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Datalogic (Star: DAL.MI) - The Board of Directors approved the Quarterly Report at 31 March 2012

• The first quarter of 2012 also confirms the growth of the Group thanks to the consolidation of Accu-Sort Systems and PPT Vision

• Sales revenues at 115.4 million Euro, +9.9% compared to the same period in 2011;

• Order book at 135 million Euro, +26% compared to the first quarter 2011

• EBITDA at 18.5 million Euro, +24.2% compared to first quarter 2011; EBITDA increased from 14.2% to 16%

• Strong rise in net income to 10 million Euro, +77.5% compared to the first quarter of 2011

• Net financial debt is now at 172.1 million Euro following acquisition of Accu-Sort Systems, completed in January

 

Bologna, 14th May 2012 – Datalogic S.p.A. (Borsa Italiana S.p.A.: DAL), a company listed on the Mercato Telematico Azionario – Star Segment – organized and managed by Borsa Italiana S.p.A. (“Datalogic”), market leader in bar code readers, data collection mobile computers, RFID and vision systems - today approved the Quarterly Financial Report at 31 March 2012.

The first quarter of the year that for the first time consolidated Accu-Sort Systems (from 20 January 2012) and PPT Vision, ended with a net profit of 10 million Euro, a strong growth (+77.5%) compared to 5.7 million Euro recorded in the first quarter of 2011. On a comparable basis, thus without the contribution of the two acquired companies, net profit would have amounted to 10.5 million Euro. For a better understanding of the quarterly results and of the contribution from the acquired companies, please consult the following chart:

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Mauro Sacchetto CEO of Datalogic Group, stated: “The quarterly results confirm once again the validity of the strategic choices made over the last two years. Despite a slackening in sales due primarily to a slow start to international economy and in line with the benchmark companies of the sector, the strategic projects we had previously commenced have helped improve profitability and quarterly results.
The Group’s new organizational framework, which for the first time envisions business management per relevant target market - Automatic Data Capture and Industrial Automation – together with the new Supply Chain of the Automatic Data Capture Segment and the upgrade of the plant in Vietnam, have already started producing the first benefits which we expect will increase significantly starting from the current quarter.
Furthermore the contribution to the Group from the newly-acquired Accu-Sort was still secondary in this reporting period. We are confident in a positive development during the course of the year, giving substantial improvement in terms of growth and synergy”. 

Sales revenues amounted to 115.4 million Euro showing growth of 9.9% compared to first quarter 2011. At constant EUR/USD exchange rates the increase compared to the preceding year was slightly lower (7.8%). Sales revenues include revenues from Accu-Sort Systems Inc. and PPT Vision Inc. for a total of 9.7 million Euro.

The EBITDA amounted to 18.5 million Euro with an increase of 24.2% compared to first quarter 2011 amounting to 14.9 million Euro, confirming a further increase in profitability (the EBITDA margin was 16% compared to 14.2% in first quarter 2011). Such a result benefited from about 5.5 million Euro in revenue related to the sale of certain assets, such as patents, expertise and other intangible fixed assets, related to a non-core business for the Group, while the effects of the new Supply Chain related to the ADC segment began to show its effects from the second quarter of the year.
Research and development expenses, equal to 8 million Euro, amount to 6.9% compared to 6.5% of revenue from the previous year.

Even more significant is the growth in ordinary operating profit (EBITANR ) that amounts to 16.1 million Euro (+31.9% compared to 12.2 million euros in first quarter 2011).

After financial charges decreased to 0.6 million Euro compared to 1.5 million Euro in first quarter 2011, foreign exchange losses which amounted to 4.2 million Euro compared to 1,6 million Euro in first quarter 2011 and taxes and duties of 0.4 million Euro compared to 2.6 million Euro in first quarter 2011, net profit for the Group grew to 10 million Euro compared to 5.7 million Euro realised in the first quarter of the past year.

The net financial position at 31 March 2012 was negative at 172.1 million Euro compared to 59.4 million Euro at 31 December 2011. This trend is primarily attributable to the acquisition of the holdings of Accu-Sort Group for 103 million Euro.
Net working capital amounted to 58.4 million Euro at 31 March 2012; an increase of 28.6 million Euro compared to 31 December 2011 (equal to 29.8 million Euro).

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[1] EBITANR – Earnings before interest, taxes, acquisition, amortisation and non recurring items.

 

The Group’s new structure, effective as of 1st January 2012, is now organized per relevant market, a necessary step in order to provide integrated solutions at a global level. Therefore, the Group is now structured as follows:

Automatic Data Capture (ADC)  Division - including Datalogic Scanning, Datalogic Mobile, Enterprise Business Solutions and Evolution Robotics Retail Inc.;

Industrial Automation  Division – including Datalogic Automation and the newly acquired Accu-Sort Systems Inc. and PPT Vision Inc.;

Informatics

The following table shows individual operating divisions’ sales (inclusive of intersegment revenues) and EBITANR (earnings before interest, acquisition amortization and non-recurring items) for the first three months of 2012 for the individual Operating Divisions.

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With regards to geographic areas, in first quarter 2012, the North American market continued to show strong sales growth with an increase of 30% to 38.3 million Euro compared to 29.4 million Euro during the same period of the preceding year. Following Europe that increased 11% going from 42.9 million Euro to 47.8 million Euro.

Please note that the Interim Management Statement at 31st March 2012 is not audited and that it is available in the Investor Relations section of the company’s website: www.datalogic.com.

The manager responsible for preparing the company’s financial reports - Mr Marco Rondelli – declares, pursuant to paragraph 2 of Art. 154-bis of the Italian Legislative Decree no.58/1998, that the accounting information contained in this press release corresponds to the document results, books and accounting records.

Reclassified income statement at 31st March 2012 – Euro/1.000

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Note: Following the introduction of IAS/IFRS, non-recurring or extraordinary costs are no longer shown separately in financial statements below the operating line but are included in ordinary operating figures. In order to ensure better representation