The CAD IT Board of Directors approves the 2013 Draft Financial Statements, appoints a new Director by co-option and calls the ordinary Shareholders' Meeting

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 Draft Financial Statements and the Consolidated Financial Statements as at 31st December 2013.

The Consolidated Financial Statements at 31st December 2013 show:

• Production Value of Euro 52.2 million compared to Euro 56.5 million in 2012; the increases in internal work capitalized for the development of new products (asset increases due to internal work) equal Euro 3.7 million compared to Euro 3.6 million in the previous year;
• Gross Operational Result (EBITDA) of Euro 4.9 million (9.3% of Production Value) compared to Euro 9.3 million in 2012 (equal to 16,4% of Production Value);
• Operational Result (EBIT) of Euro 0.4 million (0.8% of Production Value), compared to Euro 5.5 million in 2012 (equal to 9.8% of Production Value). The intangible fixed asset amortization went from Euro 3.0 million in 2012 to Euro 3.9 million in 2013;
• Pre-tax and pre-third party share Result equal to Euro 0.7 million (1.4% of Production Value) compared to Euro 5.8 million in the previous financial period (10.3% of Production Value).
• Net Result of Euro -0.3 million, equal to -0.6% of Production Value compared to Euro 3.2 million in the previous year (5.7% of Production Value). The negative result is due to tax of Euro 0.9 million.

CAD IT hereby reports that the Group’s Consolidated Net Financial Position at 31st December 2013 is in debit by Euro 2.6 million, compared to Euro 3.9 million in credit registered at 31st December 2012. The decrease in the Net Financial Position is mainly due to an increase of the average collection period of payments from customers.

The Parent Company CAD IT S.p.A. recorded a Production Value of Euro 51.3 million compared to Euro 54.9 million in the previous financial period with a net result of Euro 0.1 million compared to Euro 2.9 million at 31st December 2012.

On the basis of the 2013 results, the Board of Directors has decided to propose a non-distribution of dividends at the Shareholders’ Meeting.

Giuseppe Dal Cortivo, CAD IT’s Chairman and CEO, said: “we are investing in the company’s future by focussing on our most precious asset which is our employees. For this reason, despite the temporary decrease in the domestic market demand, once again we have increased the number of staff, which this year stands at 613 units. We believe that, by innovating together with them and our customers, we will be able to grow and reap the opportunities that are now emerging on the European market.”

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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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In order to replace the resigning director Enrique Sacau (see press release issued on 10th January 2014), the CAD IT Board of Directors has today appointed, by co-option, Thomas Burkhart, Head of Legal - Continental Europe for the Xchanging Group, as a new  non-executive director, in accordance with art. 18 of the Company’s by-laws and with art. 2386 of the Italian Civil Code.

Thomas Burkhart has been appointed a non-executive and non-independent Director within CAD IT’s Board of Directors and will not be a member of any internal committee.
The newly appointed director, who will hold the position until the next Shareholders’ Meeting which will be held on 29th April 2014, has declared in a statement made to the Company, not to possess, either directly or indirectly, any CAD IT S.p.A. shares in CAD IT’s capital stock.

The new director's curriculum vitae and his statements on: (i) his willingness to accept the position; (ii) the absence of ineligibility and foreclosure conditions; (iii) his possession of the current legal and regulatory requirements, are available on the Company website www.caditgroup.com.

As a consequence of the above mentioned changes, the Board of Directors is now composed of the following members:

• Giuseppe Dal Cortivo, Chairman and Executive Director
• Giampietro Magnani, Vice-chairman and Executive Director
• Luigi Zanella, Vice-chairman and Executive Director
• Paolo Dal Cortivo, Executive Director
• Maurizio Rizzoli, non-executive Director
• Thomas Burkhart, non-executive Director
• Francesco Rossi, non-executive and Independent Director
• Lamberto Lambertini, non-executive and Independent Director.

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Pursuant to art. 89-bis of the Issuer Regulations, CAD IT reports to have approved the annual Corporate Governance report which will be published, in accordance with the law, on the company’s website and made available at its head offices and at Borsa Italiana.

CAD IT’s Board of Directors has also summoned the ordinary Shareholders’ Meeting in one single call for 29th April 2014.

The Shareholders’ Meeting will be called to deliberate: (i) on the approval of the 2013 Financial Statements, (ii) on the proposal of integrating a new director on the Board of Directors in accordance with art. 2386 of the Civil Code and, pursuant to art. 123-ter of Leg. Dec no. 58 of 24 February 1998, (iii) on the first section of the remuneration report.

It should be noted that the auditing of the draft financial statements is being completed and that the annual financial report, together with the Board of Auditors’ and the Auditing Firm’s reports, as well as all the other documents related to the Shareholders’ Meeting agenda required by the applicable regulations, will be made available to the public within the deadlines provided for by law.