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Pharmanutra
Quarterly Report • May 15, 2024
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Quarterly Report
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INTERIM MANAGEMENT REPORT
March 31st 2024
1
PharmaNutra Group is a group of Italian companies based in Pisa, specialising in the pharmaceutical and nutraceutical sector. The Group includes PharmaNutra S.p.A., Junia Pharma S.r.l., Alesco S.r.l. Akern Sr.l., PharmaNutra España and PharmaNutra USA.
Thanks to continuous investments in R&D activities that have led to the development of innovative technologies, in less than 20 years the PharmaNutra Group has become one of the market leaders in the production of iron-based nutritional supplements under the SiderAL® brand, where it boasts a number of important patents on Sucrosomial® technology and, and it is also considered to be one of the emerging top players in the sector of medical devices for the recovery of joint capacity thanks to the Cetilar® branded products.
The PharmaNutra Group has more than 100 employees in Italy and a network of over 150 Sales Representatives who are the real driving force of the company in the country. The Group's business model was built to respond to the peculiarities of the national market but has been able to adapt quickly and efficiently to international requirements.
PharmaNutra is present since 2013 on foreign markets with a flexible and innovative business model, based on a consolidated network of top-class partners: growing yet well-structured companies that focus their own business on innovative, high-quality products, sound scientific research and a sales structure that is as close as possible to the values of PharmaNutra. Currently, the Group's products are distributed in more than over 80 countries in Europe, Asia, Africa and America, through a network of over 50 carefully selected sales partners.
Akern S.r.l., a company specialised in bioelectrical impedance analysis with more than 40 years work and innovation experience, joined the PharmaNutra Group in 2022 in order to enhance and diversify its business lines through strategic synergy.
To support new growth strategies, PharmaNutra España and PharmaNutra USA were established in 2023
2
with the aim of dealing directly with the distribution of products.
Board of Directors
Andrea Lacorte (Chairman)
Roberto Lacorte (Vice Chairman)
Carlo Volpi (Director)
Germano Tarantino (Director)
Alessandro Calzolari (Independent Director)
Marida Zaffaroni (Independent Director)
Giovanna Zanotti (Independent Director)
Board of Statutory Auditors
Giuseppe Rotunno (Chairman of the Board of Statutory Auditors)
Michele Luigi Giordano (Standing Auditor)
Debora Mazzacherini (Standing Auditor)
Alessandro Lini (Substitute Auditor)
Elena Pro (Substitute Auditor)
Independent auditors
BDO Italia S.p.A.
| INTERIM MANAGEMENT STATEMENT AS AT 31 MARCH 2024 5 | ||
|---|---|---|
| 1.1 | MAIN CONSOLIDATED INCOME STATEMENT AND BALANCE SHEET DATA 5 | |
| 1.2 THE PHARMANUTRA GROUP 5 | ||
| 1.3 CONSOLIDATED POSITION AS AT 31 MARCH 2024 6 | ||
| 1.4 PHARMANUTRA GROUP'S BUSINESS LINES 11 | ||
| 1.5 REFERENCE MARKETS IN WHICH THE GROUP OPERATES 15 | ||
| 1.6 SIGNIFICANT EVENTS AFTER THE END OF THE PERIOD 19 | ||
| 1.7 BUSINESS OUTLOOK 20 | ||
| CONSOLIDATED FINANCIAL STATEMENTS AS AT 31 MARCH 2024 AND EXPLANATORY NOTES 22 | ||
| CONSOLIDATED BALANCE SHEET 23 | ||
| CONSOLIDATED INCOME STATEMENT 24 | ||
| COMPREHENSIVE CONSOLIDATED INCOME STATEMENT 24 | ||
| STATEMENT OF CHANGES IN CONSOLIDATED SHAREHOLDERS' EQUITY 25 | ||
| CONSOLIDATED CASH FLOW STATEMENT 26 | ||
| EXPLANATORY NOTES TO CONSOLIDATED ACCOUNTING STATEMENTS 27 | ||
| 1. | CRITERIA FOR DRAFTING AND CONSOLIDATION PRINCIPLES 27 | |
| 2. COMMENTS ON THE MAIN ITEMS 27 | ||
| DECLARATION PURSUANT TO PARAGRAPH 2 ARTICLE 154 BIS OF THE ITALIAN CONSOLIDATED FINANCE ACT 34 |
INTERIM MANAGEMENT STATEMENT AS AT 31 MARCH 2024
1.1 MAIN CONSOLIDATED INCOME STATEMENT AND BALANCE SHEET DATA
| INCOME STATEMENT FIGURES (€/millions) | 2024 | % | 2023 | % | Changes |
|---|---|---|---|---|---|
| REVENUES* | 24.0 | 100.0% | 23.8 | 100.0% | 1.1% |
| REVENUES FROM SALES | 23.7 | 98.7% | 23.6 | 99.3% | 0.5% |
| EBITDA* | 5.0 | 20.6% | 6.6 | 27.7% | -24.8% |
| NET RESULT* | 2.6 | 10.9% | 4.6 | 19.5% | -43.2% |
| EPS - NET RESULT PER SHARE (Euro)* | 0.27 | 0.48 | -43.0% | ||
| BALANCE SHEET FIGURES (€/millions) | 2024 | 2023 | Changes |
|---|---|---|---|
| NET INVESTED CAPITAL | 63.1 | 57.0 | 6.0 |
| NET FINANCIAL POSITION | (6.0) | (2.6) | (3.4) |
| SHAREHOLDERS' EQUITY | (57.0) | (54.4) | 2.6 |
* Revenues, EBITDA, Net result and Net result per share as at 31 March 2023 are net of non-recurring income of Euro 797 thousand.
