PRESS RELEASE
TXT e-solutions: 2013 nine-month revenues grew +16.2%, EBITDA
+9.2%. Board approves one new free share for each share owned.
Consolidated Revenues: 39.6 million (+16.2%), 54% from outside
Italy. EBITDA: 4.8 million (+9.2% compared to September 30, 2012).
Net profit: 2.9 million ( 3.0 million as of September 30, 2012, net
of nonrecurring capital gain). Net Financial Position: 6.3 million
( 6.0 million as of December 31, 2012).
Milan November 6, 2013 The Board of Directors of TXT e-solutions,
chaired by Alvise Braga Illa, today approved TXT financial results
for the period ended on September 30, 2013. In the first nine
months of 2013 the key business objectives for TXT have been the
Luxury and Fashion markets in Europe and in North America, where
TXT offers its proprietary software TXT Perform for "end to end"
planning of large, international Luxury and Retail customers.
Revenues grew by 16.2%, from 34.1 million to 39.6 million. Sales of
licences and maintenance totalled 10.2 million (26% as a percentage
of revenues), up +31.9% compared to September 30, 2012. Both
business areas made a positive contribution to growth in revenues,
with TXT Perform and TXT Next increasing +25.4% (60% of group
revenues) and +4.4% (40% of group revenues), respectively.
International revenues rose from 17.5 to 21.5 million, up +22.4%
(54% of total sales). EBITDA grew by 9.2%, from 4.4 million to 4.8
million (12.0% of revenues). In the first nine months of 2013,
several new initiatives in support of planned growth increased
Research and Development costs (+23.4%) and Commercial costs
(+15.9%). All research and development costs were expensed both in
2013 and in 2012. Net Income amounted to 2.9 million (7.3% of
revenues), compared to 3.6 million in the first nine months of
2012, which included 0.6 million extraordinary capital gain on the
sale of KIT Digital shares, following the divestiture of Polymedia.
Lower tax charges partly balanced higher amortization costs and
financial charges following the Maple Lake acquisition.
TXT e-solutions S.p.A. Via Frigia, 27 - 20126 Milano (Italy) Tel.
+39 02 25771.1 Fax +39 02 2578994 www.txtgroup.com
PRESS RELEASE
Net Financial Position has risen from 6.0 million positive as of 31
December 2012 to 6.3 million as of September 30, 2013, due to good
cash generation and net of payment of dividends of 2.1 million. At
both dates Net Financial Position does not include 2.8 million
provision for maximum Earn-out payable to Maple Lake sellers. No
additional payment is expected as the contractual target for
exceptional synergies are not verified to date, nor expected. Final
acquisition price is reduced from 13.1 million to 10.1 million and
Balance Sheet and Net Financial Position as of December 31, 2012
have been restated to reflect the final acquisition price.
Shareholders' Equity as of September 30, 2013 amounted to 26.5
million, compared to 26.0 million as of December 31, 2012 mainly
due to net income of the first nine months (2.9 million), net of
payment of dividends ( 2.1 million), purchase of treasury shares (
0.8 million) and issue of shares for stock option and stock grant
plans. In the first nine months of 2013, TXT Perform launched on
the market new "TXT Mobile" and "TXT on Cloud" applications and new
releases of TXT Perform.
Significant events and Outlook after the reporting period
Order book and ongoing negotiations for the sale of TXT Perform
solutions and of TXT Next services are good and support a positive
development of the business in the last quarter of 2013, despite
the persistence of instability and recession in many markets.
Shareholders' Meeting to approve a free capital increase
The Board of Directors called an extraordinary Shareholders'
Meeting at "Borsa Italiana" on December 17, 2013 at 15.00, to
resolve on a free capital increase through the issue of one new
share, for each existing share. An amount of 3.0 million of total
19.0 million of Equity reserves will be transferred to Subscribed
and Paid-in Capital. Shares will start trading ex-dividend from
February 3, 2014. Shareholders' should note that a free capital
increase, as well as dividends, are basically neutral to Enterprise
Value. The aim of this operation is to increase the liquidity of
TXT shares.
