Thanks to a significant revaluation of almost 8 million of the stake in Gentium, losses are reduced almost to zero. The number of employees decreased year on year from over 2,000 to around 1,900 (569 ISF), due to layoffs which will end in January 2015.
Issue 175 p. 12 of 25/7/2014 - ItalyToday
Thanks to a significant revaluation of almost 8 million of the stake in Gentium, the losses of Sigma Tau Finanziaria, the holding company 5% owned by Intesa Sanpaolo and with which the Cavazza family controls the pharmaceutical group of the same name, are reduced almost to zero. 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 359 thousand euros in the 2013 financial statements, much better than the loss of 15.7 million in the previous year . At the consolidated level, the Cavazza group fared better because the year-on-year revenues of the "disease" business rose from 688.2 to 697.2 million with a gross operating margin from 150.5 to 176.5 million, even if the profit fell from 52 to 24.4 million, more than doubled from 21.1 to 48.4 million.
However, it must be said that the group result benefits from the transfer to the income statement of the reclassification of the equity investments in Dyax and Regenrex which have gone from shares available for sale to trading shares. The increase in revenues is due to the increase from 154 to 165 million in sales relating to the rare disease business, which offset the slight decline in the traditional business, which fell year-on-year from 533 to 532 million: the pharmaceutical business of Cavazza is made for the 58% in Italy compared to the 61% of 2012. In detail, the rare disease segment, whose headquarters have been positioned in Great Britain and whose sales are made for the 65% on the North American market, saw the creation of the new business unit Global Rare Disease Franchise.
Total assets in the ordinary financial statements amount to 665 million (670 in 2012) 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 stable shareholders' equity at 186 million, payables to banks practically halved from 134.2 to 67 million due to the full repayment of 50 million of a bullet loan issued by Intesa Sanpaolo and two tranches of 25 million of the loan of 115 million, maturing in 2015, again disbursed by Ca' de Sass. However, the Cavazza holding has obtained a credit line from Bnl Bnp Paribas of 20 million, which will expire at the beginning of next year. The employees fell year on year from over 2,000 to around 1,900, due to the redundancy fund which will end in January 2015.
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