1.2 THE PHARMANUTRA GROUP
PharmaNutra S.p.A. (hereinafter also "PharmaNutra" or the "Parent Company") is a company with registered office in Italy, in Via Campodavela 1, Pisa, which holds controlling investments in the group of companies (the "Group" or also the "PharmaNutra Group") shown in the following diagram:
PharmaNutra, a nutraceutical company based in Pisa, was founded in 2003 with the aim of developing products for food supplements and medical devices. Since 2005, it has been directly and independently developing and
marketing a line of its own branded products, managed through a structure of Pharmaceutical Sales Representatives who present the products directly to the medical class; it now has the know-how to manage all stages from the design, formulation and registration of a new product, to marketing and sales, and even training of agents.
The business model developed has been pointed out by key health marketing experts as an example of innovation and efficiency in the entire pharmaceutical scenario.
Subsidiary company Junia Pharma S.r.l. (hereinafter also referred to as "Junia Pharma") is active in the production and marketing of pharmaceuticals, OTC medical devices and nutraceuticals for the paediatric sector.
Subsidiary company Alesco S.r.l. (hereinafter also referred to as "Alesco") produces and distributes raw materials and active ingredients for the food, pharmaceutical and food supplement industries.
Akern S.r.l. (hereinafter also referred to as "Akern") is an Italian company established in 1980 with the purpose of research, development and production of medical instrumentation and software for monitoring body composition using bioimpedance techniques.
PharmaNutra USA was established in December 2022 to distribute PharmaNutra® branded products in the US market through distribution on the territory and selected e-commerce channels. The company has a capital of USD 1,800,000 and operational headquarters in Florida.
PharmaNutra España was established in March 2023 with its headquarters in Barcelona and capital of Euro 50,000. It is in charge of the distribution of the Cetilar® and Cetilar® Nutrition line products in the Spanish market through selected online sales channels and a dedicated sales network.
1.3 CONSOLIDATED POSITION AS AT 31 MARCH 2024
The first quarter of 2024 confirmed the expectations for revenues and margins of the recurring business and the continuation of the development programmes of the new initiatives (PharmaNutra USA, PharmaNutra España and Cetilar® Nutrition line).
Revenues from the recurring business are characterised by an increase in revenues on foreign markets, which was offset by the expected slowdown in sales on the Italian market due to the dynamics related to the procurement process of the wholesale channel.
This resulted in sales revenues in line with those of the same period of the previous financial year. The Net revenues as at 31 March 2024 amounted to Euro 23.7 million compared to Euro 23.6 million as at 31 March 2023.
The start-up process of the subsidiaries PharmaNutra USA and PharmaNutra España and of the Cetilar® Nutrition line continued. With regard to the US market, thanks to the experience gained during 2023, a new strategy based on a high-level approach (insurance companies, hospital chains, use of the B2C channel) is being implemented to replace the previous one based on a network of sales agents.
The Group concluded individual agreements with all employees for using smart working.
On 26 February 2024, the Board of Directors of the Parent Company approved the plan to merge by incorporation the subsidiaries Junia Pharma and Alesco into PharmaNutra.
On 4 March 2024, the Board of Directors of the Parent Company resolved to establish a new company, named Athletica Cetilar S.r.l. (Medical Performance Centre). The newly-formed company has a capital of Euro 100,000 and is 70% owned by PharmaNutra.
The project envisages the creation of a sports medical centre aimed at optimising the performance of professional and amateur athletes, treating and resolving medical and physical problems, and developing the applications of the products of the Cetilar® lines. On the one hand, the centre will represent a reference for the patient/customer for all diagnostic and therapeutic activities in both the emergency and preventive phases, and on the other hand it will be a reference centre for all applications of the solutions and products marketed by PharmaNutra and the companies of the Group both in the experience field, such as dissemination to the medical class, and for all activities concerning observational and clinical studies useful for PharmaNutra's R&D.
Performance in the first quarter of 2024
Income Statement
7
It should be noted that the income statement as at 31 March 2023 included non-recurring income for Euro 797 thousand referring to an indemnity owed by the pre-existing shareholders at the date of listing on the AIM market (July 2017) for taxes, penalties and interest paid for the settlement of the tax dispute relating to the 2016 financial year. In the second quarter of 2023, a different accounting treatment of this item was adopted by eliminating it from the income statement. Therefore, such accounting treatment has been reflected in the comparative figures indicated in this Interim Report.
