- In the first half of the year, consolidated turnover stood at 104.7 million euros (+17.4%).
- EBITDA of 13.8 million euros (+36.7%); EBIT of 10.2 million euros (+33.5%).
- Group net profit of 3.9 million euros (+48.6%).
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 30 June 2007.
The main consolidated results of the first half of 2006 (January-June)
In the first half of the year the Group achieved a consolidated turnover of 104.7 million euros, showing a 17.4% increase over the first half of 2006 (89.2 million euros).
Growth was led by a) the architectural lighting sector which registered a 22.7% increase in turnover, b) the public outdoor lighting sector (+11.5%), and c) the telecommunications sector (+26.0%). The light source sector recorded a drop of 13.7% 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 half of 2007, revenues increased by 14.5% in Italy, 13.5% in other EU countries, 24.7% in the US, and 37.5% in other countries.
Consolidated EBITDA totalled 13.8 million euros, up 36.7% compared to 10.1 million euros in the first half of 2006, while consolidated EBIT stood at 10.2 million euros, up 33.5% compared to 7.6 million euros in the first half of 2006.
The Group’s consolidated net profits amounted to 3.9 million euros, a 48.6% increase over the 2.6 million euros of the first half of 2006.
Financial position as at 30 June 2007
The net financial position at 30 June 2007 stood at 47.7 million euros, compared to 44.7 million euros at 31 March 2007, due to the dividend paid and the investments for the period.
Net equity stood at 65.0 million euros, compared to 66.2 million euros at the end of March 2007.
The main consolidated results of the second quarter (April-June)
In the second quarter consolidated turnover stood at 54.8 million euros, up 14.3% over second quarter 2006.
In the same period, EBITDA – 7.2 million euros – increased by 47.2% compared to 4.9 million euros in 2006, while EBIT reached 5.1 million euros, up 37.7% compared to 3.7 million euros in 2006.
The Group’s consolidated net profits amounted to 1.9 million euros, a 45.2% increase over the 1.3 million euros of second quarter 2006.
Events after the close of the quarter
As part of the acquisition of the Danish company Louis Poulsen Lighting A/S, on 19 July 2007 Targetti Sankey S.p.A. signed a medium/long-term loan agreement with Fortis Bank for a maximum amount of 242 million euros, aimed at funding the acquisition and refinancing both the existing debt and the future investments of the Group.
The company Iniziative Industriali Illuminazione S.p.A., fully owned by Targetti Sankey S.p.A., was incorporated in July. The company will serve as special purpose vehicle to finalize the acquisition of 92.5% of Louis Poulsen Lighting A/S.
Further Resolutions of the BoD
Moreover, during the meeting Lorenzo Targetti, Managing Director of the company, informed the Board of Directors that some company shareholders, together with 3i private equity fund, issued a press release on 28 June 2007 to state their intentions to promote a mandatory takeover bid on the Company’s float in order to de-list the shares.
Further to said communications, in order to simplify operations, the BoD deemed it appropriate to resolve to ask Borsa Italiana S.p.A. to excludeTargetti Sankey stock as being qualified as “STAR”.
Comments of the Managing Director
“The second quarter’s trend – stated Lorenzo Targetti, Managing Director of Targetti Sankey S.p.A. - was also satisfactory thanks to the favourable general market situation ".
“The coming months will be characterised by the impact of the acquisition of Louis Poulsen Lighting – continued Targetti – which is set to be closed by the beginning of September: this is an especially important operation which will keep us very busy, considering the increase financial engagement, which will be reflected on our accounts ".
