Evolution of Group Revenue

Million Euro

• significant commercial results in terms of: new customers (including UGF Banca, ICS and Cassa di Risparmio di Orvieto, acquired by Banca Popolare di Bari), the start-up of new branches acquired by customers, and the extension of contracts (e.g. those with Barclays Bank, Banca Popolare di Spoleto, Vegagest and Vegagest Immobiliare).
• the formation at year end of C-Card – a wholly-owned subsidiary of Cedacri – which is a new point of reference in the payment cards market, offering services to banking customers that already use the full IT outsourcing services provided by Cedacri, to banks seeking to differentiate themselves and compete further in the offer of credit cards, and to non-banking operators that wish to take advantage of the opportunities afforded by the new regulations (PSD) to supply money services (for example chain retailers and affinity groups).
• signature of important agreements with international technology partners, such as that with ZEB Control for the commercialisation in Italy of a new integrated Planning and Control solution for medium-sized and large institutions.

FINANCIAL DATA

Cedacri closed its fiscal year 2009 with revenues of 185,529,323 euro, in line with the prior year (+ 0.7%). However EBIT was almost five times higher than in 2008 (19,461,822 euro, +482.5%) and net income was also up (12,173,290 euro, +25.4%). The Group’s consolidated value of production was 258,770,581 euro (1.08% higher than in 2008).

The strong performance of Cedacri in 2009 is confirmed by the excellent results achieved in terms of EBIT and net income, which were both ahead of plan. This success is attributable to our pursuit of a focused reorganisation strategy, with the repositioning of Group companies and optimisation of the value chain. As a consequence, our range has been supplemented, expanded and completed with ever-improving services, at increasingly-competitive prices due to the growing efficiency of our processes and costs.

Performance by the Cedacri Group in 2009 was marked by:
• the efforts of Cedacri SpA to make its applications platform compliant with new domestic and international regulations, while also adding new functionality.
• commitment to the production and development of applications software and back-office services, with a growing role for and contribution from Cedacri International, the Moldovan subsidiary whose organisation has now been expanded to 140 employees (from 70 in 2008).