- In the first half of 2006, consolidated turnover stood at € 89.2 million (+ 17.4%).
- EBITDA of € 10.1 million (+17.5%); EBIT of € 7.7 million (+16.7%).
- Group net profit of € 2.7 million (+3.8%).
The Board of Directors of Targetti Sankey S.p.A. met today in Florence to approve the consolidated results related to the quarter closed on June 30 2006.
The main consolidated results of the first half of 2006 (January-June)
In the first half of 2006 Targetti had a consolidated turnover of € 89.2 million, an increase of 17.4% over the first half of 2005 (€ 76.0 million), due to organic growth of 13.5% and growth through acquisitions (A2 s.r.l.) of 3.9%.
Growth was led by the architectural lighting sector, the Group's core business, which registered a 17.8% increase, while the public illumination and light source sector reported revenues that were substantially in line with the first half of 2005. The telecommunications sector confirmed a strong increase in revenues (+ 177.8%) thanks to the acquisition of new customers on the Italian and foreign markets.
Breakdown of revenues by geographic area stressed growth in all the main reference markets, especially Italy (+ 21.5%), the other EU countries (+ 23.1%), and the U.S. (+ 8.4%), while a decrease of 5.5% was seen in the other countries.
The very positive margin trend was also confirmed: the consolidated gross operating margin (EBITDA) stood at € 10.1 million, up 17.5% compared to € 8.6 million in 2005, while the consolidated operating result (EBIT) reached € 7.7 million, up 16.7% compared to € 6.6 million in 2005.
The Group’s consolidated net profits were € 2.7 million, an increase of 3.8% over the € 2.6 million of 2005.
Financial position as at 30.06.06
Net financial position as at June 30 2006 stood at € 39.1 million, compared to € 36.6 million as at March 31 2006. The increase in indebtedness is mainly due to the payment of a € 2.5 million dividend (2.6% dividend yield). Shareholders' equity as at June 30 stood at € 59.1 million.
The main consolidated results of the second quarter (April-June)
In the second quarter consolidated turnover stood at € 48.0 million, up 15.8% over 2nd quarter 2005.
In the same period EBITDA stood at € 4.9 million, up 1.5% from € 4.8 million in 2005, while EBIT was substantially stable at € 3.7 million.
The Group’s consolidated net profit totalled € 1.3 million, compared to € 1.5 million in 2005.
Events after the close of the quarter
On July 3 2006 the purchase of approximately 70,000 sq.m. of land in the municipality of Campi was finalised for € 5.9 million. This parcel is to host the Group's new central offices, where a large part of logistical and productive activities, currently divided among several facilities, will be concentrated.
Comments of the Managing Director
"The first half of the year's trends substantially confirmed the positive indications we had in the first quarter," said Lorenzo Targetti, Managing Director of Targetti Sankey S.p.A. "We are very satisfied, especially as regards the growth of turnover. Furthermore, the turnaround of the negative trend in the public illumination sector is worthy of note.”
“We are still positive about performance for the period," continued Targetti, "confirming the predicted growth for the end of the year."
