EUROTECH S.p. AUGMENTATION DES RECETTES DU 4° TRIMESTRE 2007
Vendredi 15 Fév 2008 à 11:38
COMMUNIQUÉ DE PRESSE
EUROTECH : AUGMENTATION DES RECETTES DU 4° TRIMESTRE 2007 DE 66,1 % PAR RAPPORT À 2006 POUR ATTEINDRE 26,3 MILLIONS D'EUROS
- Revenu consolidé : 4ème trimestre + 66,1% de 15,83 millions d'euros à 26,31 millions d'euros ; 12 mois + 50,8 % de 50,76 millions d'euros à 76,53 millions d'euros
- ebitda consolidé : 4ème trimestre de 1,76 million d'euros à 2,15 millions d'euros ; 12 mois de 2,37 millions d'euros à 1,78 million d'euros
- EBIT consolidé : 4ème trimestre de 747 000 euros à - 547 000 euros ; 12 mois de 336 millions d'euros à -4,148 millions d'euros
- Résultats consolidés avant impôts : 4ème trimestre de 1,87 millions d'euros à -1,17 million d'euros ; 12 mois de 1,91 million d'euros à -3,85 millions d'euros
- Position financière nette : 12,54 millions d'euros
Amaro (UD), 14 February 2008
Today, the Board of Directors of Eurotech S.p.A. examined and approved the results related to the fourth quarter and the entire financial year 2007
These results reported growing revenue for the Eurotech Group, active in research, development, production and marketing of miniaturised (NanoPCs) and high-performance computing capability (HPCs) computers.
GROUP RESULTS FOURTH QUARTER 2007
CONSOLIDATED
Q4 2006
Q4 2006
Q4 2007
CHANGE %
PRICE ALLOCATION
Q4 2007
(E Mil.)
NET OF PRICE ALLOCATION
NET OF PRICE ALLOCATION
(*)
SALES
15.834
15.834
26.307
66.1%
-
26.307
EBITDA
1.758
1.809
2.445
35.2%
(294)
2.151
EBIT
747
1.065
1.227
15.3%
(1.774)
(547)
FINANCIAL MANAGEMENT
1.042
1.042
(630)
nmf.
-
(630)
PRE TAX RESULT
1.875
2.193
597
-72.8%
(1.774)
(1.177)
(*) Accounting effects of the price allocation relating to acquisitions MADE since April 2006 of the Arcom Group, Applied Data Systems Inc. and Advanet Group.
The fourth quarter 2007 posted 66.1% year-on-year growth in Group sales, increasing from of E15.83 million to E26.31 million. The large increase reflects the effect arising from acquisition of Applied Data Systems Inc. executed on 8 January 2007 and the Japanese group Advanet, executed on 31 October 2007. Note that the Advanet Group was consolidated on 1 November 2007 and therefore only contributed two months to sales in the quarter, for an amount of E4.3 million.
Group profits in the fourth quarter amounted to E13.29 million (+58.6% on the same period last year) accounting for 50.5% of revenues. Its impact improves, reaching 51.6%, by eliminating the effects of purchase price allocation.
EBITDA in the fourth quarter 2007 was preceded by a plus sign for E2.2 million, with a 8.2% margin on revenues. Fixed operating costs greatly influenced fourth-quarter results. EBITDA before purchase price allocation was E2.45 million with a 9.3 % impact on sales (fourth quarter 2006 reported EBITDA, net of price allocation, of E1.81 million). Thanks to the higher revenue earned, the fourth quarter 2007 reflects the higher absorption of overheads and therefore a better performance of the EBITDA as an absolute value and as a percentage of revenue, with respect to the previous nine months 2007, very close to its performance during the last quarter 2006.
EBIT in the fourth quarter was significantly affected by the negative effects of amortisation due to the price allocation of the Arcom Group, Applied Data Systems Inc. and Advanet Group acquisitions and amounted to - E547 thousand, accounting for - 2.1% of revenue compared to the fourth quarter 2006 which reported EBIT of E747 thousand (accounting for 4.7% of revenue). The negative effects on EBIT due to price allocation pursuant to the Arcom Group, Applied Data Systems Inc. and Advanet Group acquisitions amounted to E318 thousand for the fourth quarter 2006 and E1.774 million for the same period in 2007.
