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Fae Technology
Earnings Release • Apr 30, 2024
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Earnings Release
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PRESS RELEASE
FAE TECHNOLOGYGROUP: BOARD OF DIRECTORS APPROVES STATUTORY FINANCIAL STATEMENTS AND CONSOLIDATED FINANCIAL STATEMENTS AT DECEMBER 31, 2023
FULL-YEAR PRO-FORMA CONSOLIDATED REVENUES1 OF EURO 71.6 MILLION
STATUTORY FINANCIAL STATEMENTS REPORT REVENUE GROWTH OF 56.5% TO EURO 61.7 MILLION
Full-year1 pro-forma consolidated operating highlights 2023
- Consolidated revenues: Euro 71.6 million
- Value of production: Euro 74.8 million
- EBITDA: Euro 7.6 million
- EBITDA margin: 10.1%
Consolidated balance sheet highlights at December 31, 2023
- Net Financial Debt: Euro 7.1 million
- Shareholders' Equity: Euro 18.2 million
Impact Report 2023 Approved
The Group continues to successfully integrate the wholly-owned subsidiary Elettronica GF, with the goal of creating commercial and technology synergies
Gazzaniga (BG), April 30, 2024 –The Board of Directors of FAE Technology S.p.A. – Benefit company ("FAE Technology" or the "Company" or the "Group"), Tech company and parent of the Italian electronics sector Group of the same name, has today approved the consolidated financial statements and the statutory financial statements at December 31, 2023, in addition to the Impact Report 2023.
Gianmarco Lanza, Chairperson and Chief Executive Officer of FAE Technology, stated: "The results approved today are satisfying and confirm the strength of our growth trajectory. The acquisition of Elettronica GF has accelerated our evolution, allowing us to maximize our offer to
1 For a better understanding of the Group performance in 2023, the Group full-year pro-forma consolidated figures are reported. The pro-forma figures fully consolidate the results of the subsidiary Elettronica GF S.r.l. for 2023 ("full-year") and not on a pro rata basis. In addition, 2023 is the first year in which the Group presents consolidated figures and therefore a comparison with 2022 is not provided.
customers and partners. We intend to continue on this path, further strengthening our Group and every day consolidating our market position even further."
2023 Consolidated Key Financial Highlights
Full-year pro-forma consolidated revenues totalled Euro 71.6 million, with a full-year pro-forma consolidated value of production of Euro 74.8 million.
Consolidated full-year pro-forma EBITDA was Euro 7.6 million, with an EBITDA margin of 10.1%. The full-year pro-forma consolidated net profit was Euro 3.6 million.
The consolidated Net Financial Debt was Euro 7.1 million.
Consolidated shareholders' equity was Euro 18.2 million.
2023 financial highlights of FAE Technology S.p.A. – Benefit company
The statutory financial statements at December 31, 2023 of FAE Technology report revenues of Euro 61.7 million, up 56.5% on the previous year. This performance was driven by a significant boost in production, stemming from engineering and prototyping activities.
The value of production was Euro 64.8 million, improving 60.9% on 2022. The margin was also up significantly. EBITDA was Euro 6.4 million, up 62.7% on the previous year, while the EBITDA margin was 9.8% (vs 9.7% in 2022).
The net profit was Euro 3.4 million, compared to Euro 2.1 million in the previous year.
At December 31, 2023, the Net Financial Debt was Euro 1.8 million (vs Euro 3.5 million at December 31, 2022). This improvement is mainly due to the undertaking of a stake by the French investment fund NextStage AM on December 7, 2023 through a reserved share capital increase of Euro 2.0 million.
Shareholders' equity amounted to Euro 18.4 million (Euro 10.8 million at December 31, 2022).
