The CAD IT Board of Directors approves the Interim Management Report at 30th September 2012

  • 13 November 2012, 15:33

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 2012.

The main consolidated results of the third quarter 2012 are as follows:

  • Production Value of Euro 13.9 million compared to Euro 14 million in the third quarter of 2011. During the three months in question the internal work capitalized for the development of new products (internal work capitalized under fixed assets) came to Euro 1.1 million compared to Euro 0.7 million in the same period of the previous year;
  • Gross Operational Result (EBITDA) of Euro 3.3 million, corresponding to 23.8% of the Production Value, in line compared to Euro 3.3 million registered in the third quarter of 2011 (23.5% of the Production Value);
  • Operational Result (EBIT) of Euro 2.2 million, corresponding to 15.8% of the Production Value compared to Euro 2.4 million in the third quarter of 2011 (16.8% of the Production Value);
  • Result of the period net of third party share of Euro 2.4 million, corresponding to 17.3% of the Production Value, compared to Euro 2.3 million in the third quarter of 2011 (16.7% of the Production Value).

The Consolidated Net short-term Financial Position at 30th September 2012 is in credit by Euro 3.6 million, compared to Euro 9.8 million registered at 30th June 2012 and to Euro 5.4 million registered at 31st December 2011.

In order to give a complete report, below are the main consolidated results of the first nine months of 2012:

  • Production Value was equal to Euro 40.4 million compared to Euro 40.2 million in the same period of the previous year. During the nine months in question the internal work capitalized under fixed assets came to Euro 3 million compared to Euro 2.6 million in the same period of the previous year. Net sales were equal to Euro 37.4 million, in line compared to those registered in the first nine months of 2011;
  • Gross Operational Result (EBITDA) of Euro 6.2 million, corresponding to 15.3% of the Production Value, showing a growth compared to Euro 5.7 million in the first nine months of 2011 (14.1% of the Production Value);
  • Operational Result (EBIT) of Euro 3.4 million, corresponding to 8.5% of the Production Value, showing a growth compared to Euro 3 million in the first nine months of 2011 (7.4% of the Production Value);
  • Result of the period net of third party share of Euro 3.7 million, corresponding to 9.1% of the Production Value, showing a growth compared to Euro 3.1 million in the same period of the previous year (7.8% of the Production Value).

The revenues arising from the sale of software and services were in line compared to those registered in the previous year, while the research and development activities in which the company has always believed and invested are going on. In the first nine months of 2012, the operative results have improved following cost optimisation strategies, particularly in regard to reducing third party service expenditure.

Contrary to the trend in the market of reference, CAD IT has increased it workforce by employing a further 11 people.

Compared to the end of the previous quarter, the decrease in the Net Financial Position of the Group was due to tax payments, summer bonuses and production incentives paid to the employees as well as due to the delay in receiving of some significant receipts, cashed immediately after the end of the quarter.

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The manager responsible for 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.

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