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Unidata
Earnings Release • Apr 14, 2021
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Earnings Release
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PRESS RELEASE
THE UNIDATA BOARD OF DIRECTORS APPROVES THE DRAFT FINANCIAL STATEMENTS AS AT DECEMBER 31, 2020
Year of strong growth for Unidata Revenues of €23.4 million thanks to fiber optic in Rome Net income of €3.4 million IAS/IFRS accounting principles adopted for the first time Sustainability Report prepared for the first time
- Value of Production 23.4 million euros (+77.44% YoY), of which 6.15 million for wholesale supply to other operators;
- EBITDA 1 €8.6 million +67.3% compared to €5.1 million in 2019 (EBITDA Margin 36.8%);
- EBIT €4.9 million +134.5% compared to €2.1 million in 2019 (EBIT Margin +20.9%);
- Net income €3.4 million +142% compared to €1.4 million in 2019 (Margin 14.5%);
- Net Financial Position (NFP): cash positive €3.4 million;
- Capital expenditures in the period totaled €10.2 million, most of which were self-financed;
- Number of customers +34% compared to 2019;
- Proposal to allocate all of 2020 net income to equity reserves and, specifically, 169,605 euros to the legal reserve and 3,222,501 euros to retained earnings;
Rome, April 14, 2021 - Unidata S.p.A., operator of Telecommunications, Cloud and IoT services, listed on the AIM Italia market of Borsa Italiana, announces that the Board of Directors, which met today under the chairmanship of Renato Brunetti, reviewed and approved the draft financialstatements and the reclassified financial statements as at December 31, 2020, prepared for the first time in accordance with the IAS-IFRS International Accounting Standards, which will be submitted for approval to the Shareholders' Meeting to be held on May 14, 2021.
The 2020 financial year was once again one of growth for Unidata and consolidation of the company's competitive positions, demonstrating its ability to continue a rapid development supported by the investments made in recent years to expand the FTTH fiber optic network, Cloud and R&D in IoT, logistics structures and main operating functions.
1 The EBITDA are the operating earnings before amortization and depreciation policy choices and the assessment of the collectability of trade receivables. The EBITDA thus defined represents the indicator used by the Issuer's directors to monitor and evaluate the operating performance of the business. The EBITDA is not identified as an accounting measure under Italian GAAP and should not be considered as an alternative measure for assessing the performance of the Issuer's operating results. Since the composition of EBITDA is not regulated by the reference accounting standards, the criteria used by the Company to determine it may not be the same as those adopted by other entities and are therefore not comparable with them.
Looking at the Value-Added Reclassified Income Statement present in the 2020 financial statements, the Value of Production as of December 31, 2020 is €23.4 million, up 77.4% compared to the same period in 2019, in which was recorded a Value of Production of €13.2 million. Value Added is 49.2% of Value of Production, recording a value of €11.5 million in 2020 compared to €7.3 million in 2019 (+58.7% YoY).
The EBITDA was positive at €8.6 million, up +67.3% YoY, with an EBITDA Margin of 36.8% compared to the result for the same period in 2019, when it reached €5.1 million.
Operating Income (EBIT) was positive at €4.9 million, a +134.4% increase compared to the same period in 2019, whose result was €2.1 million. The EBIT Margin was 20.9% compared to 15.8% in 2019.
The Net Income for the period amounted to approximately €3.39 million (+142% YoY compared to the €1.4 million recorded in 2019), with a 14.5% margin on Revenues (10.6% margin in 2019).
The Net Financial Position (NFP) prepared in accordance with IAS-IFRS is cash positive by €3.4 million (€5.9 million in accordance with GAAP) compared to the cash negative NFP recorded at December 31, 2019 of €4.1 million (-€0.6 million in accordance with GAAP). The improvement in the NFP as at December 31, 2020, of approximately €7.5 million compared to December 31, 2019, is due to the inflows from the stock market listing of approximately €5.2 million net of commissions. It is also due to Unidata's ability to generate cash thanks to its core business, this despite the considerable investments made in 2020 (€10.2 million) and the consolidation of the investment in the newco Unifiber S.p.A. with the payment of €1.25 million in capital account/reserves.