Business Plan and Long-Term Vision for TXT
The Board of Directors discussed strategies and growth options on
the basis of a detailed analysis of market potential and
competition, confirming the opportunity for TXT of significant
growth in revenues and profitability - once the current difficult
economic climate improves and the will to pursue such
opportunities and undertake the necessary investments. Management
will hold a presentation to Investors and Analysts and discuss key
drivers of the long term vision and of the TXT business plan
2014-16, on December 17, at approximately 16.30 at Borsa Italiana,
after the Shareholders' Meeting.
TXT e-solutions S.p.A. Via Frigia, 27 - 20126 Milano (Italy) Tel.
+39 02 25771.1 Fax +39 02 2578994 www.txtgroup.com
PRESS RELEASE
Declaration of the designated officer in charge of drafting the
company's accounting documents
The Designated Officer in charge of drafting the company's
accounting documents, Paolo Matarazzo, herein declares, pursuant to
Article 154-bis, Paragraph 2 of Legislative Decree no. 58 of 24
February 1998 that the accounting information contained in this
press release corresponds to the documentary records, books and
accounting entries. As from today, this press release is available
also on the company's website www.txtgroup.com
TXT e-solutions is an international specialist in high-value,
strategic software and solutions for large enterprises. The main
business areas are: Integrated & Collaborative Planning
Solutions, with the TXT Perform Division, especially for Luxury,
Fashion, Retail and Consumer Goods; Software for Complex Operations
& Manufacturing, with the TXT Next Division, for Aerospace,
Defence, High-Tech and Finance. Listed in the Star Segment of Borsa
Italiana (TXT.MI), TXT is based in Milan and has offices in Italy,
France, UK, Germany, Spain, Canada and Australia.
For information: TXT e-solutions SpA Paolo Matarazzo CFO Tel. +39
02 25771.355 paolo.matarazzo@txtgroup.com
TXT e-solutions S.p.A. Via Frigia, 27 - 20126 Milano (Italy) Tel.
+39 02 25771.1 Fax +39 02 2578994 www.txtgroup.com
PRESS RELEASE
Management Income Statement as at 30.9.2013
Amounts in thousands of Euro 9m 2013 % 9m 2012 % Var %
REVENUES Direct costs GROSS MARGIN R&D Costs Commercial Costs
G&A Costs GROSS OPERATING MARGIN (EBITDA) Amortization,
Depreciation OPERATING PROFIT (EBIT) Financial Income (Expenditure)
PRE-TAX INCOME (EBT) Income Taxes NET INCOME FROM OPERATIONS Non
recurring profit NET INCOME
39.611 18.762 20.849 3.618 7.616 4.851 4.764 945 3.819 (316) 3.503
(616) 2.887 2.887 -
100,0 47,4 52,6 9,1 19,2 12,2 12,0 2,4 9,6 (0,8) 8,8 (1,6) 7,3
34.103 16.095 18.008 2.931 6.572 4.143 4.362 741 3.621 241 3.862
(785) 3.077 552
100,0 47,2 52,8 8,6 19,3 12,1 12,8 2,2 10,6 0,7 11,3 (2,3) 9,0 1,6
10,6
16,2 16,6 15,8 23,4 15,9 17,1 9,2 27,5 5,5 n.m. (9,3) (21,5) (6,2)
n.m. (20,4)
7,3
3.629
TXT e-solutions S.p.A. Via Frigia, 27 - 20126 Milano (Italy) Tel.
