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2012 – Boero moves forward in the reorganization plan

The Board of directors on 19th March and today’s Shareholders meeting of the holding company – Boero Bartolomeo S.p.A. – approved the 2012 financial statements. Concerning the core business, the Group’s results have been influenced by the difficult economic situation, after the significant fall in domestic demand for goods and services especially in Italy, due to the recession affecting the Euro zone countries for the third consecutive year. In this situation the paints and coatings industry, influenced by the heavy price increases of raw materials that occurred in 2011 – and in several cases also in 2012 – was able to move downstream only part of the increases in buying costs, with a negative impact on the profitability of sale prices, already compressed by the weak demand. In order to respond to the current economic crisis, the Boero Group has taken several measures including an important internal reorganization plan, the launch of new projects, the development of new top-quality products and the focus on high added value businesses. The Group’s consolidated results reported revenues at 85,7 million euro compared with the proforma 2011 value of 99 million euro (proforma: developed in order to ensure comparable figures following the sale of 70% of Boat S.p.A.); the net income was -1,8 million euro (-1,7 million on 31st December 2011). The Group’s net financial position stood at -39,3 million euro on 31st December 2012, a strong improvement compared with the -46,8 million of the previous year. For further info (only Italian):