Net Assets as of December 31, 2020 were €21.4 million, compared to €12.3 million in 2019. The +74% increase is largely due to the economic revaluation of the network amounting to €7.6 million.
Trade receivables - The increase in receivables is due to exposure to a leading national communications operator with whom contracts are in place for the construction of a fiber optic network. The high solvency of the customer has enabled us to repay the exposure as early as the end of the first few months of 2021.
"Organic" growth
The Board of Directors, in order to provide greater clarity in terms of organic growth, decided to calculate and disclose, together with the figures presented in the financial statements, also two data: Value of Production record, from 2019 to 2020, a growth of +36.32% YoY and EBITDA a +31.86% YoY.
Main drivers
Especially in the Fiber & Networking segment, the drivers of growth were the revenues from the sale of internet access (Business and Consumer Connectivity), which increased by 14.90% compared to the previous year, from €7.1 million in 2019 to €8.2 million in 2020, and from granting IRU/Wholesale rights on fiber optic to other operators, which in 2020 amounted to approximately €2.7 million, a 326% increase compared to 2019, when this value amounted to €0.6 million (the increase in revenues from the sale of IRU/Wholesale rights was affected by the transition to international accounting standards and the application of IFRS 16).
Revenues from the construction of telecommunications infrastructure also show an increase of 27.9% from €1.5 million in 2019 to approximately €2.0 million in 2020, attributable to the increase in works related to the RM Fiber project.
The other connection technologies, DSL and FWA, which are outnumbered by fiber, amounted to €1.2 million, up 10.5% on the previous year.
The Cloud & Datacenter business area has revenues of approximately €1.087 million, up (+12.12%) from the previous year.
In 2020, revenues attributable to the IoT & Smart Solutions segment amounted to €0.23 million, compared to €0.05 million in 2019 (+364%). The low numbers in this specific area are due to the sector's potential that are not yet fully expressed at the national level.
Value of Production is completed by the items "Various services and customer support" and "Sale of materials for the construction of fiber infrastructure", in addition to "non-recurring revenues", which in 2020 amount to approximately 4.8 million euros.
"We express great satisfaction for the results obtained in 2020, an extremely important year for our company, for the listing on the stock exchange in March last year, but also for the resilience and development, despite the pandemic that hit the world, blocking many activities. Above all, it was important due to the eventsthat took place during the year as a result of the strategic choices adopted by the Company, with the establishment of Unifiber with a large European Institutional Fund, in addition to the listing" – declares Renato Brunetti, President of Unidata – "2020 was a very positive year also in terms of financial results, with a turnover that exceeded forecasts and was driven by a greater demand for high-speed connections and the development and investment of the fiber network in Rome. We are continuing to achieve significant results and we are very pleased to communicate these figures to the market, confirming once again our determination to pursue our growth strategies".
Arpu (Average Revenue Per Users)
December 31, 2020 shows an average monthly Arpu (average revenue per user) for Business customers of approximately €500, compared to approximately €495 in 2019. There is a slight decline in the Microbusiness area, from a €77.85 average monthly Arpu for 2019 to around €74 for 2020. For residential customers (consumer), the Arpu at December 31, 2020 was approximately €25, compared to €23.64 at December 31, 2019.
2020 confirmsthe consistent growth in Customers(+34%) compared to the year ended December 31, 2019. The increase related to both main market segments; in particular, the Business customer market grew by 10.5%, while the Consumer customer sector grew by 41.4%. The Wholesale segment remains in line with all previous periods.
| 31-12-2020 | % | 31-12-2019 | % | VAR. | |
|---|---|---|---|---|---|
| Customers | 9.478 | 100% | 7.075 | 100% | 34% |
| Business Customers2 | 1.875 | 19,8% | 1.698 | 24% | 10,5% |
| Consumer Customers | 7.603 | 80,2% | 5.377 | 76% | 41,4% |
During the current year, the fiber optic network was extended by 735 km of proprietary cables, reaching a length of approximately 3,000 km by the end of 2020. The fiber optic network reachesthe inside of buildings covering over 150,000 residential and business units and industrial districts.
Network revaluation.
