See page 21 for full disclosures and analyst certification DATALOGIC Strong EBITDA Margin in New 3-Year Plan DATALOGIC - Key estimates and data Y/E December Y/E December Y/E December Y/E December 2010A 2010A 2010A 2010A 2011E 2011E 2011E 2011E 2012E 2012E 2012E 2012E 2013E 2013E 2013E 2013E Revenues EUR M 392.74 420.00 447.00 476.00 EBITDA EUR M 49.76 53.77 76.71 85.79 EBIT EUR M 34.68 30.37 60.69 69.65 Net income EUR M 18.03 14.54 40.01 48.37 Dividend ord. EUR 0.15 0.13 0.15 0.15 Adj. EPS EUR 0.31 0.25 0.68 0.83 EV/EBITDA x 8.47 7.66 4.85 3.88 Adj. P/E x 19.13 23.72 8.62 7.13 A: actual; E: estimates; Source: Company data and Intesa Sanpaolo Research New supply chain for Automatic Data Capturing (ADC). A key point in the new three- year plan will be the development of a new integrated global supply chain for the ADC segment, hinging upon: 1) locating manufacturing where it is logistically cost-effective, aiming at having a large part of production based in Vietnam by 2012; 2) simplifying manufacturing platforms; and 3) improving service levels to customers (e.g. on-time delivery), and proximity in terms of service and logistics. In management’s view, the new supply chain should require one-off costs of around EUR 11M (subject to union agreements). On the other hand, it should produce cost savings from 2012 onwards of around EUR 12.5M. Strategy and 3-year plan. Management indicated 4 key drivers in its plan presented at end- 2010, which are: 1) a strategic positioning focused on the ADC and IA markets; 2) an international expansion in BRIC through strategic alliances and foreign investments in large mature markets by addressing high-end products/solutions and higher technology businesses; 3) investing 7% of revenue in R&D, with a focus on Vision and Imaging technologies, and aiming to produce 25% of sales from new products; 4) efficiency and productivity through the adoption of best-in-class supply chain management and the development of economies of scale. The key points of the 3-year business plan are: 2013 organic revenues of EUR 470-480M, on top of this, external growth could bring a further EUR 100M in 2013; 2013 EBITDA of EUR 80-85M (from EUR 49.8M in FY10A), with a margin of 17-18% (from 12.7% in FY10A); and R&D investments of 7% of revenues per year; investment in capex stable at around 2% of revenues per year; a 2013 ROE target of 23-24%. Estimates and valuation. In our 2011E-13E estimates we assumed that: 1) revenue would increase at a CAGR 2010-13E of around 6.6%; 2) the 2011E EBITDA margin should be broadly in line with 2010, to incorporate supply chain restructuring one-off costs (12.8%), then rise to over 17% in 2012E, and to 18% in 2013E; and 3) we expect a strong cash generation bringing the 2013E net financial position to cash (EUR 12.2M in our estimates), driven by the abovementioned operating trends, by capex conservatively at 3% of revenue, and a trade working capital to revenue ratio broadly stable at around 16%. We valued Datalogic with a DCF model, an 8.1% WACC (risk-free rate of 4.75%, equity risk premium of 5.75%, gearing of approx. 32%), and a conservative 0% terminal value growth. We obtain a target price of EUR 9.55/share (EUR 7.15/share previously) and rate the company a BUY. On 2012E, P/E at current prices trades at an approx. 43% discount vs. peers, at our target price it would still trade at an around 8% discount on 2012E P/E. Key risks. The Datalogic reference market is fragmented and characterised by intense competition. To survive in these markets substantial R&D investments are needed (certain cost), the launch of successful innovative commercial products is uncertain. The ongoing delocalisation of some important clients could require entry to the Latin American and Asian (China and India) geographical markets. The company is exposed to foreign currency translation impacts: around 50% of revenues are non-EUR denominated. 