Allocation of the Net Profit for the year
The Board of Directors of FAE Technology approved the proposal to the Shareholders' Meeting to allocate the net profit for the year, totaling Euro 3,418,267, as follows:
- to the legal reserve, until reaching one-fifth of the share capital (Article 2430 of the Civil Code), Euro 12,618;
- to cover the losses carried forward from previous years, Euro 797,041;
- the residual, to the extraordinary reserve, for Euro 2,608,608.
Significant events in 2023
Approval of the 231 Organizational Model
On March 28, 2023, the Company's Board of Directors approved the adoption of the management and control organizational model pursuant to Legislative Decree No. 231/2001 (hereafter the "Model"), with the goal of protecting against and mitigating the risk of the committal of the predicate corporate liability offences under the decree by senior roles and/or their subordinates, in the interest or to the advantage of the Company. The Model sets a procedural standard and helps to ensure conditions of fairness and transparency in the conduct of company business and operations. Parallel to the adoption of the Model, the Code of Ethics was also adopted. The Code contains a set of founding values and conduct principles for FAE, and with which all those who work in the name of and/or on behalf of the Company are required to comply in the performance of their duties.
At the same Board of Directors' meeting, the Supervisory Board (SB) required by Legislative Decree No. 231/01 was also appointed. The Supervisory Board is an entity with autonomous powers of initiative and control that is responsible for overseeing the correct adoption of the Model, so that the organization's senior roles do not engage in fraudulent conduct.
The Board of Directors of FAE Technology proceeded to appoint a single-member Supervisory Board, appointing the lawyer Gloria Spagnoli as the sole member of the Supervisory Board.
Approval of Stock Option Plan 2023 - 2028
On September 28, 2023, the Board of Directors of FAE Technology approved the Stock Option Plan regulation (2023 - 2028) with the goal of:
- strengthening key personnel retention and attraction policies;
- linking the remuneration of key personnel to the actual creation of new (and direct) value for the Company (and the Group) over the medium term, aligning the interests of option recipients with those of shareholders and investors.
The Stock Option Plan regulation provides for the free grant of options for the subscription of up to 1,533,300 ordinary shares of the Company in two grant tranches. The exercise price of each option is determined differentially taking into account the relative grant tranche and the relative vesting date. The Stock Option Plan regulation and the relative capital increase were approved by the Shareholders' Meeting of October 27, 2023.
Elettronica GF acquisition
FAE Technology on December 21, 2023, and following the agreement signed on November 8, 2023 (see press release), finalized the acquisition of the entire share capital of Elettronica GF S.r.l. for Euro 5.620 million.
Through the acquisition, FAE Technology extends its expertise in the development and engineering of highly-complex proprietary electronic solutions, expanding its offerings and diversifying its customer base. A price of Euro 5.625 million was agreed on signing (adjusted to Euro 5.620 million at closing), including Euro 0.9 million as the contingent portion.
FAE Technology SB Warrant Exercise 2022-2025 - First Window
FAE Technology at the close of the first exercise window of the "FAE Technology SB 2022-2025 Warrants", between November 6, 2023 and November 20, 2023, allotted 40,375 newly-issued FAE Technology Shares, resulting from the exercise of 80,750 "FAE Technology SB 2022-2025 Warrants" ISIN code IT0005500639, in the ratio of 1 (one) new Conversion Share for every 2 (two) Warrants held. The shares awarded have a value of Euro 66,618.75 and have regular dividend rights and the same characteristics as the FAE Technology Ordinary Shares traded on Euronext Growth Milan on the issue date of the Conversion Shares. As a result of the above, as of today's date, 7,085,500 Warrants are outstanding, which can be exercised in the following exercise periods - between November 5, 2024 and November 20, 2024 inclusive ("Second Exercise Period") and between November 5, 2025 and November 20, 2025 inclusive ("Third and Final Exercise Period"), as provided in the "FAE Technology SB 2022-2025 Warrants" regulation.