Unidata has provided for the economic revaluation of assets related to its existing proprietary fiber optic infrastructure as at January 1, 2019, the date of First Time Adoption of the international accounting principles. Based on the appraisal commissioned from an expert, the economic value of the fiber optic network was conservatively estimated at January 1, 2019 at an estimated value using the fair value criterion of no lessthan approximately €12.7 million. This was an increase over the previous value, based on historical cost net of depreciation already accounted for, of approximately €7.6 million.
Industrial investments and network development
Investments totaling €10.2 million were made in 2020.
Intangible assets, such as concessions for the right to use fiber optic, consist of elements that are by their nature essential and strategic for implementing the company's business model and for providing telecommunications services.
€0.6 million were used for investments relating to the Portuense Datacenter facility.
It should be noted that Unidata made its investments largely through self-financing.
COVID-19 DISCLOSURE
With reference to the Consob document "COVID 19 - measures to support the economy - call for attention on the information to be provided with reference to the 2020 financial statements prepared on the basis of the Italian Civil Code and national accounting standards and addressed to issuers of financial instruments that are widely distributed pursuant to art. 116 of Legislative Decree no. 58/98 ("TUF")", the following should be noted. The telecommunications sector played a central role in the management of the Covid-19 pandemic, proving to be the backbone of large portions of the country's economic and social systems.
As a telecommunications operator, the company ensured continuity of service in the management of an infrastructure that is considered one of the most strategic for the country. The company continued its expansion of the fiber optic network, activating customers and ensuring all possible services to limit the inconvenience caused by the limitations imposed by the situation, and has done everything possible to support its customers.
2 13 Wholesale Customers are included
The company has taken measures and steps aimed at containing the possible spread of the virus and safeguarding the health of its employees who have been involved in the smart working program, in line with government regulations on workspace management. The return to attendance for many employees and associates was made possible by organizing company protocols that allow full compliance with current anti-Covid regulations.
Unidata did not resort to the benefits granted by the government authorities,such as redundancy payments and moratorium on financing. Unidata's business never paused and there are no elements or circumstances that could have a significant impact on the performance of its production activities. Therefore, based on the economic and financial results for 2020, the Company does not foresee any particular critical issues in the development of its business.
SIGNIFICANT EVENTS DURING THE YEAR
Listing of the company on the AIM Italia stock market
On March 16, 2020, Unidata was listed on the Alternative Capital Market managed by Borsa Italiana (FTSE-AIM), making it the first company to be listed on this market in 2020. The listing was carried out entirely as a capital increase, with a collection of € 5.7 million against applications received for € 14.4 million, i.e. 2.5 times the collection. The listing took place following the placement of 439,100 newly issued shares and 439,100 "Unidata 2020-2022 Warrants", through an institutional and consumer placement and an offer reserved for employees. The first exercise period for Unidata 2020-2022 Warrants ends on November 17, 2020; 41,000 warrants are exercised with the subscription of 10,250 new ordinary shares (at a ratio of one ordinary share for every four warrants held) at a price of €16.90 per share, for a total value of €173,225. As provided for in the Regulations of the Unidata 2020-2022 Warrants, these may be exercised in the 2021- 2022 financial years (period between 2 and 17 November of each year).
During the period between the IPO and the close of the 2020 financial year, the value of the individualshares increased by approximately 49.2% from the initial €13 to €19.4 at the end of the year, giving the company a capitalization close to €57 million.
Creation of the Newco Unifiber
On September 3, 2020, the Company announced that it had signed an investment agreement with the European Connecting Europe Broadband Fund, or CEBF, to establish a new company called Unifiber to build an open accessfiber optic network for residential and business usersin the gray areas of Lazio that will cover over 100,000 residential and 5,000 business units.
Unifiber is 30% owned by Unidata and the remaining 70% by CEBF. Unidata controls Unifiber with the majority of the members of the Board of Directors.
The completion of the operation was announced by the company on December 21, 2021.