28 June 2011 BUY Target Price: EUR 9.5 Target Price: EUR 9.5 Target Price: EUR 9.5 Target Price: EUR 9.55 (from EUR 7.15 (from EUR 7.15 (from EUR 7.15 (from EUR 7.15) IT & Technology Company Update Intesa Sanpaolo Research Department Alberto Francese Research Analyst +39 02 8794 9815 Price performance, -1Y 28/06/11 J A S O N D J F M A M J 3.00 3.50 4.00 4.50 5.00 5.50 6.00 6.50 7.00 DATALOGIC FTSE ITALIA ALL SHARE - PRICE INDEX Source: Thomson Reuters Data priced on 27.06.2011 Target price (€) 9.55 Target upside (%) 61.80 Market price (€) 5.90 52-week range (€) 6.5/3.3 Market cap (€ M) 344.83 No. of shares (M) 58.45 Free float (%) 24.6 Major shareholder (%) Hydra, 66.9 Reuters DAL.MI Bloomberg DAL IM FTSE It All Shares 20002 Performance % Absolute Rel. to FTSE All Sh -1M 3.6 -1M 11.0 -3M 0.2 -3M 11.8 -12M 78.2 -12M 80.6 Source: Intesa Sanpaolo Research estimates and Thomson Reuters Equity Company Note Corporate Broking Team Alberto Francese Marta Caprini Serena Polini
24
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DATALOGIC analisti/Banca Imi_06… · 4 Intesa Sanpaolo Research Department Datalogic - Positioning in ADC market $100 M $300 M $950 M >30% >10%
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See page 21 for full disclosures and analyst certification
DATALOGIC
Strong EBITDA Margin in New 3-Year Plan
DATALOGIC - Key estimates and data
Y/E December Y/E December Y/E December Y/E December 2010A2010A2010A2010A 2011E2011E2011E2011E 2012E2012E2012E2012E 2013E2013E2013E2013E
Revenues EUR M 392.74 420.00 447.00 476.00 EBITDA EUR M 49.76 53.77 76.71 85.79
EBIT EUR M 34.68 30.37 60.69 69.65 Net income EUR M 18.03 14.54 40.01 48.37
Within this market, Datalogic holds an approx. 4% share (company data on 2009 market), with
a leading position in Industrial Stationary Scanners, ranking 2nd in EMEA with a 29% share, and
3rd worldwide with a 14.6% share.
DATALOGIC 28 June 2011
Intesa Sanpaolo Research Department 5
Datalogic - Positioning in IA market
10%
>12%
5%
<2%
$50 M $100 M $200 M $300 M
2009 Revenues
Source: Company on VDC Research data
DATALOGIC 28 June 2011
6 Intesa Sanpaolo Research Department
Strategy and Three-Year Plan
Management indicated 4 key drivers in its end-2010 plan, and confirmed them in the new plan:
� Strategic positioning:
o Focus on Automatic Data Capture (ADC) and Industrial Automation (IA) markets;
o External growth mainly in IA.
� International expansion:
o Strategic alliances and foreign investments in BRIC countries;
o Increase penetration in large mature markets (Western Europe, North America) by
addressing high-end products/solutions and higher technology businesses.
� Innovation:
o Invest 7% of revenue in R&D;
o Become a value-added solution provider (e.g. software for intelligent products);
o Focus on Vision and Imaging technologies;
o 25% of sales from new products.
� Efficiency and productivity:
o Adoption of best-in-class supply chain management for world class performance;
o Improve operational efficiencies and leverage global footprint;
o Activate economies of scale.
The ADC market
Looking specifically at the ADC market, management plans to focus on the development of a
new integrated global supply chain, hinging upon:
� Locating manufacturing where it is logistically cost-effective, aiming at having a large part of
production based in Vietnam by 2012;
� Simplifying manufacturing platforms;
� Improving service levels to customers (e.g. on-time delivery) and proximity in terms of service
and logistics.
The new integrated supply chain is planned to be a seamless process, starting from the forecast
of sales and actual sales to customers, passing through the planning phase, the manufacturing
phase (scheduling and production) and sourcing (purchasing/procurement), to reach a
warehouse where order processing, shipment planning, transport and delivery are finalised.
The new supply chain will be located to optimise manufacturing, logistic & distribution (L&D)
and sourcing purposes:
� Slovakia (Trnava): Presence of a secondary manufacturing line and of the EMEA L&D centre;
� Ho Chi Minh (Vietnam): Presence of a primary manufacturing line and of the APAC L&D
centre. Sourcing from Asian low-cost countries;
� Eugene (US): Presence of the Americas L&D centre. Sourcing from high technology districts.
In management’s view, the new supply chain should require one-off costs of around EUR 11M
(subject to union agreements).
DATALOGIC 28 June 2011
Intesa Sanpaolo Research Department 7
On the other hand, it should produce cost savings from 2012 onwards of around EUR 12.5M.
