Losses and payables to banks decreased by almost 100 million, but the situation of Sigma Tau Finanziaria, the holding company with which the Cavazza family controls the pharmaceutical group of the same name, still remains very critical, which at the beginning of the year launched layoffs in the Pomezia plant. A few days ago, in fact, the parent company's meeting chaired by Mario Artali decided to partially use the shareholders' capital account payment to cover the loss of 15.7 million recorded in the 2012 statutory financial statements, slightly better than the 26 million liabilities of the previous year.
At the consolidated level, the Cavazza group fared better because year-on-year revenues rose from 662.7 to 688.5 million with a gross operating margin progressing from 106.4 to 156.7 million and a net profit more than doubled from 21.1 to 48.4 million. It should be added, however, that the group result benefits from the capital gain of almost 18 million for the sale of the stake in SciClone Pharma, listed on the Nasdaq.
The increase in revenues is due to the 35% increase in sales revenue relating to the rare disease business, which offset the 4% decrease in the pharmaceutical business in Italy and 8% abroad. Thus the turnover achieved in our country fell year on year from 66% to 61%; while at sector level the cardiovascular area (-3%) and that of the nervous system (-1%) decrease; while the onco-immunological one increases by 41%. Total assets in the ordinary financial statements amount to 670 million (685 in 2011) of which the bulk is represented by the unchanged value of the subsidiaries, equal to 534.8 million, where Sigma-Tau Industrie Farmaceutiche Riunite stands out in Italy (112.3 million) and abroad Defiante Farmaceutica (105.3 million), Sigma-Tau Rare Diseases (130.4 million) and Sigma-Tau International (146.6 million).
As a result of a shareholders' equity that fell from 202.6 to 186.8 million, payables to banks decreased from 233 to 134.2 million due to the repayment of 30 million of a Unicredit loan and two tranches in amortization for 25 million of the loan of 115 million, maturing in 2015, disbursed by Intesa Sanpaolo, which, moreover, is a 5% shareholder of the Cavazza holding company.
The income statement of the spa is still weighed down by provisions of 8 million (there were 12.3 million in 2011) against potential liabilities in the foreign subsidiaries.