The pre-tax result was negative for E1.177 thousand (it was positive in fourth quarter 2006 for E1.875 million). Stripping off the effects of price allocation, this figure would be positive for E597 thousand (E2.19 million in the fourth quarter 2006).
In the fourth quarter, the net Group result came to - E548 million, compared with E1.379 million in the same period last year. Eliminating the effects of price allocation, this figure would be significantly better, positive for E249 thousand (E1.578 million in the fourth quarter 2006).
GROUP RESULTS IN 2007
CONSOLIDATED
31/12/2006
31/12/2006 NET PRICE ALLOCATION
31/12/2007 NET PRICE ALLOCATION
Change %
price allocation (*)
31/12/2007
(E Mil.)
SALES
50.759
50.759
76.531
50.8%
-
76.531
EBITDA
2.373
3.026
2.295
-24.2%
(514)
1.781
EBIT
(336)
1.070
(681)
-163.6%
(3.467)
(4.148)
FINANCIAL MANAGEMENT
2.247
2.247
263
nmf.
-
263
PRE TAX RESULT
1.911
3.317
(418)
nmf.
(3.467)
(3.885)
(*) Accounting effects of the price allocation relating to acquisitions made since April 2006 of the Arcom Group, Applied Data Systems Inc. and the Advanet Group.
Group revenues increased from E50.76 million in the twelve months of 2006 to E76.53 million in the same period of 2007, reporting healthy growth of 50.8% or E25.77 million.
The year reported gross profit with an impact on revenue of 49.7% (50.2% in 2006). Eliminating the effects of price allocation, gross profit would be better, accounting for 50.4% of revenue (51.5% in 2006). The performance of gross profit reflects the business model of Eurotech, based on sale of high value-added products.
EBITDA in the fourth quarter reported a positive result of E1.78 million, accounting for 2,3% of revenue. Once again, net of purchase price allocation EBITDA would be E2.3 million, accounting for 3.0% of revenue. Due to the fixed nature of Company's operating costs, the performance of EBITDA is strictly related to revenue and gross profit. The results in terms of EBITDA in the year 2007 compared with 2006 were negatively affected by a higher percentage of operating costs on revenue.
EBIT was influenced by the negative effects of amortisation due to price allocation of the Arcom Group, Applied Data Systems Inc. and Advanet Group acquisitions. EBIT increased from - E336 thousand in 2006 to - E4.148 million in 2007. Amortisation arising from price allocation in the year 2007 came to E2.953 million, reporting an increase of E2,2 million compared with the E753 thousand reported in 2006. EBIT before purchase price allocation was negative for E681 thousand (the year 2006 reported a positive value of E1.070 million, accounting for 2.1% of revenue).
Without considering the extraordinary positive effect last year arising from the PTO on Radstone, which accounted for E1.223 million, financial management reported a negative change in absolute values of E657 thousand between 2006 and 2007 chiefly due to the depreciation for E 315 thousand of the associated company Neuricam and due to Euro / USD exchange rates.
Pre-tax income decreased from E1.911 million in the financial year 2006 to - E3.885 million in the year 2007. Stripping off the effects of price allocation, this figure would be better, - E418 thousand in 2007 and + E3.317 million in 2006. In absolute terms, net Group income worsened from E572 thousand in the year 2006 to a loss of E3.233 million in 2007. Eliminating the effects of price allocation, this result would have been significantly better, reporting a negative figure of E1.393 million in 2007 compared with the positive E1.467 million in 2006. Besides reflecting the trend in pre-tax performance, this result was mainly due to the tax burden of the Group's various companies and to a lesser extent minority interest.
At 31 December 2007, the Group reported a positive net financial position of E12.5 million.
In accordance with section 2 of Article 154-bis the Unified Financial Law, the Financial Reporting Manager, Eros Goi, declared that the accounting disclosure contained in this press release corresponds to the documentary records, ledgers and accounting entries.