Moreover, we think that the shift of a large part of ADC production to Vietnam should
determine a reduction in the tax rate (no more IRAP paid in Italy).
Management’s target is to outperform market growth in 2009-13, reaching a CAGR 2009-13 of
over 11% (vs. 8% of the market) by:
� Fully exploiting the new supply chain, leveraging on a larger critical mass and serving
customers’ needs more effectively and rapidly;
� Focusing of retail products, such as self-shopping solutions and evolution robotics;
� Focusing on vertical markers like healthcare and convenience;
� Increasing penetration in mobile computers by geography (Western Europe and North
America), by industry (retail, T&L), by applications (in-store, warehouse, field force
automation);
� Transforming R&D investments in breakthrough products, in particular in self-checkout
solutions and automatic scanning solutions.
The IA market
The IA reference market in 2013 is expected to be extremely large, over USD 6Bn as explained
above.
Within this market, management aims at developing vision and safety products, miniature/sub-
miniature technology for sensors, and new fibre laser technology.
As in the ADC segment, the adoption of state-of-the-art supply chain management should drive
efficiency gains and leverage on the global footprint.
Working capital management should improve, thanks to the rationalisation of SKUs and
warehouse processes re-engineering.
The new plan guidance
The key points in the 2011-13 business plan are:
� 2013 organic revenues of EUR 470-480M (from EUR 393M in FY10A). On top of this, external
growth could bring a further EUR 100M in 2013;
� 2013 EBITDA of EUR 80-85M (from EUR 49.8M in FY10A), with a margin of 17-18% (from
12.7% in FY10A);
� R&D investments of 7% of revenues per year;
� Stable investment in capex at around 2% of revenues per year;
� A 2013 ROE target of 23-24%.
Compared with the previous plan, for 2012 the new 3-year plan implies an improvement of
revenues of around 5%, mainly thanks to the improvement in supply chain efficiency, and
improved EBITDA and net profit of around 21% and 63% respectively, thanks also to the cost
savings related to ADC production delocalisation.
DATALOGIC 28 June 2011
8 Intesa Sanpaolo Research Department
Change of Estimates
In the table below we report the main changes to our 2011E-13E estimates. In particular:
� 2011E: We confirmed our old target of EUR 420M revenue, while we incorporated the effect
of the supply chain restructuring described above. In particular, we assumed an increase in
operating costs of around EUR 3.9M, which implied an EBITDA w/o non-recurring items
decrease of 6.8% to EUR 53.8M. We also posted EUR 7.5M non-recurring costs, thus implying
an overall reduction in EBIT by 27.5% to EUR 30.4M. Net income should be
EUR 14.5M vs. EUR 22.9M in previous estimates. Following the abovementioned one-off
costs, net debt should increase by 12.8% vs. previous estimates, to EUR 67.1M;
� 2012E-13E: We slightly revised upwards revenue (+1.6% in FY12E and + 3.5% in FY13E vs.
previous estimates) to better align with reference market trends. The delocalisation of
production should bring the EBITDA margin to over 17% in 2012E, and to 18% in 2013E.
Finally, we reduced the tax rate from 35% to 30% to incorporate a large shift in ADC
production to Vietnam (no more IRAP paid in Italy);
� We expect a strong cash generation bringing the 2013E net financial position to cash
(EUR 12.2M in our estimates), driven by the abovementioned operating trends, by a capex
conservatively at 3% of revenue and a working capital to revenue ratio stable vs. FY10A
(around 2%), thus implicitly assuming a trade working capital to revenue ratio broadly stable
at around 16%.
DATALOGIC - Change of estimates 2011E-13E
EUR MEUR MEUR MEUR M 2011E old2011E old2011E old2011E old 2011E new2011E new2011E new2011E new var. (%)var. (%)var. (%)var. (%) 2012E old2012E old2012E old2012E old 2012E new2012E new2012E new2012E new var. (%)var. (%)var. (%)var. (%) 2013E old2013E old2013E old2013E old 2013E new2013E new2013E new2013E new var. (%)var. (%)var. (%)var. (%)
Shares 58.4 Share price 9.55 Source: Intesa Sanpaolo Research estimates
In the following table we show Datalogic’s peers’ key financial indicators and P/E and EV/EBITDA
multiples.
