The CAD IT Shareholders' Meeting deliberates the approval of 2011 Financial Statements, the distribution of an ordinary dividend of Euro 0.24 per share and the renewel of Company's roles

  • 26 abril 2012, 13:42

The ordinary Shareholders’ Meeting of CAD IT S.p.A. (www.cadit.it), leader in the Italian financial software market and listed in STAR, today approved the 2011 Annual Financial Statements.

The Consolidated Financial Statements at 31st December 2011 shows:

  • Production Value of Euro 56.2 million compared to Euro 52.5 million in 2010; internal work capitalised under fixed asset stood at Euro 3.5 million compared to Euro 4.3 million in 2010;
  • Gross Operational Result (EBITDA) of Euro 8.2 million (14.5% of Production Value) compared to Euro 4.5 million in 2010 (equal to 8.6% of Production Value);
  • Operational Result (EBIT) of Euro 4.6 million (8.3% of Production Value), compared to Euro 0.7 million in 2010 (equal to 1.4% of Production Value). The intangible fixed asset amortization went from Euro 3 million in 2010 to Euro 2.9 million in 2011;
  • Pre-tax and pre-third party share Result equal to Euro 4.7 million (8.4% of Production Value) compared to Euro 0.8 million in the previous financial period (1.4% of Production Value);
  • Net Result of Euro 1.9 million, equal to 3.3% of Production Value compared to Euro -0.6 million in the previous year (-1.2% of Production Value).

CAD IT hereby reports that the Net short-term Consolidated Financial Position at 31st December 2011 was in credit and stood at Euro 5.4 million compared to Euro 4.5 million at 30th September 2011 and to Euro 4.2 million registered at 31st December 2010.

The Parent Company CAD IT S.p.A. recorded a Production Value of Euro 54.5 million compared to Euro 49.8 million in the previous financial period with a net result of Euro 2.2 million compared to Euro -0.4 million at 31st December 2010.

The Shareholders’ Meeting decided the distribution of an ordinary dividend of €0.24 per share. The dividend, gross of withholding taxes, will be paid through authorized financial institutions, from 10th May 2012, prior release of coupon no. 12 on 7th May 2012.

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The Shareholders’ Meeting approved the first section of the Remuneration Report ex article 123-ter of Leg. Dec. 58/1998.

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The Shareholder’s meeting, following their deadline, has nominated the Board of Directors and the Board of Auditors for the financial years 2012, 2013 and 2014.

The rules for the allocation of remuneration to the members of Board of Directors and Board of Auditors have been approved as well.

The new CAD IT Board of Directors, that has met after the General Meeting for conferment of the positions, is composed of the following members:

Giuseppe Dal Cortivo (Chairman and Executive Director; list voted by majority),
Giampietro Magnani (Vice-chairman and Executive Director; list voted by majority),
Luigi Zanella (Vice-chairman and Executive Director; list voted by majority),
Paolo Dal Cortivo (Executive Director; list voted by majority),
Maurizio Rizzoli (non-executive Director; list voted by minority),
Jörg Karsten Brand (non-executive Director; list voted by majority),
Francesco Rossi (non-executive and Independent Director; list voted by minority),
Lamberto Lambertini (non-executive and Independent Director; list voted by majority).

The CAD IT Board of Auditors consists of the following Standing Auditors:

Riccardo Ferrari (Chairman; list voted by minority),
Renato Tengattini (list voted by majority),
Gian Paolo Ranocchi (list voted by majority)

and the following Substitute Auditors:

Giannicola Cusumano (list voted by minority),
Luca Signorini (list voted by majority).

The CVs of every member of the Board of Directors and of the Board of Auditors are available at the Company’s registered office, Borsa Italiana S.p.A. and on the Company’s web-site (www.cadit.it) in the Investor Relations Area.

The CAD IT Board of Directors has nominated the Control and Risk Committee and the Nominating and Remuneration Committee.

The Control and Risk Committee is set up by the three following members:

Francesco Rossi (non-executive and Independent Director),
Lamberto Lambertini (non-executive and Independent Director),
Maurizio Rizzoli (non executive Director).

The Supervisory Board functions have been attributed to the Control and Risk Committee in accordance with the legislative degree 231/2001 and the functions of the Committee established by Article 7 of CONSOB Resolution 17221/2010, as amended by Consob Resolution 17389/2010, concerning approval of transactions with related parties.

The Nominating and Remuneration Committee is set up by the three following members:

Francesco Rossi (non-executive and Independent Director),
Lamberto Lambertini (non-executive and Independent Director),
Maurizio Rizzoli (non executive Director).

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Moreover the Board of Directors nominated:

  • the manager in charge of the system of internal control and risk management;
  • the lead independent Director (identified in the Director Francesco Rossi);
  • the internal auditor.

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The manager responsible for preparing the company’s financial reports, Maria Rosa Mazzi, 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 documentation relative to the 2011 Annual Financial Statements and Consolidation Financial Statements is available to the public at the Company’s registered office, at Borsa Italiana S.p.A., as well as online at www.cadit.it.

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