Consolidated turnover of €156.7 million in 2005.
The Group’s consolidated net profit equal to €5.5 million.
The Board of Directors of Targetti Sankey S.p.A. met today in Florence to approve the consolidated results at December 31, 2005.
Main consolidated results of 2005
In 2005 consolidated turnover totalled €156.7 million, showing an increase of 7.1% compared to €146.3 million in 2004.
Said growth mainly referred to the architectural lighting sector - the Group’s core business - which registered a 17.4% increase for the period. The outdoor public lighting market showed a drop of 15.7%, and light sources dropped by 3.4%, while the telecommunications sector – which accounts for approximately 3.7% of overall turnover – grew by 46.4%.
On a geographic level, EU countries (excluding Italy) registered an increase in turnovers of 20.8%, and the USA registered an increase of 4.9%, while sales in Italy and in the rest of the world remained essentially stable compared to 2004.
The consolidated gross operating margin (EBITDA) stood at €19.1 million compared to €20.2 million in 2004, while the operating result (EBIT) stood at €14.4 million compared to €15.8 million in 2004.
The Group’s consolidated net profit totalled €5.5 million compared to €6.0 million in 2004.
Financial position at December 31, 2005
The net financial position stood at €34.3 million at 31.12.05, an improvement compared with € 35.2 million at 30.09.05, due to the positive trend in cash flow from operations.
Net equity stood at €61.1 million, showing an increase compared to €59.6 million as at 30.09.2005.
As 31.12.05, the parent company Targetti Sankey S.p.A held 427,745 own shares, amounting to 2.3% of share capital.
Main consolidated results of the fourth quarter (October-December)
In the fourth quarter of 2005, Targetti registered a consolidated turnover of €43.0 million, a 7.4% increase compared to €40.0 million in 2004.
During the same period, EBITDA stood at €5.3 million compared to €6.0 million in the fourth quarter of 2004, while EBIT stood at €3.8 million compared to €4.7 million of the same period of the previous year.
The Group’s net profit amounted to €1.3 million, compared to €1.8 million in the fourth quarter of 2004.
Comments of the Managing Director
“We are pleased with the overall performance for 2005,” said Lorenzo Targetti, Managing Director of Targetti Sankey S.p.A., “especially with the considerable growth in the Group’s core business, architectural lighting. Growth in our core business was able to largely offset the delay in turnover and profitability registered in outdoor public lighting, which had instead suffered due to unfavourable conditions in the Italian market”.
“We are cautiously optimistic on the outlook for 2006”, continued Targetti, “ A year where we hope to consolidate our development using a model aimed at making optimum use of the specialisations in different segments of each company belonging to the Group, and achieving greater operating efficiency”.
Attached to this press release are the main consolidated economic and financial figures included in the quarterly report and approved today by the Board of Directors.
The Targetti Group is one of the European leaders in the sector of interior and exterior lighting. A network of nine highly specialised companies, it draws its strength from its long history and from its natural talent for research. Thanks to its perfect blend of technology and design, Targetti equipment lights universal masterpieces of art such as Michelangelo's David, Leonardo's Last Supper, and the Notre Dame Cathedral, and is used in a wide range of environments: the Singapore Opera House, Madrid, Canton, and Paris airports, the Bulgari, Benetton, Celine, Diesel showrooms, the Formula 1 McLaren boxes, corporations such as Peugeot, Citröen, and Alfa Romeo, the world's most prestigious hotel chains, and over 4000 large and small urban environments, all places where light...means Targetti.
Contact:
Marco Cisbani
Targetti Sankey S.p.A
Tel.: +39 055/3791.203
Massimiliano Parboni
Barabino&Partners
Tel.: +39 06/679.29.
