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Press Archive
Acotel Group S.p.a.- Financial Results, Y/e
[ Monday, 31st December 2001 ]
7 March 2002: Jinny Software Parent Company Acotel post very strong financial results
BOARD APPROVED, PRESS REALEASE, Rome, Italy. 28 February 2002.
Acotel Group S.p.A: strong increase in turnover, EBITDA and profitability in the 2001 consolidated accounts approved by the Board of Directors.
Consolidated Revenues: Euro 21.8 million. + 105 % on prior 12 months.
Consolidated EBITDA: Euro 9.1 million. + 76 % on prior 12 months.
Net consolidated profit: Euro 5.2 million. + 276 % on prior 12 months.
Strategic business diversification towards the sale of multimedia platforms and network solutions account for 55% of reported revenues.
Proposed dividend of Euro 0.40 per share and “buy back” of issued share capital.
2001 has proved extremely positive for the Acotel Group S.p.A, the Leading Wireless Application Service Provider (WASP), which has achieved very strong growth in consolidated net profit to Euro 5.2 million (compared to Euro 1.4 million for the prior 12 months).
Consolidated EBITDA grew by 76% to Euro 9.1 million (compared to Euro 5.2 million for the prior 12 months).
The group also more than doubled turnover year on year, achieving consolidated revenues in 2001 of Euro 21.8 million (compared to Euro 10.7 million for the previous 12 months). Break down of revenues by business area support and confirm a progressive diversification in line with group strategy, toward the sale of multimedia platforms and network solutions (more than 55% of total revenues, compared with 20% for the previous year), achieved through the commercial exploitation of in-house technological know-how and expertise.
These are the main contents of the draft balance-sheet for the 12 month period ending 31 December 2001, approved late evening of 28 February by the Board of Directors of Acotel with Mr Claudio Carnevale (President and CEO of the company) in attendance, and that will be approved by the Shareholders’ meeting which will be convened next 24 April 2002.
“It has been an excellent year for our Group” - says Mr. Claudio Carnevale - “since we have been able to outperform all the targets set for 2001 and communicated during the stock market floatation”.
“I think it’s interesting to underline that strategic partnerships forged during the year have paid off. We have broadened our business base by technological advances, and expanded the boundaries of our markets, enjoying strong growth in the middle east, which we feel will yield success for the group going forward”.,
The Board of Directors also proposed the distribution of a dividend of Euro 0.4 per share with payment to be made on 16 May 2002 confirming the stated desire of providing a) adequate return on the capital held by the shareholders and b) the implementation of the development plan. In the previous year all profits were credited in full to cash reserves.
The Board of Directors has also decided to submit a share buy-back plan for approval by the General Assembly of the shareolders, on terms which will be decided at a successive meeting of the Board of Directors. These will be communicated to the market according to the rules and within the timeframe decreed by law.
In terms of reported revenues it is important to underline the on-going process of business diversification: in the last three years the sale of multimedia platforms and network solutions has accounted for a growing percentage of turnover. In 2001 this became the single largest source of revenue. The revenues in this area include income from contracts between Acotel and Info2Cell (in which Acotel has a 33% stake), contracts managed by “Acotel Do Brasil”, from Jinny Software (100% owned group subsidiary ) and from the sale of a multimedia services platform to VoiNoi, the customer care services company of the Rome multi-utility group ACEA.
The Group also achieved strong growth (+137%) in the consolidated operating result (EBIT) which reached, for the year 2001, Euro 4.7 million (compared with Euro 2 million in the previous 12 months).
Depreciation is equal to Euro 4.4 million (compared with Euro 3.2 million in the prior 12 months). These include depreciation of costs sustained in the IPO and consolidation adjustments for goodwill.
Consolidated financial operations have been positive by Euro 1.9 million (compared with Euro 0.7 million for the prior 12 months). This has been achieved through the short-term investment of the liquidity raised on the stock market.
In terms of equity, the main variations are due to the structural growth of the Group. Planned acquisitions resulted in a strong increase in non-current assets (Euro 22.4 million at 31 December 2001 (compared with Euro 4.1 million for the prior 12 months). Shareholders equity as of 31 December 2001 is equal to Euro 63.1 million (compared to Euro 57.7 million at 31 December 2000).
Net financial position for the Group is positive, at Euro 37.7 million (Euro 51 million for the prior 12 months) and confirms the strong financial capacity of the Group for further development of the business despite the substantial investments already made for strategic acquisitions financed with medium-term debt.
The parent company Acotel Group S.p.A. performed very positively for the 12 months, achieving revenues of Euro 7.9 million. This contrasts with revenues of Euro 4.9 million for the preceeding reporting period of April 6th (when Acotel Group SpA was registered) to 31 December 2000. Net profit is equal to Euro 1.9 million, up from Euro 1.2 million for the period 6 April 2000 through 31 December 2000.
Llewellyn Farquharson
Jinny Software Ltd.