| CONSOLIDATED OPERATING INCOME | ||||||
|---|---|---|---|---|---|---|
| STATEMENT (€/1,000) | 2024 | % | 2023 | % | Δ 24/23 | Δ % |
| REVENUES | 24,041 | 100.0% | 23,778 | 100.0% | 263 | 1.1% |
| Net revenues | 23,726 | 98.7% | 23,608 | 99.3% | 118 | 0.5% |
| Other revenues | 315 | 1.3% | 170 | 0.7% | 145 | 85.3% |
| OPERATING COSTS | 19,089 | 79.4% | 17,197 | 72.3% | 1,892 | 11.0% |
| Purchases of raw materials, consum. and supplies |
1,289 | 5.4% | 1,755 | 7.4% | (466) | -26.6% |
| Change in inventories | (50) | -0.2% | (2,160) | -9.1% | 2,110 | -97.7% |
| Costs for services | 15,677 | 65.2% | 15,748 | 66.2% | (71) | -0.5% |
| Personnel costs | 1,956 | 8.1% | 1,643 | 6.9% | 313 | 19.1% |
| Other operating costs | 217 | 0.9% | 211 | 0.9% | 6 | 2.8% |
| GROSS OPERATING MARGIN (EBITDA) | 4,952 | 20.6% | 6,581 | 27.7% | (1,629) | -24.8% |
| Amortisation, depreciation and write-downs | 867 | 3.6% | 410 | 1.7% | 457 | 111.5% |
| OPERATING MARGIN (EBIT) | 4,085 | 17.0% | 6,171 | 26.0% | (2,086) | -33.8% |
| FINANCIAL INCOME (EXPENSE) BALANCE | (60) | -0.3% | 118 | 0.5% | (178) | -150.9% |
| Financial income | 256 | 1.1% | 243 | 1.0% | 13 | 5.4% |
| Financial charges | (316) | -1.3% | (125) | -0.5% | (191) | 152.8% |
| PRE-TAX RESULT | 4,025 | 16.7% | 6,289 | 26.5% | (2,264) | -36.0% |
| Taxes | (1,394) | -5.8% | (1,654) | -7.0% | 260 | -15.7% |
| Group net income | 2,631 | 10.9% | 4,635 | 19.5% | (2,004) | -43.2% |
As at 31 March 2024, the consolidated net revenues amounted to Euro 23.7 million, in line with the same period of the previous financial year.
Revenues generated on the Italian market amounted to Euro 16.0 million (Euro 16.6 million as at 31 March 2023), with a decline of about -3% and a 67.7% ratio to total revenues, compared to 70.3% in the same period of the previous financial year.
Sales revenues from foreign markets amounted to Euro 7.7 million versus Euro 7.0 million as at 31 March 2023, recording an increase of about 9%. As a result of the above, the ratio of revenues from foreign markets to total revenues increased from about 30% as at 31 March 2023 to 32.3% as at 31 March 2024.
Sales volumes of finished products as at 31 March 2024, amounting to approximately 2.6 million units, decreased by about 9% if compared to the volumes at 31 March 2023 (2.8 million units).
In the first quarter of 2024, operating costs amounted to Euro 19.1 million (+11% compared to 31 March 2023) and increased as a result of investments made to support ongoing development projects (US, Cetilar Nutrition line, China and Spain) for approximately Euro 1.4 million.
As a result of the above, the PharmaNutra Group's EBITDA amounted to about Euro 5.0 million (roughly Euro 6.6 million as at 31 March 2023), representing a margin of 20.6% on total revenues and a decrease of about 25% compared to the first quarter of 2023. Excluding investments related to new projects, EBITDA margin for the period would be in line with the previous financial year.
The Net result for the period amounted to Euro 2.6 million compared to Euro 4.6 million as at 31 March 2023.
The Net result per share as at 31 March 2023 amounted to Euro 0.27 compared to Euro 0.48 in the same period last year.
Balance sheet
| OPERATING BALANCE SHEET (€/1,000) | 31/03/2024 | 31/12/2023 |
|---|---|---|
| TRADE RECEIVABLES | 26,049 | 19,219 |
| INVENTORIES | 8,223 | 8,166 |
| TRADE PAYABLES | (14,695) | (16,097) |
| OPERATING WORKING CAPITAL | 19,577 | 11,288 |
| OTHER RECEIVABLES | 6,658 | 6,179 |
| OTHER PAYABLES | (8,195) | (6,964) |
| NET WORKING CAPITAL | 18,040 | 10,503 |
| INTANGIBLE FIXED ASSETS | 22,913 | 22,542 |
| TANGIBLE FIXED ASSETS | 25,997 | 26,352 |
| FINANCIAL FIXED ASSETS | 3,185 | 4,574 |
| TOTAL FIXED ASSETS | 52,095 | 53,468 |
| PROVISIONS AND OTHER M/L-TERM LIABILITIES | (7,078) | (6,958) |
| TOTAL USES | 63,057 | 57,013 |
| SHAREHOLDERS' EQUITY | 57,014 | 54,409 |
| NON-CURRENT FINANCIAL LIABILITIES | 22,214 | 23,430 |
| CURRENT FINANCIAL LIABILITIES | 6,179 | 4,585 |
| NON-CURRENT FINANCIAL ASSETS | (740) | (293) |
| CURRENT FINANCIAL ASSETS | (6,127) | (6,193) |
| LIQUID FUNDS | (15,483) | (18,925) |
| NET FINANCIAL POSITION | 6,043 | 2,604 |
| TOTAL SOURCES | 63,057 | 57,013 |
The change in Operating Working Capital is a consequence of the timing dynamics of collections and payments.
