PRESS RELEASE:
TARGETTI GROUP: ANNUAL ACCOUNTS FOR 2003 APPROVED BY SHAREHOLDERS’ MEETING
Consolidated turnover equal to 131.8 million euro (+1.2% as compared with 2002).
Proposed dividend equal to 0.09 euro, payout of 47.5%.
Remarkable growth in the first quarter 2004 revenues
The Shareholders’ Meeting of Targetti Sankey S.p.A., met today in Florence under the chairmanship of Paolo Targetti, approved annual accounts for 2003.
The 2003 Balance Sheet in a nutshell
Amounting to 131.8 million euro, the consolidated revenue for 2003 was in line with the turnover realized the previous year (130.2 million euro and represents a growth of 1.2%). Relevant in the 2003 the growth in net sales of the external lighting sector, which achieved an increase of 19.0% as compared with 2002.
As far as the other main economic indicators are concerned, the gross operating margin (EBITDA) in the 2003 amounts to 16,8 million of euro, compared with 20,8 million of euro of 2002. This result is to be attributed primarily to the reduction of EBITDA recorded by the internal lighting sector; which, unlike the external sector, was affected by the critical situation of its target market.
The consolidated net profit reached 3.4 million euro as compared with the 2002 profit of 5.3 million euro.
The indebtedness of the Group was reduced, passing from 26.2 million euro to 24.8 million euro. This result confirms the Group’s capacity of producing positive net cash flows.
Proposed dividend
The Shareholders’ Meeting approved the distribution of a unit gross dividend of 0,09 euro per share, with a payout amounting to 47.5%, which is to be paid from 13th May 2004 onwards, subject to detachment of Coupon No. 6 dated 10th May 2004. The dividend yield for 2003, calculated on the present value of the share, is therefore equal to 2.9%.
Comment by the Managing Director
“The beginning of 2004 was extremely positive for the Group with a double-digit sales' increase, compared with that of the previous year - commented Lorenzo Targetti, Managing Director of Targetti Sankey S.p.A. –. We feel confident about consolidating our growing during this year thanks also to the expansion of our businesses in Asia e in North America, where the partnership with the Chinese company Neo-Neon, probably the main lighting factory in the world, became operative, reinforcing our competitive advantage”.
Other resolutions of the Shareholders’ Meeting
A resolution of the Extraordinary Shareholders’ Meeting amended articles 2, 4, 5, 6, 8, 9, 10, 11, 12, 15, 16, 18, 19, 22, 23 e 25 of the Company Statute, as described in the Board of Directors’ report, with the scope to meet the requirements of the new Italian Business Law.
In Ordinary session, the Meeting renewed, for next three years, (2004-2006) the Board of Statutory Auditors and the appointment of Independent Auditors Company, with the confirmation, respectively, of the retiring Statutory Auditors and Independent Auditors Company.
It was also renewed the authorization of buying-back the Company’s own shares.
The principal economic and financial data of the consolidated accounts for 2003 approved by the Board today are attached to the present communiqué.
The Targetti Group, with headquarters in Florence, are 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, West McLaren Mercedes Technology Centre.
Contact: Massimiliano Parboni
Giovanni Sanfelice
Barabino&Partners
Tel.: 06/679.29.29
Florence, 29 April 2004
CONSOLIDATED ECONOMIC AND ASSET DATA
TARGETTI GROUP
|
|
31/12/2003 |
31/12/2002 |
|
Assets |
|
|
|
Short term assets |
88.920 |
84.356 |
|
Net material assets |
22.276 |
22.782 |
|
Intangible assets |
8.843 |
9.589 |
|
Financial assets |
422 |
1.198 |
|
Other medium- and short-term assets |
1.743 |
1.434 |
|
Total assets |
122.204 |
119.359 |
|
|
|
|
|
Liabilities and net assets |
|
|
|
Short-term liabilities |
57.109 |
50.844 |
|
Medium- and long-term liabilities |
16.063 |
21.385 |
|
Net assets |
49.032 |
47.130 |
|
Total medium- and long-term liabilities |
122.204 |
119.359 |
|
|
|
|
|
Net financial position |
(24.775) |
(26.184) |
|
Investments during the period |
5.411 |
5.000 |
|
Asset data – thousands of euro |
31/12/2003 |
31/12/2002 |
|
Net turnover |
131.805 |
130.240 |
|
Other revenue |
1.373 |
1.326 |
|
Consumptions and other operating charges |
(87.477) |
(84.793) |
|
Added value |
45.701 |
46.773 |
|
Personnel costs |
(28.940) |
(25.927) |
|
Gross operating margin |
16.761 |
20.846 |
|
Depreciations and write-offs |
(4.980) |
(5.694) |
|
Good will depreciation |
(1.561) |
(1.324) |
|
Operating result |
10.220 |
13.828 |
|
Financial revenue and charges |
(2.422) |
(2.773) |
|
Value rectifications of financial assets |
(6) |
(253) |
|
Extraordinary revenue and charges |
60 |
631 |
|
Profit before taxation |
7.852 |
11.433 |
|
Taxes on earnings of the financial year |
(4.499) |
(6.111) |
|
Profit for the year |
3.353 |
5.322 |
|
Profit distributed to third parties |
(556) |
36 |
|
Profit earned by Group |
2.797 |
5.358 | |
