- Consolidated turnover of 35.8 million Euros (+2.7%).
- EBITDA of 4.0 million Euros (4.4 million euros in 2004), EBIT of 2.6 million euros (2.8 million euros in 2004).
The Board of Director of Targetti Sankey SpA convened today in Florence and approved the consolidated results of first quarter of 2005 (January-March 2005).
The main consolidated results of first quarter of 2005
The consolidated turnover of the first quarter amounted to 35.8 million Euros, up by 2.7% compared to 34.8 million euros of the first quarter of 2004.
All the main business areas of the Group showed a growth in revenues: architectural lighting (up +0.1%), which accounts for +2.7% on like for like basis in terms of consolidation area, exterior public lighting (up +1.1%) and lighting sources (up +8.0%).
The consolidated gross operating margin (EBITDA) stood at 4.0 million euros, compared to 4.4 million euros of 2004, with a 11.1% incidence on turnover. The consolidated operating result (EBIT) totalled 2.6 million euros, compared to 2.8 million euros in 2004.
The consolidate pre-tax profit totalled 2.3 million euros, compared to 3.1 million euros in 2004. The drop can be partly attributed to the extraordinary operations, against a first quarter in 2004 that included extraordinary income for 0.6 million euros, and partly to the increase in investments made at the beginning of 2005, aimed at strengthening the productive and commercial structure.
The status of assets at March 31, 2005
The net financial position at March 31, 2005 equalled 24.7 million euros, up on the figure for the end of 2004 which totalled 22.0 million euros but down on the figure at March 31, 2004 of 25.6 million euros.
The Group’s net equity stood at 52.6 million euros, up compared to 50.5 million euros at December 31 2005, thanks to the good result of the period.
As at 31.03.05, the parent company Targetti Sankey S.p.A held 168,034 own shares, amounting to 0.9% of share capital.
Comments of the Managing Director
“The first quarter – stated Lorenzo Targetti, Managing director of Targetti Sankey SpA – recorded satisfying results, mainly in the field of architectural lighting, the most important for the Group, where we further increased efficiency and competitiveness which allowed for a 9% increase in Ebitda on like for like basis in terms of consolidation area”.
“According to the sales trend – continued Targetti – we expect to confirm the positive revenues trend during the year, and to reach profitability rates in line with past years”.
Adption of IAS/IFRS accounting practices
In reference to Consob memorandum no. DME/5015175 of April 2005,”International Accounting Practices: periodical reports, listing statements, definition of related parties” and in the Borsa Italiana memorandum of 21 April 2005 “Amendments to the Instructions accompanying the Rules of the Markets and of the Nuovo Mercato”, Targetti will be empowered to not publish the second Quarterly Report 2005 and will arrange the Half Year Report drawn up with the International IAS/IFRS Accounting Practices IAS/IFRS, which will be approved by the Board of Directors on the 29th September 2005.
The quarterly report approved today will be available for consultation at the register office and at the Borsa Italiana as from tomorrow, when it will be uploaded also on the company’s website www.targetti.com. The press release is available as from today on the website as well.
Please find herewith enclosed the main consolidated figures and of the parent company Targetti Sankey S.p.A. included in the quarterly report and approved today by the Board of Directors.
Targetti Sankey S.p.A. are among the leading industrial groups in Europe in the indoor and outdoor lighting sector. A network of nine highly specialized companies that draws its strength from a long history and a natural vocation for research. Thanks to the perfect synthesis of technology and design, Targetti equipment lights universal masterpieces of art like Michelangelo’s David, Leonardo da Vinci’s Last Supper and Notre Dame Cathedral, and finds application in a wide range of other environments: from the Opera House in Singapore to the airports of Madrid, Canton and Paris; from the showrooms of Bulgari, Benetton, Celine, Diesel to the Formula 1 boxes of McLaren; from corporate companies like Peugeot, Citroën, Alfa Romeo to the world’s most prestigious hotel chains. And the more than 4000 small and large urban centres where lighting … means Targetti.
