TAS: REVENUES and EBITDA growing again in 2013

Rome - 18 March 2014

The data presented in the Draft Annual Report 2013 highlighted the positive results achieved by TAS following a major reorganization process and driving the Group towards 2014, a year that will further enhance its presence on the international stage and see the launch of innovative solutions for latest generation digital payments.

TAS Group, a company listed in the Italian Stock Exchange (ISIN 121670) since 2000, yesterday presented its Draft Consolidated Financial Statements at 31 December 2013.

The results turned positive after a period of decline, showing a marked increase in revenue and margin.

Total revenue was raised to 43.567 million Euro, an increase of 2 million Euro (+4.8%) compared to the previous year.

EBITDA returned to positive, amounting to 3.254 million Euro, compared with a loss of 322 thousand Euro in 2012. This corresponds to a 7.5% increase in total revenue (9.5% excluding non-recurring costs, amounting to 878 thousand Euro).

Liquidity improves as well, amounting to 4.247 million Euro, compared to 3.992 million Euro at 31 December 2012.

These achievements are the result of the corporate restructuring process first initiated in 2009, and reinforced by newer and more recent development strategies at domestic and international levels, that have led to an extremely positive performance for TAS shares in the last six months (over 22.6%).

In 2014 TAS Group aims to consolidate this positive trend, increasing its global presence in Europe, USA and Latin America, while strengthening its leadership in the domestic Italian market.

In terms of value proposition, in 2014, TAS Group plans market penetration of its new modular platforms based on advanced technological architectures, that enable the rapid, secure and efficient management of all payment instruments’ Issuing, Acquiring and Fraud Management processes. New solutions will integrate innovative channels and tools for next-generation digital payments in both the Banking and Government business sectors.

For accessing payment networks and clearing and settlement systems - a traditional core competence of TAS, 2014 will mark a decisive step forward for the TAS Network Gateway solution, which has been completely renovated and upgraded to fully operate with Open standards, providing connectivity to the multiplicity of regulators and protocols in the Post-SEPA End Date era.

Valentino Bravi, C.E.O. of TAS Group, commented on the presentation of the Draft Annual Report: "The positive results established in 2013 rewarded the hard work that our entire team has accomplished, helping to overcome the challenges of the adverse global economic situation over the last three years.

2014 will represent another milestone for our Group’s track record in the Payments Market through the launch of our new Cashless 3.0, platform, and in the Finance Market through the creation of our access platform for Target 2 Securities, on which TAS has been working for more than one year, supporting the main Eurosystem institutions. The huge investments put in place in recent years, both to strengthen our core competence in the institutional arena, and to revolutionise our product portfolio, targeting the new European and Global Payment Service Providers, have been recognised by the market and allow TAS to compete and attract professional excellence and create strategic alliances on an international level.

Renzo Vanetti, Chairman of TAS, also stresses how "Passion and motivation of human resources, in addition to growth of expertise essential for the recovery of our business, were the ingredients that have enabled TAS to reverse the negative trend. The 2013 results, with significant positive growth in both revenue and EBITDA, are indicators that encourage us on the path we have taken. Thanks to the new products and services available from 2014 and to our continuing international expansion, TAS is definitely back to being a major player in the world of services to banks, businesses and government."

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