BUSINESS OUTLOOK
The outlook of the telecommunications sector is confirming the validity of Unidata's strategic choices to focusits efforts on strengthening and extending the fiber optic network, through structural integrations and technological innovation. This is also confirmed by Agcom's quarterly report on communications no.4 of January 14, 2021. The report's data show how the weight of FTTC and FTTH lines (sector in which Unidata operates) increased by 16.0% and 41.7% of total accesses respectively. FWA (Fixed Wireless) accesses also grew, exceeding 1.44 million lines (+11.4%) at the end of September 2019.
The demand for broadband services by businesses, telecommunications operators and ICT service companies will need to be supported by investments in the fiber optic network. These investments are
necessary to meet the ever-increasing demand for data traffic and the need to connect next-generation networks while ensuring continuously improving quality of service.
Given its type, this infrastructure is strategic for the country. Therefore, as a telecommunications operator that must guarantee its continuity of service, the company has a permanent Crisis Committee. During the 2020 financial year, following the Covid-19 pandemic, Unidata's services proved to be essential for ensuring the connectivity of citizens, businesses and the public administration. This was particularly true in supporting smart-working, online teaching in the public and private education system, Internet access services for organizing online events, and the general use of digital services and content, as well as Cloud services for data storage, processing and transmission. Therefore, given the sector's distinctiveness, the turnover growth recorded in the first months of 2021 compared to the same period of the previous year will be reviewed by the Board of Directors on April 30, 2021, and this will be notified to the market. As long as no abnormal situations emerge and the market conditions remain unchanged, Unidata expects that the Company's business can continue to grow even in this difficult time for the economy.
FURTHER RESOLUTIONS OF THE BOARD OF DIRECTORS
Approval of the first Sustainability Report drawn up by Unidata
During the meeting, the Board of Directors had the opportunity to approve the first Sustainability Report in the Company's history. The decision to draft it marked an important moment of Unidata's growth and evolution. The company decided to publish the Sustainability Report for the first time, as a tool for presenting the company's commitments, strategies, organizational management methods and results, as expressed in their threefold economic, environmental and social aspects.
The Sustainability Report highlights Unidata's commitment to:
• implementing a new model of sustainable development, based on digital technologies, which embraces the principles of ethical business and respect for people and the environment;
• the constant involvement and close collaboration with our stakeholders, an essential key to an efficient transition towards sustainable production and consumption models.
In order to align ourselves with the most recent regulatory developments on non-financial reporting, we have chosen to adopt on a voluntary basis the provisions of Legislative Decree no. 254 of December 30, 2016, by preparing our first Individual Non-Financial Report.
Allocation of the Profits for 2020
In accordance with the provisions of article 2430 of the Italian Civil Code, the Board of Directors resolved to propose to the Shareholders' Meeting the following allocation of the operating profit of €3,392,106:
- €169,605 to increase the legal reserve
- €3,222,501 to be deferred to the future year
* * * *
MEETING WITH THE FINANCIAL COMMUNITY
On April 15, 2021 at 16:00, UNIDATA S.p.A will meet, in virtual mode, the financial community to discuss the results related to the draft financialstatements and reclassified financialstatements as at December 31, 2020 and the business development plans. The web conference will be attended by Renato Brunetti, Chairman of the Board of Directors and Chief Executive Officer, Roberto Giacometti, CFO and Investor Relator Officer of Unidata and Paolo Bianchi, Investor Relator Assistant of UNIDATA S.p.A.
The event, organized by Polytems Hir, can be attended by connecting to the following Zoom link:
https://polytemshir-it.zoom.us/j/85472656798?pwd=WTRQektoajJOYmdCZXlXOVREM1pMZz09
Meeting ID: 854 7265 6798 Passcode: 751163
Mobile +390694806488,,85472656798#,,,,*751163# Italy toll +390200667245,,85472656798#,,,,*751163# Italy toll
The supporting financial presentation will be made available on the day of the Web Conference at www.unidata.it/presentazioni/
Notice of Call of the Shareholders' Meeting.
The Board of Directorsresolved to call the Ordinary and Extraordinary Shareholders' Meeting in a single call on May 14, 2021, at the times and places that will be notified in the notice of call to be published in accordance with the procedures and terms of the law and the Articles of Association.
