• REVENUES = +115.00% YoY FROM Euro 11 MILLION IN 1st HALF OF 2005 (1H05) TO Euro 23.65 MILLION IN 1st HALF OF 2006 (1H06)
  • EBITDA = + 5,306.45% FROM Euro 31 THOUSAND TO Euro 1.67 MILLION, WITH MARGIN ON SALES UP FROM 0.28% IN 1H05 TO 7.09% IN 1H06
  • EBIT = +372.43% FROM Euro -399 THOUSAND TO Euro 1,087 THOUSAND. EBITDA MARGIN ON SALES UP FROM Euro 3.63% IN 1H05 TO +4.60% IN 1H06
  • PRE-TAX RESULT = +222.42% from Euro -571 THOUSAND TO Euro 699 THOUSAND WITH MARGIN ON SALES UP FROM Euro 5.19% IN 1H05 TO +2.96% IN 1H05.

Amaro (UD), 11 August 2006.

Today the Board of Directors approved the Quarterly Interim Report as at 30 June 2006.

The key indicators show strong growth of Eurotech, a company active in the research, development, production and marketing of miniaturised computers (NanoPCs) and of computers featuring high-performance computing capability (High Performance Computers - HPCs). Eurotech has been listed on the MTA/MTAX (electronic equities) market of the Milan Bourse in the STAR segment since 30 November 2005.


Revenues grew by 115.00%, i.e. Euro 12.65 million (mn), rising from Euro 11.00 mn in the first half of 2005 (1H05) to Euro 23.65 mn in the first half of 2006 (1H06)
This growth was achieved both organically Euro 41.30% points - and by virtue of the acquisition completed at the beginning of April 2006 of the Arcom Group.

EBITDA featured significant growth, increasing by Euro 1.65 mn before Euro 482 thousand of recognition in accounts, as required by IFRS 3, of allocation of the price for purchase of the stake in the Arcom Group.
The significant EBITDA increase reflects the policies implemented to achieve enhanced exploitation of the operating organisation, achieved thanks to revenue growth. EBITDA margin on sales rose from 0.28% in 1H05 to 7.09% in 1H06, with an outright increase of 5,306.45%.

EBIT, which improved by 372.43% YoY, rose from Euro -399 thousand in 1H05 to Euro 1,087 thousand in 1H06 before the price allocation effect of ? 857 thousand. EBIT margin on sales rose from Euro3.63% in 1H05 to 4.60% in 1H06. This trend was substantially attributable to EBITDA improvement.

The net finance result - positive as regards ordinary operations - resulted in net expense that was impacted, net of positive and negative effects, by expense of Euro 409 thousand for the purchase of 24 million US dollars in mid February, connected with the contractual commitments (Option Letter) made on 3 February 2006 for acquisition of the Arcom Group, which envisaged the restricted deposit of this amount as from 18 February 2006. Net finance expense thus increased by Euro 210 thousand YoY.

Profit before tax improved by Euro 1.27 mn, going from a pre-tax loss of Euro -571 thousand in 1H05 to a pre-tax profit of Euro 699 thousand in 1H06 before Euro 857 thousand of purchase price allocation. This performance was positively influenced by the Group's EBIT performance and negatively by non-recurring finance expense (EUR/USD exchange-rate effect on the purchase of USD 24 mn for acquisition of the Arcom Group).

The Group's bottom-line result improved significantly, changing from a loss of Euro -389 thousand in 1H05 to a loss of Euro -77 thousand in 1H06 without considering the purchase price allocation effect. Besides reflecting the pre-tax result, the bottom-line trend basically stemmed from the effect of the tax burden of the Group's various companies and from the impact of minority interest. Net of the non-recurring effect of finance expense, the Group's bottom line would show a net profit of Euro 196 thousand.

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Eurotech- Financial Highlights

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