Contact: Marco Cisbani
Targetti Sankey S.p.A
Tel.: 055/37.91.203
Massimiliano Parboni
Barabino&Partners
Tel.: 06/679.29.29
RECLASSIFIED BALANCHE SHEET
|
Data expressed in thousands of € |
As at 31.03.05* |
As at 31.12.04** |
|
|
|
|
|
Intangible fixed assets |
6,704 |
6,968 |
|
Tangible fixed assets |
22,772 |
22,271 |
|
Investments and other financial fixed assets |
2,877 |
2,057 |
|
Other medium/long-term assets |
2,193 |
2,202 |
|
Non-current Assets A |
34,546 |
33,498 |
|
|
|
|
|
Inventories |
38,699 |
34,650 |
|
Trade receivables |
53,356 |
53,597 |
|
Other receivables |
6,137 |
5,137 |
|
Short-term assets B |
98,192 |
93,384 |
|
Trade payables |
(29,613) |
(28,540) |
|
Other payables |
(13,836) |
(14,536) |
|
Short-term liabilities C |
(43,449) |
(43,076) |
|
Net working capital D = B + C |
54,743 |
50,308 |
|
|
|
|
|
Employee severance indemnity E |
(4,938) |
(4,778) |
|
Other medium/long-term liabilities F |
(2,245) |
(2,057) |
|
Net capital employed A + D + E + F |
82,106 |
76,971 |
Financed by:
|
Shareholders' equity pertaining to the Group G |
52,566 |
50,476 |
|
Shareholders' equity pertaining to Minority Interests H |
4,863 |
4,474 |
|
Total Shareholders’ Equity L=G+H |
57,429 |
54,950 |
|
|
|
|
|
Medium/long-term financial debt M |
7,092 |
7,020 |
|
Short-term financial debt |
24,825 |
22,119 |
|
Liquid assets |
(7,240) |
(7,118) |
|
Net short-term financial debt N |
17,585 |
15,001 |
|
Total net financial debt P=M+N |
24,677 |
22,021 |
|
|
|
|
|
Equity and financial debt L+P |
82,106 |
76,971 |
*The data represents the pre-income tax value for the financial period
** Data from the Consolidated Annual Report as at 31/12/04
RECLASSIFIED INCOME STATEMENT
|
Data expressed in thousands of Euros |
1st Quarter 2005* |
1st Quarter 2004* |
Year 2004** |
|
|
35,770 |
34,835 |
153,578 |
|
Net sales |
|
|
|
|
Other revenues |
218 |
297 |
1,840 |
|
Consumption and other operating costs |
(24,192) |
(23,220) |
(103,152) |
|
Value added |
11,796 |
11,912 |
52,266 |
|
|
|
|
|
|
Personnel costs |
(7,831) |
(7,517) |
(30,367) |
|
Gross operating margin |
3,965 |
4,395 |
21,899 |
|
|
|
|
|
|
Amortisation/depreciation, and write-downs |
(1,051) |
(1,179) |
(4,660) |
|
Goodwill amortisation |
(325) |
(390) |
(1,435) |
|
Operating results |
2,589 |
2,826 |
15,804 |
|
|
|
|
|
|
Financial income and charges |
(322) |
(409) |
(1,995) |
|
Value adjustments to financial assets |
(9) |
- |
(8) |
|
Extraordinary income and charges |
21 |
646 |
171 |
|
Income before taxes |
2,279 |
3,063 |
13,972 |
|
|
|
|
|
|
Income taxes for the period |
- |
- |
(7,331) |
|
Net income for the period |
2,279 |
3,063 |
6,641 |
|
|
|
|
|
|
Net income pertaining to Minority Interests* |
(312) |
(479) |
(1,690) |
|
Net income pertaining to the Group* |
1,967 |
2,584 |
4,951 |
|
|
|
|
|
*The data represents the pre-income tax value for the financial period
** Data from the Consolidated Annual Report as at 31/12/04
|
