PITECO: 2016, record profits of Euro 4,5 million

PITECO: 2016, record profits of € 4,5 million (+31% vs FY2015) EBITDA margin 40% and Operating cash flow € 4,8 million

 Revenues: € 14,1mllion, +5,5% (FY2015: € 13,4 million)

• EBITDA: € 5,6 million (FY2015: € 5,7 million); EBITDA margin 40%
• Pre-tax Profit: € 5 million, +11% (FY2015: € 4,6 million), 36% revenue
• Net Profit: € 4,5 million, +31% (FY2015: € 3,4 million), 32% revenue
• Operating cash flow: € 4,8 million (35% revenues and 85% EBITDA)
• Financial Net position: positive € 2,0 million (FY2015: negative € 0,3 million)
• 26 new clients in 2016
• Proposed dividend for € 0,15 p.a. (60% payout ratio); yield at 3,2%

Milan, March 23, 2017

Today, the Board of Directors of Piteco, a company listed on AIM Italia, an Italian leader in the design and implementation of management solutions for Treasury and Financial Planning, approved the draft financial statement at December 31, 2016, prepared in accordance with IAS / IFRS.

The Company will meet the financial community in the occasion of the AIM INVESTOR DAY organized by IR Top (April 6th2017, Palazzo Mezzanotte)

Marco Podini, Piteco Chairman: "We are pleased to close our second financial statement as a listed company with a significant Net Profit increase, 32% of revenues, the ratio standing up for the best in class in the business sector. Continued growth of revenues from recurring maintenance fees and a high cash conversion should also be highlighted. The company emphasis its internationalization focusing particularly on the United States and Mexico."

Main results FY2016

Revenues amounted to € 14,1 million, + 5,5% compared to € 13,4 million of FY2015. The growth is primarily related to the increase of recurrent maintenance fees, software licenses and services. EBITDA amounted to € 5,6 million, corresponding to an EBITDA margin of 40%, aligned with 2015 (€ 5,7million) despite the investments carried out to address commercial activities in the new USA and Mexican markets, launch of the "cloud" solution and the reinforcements of the internal structure to deal with company's global growth. Pre-tax Profit amounted to € 5 million, recording an increase of 11% (€ 4,6 million FY2015) and 36% of revenues (34,0% FY2015), due to reduction in financial charges and extraordinary. Net Profit amounted to € 4,5 million, recording an increase of 31% compared to € 3,4 million FY2015 and 32% of revenues, compared to 26% FY2015, because of Patent Box regime effect.

Net financial Position is positive and amounted to € 2,0 million; a significant improvement compared to December 31st, 2015 (negative € 0,3 million); the variation is largely attributed to the extremely positive dynamic of the operating cash flow.

Operating Cash Flow amounted to € 4,8 million presenting a high Cash Conversion of 35,3% of revenues and 84,9% of EBITDA. Even atFree Cash Flow to Firm level (post investments), company records a significant Cash Conversion of 32,7% in revenues and 78,7% of EBITDA.

Dividend

During the Shareholders' meeting scheduled for April 28th, 2017, the Board of Directors will propose the distribution of an ordinary dividend, before tax, of Euro 0.15 per share for a total of Euro 2,7 million, corresponding to a payout of 60%. The coupon date will be May 8th, 2017 (record date May 9th, 2017) and will be payable from May 10th, 2017.

Significant events after the financial statement date and operations outlook

First months of 2017 confirm the turnover growth trend and provide a positive outlook of general increase in results for the current year.

Shareholders meeting notice

The Board of Directors calls an Ordinary Shareholders' Meeting for April 28th, 2017 at 11.00 am at UPTOWN PALACE in via Santa Sofia n.10 in Milan, in a single call, to discuss and deliberate on the following agenda:

- Approval of the Financial Statements at December 31st, 2016; reports of the Board, Statutory Auditors and the Independent Auditors; allocation of the result; related and consequent resolutions.

The documentation related to the agenda will be available to the public at the registered office and on the website http://www.pitecolab.it as per the terms provided by law.

The press release is available on the company's website www.pitecolab.itandwww.1info.it

PITECO (PITE:IM), on the market for over 30 years, is the top Software House in Italy for proprietary solutions for managing Company Treasury and Financial Planning for large and medium-size businesses in the Industry and Services sectors. Its proprietary software products are open and flexible application programs that dialogue with the main company ERP information systems (Sap, Oracle and Microsoft) and are acknowledged as standards of excellence by the market. Piteco software is already operational and used globally in 40 countries. With 85 highly-skilled professionals and 3 operational offices (Milan, Rome and Padua), Piteco guarantees top performances and excellent levels of service to around 650 Italian and international groups spread throughout all industrial sectors. The large client portfolio and the particular business model based on recurring fees allow it to have an extraordinary visibility on expected turnover. The Company's name derives from the treasury information system PI.TE.CO. (PIanificazione TEsoreria COmputerizzata - Computerized Treasury Planning), one of the first products created in Italy in the early 1980s

ISIN ordinary shares: IT0004997984 - ISIN POC "Piteco 4,50% 2015-2020": IT0005119083

Contacts

IR TOP Investor Relations Maria Antonietta Pireddu [e-mail] Relations Domenico Gentile, Antonio Buozzi [e-mail] Via C. Cantù, 1 - 20123 Milano T. [phone]/3 www.aimnews.it

ADVANCE SIM S.p.A. NomAd Massimo Grosso [e-mail] Piazza Cavour, 3 - 20121 Milano T. [phone]

CFO SIM S.p.A. Specialist Via dell'Annunciata 23/4 20121 Milano T. [phone] [e-mail]

All attached documents are being prepared in accordance with International Accounting Standards (IAS/IFRS). The data are currently being certified by the Auditing firm.