Letter to Shareholders'  28/05/2015
Once again this year, at the Ordinary Shareholders' Meeting, I would like to share with you some thoughts about the 2014 results as well as the outlook for the Group, as outlined in the New Business Plan that we launched in April 2015.
As at 31 December 2014, the figures reflect, in terms of the achieved turnover and operating results, a trend that remains in a transitional period, but on the way toward a full relaunch of the Group. The incomplete implementation of the complex Financial Measures launched in January and the changed market conditions within the legislative and business scope have prevented us from achieving the set out objectives. In the first few months of 2015, with the support of a business advisor of excellent standing, we have redefined the 2015-2020 Business Plan of the Group which is based on a  renewed and better developed corporate structure capable of facilitating the “go to market” in the traditional sector of reference, and that also aims at pursuing and relaunching the core business of urban hygiene services in Italy, in addition to developing international markets together with business partners in order to carry out specific projects and prove products/services, ancillary to the traditional segment. The guidelines of the new Business Plan, combined with the guidelines of a proposal for new Financial Measures, formulated with the support of the financial advisor Leonardo & Co, have been submitted on a preliminary basis to the banking sector. We are confident that a new phase of negotiations may constructively and in a reasonable time lead to a definitive resolution of the financial and equity issues, an essential requirement for the successful relaunch of the Group.

 
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Letter to Shareholders  28/05/2015

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