CAD IT: the Shareholders' Meeting approves the 2010 Financial Statements, confirms the appointment of the co-opted Director, amend the Meeting regulations and the Company's Bylaws

The ordinary Shareholders’ Meeting of CAD IT S.p.A. (www.cadit.it), leader in the Italian financial software market and quoted in STAR, today approved the 2010 Annual Financial Statements.

The Consolidated Financial Statements at 31^st December 2010 shows:

• Production Value of Euro 52.5 million compared to Euro 54.3 million in 2009; internal work capitalised under fixed asset stood at Euro 4.3 million compared to Euro 4.2 million in 2009;
• Gross Operational Result (EBITDA) of Euro 4.5 million (8.6% of Production Value) compared to Euro 7.3 million in 2009 (equal to 13.4% of Production Value);
• Operational Result (EBIT) of Euro 0.7 million (1.4% of Production Value), compared to Euro 3.5 million in 2009 (equal to 6.5% of Production Value). The intangible fixed asset amortization went from Euro 2.8 million in 2009 to Euro 3 million in 2010;
• Pre-tax and pre-third party share result stood at Euro 0.8 million (1.4% of Production Value) compared to Euro 3.8 million in the previous financial period (7% of Production Value);
• Net Result of Euro -0.6 million, equal to -1.2% of Production Value compared to Euro 2 million in the previous year (3.7% of Production Value). The negative result is due to tax payment of Euro 1.4 million.

The Parent Company CAD IT S.p.A. recorded a Production Value of Euro 49.8 million compared to Euro 50.5 million in the previous financial period with a net result of Euro -0.4 million compared to Euro 2.4 million at 31^st December 2009.

CAD IT announces that the cash generated from operating activities amounts to EUR 6.3 million compared to EUR 1.5 million generated in 2009. Thanks to this increased cash flow the Net short-term Consolidated Financial Position at 31^st December 2010 was in credit at Euro 4.2 million compared to Euro 1.3 million at 30^th September 2010 and to Euro 5.1 million compared to 31^st December 2009 despite a payment of Euro 2.2 million for dividends during 2010.

* * *

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.

* * *

To replace the resigning Matthias Sohler, the Shareholders’ Meeting of CAD IT has confirmed the appointment of the co-opted non-executive and non-independent Director Jörg Karsten Brand, who will be in charge until the expiry date for the entire Board of Directors, that is the date of the Shareholders’ Meeting convocation for approval of the financial statements ending on 31^st December 2011.

The curriculum vitae and the statements made by the new director Jörg Karsten Brand are available on the Company’s website www.cadit.it.

Following 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
• Jörg Karsten Brand, non-executive Director
• Francesco Rossi, non-executive and Independent Director
• Lamberto Lambertini, non-executive and Independent Director.

* * *

The Shareholders’ Meeting has furthermore deliberated over (i) in the ordinary part, the amendment of the Meeting Regulations in order to adapt to the new provisions introduced by D. Lgs. n. 27/2010; (ii) in the extraordinary part, the amendment and insertion of some articles in the Company’s bylaws concerning:

• D. Lgs. n. 27/2010, transposing directive 2007/37/CE, regarding the exercising of some shareholders’ rights;
• D. Lgs. n. 39/2010, transposing directive 2006/43/CE, regarding statutory audit on annual and consolidated accounts;
• Consob resolution n. 17221/2010, setting rules regarding the operations with related parties, as amended by Consob resolution n. 17389/2010

and has also proceeded to the re‐numbering and titling of all statutory articles.

* * *

The documentation relative to the 2010 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.