DATALOGIC - Key financial indicators
Price (EUR)Price (EUR)Price (EUR)Price (EUR) Mkt cap (EUR M)Mkt cap (EUR M)Mkt cap (EUR M)Mkt cap (EUR M) RevenueRevenueRevenueRevenue CAGR CAGR CAGR CAGR 10101010----12E12E12E12E EBITDA CAGREBITDA CAGREBITDA CAGREBITDA CAGR 10101010----12E12E12E12E Net income CAGRNet income CAGRNet income CAGRNet income CAGR 10101010----12E12E12E12E Debt/EBITDA 2011EDebt/EBITDA 2011EDebt/EBITDA 2011EDebt/EBITDA 2011E
Looking at peers, 2011E is affected by the one-off costs related to the supply chain
restructuring, but 2012E P/E trades at an around 43% discount. At our target price
(EUR 9.55/share), Datalogic would still trade at an around 8% discount on 2012E P/E.
DCF valuation
Multiples comparison
DATALOGIC 28 June 2011
Intesa Sanpaolo Research Department 11
DATALOGIC - Multiples comparison
EV/EBITDAEV/EBITDAEV/EBITDAEV/EBITDA P/EP/EP/EP/E xxxx Price (EUR)Price (EUR)Price (EUR)Price (EUR) Mkt cap (EUR M)Mkt cap (EUR M)Mkt cap (EUR M)Mkt cap (EUR M) 2011E2011E2011E2011E 2012E2012E2012E2012E 2011E2011E2011E2011E 2012E2012E2012E2012E
Non-recurring costs and revenue 0.7 7.8 -0.8 Depreciation & Amortisation for acquisitions 3.9 4.0 4.3 Weight on revenue (%)Weight on revenue (%)Weight on revenue (%)Weight on revenue (%)
Cost of sales 55.8 58.2 54.4 R&D expenses 6.7 8.0 6.7 Distribution 20.3 21.8 19.7
G&A 10.2 9.5 9.6 Payroll* 27.4 33.4 29.1
Source: Company data *Payroll costs are allocated into the abovementioned cost items
The second most important cost is distribution, which weighed around 20% in the last 3 years
(slightly higher in 2009). Distribution costs include sales commissions and bonuses, transport
costs, travel and accommodation expenses and marketing expenses.
As previously mentioned, R&D is the key to producing innovative products able to gain and
maintain clients. The company invests around 6.7% of revenue in R&D.
G&A costs weighed between 9.5-10% of revenue.
Payroll costs, which are allocated to the abovementioned cost items, weighed 27.4% in 2008,
33.4% in 2009 (characterised by a revenue contraction) and 29.1% in 2010.
DATALOGIC 28 June 2011
Intesa Sanpaolo Research Department 17
Acquisitions and goodwill
Acquisitions made by Datalogic to support growth have produced EUR 106M of goodwill which
we detail below, together with the key parameters used for the impairment test.
Datalogic - Goodwill breakdown
Year of acquisitionYear of acquisitionYear of acquisitionYear of acquisition GoodwillGoodwillGoodwillGoodwill WACCWACCWACCWACC LT growthLT growthLT growthLT growth Revenue CAGR11Revenue CAGR11Revenue CAGR11Revenue CAGR11----15151515
PSC 2005 70.1
of which: scanning 2005 60.7 10.2 2 5.4 mobile 2005 9.4 10.2 2 5
The financial analyst who prepared this report, and whose name and role appear on the first page, certifies that:
(1) The views expressed on companies mentioned herein accurately reflect independent, fair and balanced personal views; (2) No direct or indirect
compensation has been or will be received in exchange for any views expressed.
Specific disclosures
1. Neither the analyst nor any member of the analyst’s household has a financial interest in the securities of the Company.
2. Neither the analyst nor any member of the analyst’s household serves as an officer, director or advisory board member of the Company.
3. The analyst named in the document is a member of AIAF.
4. The analyst named in this document is not registered with or qualified by FINRA, the U.S. regulatory body with oversight over Banca IMI Securities Corp. Accordingly, the analyst may not be subject to NASD Rule 2711 and NYSE Rule 472 with respect to communicates with a subject company, public appearances and trading securities in a personal account. For additional information, please contact the Compliance Department of Banca IMI Securities Corp at 212-326-1133.
5. The analyst of this report does not receive bonuses, salaries, or any other form of compensation that is based upon specific investment banking transactions.
