Costi, the President of Legacoop Emilia Romagna Giovanni Monti , the President of Legacoop Estense Andrea Benini and of Legacoop Production and Services Carlo Zini, the Mayors of Concordia sulla Secchia Prandini and San Possidonio Accorsi.
The Emilia Romagna Regional Councillor for Productive Activities Palma Costi in his speech appreciated the fact that "in the new statute CPL reinterprets in an advanced way the values of the Cooperative Movement and the constitutional principles of democracy, understood as participation in business decisions, and work as a guarantee for the development of the territory." By including the protection of environmental sustainability in its mission," continued Councillor Costi, "CPL accepts the green challenge that sees Bologna as the capital of the G7 Environment 2017".
The President of Legacoop Emilia Romagna Giovanni Monti recalled the difficult years that have passed, highlighting the elements of reputational recovery and efficiency clearly visible today: "The social body of CPL has raised the quality of the company thanks to the new statute, a clear entrepreneurial project and the integrations between the cooperative and the territorial system of companies, cooperatives and non-cooperatives".
The Mayor of Concordia, Luca Prandini , thanked the employees of CPL for their work and sacrifices and confirmed "the constant attention of the institutions in the path of relaunching the cooperative".
