PRESS RELEASE
Consolidated EBITDA at 10.9 million euro (17.3 million in 2002) and consolidated EBIT at 6.2 million euro (11.9 million in 2002).
The Board of Directors of Targetti Sankey S.p.A. met in Florence today and approved the consolidated results of the third quarter of 2003.
The principal consolidated results of the first nine months (January – September)
The consolidated turnover as of 30 September 2003. i.e. of the first nine months of the year, amounted to 93.20 million euro and compares with 97.90 million for the corresponding period of the previous year; the downturn of sales of 4.8% was unfavorably affected by exchange rate dynamics: at a constant exchange rate the downturn with respect to the first nine months of 2002 would have amounted to 3.2%.
In the third quarter of the year the Targetti Group confirmed the substantial holding of positions already recorded during the first six months and this notwithstanding the weakness of demand that characterized the lighting sector during this period, the comparison with the corresponding data of the first nine months of 2002 is affected in rather substantial manner by an extraordinary order that in the course of the previous year generated a consistent flow of revenue and determined a significant concentration of seasonal margin fluctuations in that period of the year.
The gross operating margin (EBITDA) for the first nine months reached 10.88 million euro, which compares with 17.27 million in 2002 and corresponds to 11.7% of turnover, while the operating result (EBIT) amounted to 6.19 million, comparing with 11.89 million in 2002 and corresponding to 6.6% of turnover. The before-tax profit amounted to 4.13 million euro and compares with 10.05 million in 2002.
The asset situation as of 30 September 2003
The net financial position shows an indebtedness as of 30 September 2003 amounting to 30.30 million euro, and improvement of 3.39 million over the previous quarter deriving from the positive dynamics of the working capital; the net assets now stand at 49.20 million euro and compare with 47.73 million as of 30 June 2003.
The net working capital, which now amounts to 51.09 million, records an appreciable reduction of 1.62 million as compared with 30 June 2003, thanks to the improved management of commercial credits.
The principal results of the third quarter (July – September)
The turnover during the three-month period July-September 2003 amounted to 29.69 million euro (30.77 million in 2002), while EBITDA and EBIT came out, respectively, as 3.44 million euro (6.29 million in 2002) and 1.93 million euro (4.59 million in 2002).
The profit before taxation reached 1.50 million euro and compares with 4.44 million euro in 2002.
Comment of the Board Chairman
“The third quarter – commented Paolo Targetti, Board Chairman of Targetti Sankey S.p.A. – substantially confirmed the trend characteristic of the whole of 2003 and, in any case, wholly foreseen, in a particularly difficult sectoral context with dynamics that differ greatly from one segment to another. The signals we are gathering from our day-to-day activities suggest a market that is ready to make a new start in coincidence with the economic recovery that everybody is anxiously awaiting.”
The quarterly report approved by the Board today will be at the disposal of the public at Company’s registered office and Borsa Italiana S.p.A. as from tomorrow onwards. . At the same time it is also due to be published on the Company’s Internet site www.targetti.com, where the present press release will be on view as from today.
The present press release is accompanied by the principal consolidated results contained in the half-yearly report approved today by the Board of Directors.
The Targetti Group, with headquarters in Florence, is one of the leading protagonists in the sector of architectural lighting for both interiors and exteriors. The group companies produce and market sophisticated equipment – a perfect synthesis of technology and design – that illumines important works of art, including Michelangelo’s David, Leonardo da Vinci’s Last Supper and the Roman National Archaeological Museum and finds application in wide variety of different environments, among them Piazza della Scala in Milan, Amsterdam’s railway station, the Bilbao Underground, the showrooms of Bulgari, Benetton, Bang & Olufsen, Alfa Romeo and Peugeot and, not least, the West McLaren Mercedes Technology Centre.
Contact: Fabio Norcini
Targetti Sankey S.p.A.
Tel.: 055/3791.299
Barabino&Partners
Massimiliano Parboni
Tel.: 06/679.29.29
Florence, 13 November 2003
|
CONSOLIDATED ECONOMIC AND ASSET DATA OF THE TARGETTI GROUP |
|
Asset data – thousands of euro |
30/09/03* |
|
30/06/03* |
|
31/12/02 |
|
|
Assets |
|
|
|
|
|
|
|
Short-term assets |
84,235 |
|
89,097 |
|
84,356 |
|
|
Net material assets |
22,007 |
|
22,236 |
|
22,782 |
|
|
Intangible assets |
9,297 |
|
9,831 |
|
9,589 |
|
|
Financial assets |
1,310 |
|
662 |
|
1,198 |
|
|
Other medium- and short-term assets |
1,914 |
|
1,905 |
|
1,434 |
|
|
Total assets |
118,763 |
|
123,731 |
|
119,359 |
|
|
Liabilities and net assets |
|
|
|
|
|
Sort-term liabilities |
51,152 |
|
57,377 |
|
50,844 |
|
|
Medium- and long-term liabilities |
18,416 |
|
18,622 |
|
21,385 |
|
|
Net assets |
49,195 |
|
47,732 |
|
47,130 |
|
|
Total medium- and long-term liabilities |
118,763 |
|
123,731 |
|
119,359 |
|
|
Net financial position |
(30,298) |
|
(33,686) |
|
(26,184) |
|
|
Investments during the period |
3,558 |
|
2,207 |
|
5,000 |
|
|
Economic data – thousands of euro |
Third
Quarter 2003* |
|
Third
Quarter 2002* |
|
Nine
Months 2003* |
Nine
Months 2002* |
|
Net turnover |
29,690 |
|
30,771 |
|
93,195 |
97,896 |
|
Other revenue |
245 |
|
329 |
|
1,187 |
1,034 |
|
Consumptions and other operating charges |
(20,233) |
|
(18,884) |
|
(63,073) |
(62,603) |
|
Added value |
9,702 |
|
12,216 |
|
31,309 |
36,327 |
|
Personnel costs |
(6,265) |
|
(5,927) |
|
(20,425) |
(19,062) |
|
Gross operating margin |
3,437 |
|
6,289 |
|
10,884 |
17,265 |
|
Depreciations and write-offs |
(1,117) |
|
(1,373) |
|
(3,528) |
(4,384) |
|
Good will depreciation |
(388) |
|
(331) |
|
(1,164) |
(993) |
|
Operating result |
1,932 |
|
4,585 |
|
6,192 |
11,888 |
|
Financial revenue and charges |
(454) |
|
(142) |
|
(1,786) |
(1,603) |
|
Value rectifications of financial assets |
- |
|
- |
|
- |
(252) |
|
Extraordinary revenue and charges |
21 |
|
(7) |
|
(273) |
20 |
|
Profit before taxation |
1,499 |
|
4,436 |
|
4,133 |
10,053 |
|
Taxes on earnings of the financial year |
- |
|
- |
|
- |
- |
|
Profit for the year |
1,499 |
|
4,436 |
|
4,133 |
10,053 |
|
Profit distributed to third parties |
(202) |
|
(49) |
|
(536) |
(196) |
|
Profit earned by Group |
1,297 |
|
4,387 |
|
3,597 |
9,857 |
|
|
|
|
|
|
|
|
|
|
|
*Income tax is not computed
|
