The Board of Directors of CAD IT S.p.A. (www.caditgroup.com), leader in the Italian financial software market, today approved the consolidated financial results of the Group and of the Parent company CAD IT S.p.A. as at 31st December 2019.
The Consolidated Financial Statements as at 31st December 2019 show:
The income results are influenced by extraordinary effects equal to Euro 2.6 million, without which the profit margins are substantially in line with the previous year (20% EBITDA).
CAD IT S.p.A. hereby reports that the Group’s Consolidated Net Financial Position at 31st December 2019 is in credit by Euro 12.4 million, compared to Euro 13.4 million registered at 31st December 2018. The Net Financial Position decrease is mainly linked to the recording of leasing payables (Euro 2.1 million) for the first time starting from 2019, following the adoption of the IFRS 16 accounting principle.
The Parent Company CAD IT S.p.A. recorded a Production Value of Euro 51.9 million, a Gross Operational Result (EBITDA) of Euro 8.1 million, an Operational Result (EBIT) of Euro 0,9 million and a Net Result of Euro 0.7 million.
The CAD IT Board of Directors intends to make use of the broader term provided for by Article 2364 of the Italian Civil Code and by Article 14 of the by-laws for calling the shareholders' meeting approving the 2019 financial statements and proposes to allocate the financial year’s net profit to the extraordinary reserve of undivided profits.
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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.
Furthermore, it is pointed out that this press release, in addition to the conventional financial indicators required by IFRS, also contains some alternative performance indicators in order to allow a better assessment of the economic and financial management trend. These indicators are calculated according to the usual market practices and in compliance with the previous company’s communications.
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It should be noted that the auditing of the draft financial statements is being completed and that the draft financial statements and the consolidated financial statements, together with the Board of Statutory Auditors’ and the Auditing Firm’s reports, will be made available to the shareholders at CAD IT S.p.A. registered office within the deadlines provided for by law.