Company chairman Emilio Bolzoni says the fact that Bolzoni has a low level of indebtedness shows that it is financially sound.

European forklift attachment maker Bolzoni SpA has announced that its net profit for the financial year ended 31 December 2008 has more than halved from the previous year due to the global economic downturn, high prices of raw materials and unfavourable exchange rates.

The company, that is listed on the Italian stock exchange, made a net profit of EUR3.1 million (USD4.1 million) compared to EUR6.7 million (USD8.8 million) the previous year. Consolidated turnover for 2008 was EUR141.1 million (USD185.2 million), 3.1% lower than 2007's EUR145.6 million (USD191.1 million). Bolzoni says sales shrank, especially in the second half of the year, reflecting the "bad macroeconomic scenario worldwide".

The unfavourable exchange rates of the Euro to US dollar during the first seven months of the year and the Euro to British pound in the final quarter of the year affected Bolzoni's margin levels. EBITDA for 2008 was EUR14.4 million (USD18.9 million) compared to 2007's EUR17.8 million (USD23.4 million).

On a positive note, Bolzoni's net financial indebtedness dropped from 2007's EUR25.9 million (USD34.0 million) to EUR24.9 million (USD32.7 million) at the end of 2008.

Company chairman Emilio Bolzoni says the fact that Bolzoni has a low level of indebtedness shows that it is financially sound and will weather the current global economic uncertainty well.

CEO Roberto Scotti adds that Bolzoni has adopted measures to maintain the company's financial health, which will be reflected in the financial results of 2009's second quarter.

The 2008 financial results were approved by Bolzoni shareholders during the general meeting this month. At the meeting, shareholders also approved the board of directors, with Emilio Bolzoni as chairman of the board and managing director, and Roberto Scotti remaining as CEO.