Italy-Good year for meat company.

ITALY – MEAT COMPANY HAS GOOD YEAR.

MARR S.p.A. the distribution arm of teh Italian beef processor Cremonini saw its 2008 total consolidated revenues reach €1,109.3 million , an increase of 4.2 per cent compared to €1,064.7 million Euros reported in 2007.

The operating margins also increased, with EBITDA of €71.1 million (€69.7 million in 2007) and EBIT of €60.9 million (€60.0 million in 2007).

Net profit was €31.9 million, an increase of 8.2 per cent compared to the €29.5 million reported in 2007..

The Group net profit, less minority interests, reached €31..7 million (€29.3 million Euros in 2007).

As at 31st December 2008 the trade net working capital amounted to 196.9 million Euros, compared to 169.1 million Euros at 31st December 2007. The net financial debt amounted to 150.7 million Euros (122.9 million Euros in 2007), after the payment of 26.6 million Euros in dividends, 7.3 million Euros for investments and a disbursement of 3.7 million Euros for the buy-back programme.

The net consolidated equity at the end of the year amounted to 182.8 million Euros (181.4 million Euros in 2007).