CAD IT: the Board of Directors approves the six-monthly results at 30th June 2013

The Board of Directors of CAD IT S.p.A., leader in the Italian financial software market and listed in the STAR segment of Borsa Italiana, met today to approve the Half-Yearly Financial Report at 30th June 2013.

The main Consolidated Profit and Loss Account results relating to the first half of 2013 are as follows:

• Production Value of Euro 25.7 million (Euro 26.4 million in the first six months of 2012). During the six months in question the increases for the internal work capitalized for the development of new products (asset increases due to internal work) came to Euro 1.9 million compared to Euro 1.8 million in the same period last year.
• Gross Operational Result (EBITDA) of Euro 2.3 million (8.9% of Production Value), compared to Euro 2.8 million in the first six months of 2012, corresponding to 10.4% of Production Value. The positive effect on EBITDA arising from a decrease in service costs (equal to Euro 0.6 million) only partially mitigated the negative effects generated by greater labour costs (Euro +0.4 million) and a decrease in revenues (equal to Euro 0.8 million). Besides the recruitment of new employees (the number of CAD IT Group staff increased from 604 to 610), the increase in labour costs was mainly due to contractual salary increases following the national wage settlements renewal. The decrease in revenues (-3.1%) was primarily due to the temporary postponement of a few planned activities in accordance with customers’ needs.
• Operational Result (EBIT) of Euro 0.1 million (0.4% of Production Value) compared to Euro 1.1 million in the first six months of 2012, corresponding to 4.2% of Production Value. The decrease in EBIT was mainly due to the increase (equal to Euro 0.6 million) of amortization of intangible assets which went from Euro 1.4 million in the first six months of 2012 to Euro 2.0 million in the first six months of 2013.
• Result of the period net of third party share of Euro -0.2 million (-0.9% of Production Value) after the calculation of taxes for Euro 0.6 million, compared to Euro 0.4 million (1.5% of Production Value) in the same period last year.

The Consolidated Net Financial Position at 30th June 2013 is in credit by Euro 2.8 million compared to Euro 3.9 million registered at 31st December 2012 and to Euro 9.8 million registered at  30th June 2012, after dividend payments in 2013 of Euro 2.8 million.

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The Half-Yearly Financial Report as of June 30th 2013, together with the certification in compliance with art. 154 bis, paragraph 5, of Legislative Decree 58/98 (Consolidated Finance Act) and the report by the auditing firm, will be made available to the public at the Company’s registered office and at Borsa Italiana S.p.A. (www.borsaitaliana.it) and will be published on the www.caditgroup.com website by August 29th 2013. Written notification of such publication will be given.

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The Manager charged with preparing the company’s financial reports, Maria Rosa Mazzi, declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law on Finance, that the accounting information contained in this press release corresponds to the document results, books and accounting records.