Attached to this press release are the main consolidated figures included in the quarterly report as at June 30 2006, 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 Massimiliano Parboni
Targetti Sankey S.p.A Barabino&Partners
Tel.: +39 055/3791.203 Tel.: +39 06/679.29
CONSOLIDATED INCOME STATEMENT
|
€/000 |
2nd Quarter |
Half year |
|
|
2006 |
2005 |
2006 |
2005 |
|
|
|
|
|
|
|
Net turnover |
47,958 |
41,419 |
89,236 |
76,027 |
|
|
|
|
|
|
|
Other revenues |
567 |
99 |
783 |
463 |
|
Consumption and other operating costs |
(34,420) |
(28,588) |
(61,921) |
(52,141) |
|
Added value |
14,105 |
12,930 |
28,098 |
24,349 |
|
|
|
|
|
|
|
Personnel costs |
(9,237) |
(8,136) |
(17,956) |
(15,716) |
|
Gross operating margin |
4,868 |
4,794 |
10,142 |
8,633 |
|
|
|
|
|
|
|
Amortisation, depreciation and provisions |
(1,167) |
(1,085) |
(2,473) |
(2,062) |
|
Operating result |
3,701 |
3,709 |
7,669 |
6,571 |
|
|
|
|
|
|
|
Net financial income (expenses) |
(801) |
(145) |
(1,424) |
(467) |
|
Pre-tax result |
2,900 |
3,564 |
6,245 |
6,104 |
|
|
|
|
|
|
|
Tax on income for the period |
(1,597) |
(1,961) |
(3,484) |
(3,352) |
|
Net results of continuing operations |
1,303 |
1,603 |
2,761 |
2,752 |
|
|
|
|
|
|
Net result of discontinued operations[1] |
374 |
249 |
545 |
340 |
|
|
|
|
|
|
|
Net result for the period |
1,677 |
1,852 |
3,306 |
3,092 |
|
|
|
|
|
|
|
Minority interest for the period |
(380) |
(342) |
(656) |
(538) |
|
Group result for the period |
1,297 |
1,510 |
2,650 |
2,554 |
|
|
|
|
|
|
|
Group per share result for the period |
0.072 |
0.085 |
0.15 |
0.14 |
CONSOLIDATED BALANCE SHEET
|
€/000 |
As at 30.06.06 |
As at 31.03.06 |
As at 31.12.05 |
|
|
|
|
|
|
Tangible assets |
28,484 |
28,206 |
28,196 |
|
Intangible assets |
11,690 |
11,481 |
10,982 |
|
Non current financial assets |
908 |
134 |
124 |
|
Other non current assets |
4,210 |
3,545 |
3,591 |
|
Fixed assets A |
45,292 |
43,366 |
42,893 |
|
|
|
|
|
|
Inventories |
42,857 |
41,074 |
41,091 |
|
Trade receivables |
67,469 |
59,885 |
56,151 |
|
Financial assets and other current assets |
7,567 |
5,871 |
4,831 |
|
Short term operating assets B |
117,893 |
106,830 |
102,073 |
|
Trade payables |
(37,381) |
(30,048) |
(30,777) |
|
Financial liabilities and other current liabilities |
(19,240) |
(16,248) |
(14,056) |
|
Short term operating liabilities C |
(56,621) |
(46,296) |
(44,833) |
|
Net working capital D=B+C |
61,272 |
60,534 |
57,240 |
|
|
|
|
|
|
Severance indemnity provision E |
(4,684) |
(4,674) |
(4,514) |
|
Financial Liabilities and other non current liabilities F |
(3,697) |
(3,721) |
(3,549) |
|
Total G=E+F |
(8,381) |
(8,395) |
(8,063) |
|
|
|
|
|
|
Net asset held for sale H |
- |
3,332 |
3,237 |
|
|
|
|
|
|
Net invested capital A+D+G+H |
98,183 |
98,837 |
95,307 |
Financed by:
|
Group net equity I |
56,175 |
57,181 |
55,927 |
|
Minority net equity L |
2,946 |
5,075 |
5,013 |
|
Total net equity M=I+L |
59,121 |
62,256 |
60,940 |
|
|
|
|
|
|
Medium and long-term borrowing N |
12,239 |
15,978 |
18,208 |
|
Short term borrowing |
33,387 |
25,113 |
24,042 |
|
Cash and equivalents |
(6,564) |
(4,510) |
(7,883) |
|
Net short-term borrowing O |
26,823 |
20,603 |
16,159 |
|
Total net borrowing P=N+O |
39,062 |
36,581 |
34,367 |
|
|
|
|
|
|
Own funds and borrowed funds M+P |
98,183 |
98,837 |
95,307 |
[1] The “Net results of discontinued operations” includes the economic results of Duralamp International S.p.A. until June 30, 2006. On this date Dura Lamp S.p.A. (controlled by Targetti Sankey S.p.A. at 51%) ceded 2% of Duralamp International S.p.A. Consequently, Duralamp International S.p.A. has been 49% owned since June 30 2006, and from this time is valued according to the net equity method. |