+39 02 25771.1 Fax +39 02 2578994 www.txtgroup.com
PRESS RELEASE
Income statement as at 30.9.2013
Amounts in Euro
30.09.2013
30.09.2012
Revenues Other income TOTAL REVENUES AND INCOME Purchases of
materials and services Personnel costs Other operating costs
Amortizations, depreciation and write downs OPERATING RESULT
Financial income Financial charges PRE-TAX RESULT Income Taxes NET
RESULT CURRENT ACTIVITIES Net profit from divested operations NET
RESULT PROFIT PER SHARE (Euro) PROFIT PER SHARE DILUTED (Euro)
38.802.620 808.686 39.611.306 (9.853.606) (23.659.425) (1.333.785)
(944.992) 3.819.498 929.920 (1.246.235) 3.503.363 (615.768)
2.887.415 2.887.415 0,55 0,52
32.373.027 1.729.655 34.102.682 (9.006.471) (19.390.561)
(1.343.172) (741.565) 3.620.913 1.359.772 (572.757) 4.407.928
(784.886) 3.623.042 5.643 3.628.685 0,73 0,69
Net Financial Position as at 30.9.2013
Amounts in thousands of Euro Cash Short Term Debt Short Term
Financial Resources Long Term Debt Net Available Financial
Resources Financial Debt - Earn-Out (IFRS 3) Total Net Financial
Position 30.09.13 31.12.12 Restated (*) 11.123 (1.462) 9.661
(3.407) 6.254 6.254 15.819 (5.496) 10.323 (4.302) 6.021 6.021
(4.696) 4.034 (662) 895 233 233 10.368 (1.627) 8.741 (1.501) 7.240
7.240 15.819 (5.496) 10.323 (4.302) 6.021 (2.784) 3.237 Var
30.09.12 31.12.12 Effect of PPA revision 2.784 2.784
(*) The Consolidated Balance Sheet as at December 31, 2012 has been
restated to reflect the retrospective effect of the final
acquisition price.
TXT e-solutions S.p.A. Via Frigia, 27 - 20126 Milano (Italy) Tel.
+39 02 25771.1 Fax +39 02 2578994 www.txtgroup.com
PRESS RELEASE
Consolidated Balance Sheet as at 30.9.2013
ASSETS (Amounts in Euro) September 30, 2013 December 31, 2012
(*)
NON-CURRENT ASSETS Goodwill Definite life intangible assets
Intangible Assets Buildings, plants and machinery owned Lease
assets Tangible Assets Other non-current assets Deferred tax assets
Other non-current assets TOTAL NON-CURRENT ASSETS CURRENT ASSETS
Inventories Trade receivables Other current assets Cash and other
liquid equivalents TOTAL CURRENT ASSETS TOTAL ASSETS EQUITY AND
LIABILITIES (Amounts in Euro)
12.638.152 3.094.119 15.732.271 1.153.500 16.640 1.170.140 132.079
399.267 531.346 17.433.757 1.608.294 18.666.468 1.684.618
11.122.994 33.082.374 50.516.131 September 30, 2013
12.912.416 3.708.812 16.621.228 1.121.001 33.281 1.154.282 301.053
493.907 794.960 18.570.470 1.388.486 17.274.489 2.287.953
15.818.812 36.769.740 55.340.210 December 31, 2012 (*)
SHAREHOLDERS' EQUITY Share capital Reserves Retained earnings
Profit (Loss) for the year TOTAL SHAREHOLDERS' EQUITY NON-CURRENT
LIABILITIES Non-current financial liabilities Long term Earn-out
Severance and other personnel liabilities Deferred tax liabilities
Provision for future risks and charges TOTAL NON-CURRENT
LIABILITIES CURRENT LIABILITIES Current financial liabilities Short
term Earn-out Trade payables Tax payables Other current liabilities
TOTAL CURRENT LIABILITIES TOTAL LIABILITIES TOTAL EQUITY AND
LIABILITIES
2.955.966 17.083.543 3.604.991 2.887.415 26.531.915 3.407.245
3.254.016 882.972 105.590 7.649.823 1.461.672 1.361.998 537.168
12.973.555 16.334.393 23.984.216 50.516.131
2.883.466 17.422.630 719.785 4.996.888 26.022.769 4.301.300
3.326.244 950.204 88.706 8.666.454 5.496.498 1.799.747 889.563
12.465.179 20.650.987 29.317.441 55.340.210
(*) The Consolidated Balance Sheet as at December 31, 2012 has been
restated to reflect the retrospective effect of the final
acquisition price.