The increase in the item Other payables mainly refers to the recognition of taxes on the result for the period and the VAT position at the end of the period.
The decrease in the item Financial Assets was caused by the reclassification of the short-term portion of tax credits and Industry 4.0 credits under Other Receivables.
PharmaNutra Group applies some alternative performance indicators that are not identified as accounting measures under IFRS, in order to allow for a better assessment of management performance.
Therefore, the assessment criteria used by the Group may not be consistent with those used by other groups and the balance obtained may not be comparable with that determined by the latter.
Such alternative performance indicators, determined in accordance with the requirements of the Guidelines on Alternative Performance Indicators issued by ESMA/2015/1415 and adopted by CONSOB with communication no. 92543 of 3 December 2015, refer only to the performance of the accounting period covered by this Interim Report and of the periods compared and not to the expected performance of the Group.
Below is a definition of the alternative performance indicators used in this Interim Report:
-
EBITDA: it is represented by the Earnings before interest, taxes, depreciation and amortisation.
-
Adjusted EBITDA: it is represented by the Earnings before interest, taxes, depreciation and amortisation net of non-recurring items.
-
EBIT: it is represented by the Earnings before interest, taxes, depreciation and amortisation net of depreciation, amortisation and write-downs.
-
Net Working Capital: it is calculated as the sum of inventories and trade receivables net of trade payables and of all other items in the Balance sheet classified as other receivables or other payables.
-
Operating Working Capital: it is calculated as the sum of inventories and trade receivables net of trade payables.
-
Net Invested Capital: it is the sum of Net Working Capital, Total Fixed Assets net of Provisions and other medium/long-term liabilities, excluding items of a financial nature which are included in the Net Financial Position balance.
- Net Financial Position (NFP): it is calculated as the sum of current and non-current bank loans and borrowings,
current and non-current liabilities for rights of use, net of cash and cash equivalents, and current and non-current financial assets.
Total Sources: it is represented by the sum of Shareholders' Equity and NFP.
The table below shows the changes in financial position:
| 31/03/2024 | 31/12/2023 | |
|---|---|---|
| Cash | (65) | (40) |
| Liquid funds | (15,418) | (18,885) |
| Total cash and cash equivalents | (15,483) | (18,925) |
| Current financial assets | (6,127) | (6,193) |
| Current financial liabilities: due to banks | 1,867 | 627 |
| Current portion of non-current debt | 3,965 | 3,588 |
| Current financial payables for rights of use | 347 | 370 |
| Net current financial indebtedness FA | 52 | (1,608) |
| Net current financial (assets)/indebtedness | (15,431) | (20,533) |
| Non-current financial assets | (436) | 0 |
| Deposits paid | (304) | (293) |
| Non-current bank payables | 21,000 | 22,188 |
| Non-current financial payables for rights of use | 1,214 | 1,242 |
| Non-current financial indebtedness | 21,474 | 23,137 |
| Net financial position | 6,043 | 2,604 |
The Net Financial Position as at 31 March 2024 was a negative Euro 6.0 million compared to Euro 2.6 million as at 31 December 2023. Operating activities for the period resulted in a cash absorption of Euro 2.3 million, compared to Euro 2.1 million absorbed as at 31 March 2023. See the Statement of Cash Flows for further details.
The increase in the item Non-current financial assets occurred following the subscription of the insurance policy taken out to cover the Directors' termination indemnity provision set aside.
1.4 PharmaNutra Group's Business Lines
PharmaNutra Group's distribution and sales model consists of the following two business Lines:
- Direct Business Line: it is characterised by direct presence in the reference markets in which the Group operates. The logic that governs this model is to ensure complete control of the territory through an organisational structure of pharmaceutical sales representatives who, through sales and scientific information activities, ensure full control of all the players in the distribution chain: hospital doctors, outpatient doctors, pharmacies, hospital pharmacies and wholesalers.
This model, used for the Italian market, characterises PharmaNutra and Junia Pharma.
Alesco's commercial activity in Italy is directed both outside the Group, to companies in the food, pharmaceutical and nutraceutical industries as well as to nutraceutical production plants that manufacture on behalf of third parties and, within the Group, supplying and selling products and raw materials to PharmaNutra and Junia Pharma.
- Indirect Business Line: the business model is common to all three companies and is mainly used in foreign markets. It is characterised by the marketing of finished products (PharmaNutra and Junia Pharma) and raw materials (Alesco) through local partners which, under long-term exclusive distribution contracts, distribute and sell the products in their own markets.
