The Board of Directors approves the Interim Management Report at 31st March 2017

The Board of Directors 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 Interim Management Report at 31st March 2017.

The main results in regard to the Consolidated Profit and Loss account at 31st March 2017 are as follows:

• Production Value of Euro 14.6 million (Euro 14.9 million in the first quarter of 2016). The increases in internal work capitalized for the development of new products (asset increases due to internal work) stands at Euro 1.1 million, compared to Euro 1.3 million in the first quarter of previous year;
• Gross Operational Result (EBITDA) of Euro 2.2 million (14,8% of the Production Value) compared to Euro 2.0 million registered in the first quarter of 2016 (13.7% of the Production Value);
• Operational Result (EBIT) of Euro 0.7 million corresponding to 4.5% of the Production Value, compared to Euro 0.5 million registered in the first quarter of previous year (3.2% of the Production Value); the EBIT increase (+38.5%) is mainly due to the improved quality of revenues which resulted in less reliance on external staff;
• Result of the quarter, net of tax and of third party share, attributable to owners of the parent of Euro 0.5 million (3.4% of the Production Value) compared to Euro 0.4 million in the first quarter of 2016 (2.9% of the Production Value).

The Group’s Consolidated Net Financial Position at 31st March 2017 is in credit by Euro 1.8 million compared to Euro 0.2 million registered at 31st December 2016 and to Euro 6.6 million registered at 31st March 2016.

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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. Note moreover that in this press release, in addition to the conventional financial indicators required by IFRS, there are also 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 communications.

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The Interim Management Report at 31st March 2017 is not subject to auditing by the auditing company and will be made available to the public at CAD IT S.p.A. registered office, at Borsa Italiana S.p.A., in the Investor Relations section of the company’s internet website www.caditgroup.com and on the authorized storage mechanism for regulated information “eMarket STORAGE” at www.emarketstorage.com within the deadlines provided for by law. Written notification of such publication will be given.

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The CAD IT S.p.A. Board of Directors has positively assessed the subsistence of the necessary requirements for its independent Directors (Lamberto Lambertini, Alessandra Pedrollo, Gian Paolo Tosoni e Debora Cremasco) provided for by the TUF article 148 paragraph 3 (applicable to Directors pursuant to TUF article 147-ter, paragraph 4) and by the Corporate Governance Code of Borsa Italiana S.p.A.. The Board of Auditors verified the proper application of the criteria adopted by the Board of Directors.