NextStage AM share capital increase
The Board of Directors of FAE Technology S.p.A., in partial execution of the power granted by the Extraordinary Shareholders' Meeting on October 27, 2023, approved on December 6, 2023 a divisible capital increase with the exclusion of pre-emptive rights, for an amount of Euro 2,000,000 through the issuance of 1,000,000 ordinary shares with no indication of par value, offered at a unit subscription price of Euro 2.00, of which Euro 1.97 as share premium and Euro 0.03 as the capital portion, to be reserved for subscription by NextStage AM, a qualifying French investor.
Nextstage AM fully subscribed to the capital increase, becoming a significant shareholder in the Company, with a 5.74% stake in FAE Technology.
The new resources shall support FAE Technology's growth on the electronics market, its positioning in Italy and overseas, and shall partly fund the acquisition of Elettronica GF.
Share capital increase reserved for Gianfranco Argnani
The acquisition agreement of Elettronica GF also stipulates the commitment by Gian Franco Argnani - former founding partner, Chairperson and Chief Executive Officer of Elettronica GF to subscribe to a capital increase reserved for him, approved by the Board of Directors of FAE Technology on December 15, 2023, in partial execution of the power granted to him by the Extraordinary Shareholders' Meeting on October 27, 2023, in the amount of Euro 2.125 million through the purchase of 1,062,500 ordinary shares with no indication of par value, offered at a unit subscription price of Euro 2.00, including Euro 1.97 as share premium and Euro 0.03 as the capital portion.
The newly-issued ordinary shares in favor of the shareholder Gian Franco Argnani are subject to lock up in the amount of (i) 30% for a period of 24 months from the date of subscription and (ii) 60% for a period of 36 months from the date of subscription.
Outlook
In view of the strong results in 2023 and the current backlog, while not disregarding potential general economic challenges, substantial business development is again forecast for 2024. Development activities and ongoing product and production process innovation and research support the FAE Technology Group's competitive advantage. The Group - although in a challenging environment - therefore expects sustainable growth over the medium to long-term.
The upward growth trajectory is therefore expected to continue. General overhead cost management discipline and the ongoing streamlining of procurement continues, even in view of the new volumes which enable - where possible - improved negotiating capacity.
The Group seeks to consistently build a diversified backlog, to consolidate its market position and to introduce solutions placing it at the forefront of innovation and technological development. It may therefore confirm and strengthen its role as a strategic partner for key clients.
In summary, although within a general economic and regulatory environment presenting potential criticalities and challenges, the FAE Technology Group remains confident of its future business development outlook and the potential to create value over the long-term.
Impact Report 2023
The Board of Directors also approved the Impact Report 2023. This, in compliance with current regulations upon the status of Benefit Companies, will be attached to the statutory financial statements and submitted to the Shareholders' Meeting for approval on May 31, 2024.
With its transformation into a Benefit Company on May 13, 2022, FAE Technology has further solidified its commitment to the environment, the local community and its employees through numerous projects.
In 2023, the second year in which the Company has prepared an Impact Report, FAE Technology substantially achieved all of the common benefit goals set for the reporting year, successfully executing all planned initiatives. Specifically, the Company has promoted sustainable ways of working, so as to ensure well-being, and has considered smart ways of managing work activities and supporting the creation of a positive work environment based on the development, training and growth of employees. At the same time, through targeted projects, it has developed and enhanced the community in which it operates, promoting social well-being at the local level by optimizing the experiences, skills and specific professional expertise of personnel. The Company has also built collaborative relationships with leading technical institutes in the area, with the aim of developing training by bringing young people closer to digital learning,
promoting the training of new professionals and the continuous updating of skills with consistent training paths.
The Company in 2024 intends to continue to spread the work-life balance culture, continuing to promote environmental sustainability, expand the focus on the psychological and physical wellbeing of workers, continue training activities for employees, increase collaborations with educational institutions, and will consider the creation of an inter-company Vocational Training Center for the training and upskilling of personnel.
