Press Releases

Press Releases

Press Releases

Datalogic (Star: DAL.MI). Board of Directors approves draft financial statements at 31st December 2009

• Datalogic inverts the negative trend of the beginning of 2009.
• R&D costs for approximately 25 million Euro (8% of revenues).
• Sales revenues of 86.8 million Euro in Q4 2009 (+14.2% over the prior quarter) vs. 95.5 million Euro recorded in Q4 2008 (-9%).
• EBITDA of 8.8 million Euro in Q4 2009 (10.1% of sales) vs. 10.3 million Euro recorded in Q4 2008 (-15.1%).
• Net profit of 1.8 million Euro (2.1% of sales) in Q4 2009 vs. 1.3 million Euro recorded in Q4 2008 (+40%).
• FY2009 closed with total sales revenues of 312 million Euro vs. 379.8 million Euro at 31st December 2008 (-17.9%); EBITDA of 19.6 million Euro vs. 47.8 million Euro in the same period of the past year (-58.9%) and net loss of -12.2 million Euro (including 7.7 million Euro of non recurring restructuring costs accrued in 2009), vs. 17.8 million Euro of net profit recorded in 2008.
Net financial position negative by 100.498 million Euro, an improvement on 106.944 million Euro at 31st December 2008, despite non recurring costs borne equal to 12.9 million Euro.

Bologna, 8th March 2010 - The Board of Directors of Datalogic S.p.A. - a company listed in the Star segment of the Milan Stock Exchange and a leader in the market for barcode readers, data collection mobile computers, RFID (radio frequency identification) systems and photoelectric devices - today approved the draft financial statements for the year ending on 31st December 2009.

Mauro Sacchetto, CEO of Datalogic S.p.A. commented: "Datalogic skilfully and promptly reacted to the profound crisis that hit the market. The Group managed to invert the negative trend of the first quarter of 2009 and to safeguard its market share, confirming its position as a global player and technological leader thanks to major investments in innovation, which in 2009 led to the opening of a new factory in Vietnam to supply the promising Asian markets and the development of more than 30 new products and 70 patents. All these initiatives were crowned by the much esteemed Business Innovation Award conferred by Confindustria in the Large Enterprise Business category. We successfully adapted the costs structure to the new revenue scenario and indeed, as of the fourth quarter of 2009, we managed to reach the challenging target of repositioning EBITDA at 10% with a clearly improved cash flow. These results, along with the recovery in sales, which in the fourth quarter of 2009 recorded an increase of +14.2% compared to the previous quarter, together with the encouraging signs of the first quarter of 2010, leave us hopeful that we may enjoy the fruits of our efforts throughout 2010".

The 2009 sum total of Datalogic Group consolidated revenues is equal to 311.972 million Euro, down by 17.9% vs. 379.820 million Euro for the same period in the previous year.

The Group's consolidation area is different to that of 2008, since 2009 revenues also include sales of Datasensor S.p.A., acquired and consolidated from October 2008. Considering the same consolidation area Datalogic revenues in 2009 are down by 22.6% vs. 2008.
Total 2009 EBITDA is equal to 19.634 million Euro (down by 58.9% vs. 2008) and the EBITANR  is 6.223 million Euro (-82.4% vs. 2008). Datalogic continued to improve its profitability also in the fourth quarter. In fact EBITDA reached 8.7 million Euro equal to 10.1% of revenues, confirming clear improvement compared to 9.3% and 5.7% of revenues recorded respectively in Q3 and Q2 of 2009.

FY2009 closed with a consolidated net loss of -12.164 million Euro. This negative result has been influenced by restructuring costs for 7.776 million Euro totally accrued in the second quarter of 2009.

In the fourth quarter of the year, consolidated revenues totalled 86.8 million Euro (-9% vs. 95.478 million Euro during the same period last year, but with an increase of +14.2% vs. the previous quarter of 2009. EBITDA totalled 8.754 million Euro (-15.1% vs. 10.317 million Euro in Q4 of 2008) but in constant progress vs. the previous quarters of 2009, and EBITANR* amounted to 5.641 million Euro (-13,2% vs. 6.501 million Euro in Q4 of 2008).

The successful turnaround made by Datalogic in 2009 is even more evident in the comparison between the second half of 2009 and the corresponding period in 2008. In fact during the second semester the recovery in progress during the third quarter was confirmed, recording a rise in revenues equal to +9.21% compared to the first semester of 2009.
Rather significant was the recovery in profitability with an EBITDA of 15.8 million Euro compared to 3.8 million Euro during the first semester.

These significant results were achieved thanks to the completion of the reorganisation program launched in the first semester of 2009, which enabled the group to adapt the operating costs structure to the new level of demand (22.6% lower than last year).
In this framework, the Datalogic Automation division was also completely redesigned. In July 2009, all the companies of the division were integrated in order to guarantee increased economies of scale, synergy and efficiency.

Furthermore actions taken to reduce working capital, by re-engineering the industrial processes to make stock management even more efficient, have led to a reduction in net working capital equal to 21.663 million Euro.

Despite the economic crisis, Datalogic has continued to focus on its innovation strength and has invested 24.885 million Euro (approximately 8% of its revenue) in Research and Development activities during the 2009 financial year - charged entirely to its profit and loss account.

The separate business Division sales (including intersegment sales) and segment results (before non-recurring costs/revenues and depreciation and amortization due to acquisitions) at 31st December 2009, are listed below:

Divisions   Sales   Segment results
Datalogic Mobile   68.127   2.043
Datalogic Automation   66.958   (6.281)
Datalogic Scanning   146.982   3.626
Business Development   30.552   3.265
Datalogic S.p.A.   12.250   3.338
Adjustment   (12.898)   232
January- December 09   311.971   6.223




At 31st December 2009 the net financial position of Datalogic was negative by 100.498 million Euro (including the purchase of treasury shares for 1.776 million Euro and the payment of dividends for 1.933 million Euro). This is a significant improvement compared to its position at 31st December 2008 (negative by 106.944 million Euro). Also of note is the payment in the first semester of bonuses and incentives equal to 9.4 million Euro and 3.539 million Euro in non recurring costs mainly comprised of severance payments.

The Board of Directors also approved the Annual Report on Corporate Governance. A copy of the Report will be made available to the public in accordance with applicable law.

The auditing activity for the FY09 interim report has not yet been completed and the audit report will be available within the deadlines set at law. In addition, the attached income statement and balance sheet are reclassified and therefore they have not been subject to audit.

Lastly, please note that the Group consolidated financial statements and the Datalogic S.p.A. financial statements are available upon request at the registered offices of Datalogic S.p.A. and at the offices of Borsa Italiana S.p.A., and can also be consulted on the Company's web site (Investor Relations section).

The manager responsible for preparing the company's financial reports - Dott. Marco Rondelli - 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.


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