- Medical Instruments Business Line: the business model adopted by Akern involves the sale of instrumentation and software for body bioimpedance analysis in Italy and foreign markets through agents, distributors and online sales.
| Revenues by area of activity | Incidence | ||||
|---|---|---|---|---|---|
| €/1,000 | 2024 | 2023 | Δ% | 2024 | 2023 |
| Finished products - Italy | 14,448 | 14,812 | -2.5% | 60.9% | 62.7% |
| Finished products - Foreign market |
6,917 | 6,430 | 7.6% | 29.2% | 27.2% |
| Total Finished Products | 21,365 | 21,243 | 0.6% | 90.1% | 90.0% |
| Raw mat. and semi-fin. goods - Italy |
328 | 445 | -26.2% | 1.4% | 1.9% |
| Raw mat. and semi-fin. goods - Foreign market |
589 | 385 | 53.0% | 2.5% | 1.6% |
| Total Raw Material | 917 | 830 | 10.5% | 3.9% | 3.5% |
| Medical instrumentations - Italy | 1,282 | 1,339 | -4.3% | 5.4% | 5.7% |
| Medical instrumentations - Foreign market |
162 | 196 | -17.2% | 0.7% | 0.8% |
| Total Medical instrumentations | 1,444 | 1,535 | -6.0% | 6.1% | 6.5% |
| Total | 23,726 | 23,608 | 0.5% | 100% | 100% |
The breakdown of revenues into the Group's business areas shows that, as at 31 March 2024, revenues from sales of finished products decreased by 2.5% in the Italian market and increased by 7.6% in foreign markets compared to 31 March of the previous year. The drop in revenues in the Italian market is attributable to the purchasing dynamics of the wholesale channel (target the reduction of product stocks) and a physiological increase in competition.
Revenues from the sale of proprietary and non-proprietary raw materials to companies in the food, pharmaceutical and nutraceutical industry, as well as to nutraceutical product production plants working on behalf of third parties , managed by the subsidiary Alesco, showed an overall increase of 10.5% with an increase in sales on foreign markets and a reduction in the Italian market.
Revenues related to the medical instrumentations business line amounted to Euro 1.4 million, of which Euro 1.3 million related to the Italian market and Euro 196 thousand to foreign markets. The decrease compared to the same period of the previous financial year is solely due to the dynamics of order acquisition.
The following table shows the breakdown of revenues into the business lines described above.
| Turnover by Business Line | Incidence | ||||
|---|---|---|---|---|---|
| €/1,000 | 2024 | 2023 | Δ% | 2024 | 2023 |
| Direct line | 14,776 | 15,289 | -3.4% | 62.3% | 64.8% |
| Indirect line | 7,506 | 6,783 | 10.7% | 31.6% | 28.7% |
| Medical instruments | 1,444 | 1,535 | -6.0% | 6.1% | 6.5% |
| TOTAL | 23,726 | 23,608 | 0.5% | 100% | 100% |
Overall, revenues from the direct line decreased by about 3%, and amounted to Euro 14.8 million (Euro 15.3 million in the previous financial year), and represent about 62% of total revenues.
As at 31 March 2024, revenues from the indirect line amounted to Euro 7.5 million (Euro 6.8 million as at 31 March
2023), accounting for about 32% of total revenues.
Revenues from the medical instrumentations line accounted for approximately 6% of total revenues.
The table below provides a breakdown of revenues by geographic area.
| Revenues by geographic area |
Incidence | |||||
|---|---|---|---|---|---|---|
| €/1,000 | 2024 | 2023 | Δ% | 2024 | 2023 | |
| Italy | 16,059 | 16,597 | -3.2% | 67.7% | 70.3% | |
| Total Italy | 16,059 | 16,597 | -3.2% | 67.7% | 70.3% | |
| Europe | 5,083 | 4,338 | 17.2% | 21.4% | 18.4% | |
| Middle East | 696 | 1,690 | -58.8% | 2.9% | 7.2% | |
| South America | 396 | 689 | -42.5% | 1.7% | 2.9% | |
| Far East | 228 | 147 | 54.3% | 1.0% | 0.6% | |
| Other | 1,265 | 147 | 763.3% | 5.3% | 0.6% | |
| Total Foreign Markets | 7,667 | 7,011 | 9.4% | 32.3% | 29.7% | |
| Grand Total | 23,726 | 23,608 | 0.5% | 100% | 100% |
Europe remains the market with the highest impact on foreign revenues.
The changes in the other areas are attributable to the time dynamics required for the distributors to formalise
purchase orders.
Revenues on foreign markets are represented almost exclusively by the SiderAL® line.
The analysis of revenues from finished products by product line (Trademark) shown in the table below highlights the growth of Cetilar® and Apportal® with a decrease in Sideral® line due to the different purchasing policies of the wholesale channel and a phisiological increase in competition. Despite a slight decline in the first quarter of 2024, Sideral® line remains the market leader with a 52.6% share in value and 46.3% share in volume1 .
| Revenues by Product Line | Incidence | |||||
|---|---|---|---|---|---|---|
| €/1,000 | 2024 | 2023 | Δ% | 2024 | 2023 | |
| Sideral | 15,741 | 16,111 | -2.3% | 66.3% | 68.2% | |
| Cetilar | 2,603 | 2,425 | 7.4% | 11.0% | 10.3% | |
| Apportal | 2,188 | 1,813 | 20.7% | 9.2% | 7.7% | |
| Ultramag | 245 | 258 | -5.3% | 1.0% | 1.1% | |
| Other | 588 | 635 | -7.4% | 2.5% | 2.7% | |
| Medical instrumentations | 1,444 | 1,535 | -6.0% | 6.1% | 6.5% | |
| Raw materials | 917 | 830 | 10.5% | 3.9% | 3.5% | |
| Total | 23,726 | 23,608 | 0.5% | 100% | 100% |
In terms of volumes, the sales of finished products as at 31 March 2024 amounted to 2,571 thousand units, a
decrease of approximately 9% compared to 2,823 thousand units in the same period of the previous year.
| F.P. Volumes | Incidence | ||||
|---|---|---|---|---|---|
| Units/1,000 | 2024 | 2023 | Δ% | 2024 | 2023 |
| Finished products - Italy | 1,006 | 1,067 | -5.7% | 39.1% | 37.8% |
| Finished products - Foreign | |||||
| market | 1,565 | 1,756 | -10.9% | 60.9% | 62.2% |
| Total | 2,571 | 2,823 | -8.9% | 100% | 100% |
1.5 Reference markets in which the Group operates
PharmaNutra Group, specialised in the development of nutraceutical products and medical devices, is one of the main players in the Italian market with a growing presence abroad.