CONSOLIDATED BALANCE SHEET
|
€/000 |
As at 31.12.05 |
As at 30.09.05 |
As at 31.12.04 |
|
|
|
|
|
|
Tangible assets |
28,363 |
27,935 |
23,726 |
|
Intangible assets |
10,986 |
10,214 |
8,500 |
|
Non current financial assets |
486 |
485 |
623 |
|
Other non current assets |
3,593 |
3,667 |
2,454 |
|
Fixed assets A |
43,428 |
42,301 |
35,303 |
|
|
|
|
|
|
Inventories |
40,463 |
41,981 |
34,894 |
|
Trade receivables |
56,488 |
54,278 |
53,845 |
|
Financial assets and other current assets |
5,673 |
6,411 |
5,196 |
|
Short term operating assets B |
102,624 |
102,670 |
93,935 |
|
Trade payables |
(30,939) |
(28,572) |
(28,577) |
|
Financial liabilities and other current liabilities |
(14,817) |
(16,691) |
(14,991) |
|
Short term operating liabilities C |
(45,756) |
(45,263) |
(43,568) |
|
Net working capital D=B+C |
56,868 |
57,407 |
50,367 |
|
|
|
|
|
|
Severance indemnity provision E |
(4,633) |
(4,576) |
(4,040) |
|
Financial Liabilities and other non current liabilities F |
(3,427) |
(3,349) |
(2,967) |
|
Total G=E+F |
(8,060) |
(7,925) |
(7,007) |
|
|
|
|
|
|
Net asset held for sale H |
3,174 |
3,006 |
- |
|
|
|
|
|
|
Net invested capital A+D+G+H |
95,410 |
94,789 |
78,663 |
Financed by:
|
Group net equity I |
55,605 |
54,302 |
52,586 |
|
Minority net equity L |
5,481 |
5,260 |
4,581 |
|
Total net equity M=I+L |
61,086 |
59,562 |
57,167 |
|
|
|
|
|
|
Medium and long-term borrowing N |
26,159 |
28,654 |
11,211 |
|
Short term borrowing |
15,730 |
12,845 |
17,925 |
|
Cash and equivalents |
(7,565) |
(6,272) |
(7,640) |
|
Net short-term borrowing O |
8,165 |
6,573 |
10,285 |
|
Total net borrowing P=N+O |
34,324 |
35,227 |
21,496 |
|
|
|
|
|
|
Own funds and borrowed funds M+P |
95,410 |
94,789 |
78,663 |
CONSOLIDATED INCOME STATEMENT
|
€/000 |
4th Quarter |
Year |
|
|
2005 |
2004 |
2005 |
2004 |
|
|
|
|
|
|
|
Net turnover |
42,997 |
40,046 |
156,713 |
146,285 |
|
|
|
|
|
|
|
Other revenues |
1,295 |
1,011 |
1,829 |
4,035 |
|
Consumption and other operating costs |
(30,354) |
(27,451) |
(107,863) |
(100,992) |
|
Added value |
13,938 |
13,606 |
50,679 |
49,328 |
|
|
|
|
|
|
|
Personnel costs |
(8,630) |
(7,644) |
(31,568) |
(29,171) |
|
Gross operating margin |
5,308 |
5,962 |
19,111 |
20,157 |
|
|
|
|
|
|
|
Amortisation, depreciation and provisions |
(1,553) |
(1,275) |
(4,741) |
(4,316) |
|
Operating result |
3,755 |
4,687 |
14,370 |
15,841 |
|
|
|
|
|
|
|
Net financial income (expenses) |
(604) |
(831) |
(1,742) |
(2,296) |
|
Pre-tax result |
3,151 |
3,856 |
12,628 |
13,545 |
|
|
|
|
|
|
|
Tax on income for the period |
(1,830) |
(2,095) |
(6,882) |
(7,240) |
|
Net results of continuing operations |
1,321 |
1,761 |
5,746 |
6,305 |
|
|
|
|
|
|
|
Net result of discontinued operations |
104 |
145 |
737 |
1,247 |
|
|
|
|
|
|
|
Net result for the period |
1,425 |
1,906 |
6,483 |
7,552 |
|
|
|
|
|
|
|
Minority interest for the period |
(159) |
(117) |
(937) |
(1,535) |
|
Group result for the period |
1,266 |
1,789 |
5,546 |
6,017 |
|
|
|
|
|
|
|
Group per share result for the period |
0,07 |
0,10 |
0,31 |
0,34 |
|