6. The research department supervisors do not have a financial interest in the securities of the Company.
This research has been prepared by Intesa Sanpaolo SpA and distributed by Banca IMI SpA Milan, Banca IMI SpA-London Branch (a member of the London Stock Exchange) and Banca IMI Securities Corp (a member of the NYSE and NASD). Intesa Sanpaolo SpA accepts full responsibility for the
contents of this report and also reserves the right to issue this document to its own clients. Banca IMI SpA and Intesa Sanpaolo SpA, which are both part of the Intesa Sanpaolo Group, are both authorised by the Banca d'Italia and are both regulated by the Financial Services Authority in the conduct of designated investment business in the UK and by the SEC for the conduct of US business.
Opinions and estimates in this research are as at the date of this material and are subject to change without notice to the recipient. Information and opinions have been obtained from sources believed to be reliable, but no representation or warranty is made as to their accuracy or correctness. Past performance is not a guarantee of future results. The investments and strategies discussed in this research may not be suitable
for all investors. If you are in any doubt you should consult your investment advisor.
This report has been prepared solely for information purposes and is not intended as an offer or solicitation with respect to the purchase or sale of any financial products. It should not be regarded as a substitute for the exercise of the recipient’s own judgment. No Intesa Sanpaolo SpA or
Banca IMI SpA entities accept any liability whatsoever for any direct, consequential or indirect loss arising from any use of material contained in this report. This document may only be reproduced or published together with the name of Intesa Sanpaolo SpA and Banca IMI SpA.
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might affect the impartiality of all investment research which is held out, or where it is reasonable for the user to rely on the research, as being an impartial assessment of the value or prospects of its subject matter. A copy of this Policy is available to the recipient of this research upon making a written request to the Compliance Officer, Intesa Sanpaolo SpA, 90 Queen Street, London EC4N 1SA. Intesa Sanpaolo SpA has formalised a set
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Intesa Sanpaolo SpA issues and circulates research to Qualified Institutional Investors in the USA only through Banca IMI Securities Corp., 1
William Street, New York, NY 10004, USA, Tel: (1) 212 326 1230.
Residents in Italy: This document is intended for distribution only to professional clients and qualified counterparties as defined in Consob
Regulation no. 16190 of 29.10.2007 either as a printed document and/or in electronic form.
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Securities Act of 1933. US Customers wishing to effect a transaction should do so only by contacting a representative at Banca IMI Securities Corp. in the US (see contact details above).
Coverage policy and frequency of research reports
The list of companies covered by the Research Department is available upon request. Intesa Sanpaolo SpA aims to provide continuous coverage of
the companies on the list in conjunction with the timing of periodical accounting reports and any exceptional event that affects the issuer’s operations. The companies for which Banca IMI acts as sponsor or specialist are covered in compliance with regulations issued by regulatory bodies with jurisdiction. In the case of a short note, we advise investors to refer to the most recent company report published by Intesa Sanpaolo
SpA’s Research Department for a full analysis of valuation methodology, earnings assumptions, risks and the historical of recommendation and target price. Research is available on Banca IMI’s web site (www.bancaimi.com) or by contacting your sales representative.
DATALOGIC 28 June 2011
22 Intesa Sanpaolo Research Department
Valuation methodology (long-term horizon: 12M)
The Intesa Sanpaolo SpA Equity Research Department values the companies for which it assigns recommendations as follows:
We obtain a fair value using a number of valuation methodologies including: discounted cash flow method (DCF), dividend discount model (DDM), embedded value methodology, return on allocated capital, break-up value, asset-based valuation method, sum-of-the-parts, and multiples-based models (for example PE, P/BV, PCF, EV/Sales, EV/EBITDA, EV/EBIT, etc.). The financial analysts use the above valuation methods
alternatively and/or jointly at their discretion. The assigned target price may differ from the fair value, as it also takes into account overall market/sector conditions, corporate/market events, and corporate specifics (ie, holding discounts) reasonably considered to be possible drivers of the company’s share price performance. These factors may also be assessed using the methodologies indicated above.