Other Board of Directors' motions
The Board of Directors, following on from its announcement on January 29, 2024 (see the press release) regarding the recent amendments to the Euronext Growth Milan Issuers' Regulation and, specifically, in compliance with the provisions of Article 6-bis of the Euronext Growth Milan Issuers' Regulation, has also (i) identified the quantitative and qualitative criteria to be taken into account in order to carry out the annual assessment of the independence requirements of candidates for the position of Independent Director, which will be valid until the conclusion of the current term of office; and (ii) positively assessed the independence of the current Independent Director Ms. Cristina Mollis.
Ordinary and Extraordinary Shareholders' Meeting call notice
The Board of Directors has also called the Shareholders' Meeting in Ordinary and Extraordinary session for May 31, 2024 at the times and places to be communicated in the relative call notice, which shall be published according to the times and means required by the applicable regulations.
The Ordinary and Extraordinary Shareholders' Meeting call notice, which shall be published according to the statutory law and By-Law deadlines, shall indicate also the method to participate at the Shareholders' Meeting, as per the applicable regulation.
The documentation related to Agenda items will be made available to the public at FAE Technology's registered office and in the Investor Relations/Shareholders' Meetings section of the website https://fae.technology/investor-relations/, in addition to the website https://www.borsaitaliana.it/, in the Shares/Documents section, within the deadlines under the current regulations.
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For the dissemination of regulated information FAE Technology uses the (), operated by Computershare S.p.A., with registered office in Milan, Via Lorenzo Mascheroni No. 19 and authorized by Consob.
This Press Release is available in the Investors Relations/Press Releases section of the website https://fae.technology/and at .
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FAE Technology S.p.A. - Benefit Company is a Tech company and parent of the Italian electronics sector Group of the same name. Founded in 1990 in Gazzaniga (BG) by Francesco Lanza, who began by producing a small series of electronic boards, FAE Technology has been led since 2008 by his son Gianmarco Lanza, Chairperson and Chief Executive Officer. The Group, through several dedicated and integrated assets, can very rapidly enable electronic innovation in the various sectors in which it plays a central role, including e-mobility, the Internet of things (IoT), industrial automation 4.0 and aerospace. FAE Technology is known for its focus on innovation - promoting open innovation and shared research at the "Kilometro Rosso" hub - and on sustainability and corporate social responsibility, becoming a Benefit Company on May 13, 2022. The Group benefits from strategic partnerships and memberships with major sector players, in addition to renowned universities and research centers, including the "Senseable City Lab" at MIT (Massachusetts Institute of Technology) in Boston. In the second half of 2023, Elettronica G.F., a leading player in the supply of microprocessor-based proprietary electronic systems such as panel PCs, SOMs and Single Board Computers for various application areas, joined FAE Technology. In 2023, the Group reported consolidated revenues of Euro 71.6 million, and the parent company FAE Technology continued on its strong growth trajectory, with revenues up 56.5% on 2022 to Euro 61.7 million.
ISIN FAE Ordinary Shares IT0005500688 - ISIN Warrants WFAE25 IT0005500639
Contacts
FAE Technology S.p.A. - Benefit Company
Investor Relations Manager Gianmarco Lanza, [email protected]
THANAI Communication Advisors
Press Office Thanai Bernardini, mob. 335.7245418, [email protected] Alessandro Bozzi Valenti, mob. 348.0090866, [email protected] Calvin Kloppenburg, mob. 393.1188058, [email protected]
Integrae SIM S.p.A.
