PRESS RELEASE
TBS Group: 2014 financial statements approved at the Ordinary Shareholders' Meeting.

1. 2014 Consolidated financial statements


·Consolidated revenue of 232.1 million euro: +6.4% compared to 2013


·EBITDA of 24.1 million euro: +20.3% compared to 2013


·Profit for the period of 2.3 million euro, up 12.8 million compared to 2013;


2. The distribution of a dividend of 0.017 euro per share has been approved;


3. Determination of the number of Directors;


4. Appointment of Directors;


5. Appointment of Statutory Auditors.

Main 2014 consolidated economic results
The Ordinary Meeting of the Shareholders of TBS Group, a company listed on AIM Italia, gathered today in Trieste, has approved the financial statements for fiscal year 2014. The statements have reported a significant growth in all the economic indicators.
The consolidated EBITDA amounts to 24.1 million euro, with a considerable increase by 4.1 million (+20,3%) versus 20.0 million in 2013.
The increase is mainly ascribable to the contribution deriving from international tenders, the growth reported in the UK, and a recovery of profitability due to the improvement of the margins of the 'e-Health and & e-Government Integrated Solutions' BU and, finally, to the management streamlining of the parent company TBS Group.
The EBIT is equal to 13.6 million euro, with an increase of 7.4 million compared to the previous year; the increase is mostly the result of the abovementioned strengthening of the EBITDA, but also of the absence of write-downs for permanent goodwill impairment losses. It should be noted that, in the previous financial year, the Group devalued the goodwill attributed to the 'e-Health & e-Government' BU by 3.5 million euro.
The net financial income for the financial year remains fairly stable.
The increase in income taxes, up from 3.9 million euro in 2013 to 4.6 million euro in 2014, is mainly due to the improvement in pre-tax profit. It should also be noted that a significant share

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