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Targetti Group: positive results for the first semester 2001 |
TURNOVER UP BY 26% TO 62.1 MILLION EUROS
GROSS OPERATING RESULT (EBITDA) IMPROVED BY 12% TO 6.4 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 first half of 2001 (1 January - 30 June).
Principal results. During the course of the first semester of 2001 the Group achieved a net turnover of 62.1 million euros, which in relative terms corresponds to an increase of 25.6% as compared with 49.4 million euros in the first semester of 2000. This growth is attributable
for the most part to the consolidation of Neri S.p.A.. Net of the Neri contribution the turnover increase amounts to 3.5%.
The consolidated gross operating margin (EBITDA) reached 6.4 million euros (5.7 million euros in the first semester of 2000), which represents a growth of 11.8% and a margin of 10.3% of turnover (as compared with 11.6% in the corresponding period of 2000).
The consolidated operating result (EBIT) attained 3.0 million euros, in line with the result achieved in the first half of 2000. Expressed as a percentage of turnover, this is the equivalent of 4.8% as compared with the 6.1% in the corresponding period of 2000.
Net profit amounted to 1.0 million euros, unchanged as compared to the first half of 2000.
Asset situation. The consolidated financial situation brings out a net indebtedness amounting to 33.1 million euros (20.6 million euros as of 31 December 2000). The difference is attributable for the most part to the variation in the consolidation area. The net financial charges sustained in the first half amounted to 0.9 million euros as compared with 0.5 million euros in the corresponding period of 2000.
The net equity as of 30 June amounted to 41.7 million euros as compared to 37.6 million euros as of 31 December 2000.
Stock Options. The Board of Directors of Targetti Sankey S.p.A. voted to assign a "stock option" totalling 124,000 shares (0.8% of the company capital before capital increase) to the administrators, executives and staff of the Group’s companies.
The recipients may subscribe to the shares in question, within the time periods contemplated under the plan, at a price of 4.080 euro per share, corresponding to the minimum value set by the Board of Directors at the meeting of 30 March 2000 (this issue price, in turn, is
greater than the mathematical average of the performance of the stock over the last month, equal to 3,326 euros).
In 13 September 2000, The Board of Directors of Targetti Sankey S.p.A. had voted to assign a first tranche of stock options; in this allotment the subscription price was determined at 5.471 euros.
Closing Neri. Today Targetti Sankey S.p.A. and Domenico Neri S.r.l. signed the final agreement in which Domenico Neri S.r.l. confers on Targetti Sankey S.p.A. the shares equal to 100% of the company Neri S.p.A. as per the agreement signed on 24 October 2000 and executing the resolution of the Extraordinary Shareholders’ Meeting held of 24 July 2001.
N.B. The principal data of the consolidated balance sheet and P&L account for the 1st half ending 30 June 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, 28 September 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
1.936
Asset Data - thousand of euro 30/06/2001 30/06/2000 31/12/2000
Assets
Short-term assets 83.197 57.698 61.273
Net tangible assets 24.284 13.990 21.946
intangible assets 12.594 11.935 11.566
Financial assets 805 845 1.111
Other medium- and long-term assets 1.099 1.172 1.104
Total assets 121.979 85.640 97.000
Liabilities and net equity
Short-term liabilities 62.891 43.863 49.783
Medium- and long-term liabilities 17.375 10.473 9.602
Shareholders' equity 41.713 31.304 37.615
Total liabilities and equity 121.979 85.640 97.000
Net financial position (33.105) (17.663) (20.404)
Investments made during period 3.819 6.130 7.687
Economic Data - thousand of euro 30/06/2001 30/06/2000
Net sales 62.076 49.431
Variation of finished and semi-finished products in hand 1.925 1.477
Other earnings 920 578
Total value of production 64.921 51.486
Cost of raw materials, accessories and goods (26.303) (21.875)
Variation of raw material in stock 286 979
Cost of services and other operating costs (18.951) (14.187)
Total value added 19.953 16.403
Cost of labour (13.542) (10.669)
Gross Operation margin 6.411 5.734
Depreciation (3.031) (2.454)
Allocation reserves and other value loss (376) (248)
Operation results 3.004 3.032
Nef financial receipt (charges) (917) (531)
Value adjustments 0 0
Ordinary Management result 2.087 2.501
Net extraordinary receipt charges (23) (57)
Result before taxes 2.064 2.444
Tax paid on profit (1.059) (1.406)
Net result 1.005 1.038
Result due to third-party shareholders (208) (60)
Net profit to be disposed of by Group 797 978
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