Euronext Growth Advisor & Specialist Tel. 02 9684 68 64, [email protected]
Attachments
The main financial statements of the Company are presented below, which are currently being audited by the Independent Audit Firm, for the year ending December 31, 2023 and compared where possible with the comparative figures in thousands of Euro, and specifically:
- Full-year Pro-Forma Consolidated Income Statement for 2023;
- Consolidated Income Statement for 2023;
- Consolidated Balance Sheet at 31.12.2023;
- Consolidated Net Financial Debt at 31.12.2023;
- FAE Technology S.p.A. Income Statement for 2023 (vs Income Statement for 2022);
- FAE Technology S.p.A. Balance Sheet at 31.12.2023 (vs Balance Sheet at 31.12.2022);
- FAE Technology S.p.A. Net Financial Debt at 31.12.2023 (vs. Net Financial Debt at 31.12.2022);
Full-year pro-forma consolidated operating highlights
The Group's full-year pro-forma reclassified consolidated income statement for 2023 follows:
| Reclassified Income Statement | 2023 | % (*) |
|
|---|---|---|---|
| (in Euro thousands) | |||
| Revenues from sales | 71,559 | 95.6% | |
| Change in inventories | 1,957 | 2.6% | |
| Other revenues and income | 1.303 | 1.7% | |
| Value of Production | 74,819 | 100.0% | |
| Costs of raw materials, supplies and goods net of changes Inventories |
(49,330) | -65.9% | |
| Service costs | (7,696) | -10.3% | |
| Rent, lease and similar costs | (645) | -0.9% | |
| Personnel expense | (9,329) | -12.5% | |
| Other operating costs | (255) | -0.3% | |
| EBITDA (**) | 7,564 | 10.1% | |
| Amortisation, depreciation and write-downs | (1,988) | -2.7% | |
| Provisions | (4) | 0.0% | |
| EBIT (***) | 5,572 | 7.4% | |
| Financial income and (expense) | (607) | -0.8% | |
| EBT | 4,964 | 6.6% | |
| Income taxes | (1,378) | -1.8% | |
| Net Profit for the year | 3,586 | 4.8% | |
| Minority interest net profit | 0.0% | ||
| Net Profit for the year | 3,586 | 4.8% |
(*) Margin on the value of production
(**) EBITDA indicates the operating result before income taxes, financial income and expenses, amortization and depreciation and provisions for risks and charges. EBITDA is not indicated as an accounting measure under Italian GAAP and therefore should not be considered as an alternative measure to assess the company operating performance. As the composition of EBITDA is not regulated by the applicable accounting standards, the criterion used by the company for its calculation may not be uniform with that adopted by other companies and/or groups and therefore may not be comparable.
(***) EBIT indicates the result before income taxes and financial income and expenses. EBIT therefore represents the operating result before the remuneration of both debt and equity capital. EBIT is not indicated as an accounting measure under Italian GAAP and therefore should not be considered as an alternative measure to assess the company operating performance. As the composition of EBIT is not regulated by the applicable accounting standards, the criterion used by the company for its calculation may not be uniform with that adopted by other companies and/or groups and therefore may not be comparable.
Consolidated Financial Highlights
The Group's reclassified consolidated income statement for 2023 follows:
| Reclassified Group Income Statement | 2023 | ||
|---|---|---|---|
| (in Euro thousands) | (*) % |
||
| Revenues from sales | 60.715 | 95.1% | |
| Change in inventories | 1,957 | 3.1% | |
| Other revenues and income | 1.183 | 1.9% | |
| Value of Production | 63,856 | 100.0% | |
| Costs of raw materials, supplies and goods net of changes Inventories |
(43,205) | -67.7% | |
| Service costs | (6,820) | -10.7% | |
| Rent, lease and similar costs | (579) | -0.9% | |
| Personnel expense | (6,702) | -10.5% | |
| Other operating costs | (175) | -0.3% | |
| EBITDA (**) | 6,375 | 10.0% | |
| Amortisation, depreciation and write-downs | (1,384) | -2.2% | |
| Provisions | (4) | 0.0% | |
| EBIT (***) | 4,987 | 7.8% | |
| Financial income and (expense) | (398) | -0.6% | |
| EBT | 4,589 | 7.2% | |
| Income taxes | (1,335) | -2.1% | |
| Net Profit for the year | 3,253 | 5.1% | |
| Minority interest net profit | 0.0% | ||
| Net Profit for the year | 3,253 | 5.1% |
(*) Margin on the value of production
(**) EBITDA indicates the operating result before income taxes, financial income and expenses, amortization and depreciation and provisions for risks and charges. EBITDA is not indicated as an accounting measure under Italian GAAP and therefore should not be considered as an alternative measure to assess the company operating performance. As the composition of EBITDA is not regulated by the applicable accounting standards, the criterion used by the company for its calculation may not be uniform with that adopted by other companies and/or groups and therefore may not be comparable.
