CPL CONCORDIA balance sheet, profits and employment grow

The members approve the cooperative's final balance sheet which marks a profit of over 4 million, a turnover of 257 million euros (+36 million) and 180 new hires in 2018 (+15%).

The economic and financial indicators confirm an outperformance compared to the business plan: improvement in the EBITDA margin to €21.5 million and reduction in debt of over €43 million.

The multi-year works portfolio grew to over 700 million euros, thanks also to the contracts concerning the construction of Networks in Sardinia and the Heat Management of the Metropolitan Cities of Bologna, Rome and Naples

Mirandola (MO), 22 June 2019 - The General Assembly of CPL CONCORDIA was held today in Mirandola, in the presence of 350 working members and grantors from all over Italy. Among the guests present were the Regional Councillor Palma Costi, the President of Legacoop Production and Services Carlo Zini, the Mayors of Modena and Concordia Gian Carlo Muzzarelli and Luca Prandini.

The cooperative's 2018 financial statements show a profit for the year of over 4 million euros, which will also allow the payment of a dividend of 4% to the Cooperative Participation Shareholders (APC). The data of the reclassified financial statements of the Cooperative show a value of production that has risen to 257 million Euros (a strong growth, +36 million, compared to 2017) and a shareholders' equity of 126.6 million, which represents an important guarantee for the future.

"For the second year in a row, we have made an important profit for our cooperative and a very significant number of new hires, over 180 people, which makes us proud and confirms our mission to create value and employment for the territory," said CPL President Paolo Barbieri.

"The contracts signed with Italgas for the networks in Sardinia and the multi-year energy management of important realities such as the Metropolitan Cities of Bologna, Rome and Naples project their Positive effects also on 2019, which we expect to grow further, thanks to the development of new technologies related to blockchain and big data" has also pointed out Barbers in its annual report.

Of note was the reduction, and therefore the improvement, of the Parent Company's Net Financial Position (NFP), which went from €139.3 million to €95.7 million (-€43.6 million) compared to the previous year.

"CPL continues to outperform the business plan agreed with the banking sector," explained CPL's General Manager Pierluigi Capelli. "Thanks to the strong recovery of acquisitions in our core businesses, at the improvement of the margins generated by core operations and extraordinary transactions carried out in the two-year period 2017-2018, we are succeeding in the objective of debt reduction."

The cooperative's multi-year portfolio of works exceeded €700 million : among the most important contracts are the Reti constructions in Sardinia, the Heat Management of the Metropolitan Cities of Bologna, Rome and Naples, trigeneration for the Genoa Aquarium, the Energy Service for the Tor Vergata University Hospital in Rome, cogeneration with district heating for the CAP Holding and NET purification plant in Milan and the relamping of the lighting towers at SEA Linate Airport.

During the 2018 financial year, the cooperative's workforce increased by 181 units compared to 2017, reaching 1365 employees (+15 %). "In 2018, the Cooperative continued to enhance the value of its staff from the point of view of skills and training, with almost 21000 hours provided, as well as the introduction of a rewarding welfare system linked to the company's economic results," said General Manager Capelli. "Still in the field of Human Resources, we want to progressively adopt operating methods that can continuously improve the relationship between work and private life of CPL workers, the so-called work-life balance," concluded Chairman Barbieri.

The Company's commitment to environmental sustainability is also confirmed with various initiatives implemented for the 120th anniversary, including the Plastic Free Project for the reduction of plastic in the company and the adoption of electric and methane-powered vehicles.

Guest Declarations

Palma Costi, Regional Councillor Emilia R. Productive Activities: "The Emilia Romagna Region can continue to be the economic locomotive of Italy if it works on processes and products of the highest technological quality. On the issues of energy efficiency, the green and digital challenge, we need companies, such as CPL, capable of building interconnections between the various players in the development of sustainability".

Carlo Zini, President of Legacoop Production and Services: "In CPL's 120-year experience, two key elements emerge for the future of cooperative enterprises: the ability to create direct jobs in the territories and the ability to produce profits to be reinvested in development and capitalization to ensure continuity."

Gian Carlo Muzzarelli, Mayor of Modena: "I was able to see today how CPL, after overcoming the two earthquakes of 2012 and 2015, has been able to change profoundly and reposition itself competitively in the energy and infrastructure challenges."