PRESS RELEASE
QUARTERLY TURNOVER IMPROVED BY 25% TO 31.7 MILLION EUROS
QUARTERLY GROSS OPERATING RESULT UP BY 38% TO 5.2 MILLION EUROS
At their meeting held in Florence today, the Board of Directors of Targetti Sankey S.p.A. approved the Group’s consolidated results for the third quarter of 2001 (1 July - 30 September). Principal results of the third quarter ("Q3 2001"). During the course of the quarter the Group achieved a net turnover of 31.7 million euros, which in relative terms corresponds to an increase of 24.6% as compared with 25.4 million euros in the third quarter of 2000 ("Q3 2000"). This growth is attributable for the most part to Neri S.p.A., included in the Group’s
consolidation area as from 1 January 2001.
The consolidated gross operating margin (EBITDA) reached 5.2 million euros (3.8 million euros in Q3 2000), which represents a growth of 37.6% and an ebitda margin of 16.5% of turnover (as compared with 14.8% in Q3 2000).
The consolidated operating result (EBIT) attained 3.5 million euros, a growth of 24.6% as compared with the corresponding period of 2000, when it amounted to 2.8 million euros. Expressed as a percentage of turnover, this is the equivalent of 11.1%, unchanged as compared with Q3 2000.
Net Profits amounted to 1.5 million euros, an increase of 9.9% as compared with the 1.3 million euros of the third quarter 2000.
Asset situation. The consolidated financial situation as of 30 September 2001 brings out a net indebtedness amounting to 32.8 million euros slightly lower than 33.1 million euros as of 30 June 2001. The net financial charges sustained in the third quarter amounted to 0.9
million euros and compare with 0.4 million euros in the corresponding period of 2000.
The net equity as of 30 September 2001 attained 42,9 million euros in respect with 41.7 million euros as of 30 June 2001.
Comment of the Chairman, Paolo Targetti. "Notwithstanding the fact that the market continued to suffer from a not by any means easy economic situation, the Targetti Group achieved quite satisfactory results in the course of the third quarter that benefited from the good performance of Neri and from the re-established economic equilibrium of the Group’s American subsidiary; in terms of future trends we expect to ultimately exceed 2000 results."
First nine months of 2001. The consolidated turnover of the first nine months of 2001 amounted to 93.8 million euros, which represents a growth of 25.2% as compared with the 74.9 million euros achieved in the corresponding period of last year. A substantial part of this
growth is due to Neri; net of the Neri contribution the nine months turnover increase amounts to 3.0%.
The consolidated gross operating result (EBITDA) reached 11.6 million euros as compared with the 9.5 million euros achieved in the corresponding period of 2000 (+22.5%). Expressed in terms of the turnover, the operating result for the nine months amounted to 12.4%, which compares with 12.7% of the corresponding period of the previous year.
The net profit for the nine months under review amounted to 2.5 million euros and compares with 2.4 million euros in the first nine months of 2000 (+4.1%).
N.B. The principal data of the consolidated balance sheet and P&L account for the 3rd quarter ending 30 September 2001 as approved by the Board of Directors are appended to the present Press Release.
For further information please contact:
Fabio Norcini
Investor Relations
Targetti Sankey S.p.A.
+39 055 3791.299
Florence, 13 November 2001
The Targetti Group, with headquarters in Florence, is one of the leaders in the interior and exterior architectural lighting
sector. The Group produces and markets sophisticated equipment, providing a perfect synthesis of technology and design, utilised to light major works of art such as Michelangelo’s David and the Last Supper by Leonardo da Vinci, as well as the Archaeological National Roman Museum, not to mention the Amsterdam Railway Station, the Bilbao Subway, the New York Stock Exchange, restaurants of the Mc Donald’s chain, plus the showrooms of Benetton, Bang & Olufsen and Diesel, up to
and including the pit station of the Mc Laren Grand Prix racing team.
CONSOLIDATED ECONOMIC AND FINANCIAL DATA
Targetti Group
Asset Data - thousand of euro 30/09/2001 30/06/2001 31/12/2000
Assets
Short-term assets 84.874 83.197 61.273
Net tangible assets 23.807 24.284 21.946
intangible assets 12.257 12.594 11.566
Financial assets 805 805 1.111
Other medium- and long-term assets 1.004 1.099 1.104
Total assets 122.747 121.979 97.000
Liabilities and net equity
Short-term liabilities 63.201 62.891 49.783
Medium- and long-term liabilities 16.613 17.375 9.602
Shareholders' equity 42.933 41.713 37.615
Total liabilities and equity 122.747 121.979 97.000
Net financial position (32.831) (33.105) (20.404)
Investments made during period 7.636 3.819 7.687
Economic Data - thousand of euro
3rd quarter
2001
3rd quarter
2000
Nine months
2001
Nine months
2000
Net sales 31.710 25.449 93.786 74.880
Variation of finished and semi-finished products in
hand (506) 593 1.419 2.070
Other earnings 40 391 960 969
Total value of production 31.244 26.433 96.165 77.919
Cost of raw materials, accessories and goods (12.344) (10.777) (38.647) (32.654)
Variation of raw material in stock 306 (479) 592 500
Cost of services and other operating costs (8.473) (7.057) (27.424) (21.245)
Total value added 10.733 8.120 30.686 24.521
Cost of labour (5.500) (4.344) (19.042) (15.011)
Gross Operation margin 5.233 3.776 11.644 9.510
Depreciation (1.568) (869) (4.599) (3.325)
Allocation reserves and other value loss (135) (75) (511) (321)
Operation results 3.530 2.832 6.534 5.863
Nef financial receipt (charges) (850) (390) (1.767) (921)
Value adjustments 0 0 0 0
Ordinary Management result 2.680 2.442 4.767 4.942
Net extraordinary receipt charges 99 42 76 (15)
Result before taxes 2.779 2.484 4.843 4.927
Tax paid on profit (1.316) (1.152) (2.375) (2.557)
Net result 1.463 1.332 2.468 2.370
Result due to third-party shareholders (140) (67) (348) (127)
Net profit to be disposed of by Group 1.323 1.265 2.120 2.243
Neri S.p.A is included in the Group's consolidation area as from 1 January 2001 |