(***) EBIT indicates the result before income taxes and financial income and expenses. EBIT therefore represents the operating result before the remuneration of both debt and equity capital. EBIT is not indicated as an accounting measure under Italian GAAP and therefore should not be considered as an alternative measure to assess the company operating performance. As the composition of EBIT is not regulated by the applicable accounting standards, the criterion used by the company for its calculation may not be uniform with that adopted by other companies and/or groups and therefore may not be comparable.
Consolidated balance sheet highlights
The reclassified balance sheet according to the Group's sources and uses at December 31, 2023 follows:
| Reclassified Group Balance Sheet | ||
|---|---|---|
| (in Euro thousands) | 12/31/23 | |
| Intangible assets | 4,676 | |
| Property, plant and equipment | 6.136 | |
| Financial assets | 371 | |
| Net Fixed Assets | 11.184 | |
| Inventories | 18,945 | |
| Trade receivables | 12,097 | |
| Trade payables | (15,839) | |
| Commercial working capital | 15,203 | |
| Other current assets | 205 | |
| Other current liabilities | (2,448) | |
| Tax receivables | 5,288 | |
| Tax payables | (1,387) | |
| Prepayments and accrued income | 658 | |
| Accrued expenses and deferred income | (1,514) | |
| Net working capital (*) | 16,004 | |
| Provisions for risks and charges | (85) | |
| Post-employment benefits | (1,778) | |
| Net capital employed (uses) (**) | 25,324 | |
| Net financial debt - Current financial debt | 5,940 | |
| Net financial debt - Current portion of non-current financial debt | 2,146 | |
| Net financial debt - Non-current financial debt | 5,032 | |
| Total financial debt | 13,119 | |
| Cash and cash equivalents | (5,984) | |
| Other financial receivables | ||
| Net financial debt (***) | 7,135 | |
| Share capital | 563 | |
| Reserves | 14,373 | |
| Net Profit | 3,253 | |
| Group shareholders' equity | 18,189 | |
| Non-controlling interests capital and reserves | ||
| Minority interest profit/(loss) | ||
| Minority interests Shareholders' Equity | ||
| Shareholders' Equity | 18,189 | |
| Total sources | 25,324 |
(*) Net Working Capital is calculated as the sum of inventories, trade receivables, trade payables, other current assets, other current liabilities, tax receivables and payables, and net accruals and deferrals. Net Working Capital is not identified as an accounting measure by the applicable accounting standards. The criteria applied by the Company may not be uniform with those adopted by other companies, and therefore the values may not be comparable with those determined by the latter.
(**) Net Capital Employed is calculated as Net Working Capital, Net Fixed Assets and Non-current Liabilities
(provision for risks and charges and post-employment benefits). Capital employed is not identified as an accounting measure by the applicable accounting standards. The criteria applied by the Company may not be uniform with those adopted by other companies, and therefore the values may not be comparable with those determined by the latter.
(***) It is noted that the Net Financial Debt is calculated as the sum of cash and cash equivalents, non-current financial liabilities, and was determined in accordance with the "Guidance on Disclosure Requirements under the Prospectus Regulation" (ESMA32-382-1138) published by ESMA (European Securities and Markets Authority).
