Carraro SpA reported unaudited consolidated earnings results for the six months ended June 30, 2014. For the period, the company's revenues were €371.419 million against €449.166 million a year ago. EBIT was €5.112 million against €15.325 million a year ago. EBITDA was €19.239 million against €30.526 million a year ago. Net loss before taxes was €3.959 million against profit of €6.323 million a year ago. Net consolidated loss was €10.084 million against profit of €0.152 million a year ago. Turnover was equal to €371.4 million, with a 17.3% decrease with respect to the €449.2 million of the first half of 2013. The turnover of the period was affected by a negative exchange rate of €11 million, net of which the decrease would have been equal to 14.9%. Net debt fell to €263.7 million at the end of June 2014 from €279.5 million at March 31, 2014, due to the sale of the Mini Gears business unit.

The turnover levels and margins of the second half of the year 2014 are expected to be lower than the turnover and margins of the last trading period, but with a considerable recovery in comparison to the results of the first half of 2014.