The CAD IT Shareholders’ Meeting deliberates the approval of 2013 financial statements and confirms the appointment of the new co-opted director

The ordinary Shareholders’ Meeting of CAD IT S.p.A. (www.caditgroup.com), leader in the Italian financial software market and listed in the STAR segment of Borsa Italiana, today approved the 2013 Annual Financial Statements.

The Consolidated Financial Statements at 31st December 2013 show:

• Production Value of Euro 52.2 million compared to Euro 56.5 million in 2012; the increases in internal work capitalized for the development of new products (asset increases due to internal work) equal Euro 3.7 million compared to Euro 3.6 million in the previous year;
• Gross Operational Result (EBITDA) of Euro 4.9 million (9.3% of Production Value) compared to Euro 9.3 million in 2012 (equal to 16,4% of Production Value);
• Operational Result (EBIT) of Euro 0.4 million (0.8% of Production Value), compared to Euro 5.5 million in 2012 (equal to 9.8% of Production Value). The intangible fixed asset amortization went from Euro 3.0 million in 2012 to Euro 3.9 million in 2013;
• Pre-tax and pre-third party share Result equal to Euro 0.7 million (1.4% of Production Value) compared to Euro 5.8 million in the previous financial period (10.3% of Production Value).
• Net Result of Euro -0.3 million, equal to -0.6% of Production Value compared to Euro 3.2 million in the previous year (5.7% of Production Value). The negative result is due to tax of Euro 0.9 million.

CAD IT hereby reports that the Group’s Consolidated Net Financial Position at 31st December 2013 is in debit by Euro 2.6 million, compared to Euro 3.9 million in credit registered at 31st December 2012. The decrease in the Net Financial Position is mainly due to an increase of the average collection period of payments from customers.

The Parent Company CAD IT S.p.A. recorded a Production Value of Euro 51.3 million compared to Euro 54.9 million in the previous financial period with a net result of Euro 0.1 million compared to Euro 2.9 million at 31st December 2012.

* * *

The Manager charged with preparing the company’s financial reports, Daniele Mozzo, 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.

* * *

In order to replace the resigning director Enrique Sacau, the Shareholders’ Meeting of CAD IT S.p.A. has confirmed the appointment of the co-opted non-executive and non-independent Director Thomas Burkhart, who will be in charge until the expiry date for the entire Board of Directors, i.e. until the date of the Shareholders’ Meeting that will be called for the approval of the financial statements for the year ending on 31st December 2014.

The curriculum vitae and the statements made by the new director Thomas Burkhart are available on the Company’s website www.caditgroup.com.

As a consequence of the above mentioned changes, the Board of Directors is now composed of the following members:

• Giuseppe Dal Cortivo, Chairman and Executive Director
• Giampietro Magnani, Vice-chairman and Executive Director
• Luigi Zanella, Vice-chairman and Executive Director
• Paolo Dal Cortivo, Executive Director
• Maurizio Rizzoli, non-executive Director
• Thomas Burkhart, non-executive Director
• Francesco Rossi, non-executive and Independent Director
• Lamberto Lambertini, non-executive and Independent Director.

* * *

The Shareholders’ Meeting approved the first section of the Remuneration Report pursuant to article 123-ter of Leg. Dec no. 58 of 24 February 1998.

* * *

The documentation relative to the 2013 Annual Financial Statements and Consolidated 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.caditgroup.com.

* * *

The Minutes of Shareholders’ Meeting and the Brief voting report will be made available to the public within the deadlines provided for by the applicable regulations.