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Report | April 2014

Itema sets up R&D incubator as revenue soars 25 per cent

Itema started Q1 2014 on a very positive note and in line with the strong growth experienced in the same period last year.

Itema, the leading global provider of advanced weaving solutions, including best-in-class weaving machines, spare parts and integrated services, has announced financial results for the second half (2H2013) and full year (FY2013) ended 31 December 2013. Also Itema announced the launch of ItemaLab - a new Itema R&D incubator in collaboration with KilometroRosso, and of Itema Academy - a programme to recruit and retain high-caliber young and promising new graduates, in partnership with Confindustria Bergamo.

"We ended 2013 with another great result following on the momentum of the first half of the year. Itemas revenue, including from the sale of weaving machines and spare parts, was up 25 per cent year on year at some Gé¼250 million," said Carlo Rogora, CEO of Itema. "We made record-breaking progress across the entire range of our products. I am also very excited about announcing that we are continuing to invest in R&D through ItemaLab and now we will also invest in young talent through our brand-new Itema Academy."

Itema closed a strong FY2013, with a record first half and solid second half of the year. Consolidated net profit and cash flow from operations significantly exceeded expectations, with EBT up 30 per cent YoY. Consolidated net turnover from sales of weaving machines registered a 50 per cent increase from the prior year, due to the sound commercial actions implemented during the course of 2013.

Especially remarkable contribution to the companys stellar performance came from the new rapier Rs 9,500 which, at just one year from market launch, represented already one-third of the total turnover from weaving machines. Itema widened its global reach by shipping the Itema-branded weaving machines to 40 countries last year (compared to 39 countries in 2012).

Itemas revenue from the sale of spare parts was in line with expectations with no significant changes from the previous reporting period. The spare parts business unit was recently restructured in order to devise and implement a new strategy, which has already started bringing in encouraging results.

In 2013, the company implemented a wide range of restructuring and process improvement measures, such as continuing on the path of lean manufacturing across the production facilities at both Colzate and Shanghai plants, increasing the ability of the company to quickly respond to growing market demands for its products. Itema has also introduced important automations of its production processes and far-reaching energy-saving initiatives at the Colzate plant.

In addition to investing in know-how and technological advancements of the product range, Itema made several high-profile and strategically important appointments during the course of 2013, naming Fulvio Carlo Toma as the Group Sales & Marketing Director. Prior to joining Itema, Toma was Chief Commercial Officer at Elettronica Santerno and held a number of leadership positions in major international companies, including Capgemini, General Electric and Siemens. Giacomo Sala, Group CFO, was appointed also to the position of Managing Director of Itema Switzerland.

Itema started Q1 2014 on a very positive note and in line with the strong growth experienced in the same period last year. Nevertheless, the outlook for the rest of 2014 remains cautious, considering the most recent worsening of macroeconomic conditions in the Companys key markets.

Itema is a leading global provider of advanced weaving solutions, including best-in-class weaving machines, spare parts and integrated services. The company is the only manufacturer in the world to provide all three weft insertion technologies: rapier, air jet and projectile, with an ample product portfolio and a commitment to continuous innovation and technol

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