29 North Anne Street, Dublin 7, Ireland.
Tel: +353 1 887 2626
Fax: +353 1 887 2690
Mail: llewellyn.farquharson@jinny.ie
BOARD APPROVED, PRESS REALEASE, Rome, Italy. 28 February 2002.
Acotel Group S.p.A: strong increase in turnover, EBITDA and profitability in the 2001 consolidated accounts approved by the Board of Directors.
Consolidated Revenues: Euro 21.8 million. + 105 % on prior 12 months.
Consolidated EBITDA: Euro 9.1 million. + 76 % on prior 12 months.
Net consolidated profit: Euro 5.2 million. + 276 % on prior 12 months.
Strategic business diversification towards the sale of multimedia platforms and network solutions account for 55% of reported revenues.
Proposed dividend of Euro 0.40 per share and “buy back” of issued share capital.
2001 has proved extremely positive for the Acotel Group S.p.A, the Leading Wireless Application Service Provider (WASP), which has achieved very strong growth in consolidated net profit to Euro 5.2 million (compared to Euro 1.4 million for the prior 12 months).
Consolidated EBITDA grew by 76% to Euro 9.1 million (compared to Euro 5.2 million for the prior 12 months).
The group also more than doubled turnover year on year, achieving consolidated revenues in 2001 of Euro 21.8 million (compared to Euro 10.7 million for the previous 12 months). Break down of revenues by business area support and confirm a progressive diversification in line with group strategy, toward the sale of multimedia platforms and network solutions (more than 55% of total revenues, compared with 20% for the previous year), achieved through the commercial exploitation of in-house technological know-how and expertise.
These are the main contents of the draft balance-sheet for the 12 month period ending 31 December 2001, approved late evening of 28 February by the Board of Directors of Acotel with Mr Claudio Carnevale (President and CEO of the company) in attendance, and that will be approved by the Shareholders’ meeting which will be convened next 24 April 2002.
“It has been an excellent year for our Group” - says Mr. Claudio Carnevale - “since we have been able to outperform all the targets set for 2001 and communicated during the stock market floatation”.
“I think it’s interesting to underline that strategic partnerships forged during the year have paid off. We have broadened our business base by technological advances, and expanded the boundaries of our markets, enjoying strong growth in the middle east, which we feel will yield success for the group going forward”.,
The Board of Directors also proposed the distribution of a dividend of Euro 0.4 per share with payment to be made on 16 May 2002 confirming the stated desire of providing a) adequate return on the capital held by the shareholders and b) the implementation of the development plan. In the previous year all profits were credited in full to cash reserves.
The Board of Directors has also decided to submit a share buy-back plan for approval by the General Assembly of the shareolders, on terms which will be decided at a successive meeting of the Board of Directors. These will be communicated to the market according to the rules and within the timeframe decreed by law.
In terms of reported revenues it is important to underline the on-going process of business diversification: in the last three years the sale of multimedia platforms and network solutions has accounted for a growing percentage of turnover. In 2001 this became the single largest source of revenue. The revenues in this area include income from contracts between Acotel and Info2Cell (in which Acotel has a 33% stake), contracts managed by “Acotel Do Brasil”, from Jinny Software (100% owned group subsidiary ) and from the sale of a multimedia services platform to VoiNoi, the customer care services company of the Rome multi-utility group ACEA.
The Group also achieved strong growth (+137%) in the consolidated operating result (EBIT) which reached, for the year 2001, Euro 4.7 million (compared with Euro 2 million in the previous 12 months).
Depreciation is equal to Euro 4.4 million (compared with Euro 3.2 million in the prior 12 months). These include depreciation of costs sustained in the IPO and consolidation adjustments for goodwill.
Consolidated financial operations have been positive by Euro 1.9 million (compared with Euro 0.7 million for the prior 12 months). This has been achieved through the short-term investment of the liquidity raised on the stock market.
In terms of equity, the main variations are due to the structural growth of the Group. Planned acquisitions resulted in a strong increase in non-current assets (Euro 22.4 million at 31 December 2001 (compared with Euro 4.1 million for the prior 12 months). Shareholders equity as of 31 December 2001 is equal to Euro 63.1 million (compared to Euro 57.7 million at 31 December 2000).
Net financial position for the Group is positive, at Euro 37.7 million (Euro 51 million for the prior 12 months) and confirms the strong financial capacity of the Group for further development of the business despite the substantial investments already made for strategic acquisitions financed with medium-term debt.
The parent company Acotel Group S.p.A. performed very positively for the 12 months, achieving revenues of Euro 7.9 million. This contrasts with revenues of Euro 4.9 million for the preceeding reporting period of April 6th (when Acotel Group SpA was registered) to 31 December 2000. Net profit is equal to Euro 1.9 million, up from Euro 1.2 million for the period 6 April 2000 through 31 December 2000.
For further information on the above, please contact:
Llewellyn Farquharson
Jinny Software Ltd.
29 North Anne Street, Dublin 7, Ireland.
Tel: +353 1 887 2626
Fax: +353 1 887 2690
Mail: llewellyn.farquharson@jinny.ie