Consolidated net financial debt
| Group net financial debt | 12/31/23 |
|---|---|
| (in Euro thousands) | |
| A Available liquidity | 5,984 |
| B Cash equivalents | |
| C Other current financial assets | |
| D Liquidity (A+B+C) | 5,984 |
| E Current financial debt | 5,940 |
| F Current portion of non-current financial debt | 2.146 |
| G Current financial debt (E+F) | 8,086 |
| H Net current financial debt (G-D) | 2,103 |
| I Non-current financial debt | 5,032 |
| J Debt instruments | |
| K Trade payables and other non-current payables | |
| L Non-current debt (I+J+K) | 5,032 |
| M. Total financial debt (H) + (L) | 7,135 |
FAE Technology S.p.A. operating highlights
The Company's reclassified income statement for 2023 compared with that for 2022 is as follows:
| Reclassified Income Statement | % (*) | 2022 | % (*) |
Change % | |
|---|---|---|---|---|---|
| (in Euro thousands) | 2023 | ||||
| Revenues from sales | 61,678 | 95.2% | 39,411 | 97.8% | 56.5% |
| Change in inventories | 1,957 | 3.0% | 481 | 1.2% | 307.0% |
| Other revenues and income | 1,184 | 1.8% | 405 | 1.0% | 192.3% |
| Value of Production | 64,819 | 100.0% | 40,297 | 100.0% | 60.9% |
| Costs of raw materials, supplies and goods net of changes Inventories |
(43,681) | -67.4% | (27,279) | -67.7% | 60.1% |
| Service costs | (7,307) | -11.3% | (4,478) | -11.1% | 63.2% |
| Rent, lease and similar costs | (579) | -0.9% | (207) | -0.5% | 179.7% |
| Personnel expense | (6,702) | -10.3% | (4,306) | -10.7% | 55.6% |
| Other operating costs | (175) | -0.3% | (108) | -0.3% | 62.7% |
| EBITDA (**) | 6,375 | 9.8% | 3,919 | 9.7% | 62.7% |
| Amortisation, depreciation and write-downs | (1,219) | -1.9% | (782) | -1.9% | 56.0% |
| Provisions | (4) | 0.0% | 0.0% | 0.0% | |
| EBIT (***) | 5,151 | 7.9% | 3,137 | 7.8% | 64.2% |
| Financial income and (expense) | (398) | -0.6% | (218) | -0.5% | 82.9% |
| EBT | 4,754 | 7.3% | 2,920 | 7.2% | 62.8% |
| Income taxes | (1,335) | -2.1% | (806) | -2.0% | 65.7% |
| Net Profit for the year | 3.418 | 5.3% | 2,114 | 5.2% | 61.7% |
(*) Margin on the value of production
(**) EBITDA indicates the operating result before income taxes, financial income and expenses, amortization and depreciation and provisions for risks and charges. EBITDA is not indicated as an accounting measure under Italian GAAP and therefore should not be considered as an alternative measure to assess the company operating performance. As the composition of EBITDA is not regulated by the applicable accounting standards, the criterion used by the company for its calculation may not be uniform with that adopted by other companies and/or groups and therefore may not be comparable.
(***) EBIT indicates the result before income taxes and financial income and expenses. EBIT therefore represents the operating result before the remuneration of both debt and equity capital. EBIT is not indicated as an accounting measure under Italian GAAP and therefore should not be considered as an alternative measure to assess the company operating performance. As the composition of EBIT is not regulated by the applicable accounting standards, the criterion used by the company for its calculation may not be uniform with that adopted by other companies and/or groups and therefore may not be comparable.
