- In the first half of the year, consolidated turnover stood at 105.0 million euros (+17.7%).
- EBITDA of 13.9 million euros (+38.2%); EBIT of 10.2 million euros (+33.3%).
- Group net profit of 4.0 million euros (+51.8%).
The Board of Directors of Targetti Sankey S.p.A. met today in Florence to approve the half-yearly report as at 30 June 2007.
The main consolidated results for the first half of the year
In the first half of the year Targetti Group achieved a consolidated turnover of 105.0 million euros, showing a 17.7% increase over the first half of 2006 (89.2 million euros).
Growth was led by a) the architectural lighting sector, which registered a 23.1% increase in turnover, b) the public outdoor lighting sector (+11.0%), and c) the telecommunications sector (+26.1%). The light source sector recorded a drop of 11.6% 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 15.8% in Italy, 10.8% in other EU countries, 25.0% in the USA, and 43.0% in other countries.
Consolidated EBITDA totalled 13.9 million euros, up 38.2% compared to 10.1 million euros in the first half of 2006, while consolidated EBIT stood at 10.2 million euros, up 33.3% compared to 7.6 million euros in the first half of 2006.
The Group’s consolidated net profits amounted to 4.0 million euros, a 51.8% increase over the 2.6 million euros of the first half of 2006.
Financial position at 30 June 2007
The net financial position at 30 June 2007 stood at 46.6 million euros, compared to 40.2 million euros at 31 December 2006 and 44.7 million euros at 31 March 2007, due to the investments made for the period and to payments of dividends.
Net equity stood at 65.2 million euros, compared to 59.1 million euros at the end of June 2006 and 63.8 million euros at the end of December 2007.
Events after the close of the half year
On 6 September 2007 Targetti Sankey, through its subsidiary Iniziative Industriali Illuminazione S.p.A., completed the acquisition of 100% of the Danish company Holdingselskabet af 3. November 2005 A/S. Further to the acquisition, Targetti indirectly holds 92.5% of the share capital of the Danish company Louis Poulsen Lighting A/S, one of the European leaders in the luxury architectural lighting sector.
As part of the acquisition, 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.
Business outlook
The results the Group achieved in the first half of the year and the turnover figures for July and August confirmed the expectations for a positive result in terms of income in 2007.
According to paragraph 2 of article 154-bis of the Legislative Decree no. 58/1998 (Unified Finance Law), the Executive appointed to draft corporate accounts, Mr. Fabio Norcini, stated that the accounting information herein contained tallied with the documents, books and accounts.
Attached to this press release are the main consolidated figures included in the half-yearly report at 30 June 2007, approved today by the Board of Directors.
Targetti Group is one of the leading players in Europe in the indoor and outdoor lighting sector. An international network of highly specialised companies which draw their strength from a firmly-established tradition and natural vocation for research. Thanks to the perfect combination of design and technology, Targetti devices are used to light universal masterpieces such as Michelangelo's David, Da Vinci's Last Supper and Notre Dame Cathedral, and are used in a wide range of settings: from the Singapore Opera House to the airports in Madrid, Canton and Paris; from the showrooms of Bulgari, Benetton, Celine and Diesel to McLaren’s Formula 1 boxes; from companies such as Peugeot, Citröen and Alfa Romeo to the world's leading hotel chains, through to over 4,000 small and large towns where light… equals Targetti.
