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August 4, 2014

ITALY: Pininfarina reduces H1 net loss

Pininfarina's sales and service revenue for the first half of 2014 was up 27.61% to EUR21.24m (US$28.52m) compared with EUR16.64m in first half of 2013.

Pininfarina’s sales and service revenue for the first half of 2014 was up 27.61% to EUR21.24m (US$28.52m) compared with EUR16.64m in first half of 2013.

EBITDA loss for the period narrowed to EUR1.93m compared with EUR3.1m in the year ago period. EBIT loss narrowed to EUR3.18m from EUR3.41m. The company’s loss before taxes for the period narrowed to EUR4.39m compared with EUR5.9m. Loss for the period narrowed to EUR4.27m from EUR5.92m.

Outlook for 2014

Consolidated value of production for 2014 is expected to be in line with the 2013 figure and the EBIT is forecast to be positive.

The net financial debt at the end of 2014 is expected to worsen compared to 31 December 2013, mainly due to a decrease in liquidity as a result of net working capital trends, the outlays required by several tax disputes and the accumulated unrealised losses resulting from the measurement of financial liabilities at amortised cost.

 

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