The CAD IT Board of Directors approves the six-monthly results as at 30th June 2018

  • 07 September 2018, 16:11

The Board of Directors of CAD IT S.p.A. (www.caditgroup.com), leader in the Italian financial software market and listed in the STAR segment of Borsa Italiana, today approved the Half-Yearly Financial Report as at 30th June 2018.

The main Consolidated Profit and Loss Account results relating to the first half of 2018 are as follows:

  • Production Value of Euro 31.9 million (Euro 29.6 million in the first half of 2017). During the six months in question the increases in internal work capitalized for the development of new products (asset increases due to internal work) stands to Euro 1.2 million compared to Euro 2.2 million in the same period of the previous financial year;
  • Gross Operational Result (EBITDA) of Euro 5.3 million (16.5% of Production Value), compared to Euro 4.6 million in the first six months of 2017, corresponding to 15.5% of Production Value. The increase of EBITDA margin is mainly due to the increased income from sales and services partially balanced by the higher service costs, particularly referred to external collaborations carried out by an affiliate company on customer projects.   
  • Operational Result (EBIT) of Euro 2.9 million (9.0% of Production Value) compared to Euro 1.6 million in the first six months of 2017 (5.3% of Production Value). The amortization of intangible assets went from Euro 2.7 million in the first six months of 2017 to Euro 2.0 million in the first six months of 2018. The decrease in the amortization in mainly due to the completion of some amortization schedules on investment projects capitalized in previous financial years;
  • Pre-tax Result of Euro 3.6 million (11.1% of Production Value) compared to Euro 1.8 in the same period of the previous financial year (6.0% of Production Value);
  • Result of the period, net of tax, attributable to owners of the parent of Euro 2.4 million (7.6% of Production Value) after the registration of taxes for Euro 0.9 million, compared to a result of Euro 1.2 million (4.0% of Production Value) in the same period of the previous financial year.

The Group’s Consolidated Net Financial Position at 30th June 2018 is in credit by Euro 19.0 million compared to Euro 8.5 million registered at 31st December 2017 and to Euro 3.8 million registered at 30th June 2017.

The increase in the net financial position is mainly due to the collection of receivables related to important projects invoiced at the end of last year and in the first few months of the current year, to the collection of customers’ annual fees and to the consolidation of the subsidiary DPI.

On 24th April 2018 CAD IT acquired 74.5% of the capital of the Spanish company Desarrollo de Productos Informaticos S.A. (DPI). Since then the Spanish company is consolidated on a line-by-line basis and, therefore, the income statement and cash flow statement figures include the operations carried out between the acquisition date and 30th June 2018, while the statement of financial position figures include the balances at 30th June 2018.

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The Half-Yearly Financial Report as of 30th June 2018, together with the certification in compliance with art. 154 bis, paragraph 5, of Legislative Decree 58/98 (Consolidated Finance Act) and the report of Auditing Firm, will be made available to the public at CAD IT S.p.A. registered office, at Borsa Italiana S.p.A., in the Investor Relations section on the company’s internet website www.caditgroup.com and on the “eMarket STORAGE” authorized storage mechanism for regulated information at www.emarketstorage.com within the deadlines provided for by law. Written notification of such publication will be given.

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The Manager charged with preparing the company’s financial reports, Michele Miazzi, 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. Note moreover that in this press release, in addition to the conventional financial indicators required by IFRS, there are also some alternative performance indicators  in order to allow a better assessment of the economic and financial management trend. These indicators are calculated according to the usual market practices and in compliance with the previous company communications.

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