The Notice of Call of the Shareholders' Meeting shall also specify the procedures for participating in the meeting, with a view, in particular, to meeting the needs of the current and ongoing emergency situation and in compliance with the provisions of the legislation in force at the time.
Document filing.
The documentation relating to the Shareholders' Meeting with the items on the agenda, the draft financial statements, the annual financialreport including the draft financialstatements and the reclassified financial statements, the management report, the report of the independent auditors and the report of the Board of Statutory Auditors will be made available to the public, within the terms of the law, at the Company's registered office, at Borsa Italiana, on the "****" storage mechanism () and on the company's website www.unidata.it in the Investors/Governance/Shareholders' Meeting section.
This pressrelease may contain forward-looking statements about future events and results of Unidata S.p.A. that are based on current expectations, estimates and projections about the industry in which the Company operates, and on events and the current opinions of the management team. By their very nature, such elements have a component of risk and uncertainty, because they depend on the occurrence of future events and a variety of factors, many of which are outside Unidata's control, including global macroeconomic conditions, changes in business circumstances, further deterioration of markets, the impact of competition, and political, economic and regulatory developments in Italy.
*******
Please note that the audit of the draft financial statements as at December 31, 2020, has not yet been completed and that the auditors' report will therefore be made available within the statutory deadlines. Lastly, please note that the attached income statement and balance sheet represent reclassified statements and as such are not subject to audit.
*******
This press release is available from Borsa Italiana, on the storage mechanism () and on the company's website www.unidata.it in the Investors/Press releases section For further information:
UNIDATA S.p.A. Nomad
+39 329 2478696
Investor Relations Auditor Media Relations POLYTEMS HIR POLYTEMS HIR Bianca FERSINI MASTELLONI Paolo SANTAGOSTINO Silvia MARONGIU +39 349 3856585 06.69923324-06.6797849 [email protected] [email protected]
Roberto GIACOMETTI EnVent Capital Markets Ltd CFO and Investor Relator London, Berkeley Square 42, W1J54W +39 06 896841
[email protected] [email protected]
Specialist
BANCA FINNAT EURAMERICA SPA Palazzo Altieri, Piazza del Gesù +39 4906 699331
Unidata S.p.A. Telecommunications, Cloud and IoT operator. The company was founded in 1985 by three partners who remain in post. With a fiber-optic network of 3,000 km in continuous expansion, a wireless network and a proprietary data center, Unidata supplies 10,500 business, wholesale and residential customers with ultra-broadband connectivity services using FTTH (Fiber to the Home) network architecture, wireless connectivity, VoIP, cloud services and other dedicated solutions, with a high level of reliability and security. Other activities in the startup phase include the Internet of Things (IoT), with the development and provision of home automation and Smart City solutions. Unidata S.p.A. ISIN CODE: IT0005338840 (Reuters UD MI - Bloomberg UD IM) is listed on the AIM Italia section of the Italian Stock Exchange.
Attachment 1. Reclassified Profit and Loss Statement Attachment 2. Reclassified balance sheet "Sources and uses". Attachment 3. Net Financial Position Attachment 4. Cash Flow Statement