Contacts: Marco Cisbani Massimiliano Parboni
Targetti Sankey S.p.A Barabino&Partners
Telephone 055/3791.203 Telephone 06/679.29.29
INCOME STATEMENT
|
Thousands of euros |
First half |
Year |
|
|
2007 |
2006 |
2006 |
|
Net turnover |
105,040 |
89,236 |
176,888 |
|
|
|
|
|
|
Other Revenue |
831 |
813 |
1,550 |
|
Consumption and other operating costs |
(71,670) |
(62,024) |
(122,506) |
|
Value added [1]
|
34,201 |
28,025 |
55,932 |
|
|
|
|
|
|
Personnel Costs |
(20,260) |
(17,937) |
(36,031) |
|
Gross operating margin [2]
|
13,941 |
10,088 |
19,901 |
|
|
|
|
|
|
Amortisation, depreciation and provisions |
(3,784) |
(2,468) |
(5,932) |
|
Operating result |
10,157 |
7,620 |
13,969 |
|
|
|
|
|
|
Net financial income (expenses) |
(1,493) |
(1,555) |
(2,745) |
|
Pre-tax result |
8,664 |
6,065 |
11,224 |
|
|
|
|
|
|
Income taxes for the year |
(4,386) |
(3,358) |
(6,152) |
|
Net result of continuing operations |
4,278 |
2,707 |
5,072 |
|
|
|
|
|
|
Net result of discontinued operations |
- |
545 |
545 |
|
|
|
|
|
|
Net profit (loss) for the period |
4,278 |
3,252 |
5,617 |
|
|
|
|
|
|
Minority interest profit |
(287) |
(623) |
(753) |
|
Group’s result for the period |
3,991 |
2,629 |
4,864 |
|
|
|
|
|
|
Group’s per share result for the period |
0.21 |
0.15 |
0.27 |
EQUITY AND FINANCIAL POSITION
|
Thousands of euros |
at 30.06.07 |
at 30.06.06 |
at 31.12.06 |
|
|
|
|
|
|
|
40,804 |
28,499 |
38,140 |
|
Intangible assets |
13,783 |
11,693 |
13,405 |
|
Non current financial assets |
1,384 |
908 |
1,182 |
|
Other non current assets |
3,403 |
4,197 |
3,361 |
|
Fixed assets A |
59,374 |
45,297 |
56,088 |
|
|
|
|
|
|
Inventories |
49,170 |
42,827 |
45,310 |
|
Trade receivables |
71,926 |
66,985 |
59,151 |
|
Financial assets and other current assets |
6,638 |
7,182 |
9,648 |
|
Short-term assets for the year B |
127,734 |
116,994 |
114,109 |
|
Trade payables |
(45,801) |
(36,909) |
(39,081) |
|
Financial liabilities and other current liabilities |
(20,600) |
(18,725) |
(18,351) |
|
Short term liabilities for the year C |
(66,401) |
(55,634) |
(57,432) |
|
Net operating capital D=B+C |
61,333 |
61,360 |
56,677 |
|
|
|
|
|
|
Severance indemnity E |
(4,954) |
(4,683) |
(5,191) |
|
Financial liabilities and other non current liabilities F |
(3,907) |
(3,653) |
(3,640) |
|
Total G=E+F |
(8,861) |
(8,336) |
(8,831) |
|
|
|
|
|
|
Net assets held for sale H |
- |
- |
- |
|
|
|
|
|
|
Net invested capital A+D+G+H |
111,846 |
98,321 |
103,934 |
Financed by:
|
Group net equity I
|
61,744 |
56,168 |
60,469 |
|
Minority net equity L |
3,458 |
2,927 |
3,300 |
|
Total net equity M=I+L |
65,202 |
59,095 |
63,769 |
|
|
|
|
|
|
Medium and long-term financial indebtedness N |
9,596 |
12,239 |
10,507 |
|
Short-term financial indebtedness |
45,324 |
33,445 |
36,754 |
|
Current financial receivables |
(17) |
(37) |
(10) |
|
Securities held for trading |
83 |
138 |
87 |
|
Cash and cash equivalents |
(8,342) |
(6,559) |
(7,173) |
|
Short-term net financial indebtedness O |
37,048 |
26,987 |
29,658 |
|
Total net indebtedness P=N+O |
46,644 |
39,226 |
40,165 |
|
|
|
|
|
|
Own funds and borrowed funds M+P |
111,846 |
98,321 |
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. |