FAE Technology S.p.A. balance sheet highlights
The reclassified balance sheet according to the Company's sources and uses at December 31, 2023, compared with December 31, 2022, follows:
| Reclassified Balance Sheet | ||||
|---|---|---|---|---|
| (in Euro thousands) | 31/12/2023 | 31/12/2022 | Change % | |
| Intangible assets | 2,293 | 1,718 | 33% | |
| Property, plant and equipment | 5,109 | 3,613 | 41% | |
| Financial assets | 5,002 | 117 | 4165% | |
| Net Fixed Assets | 12,404 | 5,448 | 128% | |
| Inventories | 14,730 | 10,866 | 36% | |
| Trade receivables | 7,582 | 8,096 | -6% | |
| Trade payables | (14,877) | (11,019) | 35% | |
| Commercial working capital | 7,435 | 7,943 | -6% | |
| Other current assets | 175 | 508 | -66% | |
| Other current liabilities | (2,560) | (821) | 212% | |
| Tax receivables and payables | 4,245 | 2,243 | 89% | |
| Net accruals and deferrals | (621) | (266) | 134% | |
| Net working capital (*) | 8,675 | 9,607 | -10% | |
| Provisions for risks and charges | (85) | (72) | 18% | |
| Post-employment benefits | (801) | (726) | 10% | |
| Net capital employed (uses) (**) | 20,193 | 14,258 | 42% | |
| Net financial debt - Current financial debt | 2,256 | 1,508 | 50% | |
| Net financial debt - Current portion of non-current financial debt |
1,490 | 819 | 82% | |
| Net financial debt - Non-current financial debt | 4,029 | 4,507 | -11% | |
| Total financial debt | 7,775 | 6,833 | 14% | |
| Cash and cash equivalents | (5,936) | (3,335) | 78% | |
| Net financial debt (***) | 1,839 | 3,498 | -47% | |
| Share capital | 563 | 500 | 13% | |
| Reserves | 14,373 | 8,146 | 76% | |
| Net Profit | 3,418 | 2,114 | 62% | |
| Shareholders' Equity | 18,354 | 10,760 | 71% | |
| Total sources | 20,193 | 14,258 | 42% | |
(*) Net Working Capital is calculated as the sum of inventories, trade receivables, trade payables, other current assets, other current liabilities, tax receivables and payables, and net accruals and deferrals. Net Working Capital is not identified as an accounting measure by the applicable accounting standards. The criteria applied by the Company may not be uniform with those adopted by other companies, and therefore the values may not be comparable with those determined by the latter.
(**) Net Capital Employed is calculated as Net Working Capital, Net Fixed Assets and Non-current Liabilities (provision for risks and charges and post-employment benefits). Capital employed is not identified as an accounting measure by the applicable accounting standards. The criteria applied by the Company may not be uniform with those adopted by other companies, and therefore the values may not be comparable with those determined by the latter.
(***) It is noted that the Net Financial Debt is calculated as the sum of cash and cash equivalents, non-current financial liabilities, and was determined in accordance with the "Guidance on Disclosure Requirements under the Prospectus Regulation" (ESMA32-382-1138) published by ESMA (European Securities and Markets Authority).
FAE Technology net financial debt
| Net financial debt | 12/31/23 | 12/31/22 | % (*) |
|---|---|---|---|
| (in Euro thousands) | |||
| A Available liquidity | 5,936 | 3.335 | 78% |
| B Cash equivalents | 0% | ||
| C Other current financial assets | 0% | ||
| D Liquidity (A+B+C) | 5,936 | 3,335 | 78% |
| E Current financial debt | (2,256) | (1,508) | 50% |
| F Current portion of non-current financial debt | (1,490) | (819) | 82% |
| G Current financial debt (E+F) | (3,746) | (2,326) | 61% |
| H Net current financial debt (G-D) | 2,190 | 1,009 | 117% |
| I Non-current financial debt | (4,029) | (4,507) | -11% |
| J Debt instruments | 0% | ||
| K Trade payables and other non-current payables | 0% | ||
| L Non-current debt (I+J+K) | (4,029) | (4,507) | -11% |
| M. Total financial debt (H) + (L) | (1,839) | (3.498) | -47% |