The CAD IT Board of Directors approves the consolidated financial results and the Draft Financial Statements as at 31st December 2017 confirming the preliminary financial data already disclosed last March, 5th 2018, and calls the ordinary Shareorders' Meeting

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 consolidated financial results of the Group and of the Parent company CAD IT S.p.A. as at 31st December 2017, that confirm the preliminary financial data already disclosed last March, 5th 2018.

The Consolidated Financial Statements as at 31st December 2017 show:

• Production Value of Euro 62.8 million (Euro 57.2 million in 2016); the increases in internal work capitalized for the development of new products (asset increases due to internal work) were equal to Euro 3.7 million compared to Euro 4.8 million in the previous year. The revenues increase is mainly due to the concentration within the year of new software update and release towards the main banking customers as a result of regulation changes regarding MiFID II and the IFRS9 international accounting standard;
• Gross Operational Result (EBITDA) of Euro 12.5 million (19.8% of Production Value) compared to Euro 7.8 million in 2016 (13.6% of Production Value);
• Operational Result (EBIT) of Euro 6.1 million (9.7% of Production Value), compared to Euro 1.7 million in 2016 (2.9% of Production Value). The intangible fixed asset amortization and depreciation increased to Euro 5.4 million in 2017 compared to Euro 5.3 million in 2016. The EBIT increase (+264.0%) is mainly due to the increase of revenues and to lower use of external service providers for participation in activities on projects for customers;
• Pre-tax and Result of Euro 6.6 million (10.4% of Production Value) compared to Euro 2.0 million in the previous financial period (3.6% of Production Value);
• Result of the period, net of tax, attributable to owners of the parent of Euro 3.7 million (5.9% of Production Value) compared to Euro 1.1 million registered in the previous year (2.0% of Production Value).

CAD IT S.p.A. hereby reports that the Group’s Consolidated Net Financial Position at 31st December 2017 is in credit by Euro 8.5 million, compared to Euro 0.2 million registered at 31st December 2016.

The Parent Company CAD IT S.p.A. recorded a Production Value of Euro 61.8 million compared to Euro 57.2 million in the previous financial period with a Net Result of Euro 2.2 million compared to Euro 1.3 million at 31st December 2016.

In the context of evaluations regarding CAD IT S.p.A. 2017 financial results, the Board of Directors has decided to propose setting aside the year’s net profit in the available reserves of undivided profits, in consideration of the upcoming commitment related to the acquisition strategy in Spain.

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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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CAD IT S.p.A. reports to have approved, the annual report on corporate governance and ownership structures, pursuant to art. 89-bis of the Issuer Regulation, as well as the consolidated declaration of a non-financial nature, pursuant to Leg. Decree 254/2016: both documents 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 on the company’s internet website www.caditgroup.com and on the authorized storage mechanism for regulated information “eMarket STORAGE” on the website www.emarketstorage.com within the deadlines provided for by law. Written notification of such publication will be given.

The Board of Directors has also summoned the ordinary Shareholders’ Meeting in one single call for 27th April 2018.

The Shareholders’ Meeting will be called to deliberate on the approval of the 2017 Financial Statements, the profit allocation, the renewal of company roles (Board of Directors and Board of Auditors) and the first section of the remuneration report.

It should be noted that the auditing of the draft financial statements is being completed and that the annual financial report, together with the Board of Auditors’ and the Auditing Firm’s reports, as well as all the other documents related to the Shareholders’ Meeting agenda required by the applicable regulations, will be made available to the public within the deadlines provided for by law.

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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 has verified the proper application of the criteria adopted by the Board of Directors.