Engineering: Press Release 4Q2004
BOARD APPROVES QUARTERLY RESULTS AND AS AT 31 DECEMBER 2004
Production value at 333.6 mn euro, +20.8%
Surplus in net financial position at 26.2 mn euro, +15.4 mn euro
Ebitda a 49.4 mn euro, up by 18.2%
Rome, 14th of February 2005 – The Board of Directors of Engineering Ingegneria Informatica S.p.A. approved today 4th quarter 2004 financial figures, confirming the Group’s expansion phase.
In fact, as at 31/12/2004, production value on a yearly-basis reached 333.6 mn euro, with a growth in absolute terms of 57.5 mn euro and, percentually, of 20.8% on 2003; this positive trend can be found also in the organic growth, coming in at 14.3%.
During 2004, Ebitda rose at 49.4 mn euro, with an increase of 18.2% and, like-for-like, of 9.8%. Ebit reached a value of 35.1 mn euro, with an increase of 19.8% on 2003 and, like-for-like, of 13.3%. Thanks to these results, Ebitda margin come in at 15.4% and Ebit margin at 10.9%, basically in line with 2003, in spite of the significant growth of the Group.
At the end of 4th quarter 2004, Group’s net financial position shows a surplus of 26.2 mn euro, with an increase of 15.4 mn euro on 3rd quarter 2004. This result shows Group’s ability to generate new liquid assets and to finance the growth using less working capital.
During 4th quarter 2004, production value came in at 98.9 mn euro (-2.8%); this financial figure includes the entrance of Neta in the consolidation area, occurred during the 4th quarter 2003, with subsequent book-entries in that quarter of all yearly revenues of the acquired company. Net of this effect, in 4th quarter 2004, Group’s revenues grew by 12.8%.
Ebitda margin of the quarter went from 20% to 20.8%. Ebit of 16.2 mn euro grew by 19.1% with an Ebit margin rising from 13.7% to 16.9%.
Board of Directors accepted the resignation of Dino Furlan and, in his place, co-opted Giuliano Mari, but as independent director.
Among relevant matters occurring after the close of the quarter, the Board was informed on the acquisition of 55% of the share capital in NEXEN S.r.l, the new company specialized in the organizational and strategic consultancy services in the financial sector. The transaction is worth 1.093 mn euro.
Also in year 2004, in spite of the recessive trend of the market of IT services, the Engineering Group went against current market trend, keeping a two-digit growth. Acquired orders reached 347 mn euro on 319 registered in 2003, while backlog registered 260 mn euro compared with 254 mn euro of the end of previous year. In consideration of current positioning, the Group estimates, also in 2005 a further improvement in results, in spite of expectations for another market contraction.