Attachment 1: Income Statement Reclassified at Added Value
| 2020 | 96 | YoY | 2019 | % | |
|---|---|---|---|---|---|
| Valore della produzione | 23.436.555 | 100 | 77,44% | 13.208.112 | 100 |
| Costi della produzione | (11.902.804) | (50,78) | 100,44% | (5.938.351) | (44,96) |
| Valore aggiunto | 11.533.751 | 49,21 | 58,65% | 7.269.761 | 55,04 |
| Costo del lavoro | (2.909.395) | (12,41) | 37,48% | (2.116.176) | (16,02) |
| Margine Operativo Lordo - Ebitda | 8.624.356 | 36,80 | 67,35% | 5.153.585 | 39,02 |
| Ammortamenti e accantonamenti | (3.731.401) | (15,92) | 21,67% | (3.066.863) | (23,22) |
| Reddito Operativo - Ebit | 4.892.955 | 20,88 | 134,48% | 2.086.722 | 15,80 |
| Saldo Gestione finanziaria | (108.615) | (0,46) | 10,90% | (121.898) | (0,92) |
| Risultato Economico al lordo | |||||
| delle imposte | 4.784.341 | 20,41 | 143,41% | 1.964.824 | 14,88 |
| Imposte sul reddito | (1.392.234) | (5,94) | 146,40% | (565.011) | (4,28) |
| Risultato Netto | 3.392.106 | 14,47 | 142,32% | 1.399.813 | 10,60 |
Attachment 2: Reclassified Balance Sheet with evidence of NFP
| Crediti commerciali 11 111 500 13 474 653 (Debiti commerciali ed acconti) (8,570,737) (3.674.497) Rimanenze finali (scorta variabile) 979 000 1 424 045 Altre attività - (passività) a breve (4.330.121) 12-200677 Ratei e risconti entro l'esercizio (5.400.002) (1.957.090) CAPITALE ORCOLANTE NETTO 4 203 789 (3.336.225) Attivita immateriali 1 756 859 647 004 Cintti a uso 6.807.623 6 9 4 481 Impianti e macchinan 26.032 604 19 574 076 Partecipazioni 1 7 00000 IMMOBILIZZAZIONI 35 347 056 27 185 511 Fondo rischi ed oneri (42-218) (2.840) Benefici per i dipendenti (T.F.R.) 1042 377 (859.723) Ratei e risconti oltre l'esercizio 12 915.457 14.055.060 CAPITALE INVESTITO NETTO 16.435.177 18.010.879 Disponibilità liquide (111-0583) (1.686.030) Altre attività finanziarie non immobilizzate (136_61) (135.750) Crediti finanziari per subleasing corrente (19.601) (19-274) Finanziamento soci 243 (14) Debiti werso altri finanziatori 1841 4877 Debiti verso banche entro 12m 885 1905 1 035 837 Debiti per quote a breve dei leasing (472-029) 131 177 Debiti verso banche oltre 12m 4 445 556 1 131 109 Debiti per quote a lungo dei leasing 3,335,050 3.499 034 Crediti finanziari per subleasing non correnti לב 2017 ב 13-22-2019 POSIZIONE FINANZIARIA NETTA (PFN) 4.105.994 3.416.3531 Capitale Sociale 2 449 350 7 (DC) (DDD Riserve 1 593 466 6934 691 Riserva first time adoption IAS 5,790,437 5,799,437 Utili (perdite) portati a nuovo 3.352.597 2037467 Utile (perdita) dell'esercizio 3,397 100 1 78 813 PATRIMONIO NETTO (PN) 21.427.181 12,329,183 TOTALE FONTI (PFN + PN) 16.435.177 18.010.879 |
2070 | 2019 |
|---|---|---|
Attachment 3: Net Financial Position
| 2020 | 2019 | ||
|---|---|---|---|
| Depositi Bancari e postali (C IV 1) | 11.127.091 | 1.682.893 | |
| Denaro e valori in cassa (C IV 3) | 3.492 | 3.137 | |
| Disponibilità liquide | 11.130.583 | 1.686.030 | |
| Crediti finanziari per subleasing | 19.301 | 19.274 | |
| Attività finanziarie non immobilizzate (titoli)* | 135.750 | 136.361 | |
| Debiti verso soci per finanziamento (<12) | (243.662) | ||
| Debiti verso banche (entro 12 mesi) (D 4a) | (885.805) | (1.035.837) | |
| Debiti verso altri finanziatori entro 12 mesi | (3.856) | (4.877) | |
| Quota a breve di finanziamenti | 472.029 | (381.399) | |
| Debiti finanziari correnti | (417.632) | (1.665.775) | |
| POSIZIONE FINANZIARIA NETTA CORRENTE | 10.868.302 | 175.890 | |
| Debiti verso soci per finanziamento (>12) | |||
