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Sacmi releases a buoyant 2003 annual report

Total sales reach € 862 million (+4%.). Board of Directors re-confirmed for the next three years.

Total sales for 2003 stand at € 862 million, a 4% increase on the figures for 31st December 2002. The Sacmi Group’s steadily growing volume of business in 2003 was mostly the result of the world-wide success of self-developed technologies, and, to a much lesser extent, the take-over of new companies. This result is especially positive as it was achieved against a backdrop of international uncertainty, particularly damaging for Italian and other European enterprises having to contend with a strong Euro. The 2003 annual report was approved by the cooperative’s General Assembly, attended by 294 members out of a total of 305. The assembly also reconfirmed the Board of Directors - made up of Domenico Olivieri, Paolo Mongardi, Giuliano Airoli, Dino Zanoni and Dante Pirazzini – for the next three years, doing so by a sweeping majority. In its first meeting, the Board of Directors reconfirmed Domenico Olivieri as President and Dino Zanoni as Vice-President.
Key balance sheet indicators highlight the ongoing success of the Sacmi Group’s diversification strategy: the year 2003 saw an even better balance between sales volumes in the various Group divisions. In 2002 59% of sales was accounted for by ceramic machines and technologies and 41% by other businesses. In 2003, those other businesses - plastics, beverage & packaging, food processing - generated 42% of earnings. Exports continued to play a vital role, accounting for approximately 84% of total sales. However, the uncertainty characterising the world economy generated a fall-off in profitability with respect to the high levels achieved in 2002, a fact reflected in the key financial indicators: gross operating margin (Ebitda) fell to € 68 million, net operating margin (Ebit) was € 41 million.
Over the course of the year, company expansion plans saw Riedhammer, FBR-Elpo and Sacmi Labelling Scm join the Group. Over € 2 million was invested in personnel training and the recruiting of skilled human resources. The Group now has a total of 3215 employees. ”Know-how and technological innovation”, says Domenico Olivieri, President of Sacmi Imola, “were, in 2003 as in other years, the most important strategic factors in meeting the challenge of international competition in various fields, thus confirming the Sacmi Group’s unique vocation for developing unbeatable production systems”.


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