Equity rating key: (long-term horizon: 12M)
In its recommendations, Intesa Sanpaolo SpA uses an “absolute” rating system, which is not related to market performance and whose key is reported below:
BUY If the target price is 20% higher than the market price
ADD If the target price is 10%-20% higher than the market price HOLD If the target price is 10% below or 10% above the market price REDUCE If the target price is 10%-20% lower than the market price
SELL If the target price is 20% lower than the market price RATING SUSPENDED The investment rating and target price for this stock have been suspended as there is not a sufficient
fundamental basis for determining an investment rating or target. The previous investment rating and
target price, if any, are no longer in effect for this stock. NO RATING The company is or may be covered by the Research Department but no rating or target price is assigned
either voluntarily or to comply with applicable regulations and/or firm policies in certain circumstances,
including when Intesa Sanpaolo is acting in an advisory capacity in a merger or strategic transaction involving the company.
TARGET PRICE The market price that the analyst believes the share may reach within a one-year time horizon
MARKET PRICE Closing price on the day before the issue date of the report, as indicated on the first page, except where otherwise indicated
Historical recommendations and target price trends (long-term horizon: 12M)
Target price and market price trend (-1Y) Historical recommendations and target price trend (-1Y)
Intesa Sanpaolo Research Rating Distribution (at May 2011)
Number of companies Number of companies Number of companies Number of companies subject to recommendations: subject to recommendations: subject to recommendations: subject to recommendations: 94 94 94 94 (**)(**)(**)(**) BUYBUYBUYBUY ADDADDADDADD HOLDHOLDHOLDHOLD REDUCEREDUCEREDUCEREDUCE SELLSELLSELLSELL
Total Equity Research Coverage % 29 38 30 2 1
of which Intesa Sanpaolo’s Clients % (*) 78 56 50 100 - (*) Companies on behalf of whom Intesa Sanpaolo and the other companies of the Intesa Sanpaolo Group have provided corporate and Investment banking services in the last 12 months; percentage of clients in each rating category. (**) The total number of companies covered is 101
Valuation methodology (short-term horizon: 3M)
Our short-term investment ideas are based on ongoing special market situations, including among others: spreads between share
categories; holding companies vs. subsidiaries; stub; control chain reshuffling; stressed capital situations; potential extraordinary deals (including capital increase/delisting/extraordinary dividends); and preys and predators. Investment ideas are presented either in relative terms (e.g. spread ordinary vs. savings; holding vs. subsidiaries) or in absolute terms (e.g. preys).
The companies to which we assign short-term ratings are under regular coverage by our research analysts and, as such, are subject to fundamental analysis and long-term recommendations. The main differences attain to the time horizon considered (monthly vs. yearly) and
DATALOGIC 28 June 2011
Intesa Sanpaolo Research Department 23
definitions (short-term ‘long/short’ vs. long-term ‘buy/sell’). Note that the short-term relative recommendations of these investment ideas may differ from our long-term recommendations. We monitor the monthly performance of our short-term investment ideas and follow them until their closure.
Equity rating key (short-term horizon: 3M)
Equity rating key (short-term horizon: 3M)
ShortShortShortShort----term rating term rating term rating term rating DefinitionDefinitionDefinitionDefinition
LONG Stock price expected to rise or outperform within three months from the time the rating was assigned due to a specific catalyst or event
SHORT Stock price expected to fall or underperform within three months from the time the rating was assigned due to a specific catalyst or event
Company specific disclosures
Banca IMI discloses interests and conflicts of interest, as defined by: Articles 69-quater and 69-quinquies, of Consob Resolution No.11971 of 14.05.1999, as subsequently amended and supplemented; the NYSE’s Rule 472 and the NASD’s Rule 2711; the FSA Policy Statement 04/06
“Conflicts of Interest in Investment Research – March 2004 and the Policy Statement 05/03 “Implementation of Market Abuse Directive”, March 2005. The Intesa Sanpaolo Group maintains procedures and organisational mechanisms (Information barriers) to professionally manage conflicts of interest in relation to investment research. We provide the following information on Intesa Sanpaolo Group’s conflicts of interest:
1 The Intesa Sanpaolo Group has a conflict of interest inasmuch as it plans to solicit investment banking business or intends to seek
compensation from the Company in the next three months.
2 The Intesa Sanpaolo Group has an equity stake above 1% in DATALOGIC S.p.A.
DATALOGIC 28 June 2011
24 Intesa Sanpaolo Research Department
Intesa Sanpaolo Research Department – Head of Research Gregorio De Felice Head of Equity & Credit ResearchHead of Equity & Credit ResearchHead of Equity & Credit ResearchHead of Equity & Credit Research