Risults of the first semester 2002

CAD IT closes the first semester of 2002 with a production value of 30 million Euro, 3% more than the first semester of 2001.

Considerable improvement in second quarter profit margins in comparison to the first (EBITDA from 19% to 23% of the production value).

This afternoon the Board of Directors of CAD IT SpA, leader in the Italian financial software market, approved the second quarterly report for 2002.

On 30th June 2002 CAD IT reported the following six-monthly consolidated data:

• a production value of 30 million Euro, an increase of 3% compared to the first six months of 2001;
• a EBITDA of 6.3 million Euro, corresponding to 21% of the production value;
• a Group pre-tax profit of 4.7 million Euro, corresponding to 15.7% of the production value.

Referring only to the second quarter, the production value amounts to approximately 15.7 million Euro, the gross operational margin to 3.6 million Euro (equal to 23% of the production value) and Group pre-tax profit to 2.9 million Euro (equal to 18% of the production value).