1 Source: IQVIA Rework Data January 2024
Below is an overview of the general performance of the food supplements market and an in-depth analysis of the main reference markets in Italy for the product lines being more relevant in terms of turnover.
1.5.1 Iron market
The graph below shows the quarterly trend in Sideral®'s market share (expressed in units and values) in relation to the market of iron-based supplements only (Food Supplements Iron Market) and the total market consisting of both food supplements and pharmaceuticals (Total Iron Market)2 .
Please note that as of 1/1/2024, the data provider IQVIA has made changes to the sample of pharmacies used for processing sales data. This has led to a change in the data with an impact on historical data as well.
Despite a slight decline characterising the first quarter of 2024, Sideral® line remains the market leader with a 52.6% share in value and 46.3% share in volume.
The graphs below show the quarterly trends in the market share for the Sideral® line (expressed in value) in relation to the market for iron-based supplements only (Food Supplements Iron Market) and the total market consisting of both food supplements and pharmaceuticals (Total Iron Market)3 .
2 Source: IQVIA Rework Data January 2024
3 Source: IQVIA Rework Data March 2024
It is worth noting that the Sideral® product line also has a significant market share in the overall market, amounting to 40.8%.
The development of Sideral® in terms of units in the iron supplement market is shown in the table below.
Market for topical painkillers
The following chart shows the trend of Cetilar's market share (expressed in value and units) in relation to the reference market.
Against a backdrop of a slightly growing market (approximately +2.6%) in the first quarter of 2024 compared to the first quarter of 2023 and a highly fragmented competitive scenario, the market share of the Cetilar® range increased by 15%, from 3.9% to 4.4% in value and from 2.7% to 3.1% in volume terms4 .
The graph below shows the trend by quarter from January 2023 to March 2024 of the overall market for topical products and Cetilar® line.
4 Source: IQVIA, Rework Data January 2024
In the first quarter of 2024, with the overall market down approximately 1.5% compared to the first quarter of 2023, Cetilar® line is up 10.4%.
1.5.3 Tonic products market
The following graph shows the development of Apportal®'s market share (expressed in value and units) in relation to the target market5 .
With the tonic products market growing slightly (approximately +0.7%) in the first quarter of 2024 compared to the first quarter of 2023, Apportal®'s market share rose from 5.1% to 6% in value and from 3.5% to 4% in volume, registering an increase in value of 17.5% with prospects for further growth in the future.
1.6 Significant events after the end of the period
On 15 April 2024, the Board of Directors of the Parent Company and the Extraordinary Shareholders' Meetings of the subsidiaries Junia Pharma and Alesco (the "Merged Companies") approved the plan for the merger by incorporation of the Merged Companies into PharmaNutra.
The aforesaid merger will be carried out under the simplified forms provided for in Article 2505 of the Italian Civil Code and Article 17.2 of PharmaNutra's Articles of Association.
5Source: New Line Market researches
The operation is part of a broader project for the organisational reorganisation of the group to which PharmaNutra belongs and meets the need to pursue greater management efficiency of the Group, allowing for the development of significant IT, logistics, commercial, corporate and administrative synergies, also with a view to optimising business processes as well as allowing for the containment of the overall costs of the corporate structure. The organisational reorganisation will make it possible to unify and integrate operational processes and achieve greater flexibility and efficiency in the use of resources.
The process is expected to be completed in July 2024.
Given the ongoing merger finalisation, and in order to respond effectively to the dynamics of the Italian market, a revision of the organisational structure of the sales network was implemented in May, with the aim of achieving a more capillary and flexible coverage of the territory.
1.7 Business outlook
2024 proves to be a challenging year both in terms of maintaining organic growth in the recurring business and developing the new projects launched in 2023 (Cetilar® Nutrition, PharmaNutra USA and PharmaNutra España).
In the first quarter, the Group's performance is in line with forecasts and the foreign order backlog is such as to ensure the achievement of targets for the second and third quarters. It is believed that the implementation of the reorganisation of the external network in anticipation of the merger by incorporation of Junia Pharma into PharmaNutra, and the boost resulting from continued investment in Research and Development will contribute to the achievement of its objectives.
The continuation of the investments planned to support the new projects described will result in a moderate reduction in margins for the current and next financial year.
The current international tensions and unpredictable developments in the scenarios linked to the current geopolitical situation generate widespread macroeconomic uncertainty that could affect the achievement of the company objectives.
In this general framework, the PharmaNutra Group will work while maintaining a constant focus on the efficient management of its economic and financial structure to respond flexibly and immediately to the uncertainties of
2024, strengthened by a portfolio of unique products and clear and effective development strategies to continue
a solid growth path.
