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Parmalat SpA Confirms FY 2013 Net Revenues and EBITDA Guidance; Approves Plan of Merger by Absorption of Carnini SpA, Latte Sole SpA and Parmalat Distribuzione Alimenti Srl into Company

Wednesday, 31 Jul 2013 09:21am EDT 

Parmalat SpA announced that it confirmed the Company's net revenues and EBITDA guidance for fiscal year 2013. The Company, for fiscal year 2013, at constant exchange rates and scope of consolidation (i.e., considering pro forma 12- month data for LAG in fiscal year 2012), expects to report net revenues and EBITDA to grow by approximately 3% and approximately 5% respectively compared to fiscal year 2012. The Company reported for fiscal year 2012 revenues of EUR 5,227.10 million and EBITDA of EUR 439.20 million. Parmalat SpA also announced that meeting on July 31, 2013, the Board of Directors approved a plan for the merger by absorption of Carnini SpA, Latte Sole SpA and Parmalat Distribuzione Alimenti Srl into Parmalat. The reason for this transaction comes from the need to implement a simplification of the ownership chain of the Parmalat Group in Italy in order to achieve a greater operating efficiency, so as to coordinate more effectively the operating activity of the Italy Business Unit. The merger is expected to go into effect at 11:59 PM on December 31, 2013 and that the transactions of the companies that are being absorbed will be reflected, also for tax purses, in the financial statements of Parmalat in the same period in which that merger will be implemented. 

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27 Aug 2014