THE EUROTECH GROUP
Eurotech (ETH.MI) is a company active in the research, development, production and marketing of miniaturised computers (NanoPCs) and of computers featuring high-performance computing capability (HPCs).
Eurotech S.p.A. www.eurotech.com
Company contacts:
Investor relations
Massimo Mauri
Tel. 0433-485411
E-mail: m.mauri@eurotech.com
Communication Department
Cristiana della Zonca
Tel. 0433-485411
E-mail: c.dellazonca@eurotech.com
Press Office:
Community
Communication consulting
Mark Rubino
Tel. 02-89404231
E-mail: marco.rubino@communitygroup.it
ATTACHMENTS - FINANCIAL STATEMENTS
CONSOLIDATED INCOME STATEMENT
CONSOLIDATED INCOME STATEMENT
4th Qtr
%
4th Qtr
%
31/12/2006
%
31/12/2007
%
change (b-a)
(E'000)
2006
2007
amount
%
Sales revenue
15,834
100.0%
26,307
100.0%
50,759
100.0%
76,531
100.0%
25,772
50.8%
Cost of material
-7,452
-47.1%
-13,017
-49.5%
-25,296
-49.8%
-38,459
-50.3%
-13,163
52.0%
Gross profit
8,382
52.9%
13,29
50.5%
25,463
50.2%
38,072
49.7%
12,609
49.5%
Services costs
-3,621
-22.9%
-4,418
-16.8%
-11,601
-22.9%
-14,405
-18.8%
-2,804
24.2%
Lease & hire costs
-310
-2.0%
-403
-1.5%
-1,007
-2.0%
-1,439
-1.9%
-432
42.9%
Payroll costs
-3,594
-22.7%
-6,922
-26.3%
-12,889
-25.4%
-22,652
-29.6%
-9,763
75.7%
Other provisions and costs
-152
-1.0%
-573
-2.2%
-296
-0.6%
-1,252
-1.6%
-956
323.0%
Other revenues
1,053
6.7%
1,177
4.5%
2,703
5.3%
3,457
4.5%
754
27.9%
EBITDA
1,758
11.1%
2,151
8.2%
2,373
4.7%
1,781
2.3%
-592
-24.9%
Depreciation & Amortization
-830
-5.2%
-2,524
-9.6%
-2,528
-5.0%
-5,692
-7.4%
-3,164
125.2%
Asset impairment
-181
-1.1%
-174
-0.7%
-181
-0.4%
-237
-0.3%
-56
30.9%
EBIT
747
4.7%
-547
-2.1%
-336
-0.7%
-4,148
-5.4%
-3,812
n.s.
Share of associates' profit at equity
-51
-0.3%
-276
-1.0%
-51
-0.1%
-315
-0.4%
-264
n.s.
PTO launch charges
0
0.0%
0
0.0%
-1,86
-3.7%
0
0.0%
1,86
-100.0%
Income from PTO
0
0.0%
0
0.0%
3,083
6.1%
0
0.0%
-3,083
-100.0%
Finance expense
-696
-4.4%
-796
-3.0%
-2,033
-4.0%
-2,264
-3.0%
-231
11.4%
Finance income
1,789
11.3%
442
1.7%
3,022
6.0%
2,842
3.7%
-180
-6.0%
Profit before tax
1,875
11.8%
-1,177
-4.5%
1,911
3.8%
-3,885
-5.1%
-5,796
-303.3%
Income tax
-489
-3.1%
397
1.5%
-1,445
-2.8%
425
0.6%
1,87
-129.4%
Net profit before minority interest
1,386
8.8%
-780
-3.0%
466
0.9%
-3,46
-4.5%
-3,926
n.s.
Minority interest
7
0.0%
-232
-0.9%
-106
-0.2%
-227
-0.3%
-121
114.2%
Group net profit (loss)
1,379
8.7%
-548
-2.1%
572
1.1%
-3,233
-4.2%
-3,805
n.s.
CONSOLIDATED INCOME STATEMENT - RECONCILIATION OF OPERATING AND REPORTED DATA
