- Consolidated turnover of 49.9 million euros (+20.9%).
- EBITDA of 6.6 million euros (+25.7%); EBIT of 5.1 million euros (+27.8%).
- Group net profit of 2.0 million euros (+49.6%).
The Board of Directors of Targetti Sankey S.p.A. met today in Florence to approve the consolidated results related to the first quarter of 2007.
The main consolidated results of the first quarter of 2007
In 1st Quarte 2007 the Group achieved a consolidated turnover of 49.9 million euros, showing a 20.9% increase over 1st Quarter 2006 (41.3 million euros).
The quarter also saw a continuing highly positive performance in the architectural lighting sector, the Group’s core business, which posted an increase of 30.1% in turnover, a growth in the public outdoor lighting sector (+7.8%) and telecommunications sector (+36.6%) was confirmed. The light source sector recorded a drop of 20.3% due to reorganisation of activities which was commenced during 2006.
The breakdown of revenues according to geographical area shows an increase in all target markets: specifically, in the first quarter of 2007, revenues increased by 16.9% in Italy, 17.3% in other EU countries, 39.7% in the US, and 39.3% in other countries.
The extremely positive margin trend was also confirmed: consolidated EBITDA totalled 6.6 million euros, up 25.7% compared to 5.3 million euros in 2006, consolidated EBIT stood at 5.1 million euros, up 27.8% compared to 4.0 million euros in 2006.
The Group’s consolidated net profits amounted to 2.0 million euros, a 49.6% increase over the 1.4 million euros of 1st Quarter 2006.
Financial position at 31 March 2007
The net financial position at 31 March 2007 amounted to 44.7 million euros compared to 40.2 million euros at 31 December 2006 due to the increase in working capital, which was nevertheless smaller than the increase in turnover, and to the investments made during the quarter.
Net equity stood at 66.2 million euros, showing an increase compared to 63.8 million euros at the end of 2006.
Comments of the Managing Director
“During the first three months, we achieved extremely important results – stated Lorenzo Targetti, Managing Director of Targetti Sankey S.p.A. - attaining a better growth trend than that seen in the sector as a whole, which was nevertheless positive".
“We are especially pleased – continued Targetti – that the company’s strategic choices have been rewarded by the market and with the success of our most innovative projects, such as the new line of LuceViva products, which uses the innovative LED technology. We are able to confirm our optimism for the coming months and are able to forecast an improvement in turnover and margins for 2007”.
Company management will present first quarter results to the financial community via conference telephone call today, at 3.00 pm (access number: 02/8020911).
Attached to this press release are the main consolidated 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 Massimiliano Parboni
Targetti Sankey S.p.A Barabino&Partners
Ph.: +39 055/3791.203 Ph.: +39 06/679.29
CONSOLIDATED INCOME STATEMENT
|
€/000 |
1st Quarter |
Year |
|
|
2007 |
2006 |
2006 |
|
|
|
|
|
|
|
49,924 |
41,278 |
176,888 |
|
|
|
|
|
|
Other revenues |
275 |
216 |
1,550 |
|
Consumption and other operating costs |
(33,918) |
(27,501) |
(122,506) |
|
Added value[1] |
16,281 |
13,993 |
55,932 |
|
|
|
|
|
|
Personnel costs |
(9,652) |
(8,719) |
(36,031) |
|
Gross operating margin[2] |
6,629 |
5,274 |
19,901 |
|
|
|
|
|
|
Amortisation, depreciation and provisions |
(1,556) |
(1,306) |
(5,932) |
|
Operating result |
5,073 |
3,968 |
13,969 |
|
|
|
|
|
|
Net financial income (expenses) |
(712) |
(623) |
(2,745) |
|
Pre-tax result |
4,361 |
3,345 |
11,224 |
|
|
|
|
|
|
Tax on income for the period |
(2,056) |
(1,887) |
(6,152) |
|
Net results of continuing operations |
2,305 |
1,458 |
5,072 |
|
|
|
|
|
Net result of discontinued operations[3] |
- |
171 |
545 |
|
|
|
|
|
|
Net result for the period |
2,305 |
1,629 |
5,617 |
|
|
|
|
|
|
Minority interest for the period |
(281) |
(276) |
(753) |
|
Group result for the period |
2,024 |
1,353 |
4,864 |
|
|
|
|
|
|
Group per share result for the period |
0.108 |
0.075 |
0.27 |
CONSOLIDATED BALANCE SHEET
|
€/000 |
As at 31.03.07 |
As at 31.12.06 |
|
|
|
|
|
Tangible assets |
39,459 |
38,140 |
|
Intangible assets |
13,443 |
13,405 |
|
Non current financial assets |
1,237 |
1,182 |
|
Other non current assets |
3,162 |
3,361 |
|
Fixed assets A |
57,301 |
56,088 |
|
|
|
|
|
Inventories |
45,847 |
45,310 |
|
Trade receivables |
67,526 |
59,151 |
|
Financial assets and other current assets |
9,217 |
9,648 |
|
Short term operating assets B |
122,590 |
114,109 |
|
Trade payables |
(41,113) |
(39,081) |
|
Financial liabilities and other current liabilities |
(18,787) |
(18,351) |
|
Short term operating liabilities C |
(59,900) |
(57,432) |
|
Net working capital D=B+C |
62,690 |
56,677 |
|
|
|
|
|
Severance indemnity provision E |
(5,405) |
(5,191) |
|
Financial Liabilities and other non current liabilities F |
(3,764) |
(3,640) |
|
Total G=E+F |
(9,169) |
(8,831) |
|
|
|
|
|
Net asset held for sale H |
- |
- |
|
|
|
|
|
Net invested capital A+D+G+H |
110,822 |
103,934 |
Financed by:
|
Group net equity I |
62,395 |
60,469 |
|
Minority net equity L |
3,764 |
3,300 |
|
Total net equity M=I+L |
66,159 |
63,769 |
|
|
|
|
|
Medium and long-term borrowing N |
9,482 |
10,507 |
|
Short term borrowing |
40,551 |
36,754 |
|
Current financial assets |
(17) |
(10) |
|
Financial assets held for trading |
85 |
87 |
|
Cash and equivalents |
(5,438) |
(7,173) |
|
Net short-term borrowing O |
35,181 |
29,658 |
|
Total net borrowing P=N+O |
44,663 |
40,165 |
|
|
|
|
|
Own funds and borrowed funds M+P |
110,822 |
103,934 |
[1] Value added is equal to the difference between the value of production and the value of the goods and services used in production.
[2] Gross operating margin is equal to the operating result adjusted for amortisation, depreciation, and write-downs.
[3] 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. |