Attached to this press release are the main consolidated figures included in the quarterly report as at 30 June 2007, 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
|
Year |
€/000 |
2nd Quarter |
1st Half |
|
2006 |
|
2007 |
2006 |
2007 |
2006 |
|
|
|
|
|
|
|
|
|
|
176,888 |
|
54,811 |
47,958 |
104,735 |
89,236 |
|
|
|
|
|
|
|
|
|
|
1,550 |
Other revenues |
504 |
567 |
779 |
813 |
|
|
(122,506) |
Consumption and other operating costs |
(37,429) |
(34,420) |
(71,347) |
(62,024) |
|
|
55,932 |
Added value |
17,886 |
14,105 |
34,167 |
28,025 |
|
|
|
|
|
|
|
|
|
|
(36,031) |
Personnel costs |
(10,721) |
(9,237) |
(20,373) |
(17,937) |
|
|
19,901 |
Gross operating margin |
7,165 |
4,868 |
13,794 |
10,088 |
|
|
|
|
|
|
|
|
|
|
(5,932) |
Amortisation, depreciation and provisions |
(2,067) |
(1,167) |
(3,623) |
(2,468) |
|
|
13,969 |
Operating result |
5,098 |
3,701 |
10,171 |
7,620 |
|
|
|
|
|
|
|
|
|
|
(2,745) |
Net financial income (expenses) |
(947) |
(801) |
(1,659) |
(1,555) |
|
|
11,224 |
Pre-tax result |
4,151 |
2,900 |
8,512 |
6,065 |
|
|
|
|
|
|
|
|
|
|
(6,152) |
Tax on income for the period |
(2,287) |
(1,597) |
(4,343) |
(3,358) |
|
|
5,072 |
Net results of continuing operations |
1,864 |
1,303 |
4,169 |
2,707 |
|
|
|
|
|
|
|
|
|
|
545 |
Net result of discontinued operations[1] |
- |
374 |
- |
545 |
|
|
|
|
|
|
|
|
|
|
5,617 |
Net result for the period |
1,864 |
1,677 |
4,169 |
3,252 |
|
|
|
|
|
|
|
|
|
|
(753) |
Minority interest for the period |
19 |
(380) |
(262) |
(623) |
|
|
4,864 |
Group result for the period |
1,883 |
1,297 |
3,907 |
2,629 |
|
|
|
|
|
|
|
|
|
|
0.27 |
Group per share result for the period |
0.101 |
0.072 |
0.21 |
0.15 |
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED BALANCE SHEET
|
€/000 |
As at 30.06.07 |
As at 31.03.07 |
As at 31.12.06 |
|
|
|
|
|
|
Tangible assets |
40,805 |
39,459 |
38,140 |
|
Intangible assets |
13,772 |
13,443 |
13,405 |
|
Non current financial assets |
1,342 |
1,237 |
1,182 |
|
Other non current assets |
3,644 |
3,162 |
3,361 |
|
Fixed assets A |
59,563 |
57,301 |
56,088 |
|
|
|
|
|
|
Inventories |
49,097 |
45,847 |
45,310 |
|
Trade receivables |
74,449 |
67,526 |
59,151 |
|
Financial assets and other current assets |
6,640 |
9,217 |
9,648 |
|
Short term operating assets B |
130,186 |
122,590 |
114,109 |
|
Trade payables |
(47,528) |
(41,113) |
(39,081) |
|
Financial liabilities and other current liabilities |
(20,385) |
(18,787) |
(18,351) |
|
Short term operating liabilities C |
(67,913) |
(59,900) |
(57,432) |
|
Net working capital D=B+C |
62,273 |
62,690 |
56,677 |
|
|
|
|
|
|
Severance indemnity provision E |
(5,464) |
(5,405) |
(5,191) |
|
Financial Liabilities and other non current liabilities F |
(3,622) |
(3,764) |
(3,640) |
|
Total G=E+F |
(9,086) |
(9,169) |
(8,831) |
|
|
|
|
|
|
Net asset held for sale H |
- |
- |
- |
|
|
|
|
|
|
Net invested capital A+D+G+H |
112,750 |
110,822 |
103,934 |
Financed by:
|
Group net equity I
|
61,612 |
62,395 |
60,469 |
|
Minority net equity L |
3,433 |
3,764 |
3,300 |
|
Total net equity M=I+L |
65,045 |
66,159 |
63,769 |
|
|
|
|
|
|
Medium and long-term borrowing N |
9,596 |
9,482 |
10,507 |
|
Short term borrowing |
46,212 |
40,551 |
36,754 |
|
Current financial assets |
(17) |
(17) |
(10) |
|
Financial assets held for trading |
83 |
85 |
87 |
|
Cash and equivalents |
(8,169) |
(5,438) |
(7,173) |
|
Net short-term borrowing O |
38,109 |
35,181 |
29,658 |
|
Total net borrowing P=N+O |
47,705 |
44,663 |
40,165 |
|
|
|
|
|
|
Own funds and borrowed funds M+P |
112,750 |
110,822 |
103,934 |
[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. |