Pisa, 13 May 2024
For the Board of Directors
The Chairman
(Andrea Lacorte)
CONSOLIDATED FINANCIAL STATEMENTS AS AT 31 MARCH 2024
AND EXPLANATORY NOTES
Consolidated Balance Sheet
| €/1,000 | 31/03/2024 | 31/12/2023 |
|---|---|---|
| NON-CURRENT ASSETS | 52,836 | 53,761 |
| Property, plant and equipment | 25,997 | 26,352 |
| Intangible assets | 22,913 | 22,542 |
| Investments | 22 | 4 |
| Non-current financial assets | 304 | 293 |
| Other non-current assets | 2,150 | 3,046 |
| Deferred tax assets | 1,450 | 1,524 |
| CURRENT ASSETS | 62,539 | 58,682 |
| Inventories | 8,223 | 8,166 |
| Cash and cash equivalents | 15,483 | 18,925 |
| Current financial assets | 6,126 | 6,193 |
| Trade receivables | 26,049 | 19,219 |
| Other current assets | 6,034 | 5,066 |
| Tax receivables | 624 | 1,113 |
| TOTAL ASSETS | 115,375 | 112,443 |
| SHAREHOLDERS' EQUITY | 57,014 | 54,409 |
| Share capital | 1,123 | 1,123 |
| Legal reserve | 225 | 225 |
| Equity shares | (4,013) | (4,013) |
| Other reserves | 56,961 | 44,125 |
| IAS 19 reserve | 221 | 199 |
| OCI Fair Value Reserve | (143) | (89) |
| FTA reserve | 12 | 12 |
| Conversion reserve | (3) | (7) |
| Result for the period | 2,631 | 12,834 |
| SHAREHOLDERS' EQUITY | 57,014 | 54,409 |
| Non-controlling interest | ||
| NON-CURRENT LIABILITIES | 29,292 | 30,388 |
| Non-current financial liabilities | 22,214 | 23,430 |
| Provisions for risks and charges | 4,211 | 4,458 |
| Provisions for employee and director benefits |
2,867 | 2,500 |
| CURRENT LIABILITIES | 29,069 | 27,646 |
| Current financial liabilities | 6,179 | 4,585 |
| Trade payables | 14,695 | 16,107 |
| Other current liabilities | 4,469 | 3,842 |
| Tax payables | 3,726 | 3,112 |
| TOTAL LIABILITIES | 115,375 | 112,443 |
Consolidated Income Statement
| €/1,000 | NOTES | 2024 | 2023 |
|---|---|---|---|
| TOTAL REVENUES | 24,041 | 23,778 | |
| Net revenues | 2.1.1 | 23,726 | 23,608 |
| Other revenues | 2.1.2 | 315 | 170 |
| OPERATING COSTS | 19,089 | 17,197 | |
| Purchases of raw materials, consumables and supplies | 2.2.1 | 1,289 | 1,755 |
| Change in inventories | 2.2.2 | (50) | (2,160) |
| Costs for services | 2.2.3 | 15,677 | 15,748 |
| Personnel costs | 2.2.4 | 1,956 | 1,643 |
| Other operating costs | 2.2.5 | 217 | 211 |
| EBITDA | 4,952 | 6,581 | |
| Amortisation, depreciation and write-downs | 2.3 | 867 | 410 |
| OPERATING RESULT | 4,085 | 6,171 | |
| FINANCIAL INCOME (EXPENSE) BALANCE | (60) | 118 | |
| Financial income | 2.4.1 | 256 | 243 |
| Financial charges | 2.4.2 | (316) | (125) |
| PRE-TAX RESULT | 4,025 | 6,289 | |
| Taxes | 2.5 | (1,394) | (1,654) |
| Net result of third parties | |||
| Group net income | 2,631 | 4,635 |
Net result per share (Euro) 0.27 0.48
Comprehensive consolidated income statement
| €/1,000 | 2024 | 2023 |
|---|---|---|
| Result for the period | 2,631 | 4,635 |
| Gains (losses) from IAS application that will be recognised in the | ||
| income statement | ||
| Gains (losses) from IAS application that will not be recognised in the | ||
| income statement | (32) | 40 |
| Overall result for the period | 2,599 | 4,675 |
Statement of changes in Consolidated shareholders' equity
| €/1,000 | Share capital |
Equity shares |
Legal reserve |
Other reserves |
FTA reserve |
OCI Fair Value Reserve |
IAS 19 reserve |
Conversion reserve |
Result for the period |
Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance | 1,123 | (4,013) | 225 | 44,125 | 12 | (89) | 199 | (7) | 12,834 | 54,409 | |
| as at 1/1 | |||||||||||
| Other | |||||||||||
| changes | (54) | 22 | (32) | ||||||||
| Result | |||||||||||
| dest. | 12,834 | (12,834) | - | ||||||||
| Result for | |||||||||||
| the period | 2,631 | 2,631 | |||||||||
| Exchange | |||||||||||
| rate | - | 2 | 4 | 6 | |||||||
| difference | |||||||||||
| Balance | |||||||||||
| as at 31/3 | 1,123 | (4,013) | 225 | 56,961 | 12 | (143) | 221 | (3) | 2,631 | 57,014 |
| €/1,000 | Share capital | Equity shares |
Legal reserve | Other reserves |
FTA reserve |
OCI Fair Value Reserve |
IAS 19 reserve |
Result for the period |
Total | |
|---|---|---|---|---|---|---|---|---|---|---|
| Balance | ||||||||||
| as at 1/1/n-1 |
1,123 | (2,362) | 225 | 36,791 | 12 | (115) | 226 | 15,048 | 50,948 | |
| Other changes |
(1,621) | 31 | 9 | (1,581) | ||||||
| Result dest. |
15,048 | (15,048) | - | |||||||
| Result for the period |
4,635 | 4,635 | ||||||||
