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Consolidated AccountsFor the complete version send an e-mail to: finance@cfgomma.comSUMMARY OF THE 2007 RESULTSThe C.F. Gomma Group during the 2007 financial year experienced a radical inversion of trend with respect to the previous years: the turnover increased by 21.2% (2006 did not, however, include Poland) whilst EBITDA reached 7.0 Million Euro settling at 3.6% of the value of production. The net result is equal to -4.7 Million Euro, thanks also to the extraordinary income generated from the sale of the real estate. The activity was performed in Italy in the plants of Passirano (BS), Sulmona (AQ), Cinisello Balsamo (MI) and Settimo Torinese (TO), in this last case until the 30th September. From the 1st October production has in fact been transferred to Venaria Reale (TO) with undisputable benefits in terms of efficiency. In Poland, from the 19th February 2007 – date of acquisition and start of production of the company - the activities have been conducted in the two plants in Czestochowa, while in Germany the technical and commercial activities of C.F. Gomma Germany GmbH (ex Paguag GmbH), have been performed in the plant in Dusseldorf. In Brazil, finally, the plant in Belo Horizonte is operational. From the 1st November the Italian parent company C.F. Gomma SpA acquired from the controlled C.F. Gomma Sud S.r.l. the branch of the company operating in Sulmona (AQ), relating to the production and marketing activities of engine mounts and antivibration devices. Starting from that date, the company ceased its industrial operations. FINANCIAL ECONOMIC DATAProfit and Loss Statement
PERFORMANCE OF THE MAIN CONSOLIDATED COMPANIESRunning accounts of C.F. Gomma S.p.A (parent company )C.F. Gomma SpA. Unipersonale
C.F. Gomma SpA Unipersonale during the course of 2007 confirmed the results set out by the 2007-2010 Industrial Plan. In particular the turnover increased by 6.3% with respect to the previous year and by 5.4% with respect to the budget; EBITDA exceeded 8 Million Euro settling at 5% of the value of production. The net result - of 1.3 Million Euro. - thanks also to the plus valence generated through the sale of the real estate property, it has confirmed expectations, thus strengthening the wealth structure of the company. Amongst the more significant special operations, the sale during the month of July of the area in Cinisello Balsamo and of the property built onto it must be stated. C.F. Gomma Sud Srl Unipersonale
Operations closing on the 31st December 2007 reported a positive result of 823 Thousand Euro, fruit of the plus valence generated from the sale of the plant in the area of Melfi. The company conducted its production activity only at its plant in Sulmona (Aq) until the 31.10.2007. From the 1st November, pursuant of an industrialisation rationalization policy of the C.F. Gomma Group, has in fact transferred to the controller company C.F. Gomma Spa Unipersonale the branch of the company operating in Sulmona (AQ), relating to the production and marketing activities of engine mounts and antivibration devices. Starting from that date, the company ceased its industrial operations. C.F. Gomma Polska Sp.z.oo.
Born in February 2007 thanks to the reacquisition of 2/3 of the activities of C.F. Gomma Poland ( passed to the Anglo-American Silver Point Fund after bankruptcy in August 2006) the company C.F. Gomma Polska has, ever since the start, the necessary financial resources to face the start-up phase with solidity. The first financial year closed with a loss of 1.4 Million Euro (foreseen by the Industrial Plan), but 2008 is expected to mark an inversion of the trend. In terms of cash, the company is perfectly autonomous whilst moving in accordance to the indications of the parent company. The year 2008 in the month of August will see the transfer of the resources currently in the plant in Czestochowa 2 (in cohabitation with the old C.F. Gomma Poland today SPBT) into the current plant in Czestochowa 1, which was the headquarters, ever since the beginning, of the activities of C.F. Gomma in Poland. In this way, all of the activities that are present in the Italian territory, that is, antivibration components, air springs, profiles and rubber items will be replicated in the East Europe. C.F. Gomma Brasil LtdA
Even the Brazilian controlled company is expecting over the next three years a phase of great development with doubling of the turnover related to the profiles and acquisition on behalf of the Fiasa and Ford clients of some of the activities related to engine mounts, suspensions and torsion dampers. From as early as the next financial year, the turnover should exceed 3 Million Euro ( against the current 2.5 Million Euro). The acquisition of a block of land is planned as well as the construction of a new warehouse in two phases that will accommodate the current production and the business that is being conceived. The 2007 financial year closed with a net positive result of 0.6 Million Euro. C.F.A Gomma China (non consolidated company)
The Chinese Joint Venture of which C.F. Gomma owns 51% together with the Japanese partner Fukoku ( the remaining 49% is in the hands of a local operator) completed during 2007 its start-up ( the 2007 turnover did not reach 1 Million Euro) and now is able to meet the increasing European market production demand of the O.E.M. and after market. As for C.F. Gomma Polska the 2007 financial year closed with a loss, but the break even is expected for this current year. C.F. Gomma Germany GmbH
Operating at Dusseldorf, C.F. Gomma Germany GmbH ( approx. 50 resources and 1 Million Euro in turnover) performs a fundamental strategic role within the Group. In fact, thanks to the own recognised design and research capability, the company is the reference point for the German clients in terms of development and industrialization of the new products. Furthermore, the company acts as commercial aid for those clients that are already taken care of in technical terms. During 2008 the current plant was abandoned which was the site of the old Paguag ( company that was connected to the group at the beginning of 2000 and the production activity of which was transferred to Poland) to move to more appropriate plants for its size and to the redefined corporate "mission”. The area upon which the plant is located will be subject to upgrading and will be sold within the end of 2008. There are currently advance negotiations with operators of the real estate property industry. STRUCTURE OF THE C.F. GROUP GOMMA
The C.F. Gomma Group is one of the main operators at world level in the field of research, development, production and distribution of components and systems that are rubber based, in combination with other materials for the automotive, rail and industrial industry. The Group consists of the following companies:
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