The CAD IT Board of Directors approves the Interim Management Report at 30th September 2013

  • 12 November 2013, 18:00

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, today approved the Interim Management Report at 30th September 2013.

The main consolidated results of the third quarter 2013 are as follows:

  • Production Value of Euro 12.8 million compared to Euro 13.9 million in the third quarter of 2012. During the three months in question, increases in internal work capitalized for the development of new products (asset increases due to internal work) came to Euro 0.9 million compared to Euro 1.1 million in the same period of the previous year;
  • Gross Operational Result (EBITDA) of Euro 1.5 million (11.3% of the Production Value) compared to Euro 3.3 million registered in the third quarter of 2012 (23.8% of the Production Value);
  • Operational Result (EBIT) of Euro 0.3 million, corresponding to 2.5% of the Production Value compared to Euro 2.2 million in the third quarter of 2012 (15.8% of the Production Value);
  • Result of the period net of third party share of Euro 0.4 million, corresponding to 3.0% of the Production Value, compared to Euro 2.4 million in the third quarter of 2012 (17.3% of the Production Value).

The Consolidated Net Financial Position at 30th September 2013 is in debit by Euro 1.4 million, a decrease compared to the Euro 2.8 million registered at 30th June 2013 and to the Euro 3.9 million registered at  31st December 2012. The decrease in the Net Financial Position was mainly due to  a decrease in revenues and to an increase in the average receipt time for credits to clients.

 

In order to provide a complete report, the main consolidated results of the first nine months of 2013 are outlined below:

  • Production Value was equal to Euro 38.6 million compared to Euro 40.4 million in the same period of the previous year. During the nine months in question, investment for internal work capitalized under fixed assets came to Euro 2.8 million compared to Euro 3.0 million in the same period of the previous year. Net sales were equal to Euro 35.7 million compared to Euro 37.4 million registered in the first nine months of 2012;
  • Gross Operational Result (EBITDA) of Euro 3.8 million (9.7% of the Production Value), compared to Euro 6.1 million in the first nine months of 2012 (15.0% of the Production Value). The negative effects in EBITDA were mainly generated by higher labour costs (Euro +0.8 million) and by a decrease in revenues (equal to Euro 1.7 million). Besides the recruitment of new employees (the number of CAD IT Group's staff increased from 604 at 31st December 2012 to 611 at 30th September 2013), the increase in labour costs was mainly due to contractual salary increases following national wage settlement renewals. The decrease in revenues (-4.5%) was primarily due to a temporary postponement of a few planned activities in accordance with customers’ needs.
  • Operational Result (EBIT) of Euro 0.4 million (1.1% of Production Value) compared to Euro 3.3 million in the first nine months of 2012, corresponding to 8.2% of Production Value. The decrease in EBIT was mainly due to an increase (equal to Euro 0.6 million) in amortization of intangible assets which went from Euro 2.3 million in the first nine months of 2012 to Euro 3.0 million in the first nine months of 2013. This increase was due to the onset of software procedure amortization schedules, concluded in previous years, which have become available for use and for sale.
  • Result of the period net of third party share of Euro 0.7 million, corresponding to 1.7% of the Production Value, compared to Euro 3.6 million in the same period of the previous year (8.8% of the Production Value).

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The Manager charged with preparing the company’s financial reports, Daniele Mozzo, 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.

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