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The Board of Directors approved the Quarterly Report at 31st March 2013

•  Sales revenues at 102.0 million Euro compared to 115.4 million Euro in the first quarter of 2012

•  EBITDA at 11.0 million Euro compared to 18.5 million Euro in the first quarter of 2012

•  Net profit at 6.1 million Euro compared to 10.0 million Euro in the first quarter of 2012

•  Net financial debt stable at 122.0 million Euro compared to 121.1 million Euro at 31st December 2012


Bologna, 9th May 2013 – The Board of Directors of Datalogic S.p.A. (Borsa Italiana S.p.A.: DAL), a company listed in the STAR Segment of the Italian Stock Exchange managed by Borsa Italiana S.p.A. (“Datalogic”) and global leader in the automatic data capture and industrial automation markets and producer of bar code readers, data collection mobile computers, sensors, vision systems and laser marking systems, today approved the Quarterly Financial Report at 31st March 2013.

The results for the first quarter of 2013, which closed with net profit of 6.1 million Euro versus 10.0 million Euro in the same quarter of 2012, reflect the weakness of the reference markets, particularly in the ADC (Automatic Data Capture) segment, which was affected by the sharp slowdown in investment by the retail sector.

Romano Volta, Chairman and CEO of Datalogic Group, commented: “The first quarter was affected by the wait-and-see attitude of the main retailers, who limited their investments to replacements, and by the postponement to the second quarter of the launch of new products in the T&L and manufacturing sectors. Although these results fall short of what was achieved in the first quarter of last year, Datalogic decided to step up its investments in R&D both in absolute and percentage terms, in order to ensure the development and launch of new products, which are essential for our growth.
Given the increase in orders for this quarter and expectations regarding the launch of new products in the second half of the year, we are confident that this year will be a positive one”.

Consolidated sales revenues for the first quarter of 2013 came in at 102.0 million Euro, down by 11.6% y/y compared to 115.4 million Euro achieved in the same period of the previous year (-11.2% at constant Euro/Dollar exchange rates).
The orders already received, during the first quarter, were equal to 112.7 million Euro (book to bill ratio in the period equal to approx. 111%).

Gross operating margin came in at 48.3 million Euro versus 53.2 million Euro in the same period last year, rising by 1.3 points as a percentage of total revenues (from 46.1% to 47.4%).

Group EBITDA came in at 11.0 million Euro from 18.5 million Euro in the first quarter of 2012. The slowdown in revenues is reflected in the margins for the quarter, with the EBITDA margin down to 10.8% as effect of the greater incidence of fixed costs as a percentage of sales volumes.
The Group has increased investment in Research and Development both in absolute terms, from 7.97 million Euro in the first quarter of 2012 to 8.3 million Euro, and as a percentage of revenues - from 6.9% in the first quarter of last year to 8.1% - as it believes such investments play a fundamental role in business growth.

Note that in the first quarter of 2012, the “Other Revenues” benefited from revenues from a sale of certain assets, such as patents, know-how and other intangible fixed assets related to the radio frequency identification (RFID) business, which raised 5.5 million Euro.

EBITANR  was 8.7 million Euro compared to 16.1 million Euro in the first quarter of 2012.
After financial charges of 1.9 million Euro compared to 0.6 million Euro in the first quarter of 2012 and foreign exchange revenues for 3.2 million Euro compared to foreign exchange costs for 4.2 million Euro in the first quarter 2012, Group net profit came at 6.1 million Euro compared to 10.0 million Euro realized in the same periods of the preceding year.

The net financial position on 31st March 2013 was negative at 122.0 million Euro, substantially  in line with 121.1 million Euro at 31st December 2012. This was however an improvement on the figure on 31st March 2012 of 172.1 million Euro thanks to continuous cash generation.
Trade working capital was 23.3 million Euro at 31st March 2013 up from 14.6 million Euro on 31 December 2012.


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


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 2013 for the individual Operating Divisions.


By geographical region, in the first quarter of 2013, the European market continued to register a negative trend in sales, which fell by 16% to 39.9 million Euro, in which it was followed by the North American market, where sales shrank by 10% to 34.5 million Euro. However, there was a positive trend in sales in the emerging markets of Asia and Latin America, which registered 4% growth to 7 million Euro.

Please note that the Interim Management Statement at 31st March 2013 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 2013 – Euro/1.000

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 of the Group’s ordinary profitability, we have preferred to show an operating result before the impact of non-recurring costs/income and acquisition-related amortization, which we have called "EBITANR - Earnings before interest, taxes, acquisition and non-recurring". To allow for comparison with the financial statements, we have provided an additional intermediate profit margin (the "operating result"), which includes non-recurring costs/income and amortisation due to acquisitions, and matches the figure reported in the financial statements.

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

[1] EBITDA - Earnings before interest, taxes, depreciation and amortization


Reclassified Balance Sheet at 31st March 2013 – Euro/1.000

 

Net Financial Position at 31st March 2013 – Euro/1.000