· PROFIT BEFORE TAX AT 5.6 MILLION EURO (+172%)
· CONSOLIDATED TURNOVER AT 67.1 MILLION EURO (+8%)
Meeting today under the chairmanship of Paolo Targetti, the Board of Directors of Targetti Sankey S.p.A. approved the consolidated Group results for the first six months of 2002 (January 1 - June 30).
Results of the first half of 2002
The Targetti Group closed the first half of the year with the best results of its history: the figures contained in the bi-annual report not only confirm the information already rendered public with the press communiqué of 8 August 2002, but actually exceed the results forecast in the second quarterly report.
The consolidated profit before tax amounts to 5.6 million euro, which compares with 2.1 million euro for the first half of the previous year and represents an increase of 172.1% with respect to the before-tax profit recorded in the first six months of 2001. These results are primarily due to the excellent performance of the "internal architectural lighting" segment (Targetti Sankey S.p.A.) and the re-established economic equilibrium of the American subsidiary company Targetti North America,.
The consolidated turnover reached 67.1 million euro in the first half of the year, a growth of 8.1% as compared with the 62.1 million euro of the corresponding period of 2001. These favourable dynamics of Group earnings also received some contribution from the fact that a start has now been made with executing the order received from Mclaren - historic partners of Targetti - for the lighting of the new technological centre of the Tag McLaren Group.
All the income indices recorded very substantial progress: the consolidated gross operating margin (EBITDA) reached 11 million euro, about twice as much as in the first half of 2001, when it amounted to 6.4 million euro; expressed as a percentage of revenue, it amounted to 16.4%, which compares with 10.3% for the corresponding period of the previous year.
The consolidated operating result (EBIT) more than doubled as compared with the corresponding period of 2001, and rose to 7.3 million euro (3.0 million euro in first half of 2001). Expressed as a percentage of sales, the operating result reached 10.9%, whereas in the corresponding period of the previous year it had stood at 4.8%.
The asset situation
The consolidated financial position, which brings out a net indebtedness amounting to 31.7 billion euro (33.1 billion euro as of 30 June 2001) benefited from the positive cash flow produced during the period under review. The net financial burden, which amounted to 1.5 million euro and compared with 0.9 million euro in the corresponding period of 2001, includes 0.3 million euro in respect of exchange rate losses.
The net assets of the Group now stand at 47.6 million euro, which compares with 41.7 million euro as of 30 June 2001.
Comment of the Board Chairman
"The investments we have made in recent years and the policy of growth by acquisition that we pursued during this period are beginning to yield positive results, not withstanding the fact that our reference market and the macroeconomic framework taken as a whole - as Chairman Paolo Targetti put it - continue to grow only at a very slow rate".
Group leader: before-tax profit eight times the 2001 profit
As far as the results of the individual companies are concerned, pride of place must be accorded to the profitability upturn achieved by the group leader Targetti Sankey S.p.A., who recorded earnings of 29.2 million euro for the first six months of the year (+11% as compared with the first half of 2001) and a before-tax profit that rose from 0.7 million euro to 5.7 million euro, more than eight times the before-tax profit achieved in the first half of 2001.
N.B. The principal figures relating to the first half of the year are appended to the present communiqué.
For further information please contact:
Fabio Norcini
Investor Relator
Targetti Sankey S.p.A.
055 3791.299
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CONSOLIDATED ECONOMIC AND ASSET DATA |
|
Targetti Group |
|
|
|
|
|
|
|
|
Asset data – millions of euro |
30 June 2002 |
|
30 June 2001 |
|
31 December 2001 |
Assets |
|
|
|
|
|
|
Short-term securities |
90,163 |
|
83,197 |
|
82,305 |
|
Net fixed assets |
23,468 |
|
24,284 |
|
23,686 |
|
Intangible assets |
10,670 |
|
12,594 |
|
11,612 |
|
Financial assets |
459 |
|
805 |
|
514 |
|
Other medium- and short-term assets |
1,539 |
|
1,099 |
|
1,754 |
|
Total assets |
126,299 |
|
121,979 |
|
119,871 |
|
Liabilities and net assets |
|
|
|
|
|
|
Short-term liabilities |
64,829 |
|
62,891 |
|
60,183 |
|
Medium- and long-term liabilities |
13,919 |
|
17,375 |
|
15,778 |
|
Net assets |
47,551 |
|
41,713 |
|
43,910 |
|
Total medium- and short-term liabilities |
126,299 |
|
121,979 |
|
119,871 |
|
|
|
|
|
|
|
|
Net financial position |
(31,740) |
|
(33,105) |
|
(28,702) |
|
Investments of the period |
3,397 |
|
3,819 |
|
8,826 |
|
|
|
|
|
|
|
|
Economic data – millions of euro |
30 June 2002 |
|
30 June 2001 |
|
31 March 2002 |
|
|
|
|
|
|
|
|
Net turnover |
67,125 |
|
62,076 |
|
31,259 |
|
Other earnings |
705 |
|
920 |
|
316 |
|
Consumables and other operating costs |
(43,719) |
|
(43,043) |
|
(21,232) |
|
Value added |
24,111 |
|
19,953 |
|
10,343 |
|
Personnel costs |
(13,135) |
|
(13,542) |
|
(6,828) |
|
Gross operating margin |
10,976 |
|
6,411 |
|
3,515 |
|
Depreciation and devaluations |
(3,011) |
|
(2,745) |
|
(1,466) |
|
Goodwill |
(662) |
|
(662) |
|
(331) |
|
| |