TXT e-solutions S.p.A. Via Frigia, 27 - 20126 Milano (Italy) Tel.
+39 02 25771.1 Fax +39 02 2578994 www.txtgroup.com
PRESS RELEASE
Consolidated Statement of Cash Flows as at 30.9.2013
Amounts in Euro 30.09.2013 30.09.2012
Net Income Non cash costs Paid taxes Variance in deferred taxes
Amortization, depreciation and write-downs Cash flows generated by
operations before working capital (Increase) / Decrease in trade
receivables (Increase) / Decrease in inventories (Increase) /
Decrease in trade payables (Increase) / Decrease in severance and
other personnel liabilities (Increase) / Decrease in other current
assets/liabilities Changes in working capital CASH FLOW GENERATED
BY OPERATIONS Increase in tangible assets Increase in intangible
assets Increase in financial assets CASH FLOW GENERATED BY
INVESTING ACTIVITIES Repayment of borrowings Increase / (Decrease)
in financial debts Distribution of dividends Purchase of treasury
shares Exercise of stock options CASH FLOW GENERETED BY FINANCIAL
ACTIVITIES INCREASE / (DECREASE) IN CASH Difference in Currency
Translation Cash at beginning of the period Cash at the end of the
period
2.887.415 95.398 (352.395) 27.408 935.747 3.593.573 (619.670)
(219.808) (437.750) 7.795 606.472 (662.961) 2.930.612 (391.724)
18.541 (72.812) (445.995) (4.928.881) (2.106.906) (784.146) 468.928
(7.351.005) (4.866.388) 170.570 15.818.812 11.122.994
3.628.684 415.532 741.832 4.786.048 (2.275.229) (496.048) (682.272)
196.157 2.979.098 (278.294) 4.507.754 (301.154) (11.762.958)
(12.064.112) 1.777.782 2.031.771 (459.884) 3.349.669 (4.206.689)
205.157 14.370.363 10.368.831
TXT e-solutions S.p.A. Via Frigia, 27 - 20126 Milano (Italy) Tel.
+39 02 25771.1 Fax +39 02 2578994 www.txtgroup.com
PRESS RELEASE
Income Statement - Management Reporting Third Quarter as at
30.9.2013
Amounts in thousands of Euro Q3 2013 % Q3 2012 % Var 13/12%
REVENUS Direct Costs GROSS MARGIN R&D Costs Commercial Costs
G&A Costs GROSS OPERATING COST (EBITDA Amortization,
Depreciation OPERATING PROFIT (EBIT) Financial Income (Expenditure)
PRE-TAX INCOME (EBT) Income Taxes NET INCOME FROM OPERATIONS
Non-recurring result NET INCOME
13.346 6.368 6.978 1.059 2.720 1.579 1.620 359 1.261 (228) 1.033
(304) 729 729
100,0 47,7 52,3 7,9 20,4 11,8 12,1 2,7 9,4 (1,7) 7,7 (2,3) 5,5
5,5
10.649 4.914 5.735 905 2.255 1.333 1.242 262 980 61 1.041 (255) 786
(52) 734
100,0 46,1 53,9 8,5 21,2 12,5 11,7 2,5 9,2 0,6 9,8 (2,4) 7,4 (0,5)
6,9
25,3 29,6 21,7 17,0 20,6 18,5 30,4 37,0 28,7 n.m. (0,8) 19,2 (7,3)
n.m. (0,7)
TXT e-solutions S.p.A. Via Frigia, 27 - 20126 Milano (Italy) Tel.
+39 02 25771.1 Fax +39 02 2578994 www.txtgroup.com
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