The CAD IT Shareholders' Meeting deliberates the approval of the 2019 financial statements

The ordinary shareholders’ meeting of CAD IT S.p.A. (www.caditgroup.com), leader in the Italian financial software market, today approved the financial statements as at 31st December 2019.

The consolidated financial statements as at 31st December 2019 show:

• Production Value of Euro 61.9 million (Euro 66.4 million in 2018); revenues from sales and services of Euro 57.7 million (Euro 62.3 million in 2018). The decrease of revenues from sales and services is mainly due to the reduction of business concerning the tax collection area and some customers in the financial area who have lowered their investment plans regarding new software implementation and development;

The income results are influenced by extraordinary effects equal to Euro 2.6 million, without which the profit margins are substantially in line with the previous year (20% EBITDA).

• Gross Operational Result (EBITDA) of Euro 10.2 million (16.5% of Production Value) compared to Euro 13.5 million in 2018 (20.3% of Production Value);
• Operational Result (EBIT) of Euro 3.0 million (4.9% of Production Value), compared to Euro 8.5 million in 2018 (12.9% of Production Value). The EBIT decrease (-64.8%) is mainly due to the revenues decrease, only partially compensated by a lower use of external service providers to carry out the activities on customer projects;
• Result of the period, net of tax, attributable to owners of the parent of Euro 2.1 million (3.5% of Production Value) compared to Euro 5.5 million registered in the previous year (8.3% of Production Value).

CAD IT S.p.A. hereby reports that the Group’s Consolidated Net Financial Position at 31st December 2019 is in credit by Euro 12.4 million, compared to Euro 13.4 million registered at 31st December 2018. The Net Financial Position decrease is mainly linked to the recording of leasing payables (Euro 2.1 million) for the first time starting from 2019, following the adoption of the IFRS 16 accounting principle.

The Parent Company CAD IT S.p.A. recorded a Production Value of Euro 51.9 million, a Gross Operational Result (EBITDA) of Euro 8.1 million, an Operational Result (EBIT) of Euro 0.9 million and a Net Result of Euro 0.7 million.

Regarding parent company CAD IT S.p.A. 2019 financial results, the ordinary shareholders’ meeting deliberated to allocate the financial year’s net profit to the extraordinary reserve of undivided profits.

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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.

Furthermore, it is pointed out that this press release, in addition to the conventional financial indicators required by IFRS, also contains 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’s communications.

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The 2019 financial statements and consolidated financial statements, together with the reports on operations and certifications pursuant to article 154-bis of the TUF, and with the reports of the auditing firm and of the board of statutory auditors, will be published in the Investor Relation section of the company’s internet website (www.caditgroup.com) within the deadlines provided for by law. Written notification of such publication will be given.