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Bologna, 4th August 2016 - 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”), a global leader in Automatic Data Capture and Industrial Automation markets, and world-class producer of bar code readers, mobile computers, sensors for detection, measurement and safety, vision systems and laser marking equipment, approved today the Half-Year Report at 30th June 2016.
The first half of the year saw substantial increases in all financial indicators, confirming the positive performance of the first quarter. Thanks to a substantial growth in sales revenues, EBITDA was up by 31% to approximately €45 million, EBIT by over 43% to €35.3 million and net profit by 22% to €26.2 million.
The Chairman and CEO of the Datalogic Group, Romano Volta, commented: “The results of the first half of the year show a very positive performance for the entire Group. Both divisions reported revenue growth above the market average thanks to constant product innovation, which has allowed us to offer highly innovative solutions to our clients and partners, and thanks to the investments we have made in our distribution network. In particular, I want to highlight the excellent results obtained in the North American market and in Europe. The performance in terms of profits was also very positive, with Group EBITDA margin reaching 16% - the highest level in the last ten years – which benefited in the first half from some control actions of operating costs and the shift of some R&D expenses. This performance, supported by increased booking and the ongoing optimisation of production and operating costs, makes us confident that positive results will also be achieved in the second half of the year.”
Reflecting the favourable performance of the two divisions over the period, sales revenues reached €281.8 million, with a 9.5% increase compared to the €257.5 million recorded in the first half of 2015 (same percentage in the analysis at constant Euro/USD exchange rates). The booking reached €288.2 million, up by 7.2% on the same period in 2015.
The incidence on revenues generated by new products was 27.4% in the second quarter, basically in line with the positive trend of the first quarter (27.6%) and up with respect to the same period of 2015 (26.4%).
Gross Operating Margin was €131 million, up by 7.9% with respect to €121.4 million in the same period of previous year (the same percentage at constant Euro/USD exchange rates). As a percentage of revenues, Gross Operating Margin went from 47.2% in 2015 to 46.5% in 2016. This decrease is mainly due to a different mix of products sold.
The increase in Operating costs was less than 1%, to €94.9 million from €94.3 million in the first half of 2015. As a percentage of sales, operating costs were 33.7%, a considerable improvement with respect to the first half of 2015, when the ratio was 36.6%. This positive performance was the result of initiatives aimed at reducing general and administrative expenses, which were down by 5.8%. Research and Development costs increased by 3.7% to 24.3 million, 8.6% as a percentage of revenues, lower than in the same period of the previous year as a result of a rescheduling.
EBITDA increased significantly, by 31%, from €34.3 million to €45 million (+31.1% at constant Euro/USD exchange rates), while as a percentage of revenues (EBITDA margin) it rose to 16% compared to 13.3%, and was not impacted by the Euro/USD exchange rate.
EBIT increased by 43.1%, from €24.7 million to €35.3 million (+43.2% at constant Euro/USD exchange rates).
After financial expenses of €1.9 million, down from €3.2 million in the first half of 2015, as a result of the new loan agreement obtained on February 2015 from a “pool” of banks, and exchange rate losses of €0.3 million compared to €3.4 million profits in the first half of 2015, Group net profit reached €26.2 million, up by 22% compared to the €21.5 million recorded in the first half of 2015.
Net financial debt as at 30th June 2016 was €27.5 million, compared to €21.0 million as at 31st December 2015, and €58.4 million as at 30th June 2015.
Trade working capital as at 30th June 2016 was €56.1 million, compared to €36.5 million as at 31st December 2015, and €54 million as at 30th June 2015. The increase with respect to December is mainly due to a regular increase in inventories in the first half of the year.
Sales revenues in the second quarter of 2016 were €146.5 million, up by 8.4% compared to the second quarter of 2015 (+9.4% at constant Euro/USD exchange rates) and 8.2% compared to the first quarter of 2016. The booking in the quarter – the orders already acquired – was €147.7 million, up by 17.5% compared to the second quarter of 2015.
Operating margins increased significantly both compared to the second quarter of 2015 and to the first quarter of the current year.
Q2 2016 vs. Q2 2015
Q2 2016 vs. Q1 2016
(*) With the purpose to better report the operating sectors economic performances, it was deemed appropriate to highlight the Divisional EBITDA as monitoring KPI.
The ADC (Automatic Data Capture) Division, specialized in the design and production of fixed retail scanners, professional handheld readers and mobile computers, recorded revenues of €194.8 million, up by 9.8% (same percentage at constant Euro/USD exchange rates) with respect to the first half of 2015 and in the second quarter revenues of €101.6 million up by 8.8% (+9.8% at constant Euro/USD exchange rates) with respect to the second quarter of 2015. The six-month performance was especially positive in North and South America, with an increase of more than 20% led by the sale of the fixed retail scanners with imaging technology and mobile computers.
***Please note that the half-year report at 30th June 2016 will be available to anyone who requests it at the company headquarters, at the offices of Borsa Italiana S.p.A. (www.borsaitaliana.it), on the “Storage” instrument, managed by BIt Market Services and may also available on the company’s website www.datalogic.com (Investor Relations section).
The manager responsible for preparing the company’s financial reports – Stefano Biordi – declares, pursuant to paragraph 2 of Art. 154-bis of the “Testo Unico della Finanza”, that the accounting information contained in this press release corresponds to the document results, books and accounting records.
Reclassified income statement at 30th June 2016 – Euro/1.000
Reclassified Balance Sheet at 30th June 2016 – Euro/1.000
 The reclassified Balance Sheet shows measures used by the Management to monitor and assess the financial performances of the Group. Given that the composition of these measures is not regulated by the reference accounting standards, even if they are directly reconcilable to the IFRS statements, they are not subject to any audit procedure by the Independent Auditors.