The CAD IT Board of Directors approves the Interim Management Report at 30th September 2014

The Board of Directors of CAD IT S.p.A., leader in the Italian financial software market and listed in the STAR segment of Borsa Italiana, today approved the Interim Management Report at 30th September 2014.

The main consolidated results of the third quarter 2014 are as follows:

• Production Value of Euro 13.5 million compared to Euro 12.8 million in the third quarter of 2013. During the three months in question, increases in internal work capitalized for the development of new products (asset increases due to internal work) came to Euro 0.7 million compared to Euro 0.9 million in the same period of the previous year;
• Gross Operational Result (EBITDA) of Euro 2.1 million (15.4% of the Production Value) compared to Euro 1.5 million registered in the third quarter of 2013 (11.3% of the Production Value);
• Operational Result (EBIT) of Euro 0.8 million, corresponding to 5.8% of the Production Value compared to Euro 0.3 million in the third quarter of 2013 (2.5% of the Production Value);
• Pre-Tax Result of the quarter net of third party share of Euro 0.7 million, corresponding to 5.5% of the Production Value, compared to Euro 0.4 million in the third quarter of 2013 (3.0% of the Production Value).

The Consolidated Net Financial Position at 30th September 2014 is in debit by Euro 0.7 million, compared to Euro 2.0 million in credit registered at 30th June 2014 and to the Euro 2.6 million in debit registered at 31st December 2013.

The main consolidated results of the first nine months of 2014 are outlined below:

• Production Value of Euro 41.2 million compared to Euro 38.6 million in the same period of the previous year. During the nine months in question, investment for internal work capitalized under fixed assets came to Euro 2.5 million compared to Euro 2.8 million in the same period of the previous year. Net sales were equal to Euro 38.6 million compared to Euro 35.7 million registered in the first nine months of 2013;
• Gross Operational Result (EBITDA) of Euro 5.0 million (12.2% of the Production Value), compared to Euro 3.8 million in the first nine months of 2013 (9.7% of the Production Value);
• Operational Result (EBIT) of Euro 1.3 million (3.1% of Production Value) compared to Euro 0.4 million in the first nine months of 2013, corresponding to 1.1% of Production Value;
• Pre-tax Result of the period net of third party share of Euro 1.2 million, corresponding to 3.0% of the Production Value, compared to Euro 0.7 million in the same period of the previous year (1.7% of the Production Value).

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The Manager charged with preparing the company’s financial reports, Michele Miazzi, declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law on Finance, that the accounting information contained in this press release corresponds to the document results, books and accounting records.

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The Interim Management Report at 30th September 2014 will be published in the Investor Relation section on the Company’s internet website (www.caditgroup.com) and made available, to anyone on request, at the Company’s registered office of CAD IT S.p.A. and at the authorized storage mechanism for the regulated information called “1INFO” on the website www.1info.it, within the deadlines provided for by law. Written notification of such publication will be given.

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Significant events since 30th September 2014

On 30th October 2014 the companies DQS S.r.l. and CAD S.r.l., both entirely controlled by CAD IT S.p.A, with a view to simplifying and reorganising the group, decided to reduce administrative costs and generate financial and economic efficiency by drawing up a merger agreement to incorporate the first company into the second.
Consequently "CAD S.r.l." increases its company capital from Euro 295,500 to Euro 350,000, attributing the entire increase to the exclusive ownership of CAD IT S.p.A.. The statutory effects of the merger will come into effect as of 31/12/2014, while, pursuant to the combined provisions of articles 2504-bis and 2501-ter, paragraph 1, no. 6, the accounting and tax effects of the merger will be retroactive at 01/01/2014.