| Crediti finanziari per subleasing (non correnti) | 328 658 | 348.259 | |
| Debiti verso banche (oltre 12 mesi) | (4.445.556) | (1.131.109) | |
| Debiti quote a lungo termine leasing | (3.335.050) | (3.499.034) | |
| Debiti finanziari non correnti | (7.451.948) | (4.281.884) | |
| POSIZIONE FINANZIARIA NETTA | 3.416.353 | (4.105.944) | |
| Include le quote investite nel fondo liquidità gestito da Intesa SanPaolo vincolate alle fidejussio |
Attachment 4: Cash Flow Statement
| RENDICONTO FINANZIARIO | 2020 | 2019 |
|---|---|---|
| A. Flussi finanziari derivanti dall'attività operativa |
||
| Utile (perdita) dell'esercizio | 3.392.106 | 1.399.813 |
| Imposte sul reddito | 1.392.234 | 565.011 |
| Interessi passivi/(interessi attivi) | 108.615 | 121.898 |
| (Plusvalenze)/Minusvalenza da cessione attività |
(4.000) | - |
| 1.Utile (perdita) prima di imposte sul reddito, interessi, dividendi e plus/minusvalenze da cessione |
4.888.955 | 2.086.722 |
| Rettifiche per elementi non monetari che non hanno avuto contropartita nel capitale circolante netto |
||
| Accantonamento ai fondi | 475.175 | 72.204 |
| Interest Cost TFR IAS19 | - | 1.086 |
| Ammortamenti | 3.731.401 | 3.066.863 |
| Totale rettifiche per elementi non monetari che non hanno avuto contropartita nel capitale circolante netto. |
4.206.576 | 3.140.155 |
| 2. Flusso finanziario prima delle variazioni del c.c.n. |
9.095.531 | 5.226.875 |
| Decremento/(incremento) delle rimanenze | 354.063 | (110.661) |
| Decremento/(incremento) dei crediti verso clienti |
(3.048.572) | (6.778.084) |
| Incremento/(decremento) dei debiti verso fornitori |
4.896.241 | (311.110) |
| Altre variazioni del capitale circolante netto | 2.978.768 | 11.326.129 |
| Totale variazioni del capitale circolante netto | 5.180.500 | 4.126.274 |
| 3. Flussi finanziari dopo le variazioni del C.C.N. |
14.276.031 | 9.353.149 |
| Interessi incassati/(pagati) | (108.614) | (121.898) |
| (Imposte sul reddito pagate) | (1.392.234) | (565.010) |
| (utilizzo dei fondi) | - | - |
| Utilizzo passività per benefici ai dipendenti | (49.584) | (117.804) |
| 4.Flusso finanziario dopo le altre rettifiche | (1.550.432) | (804.712) |
| Flusso finanziario della Gestione Reddituale (A) |
12.775.599 | 8.548.437 |
| B. Flussi finanziari derivanti dall'attività di investimento |
||
|---|---|---|
| (Investimenti)/Disinvestimenti di | (1.592.678) | (807.985) |
| immobilizzazioni immateriali (Investimenti)/Disinvestimenti di immobilizzazioni materiali |
(9.085.581) | (7.048.944) |
| (Investimenti)/Disinvestimenti di partecipazioni |
(1.250.000) | - |
| Flusso finanziario della attività di investimento (B) |
(11.928.259) | (7.856.929) |
| C. Flussi finanziari derivanti dall'attività di finanziamento |
||
| Mezzi di terzi | ||
| Incremento (decremento) debiti a breve vs.banche |
(28) | (243.874) |
| Accensione finanziamenti | 4.200.000 | 800.000 |
| (Rimborso finanziamenti) | (1.035.558) | (751.666) |
| Incremento/(decremento) debiti verso altri finanziatori |
(244.683) | 105.781 |
| Incremento/(decremento) debiti a medio/lungo termine verso banche |
- | |
| Incremento/(decremento) finanziamenti in leasing |
(73.554) | (274.493) |
| Incremento/(decremento) degli strumenti finanziari passivi |
66.756 | - |
| Mezzi propri | ||
| Altre variazioni del patrimonio netto | 5.734.080 | (1) |
| Flusso finanziario dell'attività di finanziamento (C) |
(8.647.213) | (364.252) |
| Disponibilità liquide ad inizio esercizio | 1.686.030 | 1.358.775 |
| Incremento/decremento disponibilità liquide (A±B±C) |
9.444.553 | 327.255 |
| Disponibilità liquide a fine esercizio | 11.130.583 | 1.686.030 |