date:May 15, 2013
ption peak). The consequence was a 'one-off' destocking effect of 25 million on sales in the first quarter of 2013, which determined a significant deterioration of the sales mix and, consequently, a negative impact on operating margins. Moreover, the impact of the new LdM business, although in line with plans both in absolute terms and marginality, generated a further dilution in the Group margins driven by the higher concentration of lower margin non-core sugar and merchandise businesses vs. l