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FINANCE  2004
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  LIGHT WITHOUT LIMITS
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Targetti Group: Consolidated profit before taxes more than doubled in 1st quarter 2004 (3,1 millions of Euro)
Turnover equal to 34,8 millions of Euro (+ 12%).
 
EBIT + 56% as compared with the 1st quarter 2003.
 
Meeting today in Florence, the Board of Directors of Targetti Sankey S.p.A., approved the consolidated results of 1st quarter 2004 (January – March 2004).
 
The principal consolidated results of 1st quarter 2004
 
The turnover of the Group at 31st March 2004, amounted to  34,8 millions of euro, rising up of 11,7% as compared with 1st quarter 2003 (31,2 millions of euro).
 
All Group business areas, from exteriors and public lighting, that rose up of 16,5%, to interior architectural lighting (+4,3), made their contribution to the growth of revenues in this 1st quarter 2004. In particular, it has to be highlight the growth of 42,8% of lamps revenues, which reached a value equal to 5,3 millions of euro as compared with 3,7 millions of euro of 1st quarter 2003.
 
The gross consolidated operating margin (EBITDA) was equal to 4,4 millions of euro, an increase of 28,9% as compared with 3,4 millions of euro in 2003. The incidence on revenues of gross operating margin is equal to 13,6% as compared with the incidence of 10,9% registered in same period of 2003.
 
The consolidated operating margin (EBIT) grew of 56,2% as compared with the 1st quarter 2003, reaching 2,8 millions of euro compared to 1,8 millions of euro of 2003.
 
The consolidated net profit before taxes of the period recorded a growth of 149,4% as compared with the same period of 2003, equal to 3,1 millions of euro (1,2 millions of euro in the 1st quarter 2003). The incidence of net profit before taxes on the revenues reached the 8,8% as compared with the 3,9% of 1st quarter of the previous year.
 
The assets situation at 31 March 2004
                                   
Net debt at 31 March 2004 amounted to 25,6 millions of euro, with a slight increase compared to 24,8 millions of euro of the end of 2003, but widely inferior of 28,6 millions of euro at 31 March 2003.
 
The Group net equity have now reached  52,2 millions  of euro increasing respect to 49,0 millions of euro at 31 December 2003, thanks to the positive result of the period.
 
Comment by the Managing Director
 
“In this 1st quarter of 2004 we recorded a significant growth, in all Group business areas, – commented Lorenzo Targetti, Managing Director of Targetti Sankey S.p.A. – which confirms the efficacy of our market strategies implemented over this years. Despite the stagnant general economic situation, we are optimistic about maintaining the growth of the Group in 2004, which is the consequence of our stronger penetration of the market in all business areas we work.”
 
The quarterly report approved today will be available to the public at the Company’ headquarters and the Italian Stock Exchange as from tomorrow onwards. The same day it will also be published at Targetti’s Internet site www.targetti.com. The present press release will be available at the Internet site already today.
 
The principal consolidated economic and financial data, contained in quarterly report and approved today by the Board of Directors, 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, Singapore’s Opera House, the Airport of Madrid and Canton in China, the Bilbao Underground, the showrooms of Bulgari, Benetton, McDonald’s, 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, 14th May 2004

RECLASSIFIED BALANCESHEET

Data expressed in thousands of €
Al 31.03.04
Al 31.12.03
 
 
 
Intangible fixed assets
8.452
8.843
Tangible fixed assets
22.472
22.276
Investments and other financial fixed assets
385
422
Other medium/long-term assets
1.632
1.743
Non-current Assets A
32.941
33.284
Inventories
32.135
29.757
Trade receivables
48.519
46.509
Other receivables
7.897
6.118
Short-term assets B
88.551
82.384
Trade payables
(26.169)
(24.691)
Other payables
(11.063)
(10.916)
Short-term liabilities C
(37.232)
(35.607)
Net working capital D = B + C
51.319
46.777
Employee severance indemnity E
(4.393)
(4.236)
Other medium/long-term liabilities F
(2.065)
(2.018)
Net capital employed A + D + E + F
77.802
73.807

Financed by:

Shareholders' equity pertaining to the Group G
48.607
45.977
Shareholders' equity pertaining to Minority Interests H
3.587
3.055
Total Shareholders’ Equity L=G+H
52.194
49.032
Medium/long-term financial debt M
9.824
9.809
Short-term financial debt
22.985
21.502
Liquid assets
(7.201)
(6.536)
Net short-term financial debt N
15.784
14.966
Total net financial debt P=M+N
25.608
24.775
 
 
 
Equity and financial debt L+P
77.802
73.807


*The data as at 31 March 200 rrepresents the pre-income tax value for the financial period.
RECLASSIFIED INCOME STATEMENT

Data expressed in thousands of
1st quarter 2004
1st quarter 2003
Year 2003
 
Net sales
34.835
31.173
131.805
 
 
 
 
Other revenues 
297
244
1.373
Consumption and other operating costs 
(23.220)
(20.831)
(87.477)
Value added 
11.912
10.586
45.701
 
 
 
 
Personnel costs
(7.517)
(7.177)
(28.940)
Gross operating margin 
4.395
3.409
16.761
 
 
 
 
Amortisation/depreciation, and write-downs 
(1.179)
(1.212)
(4.980)
Goodwill amortisation 
(390)
(388)
(1.561)
Operating results 
2.826
1.809
10.220
 
 
 
 
Financial income and charges 
(409)
(567)
(2.422)
Value adjustments to financial assets 
-
-
(6)
Extraordinary income and charges 
646
(14)
60
Income before taxes 
3.063
1.228
7.852
 
 
 
 
Income taxes for the period
-
-
(4.499)
Net income for the period
3.063
1.228
3.353
 
 
 
 
Net income pertaining to Minority Interests*
(479)
(169)
(556)
Net income pertaining to the Group*
2.584
1.059
2.797

 

*The data referred to the account as at the 1st quarter 2004 e 2003 represents the pre-income tax value for the financial period.
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  McLaren