Press Release June 25, 2016 CPL CONCORDIA, 2015 Financial Statements approved

The shareholders approve the cooperative's final balance sheet which shows a value of production of 266 million euros, a negative result of 15 million (to which 8 million of prudential provisions and write-downs contributed) and shareholders' equity of 117 million.

Chairman Gori illustrated several signs of the cooperative's revival: a slight recovery in the EBITDA margin, a reduction in total net debt of over €10 million in the last 9 months, and a strengthening of the commercial and management structures.

The extension of the moratorium with the banking sector is being approved, and in terms of employment, the company is negotiating the use of the Solidarity Contract for 24 months starting in September.

The President of Legacoop national Lusetti: "Today your assembly talks about the future and production efficiency: you have a duty to succeed"

Mirandola (MO), 25 June 2016 - The General Assembly of CPL CONCORDIA was held this morning in Mirandola, in the presence of working members and grantors from all over Italy.

In its annual report, the President of CPL Mauro Gori He recalled that "this 2016 is the hardest year: We close a balance sheet for 2015 of the cooperative with 15 million in losses due to exceptional conditions that have severely limited the cooperative's operations, first of all the exclusion from the white list: It should be remembered, however, that they contribute to the result €8 million in prudential provisions and write-downs".

TheThe value of the cooperative's production stands at 266 million Euros (compared to 346 in 2014), and a solid ratio to shareholders' equity of €117 million, which is 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 was a slight recovery in the EBITDA margin, which went from 3 to 4%; total net debt has decreased by more than 10 million Euros in the last 9 months, we have reduced interest expenses and fixed costs of the headquarters".

Gori does not neglect this, a legacy of negative situations of the past but also steps forward in terms of compliance with the objectives of the Business Plan for 2016, with an expected value of production of €236 million, thanks to both contracts from previous years and new orders awarded in Q1 2016 and expected in the coming quarters.

As far as the Consolidated Financial Statements are concerned, the CPL Group recorded a 2015 Value of Production of 371 million Euros, with a loss of 10 million and 113.7 million in shareholders' equity.

The year under approval shows a decrease in the cooperative's workforce from 1351 units in 2014 to 1175 at the end of 2015, which continued at a reduced pace in 2016 until it reached the current 1156 workers as of 31 May 2016. In order to protect employment, in 2015 the Extraordinary Redundancy Fund was activated - involving 640 people - which was used for a number of hours corresponding to 64 employees. As of May 2016 negotiations were also started with local and national trade unions to reach an agreement on Solidarity Contracts lasting 24 months. The choice of the Solidarity Contract was made to distribute as much as possible the hours not worked and the redundancies of staff, with the hope of achieving full reemployment by 2018.

Regarding The Offer Portfolio presents indicators that confirm CPL's ability to be active on the market at pre-crisis levels. The actions to rationalise the company's costs give the company reasonable certainty that the transformation into executive contracts will be adequate to the expectations of the business plan.

With regard to the financial aspects, the Banking Class has declared its willingness to extend the validity of the moratorium agreement currently in force until 31 December 2016, in order to have the necessary time for the finalisation of the proposed financial manoeuvre and for the negotiation of the final agreement.

The Vice-President of CPL Paolo Barbieri He explained to the assembly how the cooperative is being restructured, starting with the new governance: "The commitment and dedication of members and workers will be fundamental, together with whom we will implement specific training and professional retraining policies, according to the roots of our cooperative, which has as its statutory purpose the continuity of employment".

Guests & Quotes

Among the guests present were the National President of Legacoop Mauro Lusetti , the President of the Integra Consortium Vincenzo Onorato , the Emilia Romagna Regional Councillor for Productive Activities Palma Costi, the former commissioners Varazzani, Filippi and Tranfaglia , the President of the Province and Mayor of Modena Gian Carlo Muzzarelli, the former coach of Volley Modena Angelo Lorenzetti.

Mauro Lusetti, National President of Legacoop: "Today I saw an assembly in which we talk about the future, a management team with clear strategic lines: all this 15 months ago seemed utopian, and instead the ability and willingness of the members to take back the cooperative has ensured the present. Now the future requires you to keep the bar up This path to restoring production efficiency: You have a duty to succeed".

Vincenzo Onorato, president of the Integra Consortium: "The effort that CPL CONCORDIA is developing is very significant and the Integra Consortium today has a decisive importance as a consortium structure in support of cooperatives, especially in the process of integration between works and services. Your cooperative has made and will continue to make a decisive contribution to this, given the growing development of Facility Management in which CPL has technical and management experience".

Gian Carlo Muzzarelli, President of the Province and Mayor of Modena: "You are showing that within the cooperative, in the cooperative world and that surrounds you, there is intelligence, passion and the ability to start again. The breakthrough that you have been able to make at the price of hard sacrifices is becoming an example, as has been recognized at the highest levels, for example by the President of ANAC Cantone at the recent conference in Modena".

Angelo Lorenzetti, former Modena Volley coach: "Teamwork will be decisive in your recovery, the ability to build confidence, which is nothing more than a mix of competence, reliability and sincerity. We don't need "coffee machine" complaints, but we need an attitude to the role capable of bringing out the expectations and requests of those who work next to us".