| Balance as at 31/3/n 1 |
1,123 | (3,983) | 225 | 51,839 | 12 | (84) | 235 | 4,635 | 54,002 |
Consolidated cash flow statement
| CASH FLOW STATEMENT (€/1,000) - INDIRECT METHOD | 2024 | 2023 |
|---|---|---|
| Net result before minority interests | 2,631 | 4,635 |
| NON-MONETARY COSTS/REVENUES | ||
| Depreciation and write-downs amortisation | 867 | 410 |
| Allowances to provisions for employee and director benefits | 240 | 209 |
| CHANGES IN OPERATING ASSETS AND LIABILITIES | ||
| Change in provisions for non-current risks and charges | (247) | 68 |
| Change in provisions for employee and director benefits | 127 | 111 |
| Change in inventories | (57) | (2,158) |
| Change in trade receivables | (6,926) | (2,572) |
| Change in other current assets | (968) | (3,774) |
| Change in tax receivables | 489 | 452 |
| Change in other current liabilities | 629 | 383 |
| Change in trade payables | 332 | (1,598) |
| Change in tax payables | 614 | 1,735 |
| CASH FLOW FROM OPERATIONS | (2,269) | (2,099) |
| Investments in intangible assets, property, plant and equipment | (775) | (3,643) |
| Transfer of int. assets, property, plant and equipment | (16) | 102 |
| Net investments in financial fixed assets | (18) | (392) |
| Change in other assets | 896 | 0 |
| Change in deferred tax assets | 74 | (89) |
| CASH FLOW FROM INVESTMENTS | 161 | (4,022) |
| Increase/(decrease) in assets | (28) | 40 |
| Purchase of Treasury shares | (1,621) | |
| Cash flow from dividend distribution | ||
| Increase in financial assets | (1,111) | (515) |
| Decrease in financial assets | 891 | 1 |
| Increase in financial liabilities | ||
| Decrease in financial liabilities | (1,035) | (300) |
| Increase in ROU financial liabilities | 63 | 841 |
| Decrease in ROU financial liabilities | (114) | (105) |
| CASH FLOW FROM FINANCING | (1,334) | (1,659) |
| TOTAL CHANGE IN CASH | (3,442) | (7,780) |
| Liquid funds at the beginning of the year | 18,925 | 22,051 |
| Liquid funds at the end of the year | 15,483 | 14,271 |
| CHANGE IN LIQUID FUNDS | (3,442) | (7,780) |
EXPLANATORY NOTES TO CONSOLIDATED ACCOUNTING STATEMENTS
1. CRITERIA FOR DRAFTING AND CONSOLIDATION PRINCIPLES
This Interim Management Report as at 31 March 2024 (hereinafter the "Interim Report") has been drafted as required for a STAR issuer (High Standard Mid Cap Segment) in accordance with the provisions of Borsa Italiana Notice No. 7587 of 21 April 2016 "STAR issuers": information on interim management statements STAR/issuers; its content is consistent with the provisions of Article 154-ter, paragraph 5, of Italian Legislative Decree of 24 February 1998 no.58.
The Interim Report has been drafted in accordance with the International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board ("IASB") and endorsed by the European Union. IFRS also include the International Accounting Standards ("IAS") still in force, as well as all the interpretative documents issued by the Interpretation Committee, previously known as the International Financial Reporting Interpretations Committee ("IFRIC") and, before that, the Standing Interpretations Committee ("SIC"). The financial standards implemented in drafting this Interim Report are the same as those implemented in drafting Consolidated Financial Statements for the year ended 31 December 2023, except for the new standards and interpretations effective from 1st January 2024 and are required to be, which did not have a material impact on the period.
It should be noted that the companies PharmaNutra España and PharmaNutra USA, incorporated in March 2023 and December 2022 respectively, have not been consolidated as at 31 March 2023.
This Interim Report has not been audited by the independent auditors.
The Interim Report was approved by PharmaNutra's Board of Directors on 13 May 2024 and on the same date the same body authorised its publication.
2. COMMENTS ON THE MAIN ITEMS
2.1 REVENUES
2.1.1 Net revenues
As at 31 March 2024, net revenues were in line with the same period of the previous financial year. As per the table below, the quarter trend shows a decrease in sales on the Italian market and an increase in sales on foreign markets.
| 2024 | 2023 | Change | |
|---|---|---|---|
| Direct Line revenues | 14,776 | 15,258 | -482 |
| Indirect Line revenues | 7,505 | 6,815 | 690 |
| Medical instruments revenues | 1,445 | 1,535 | -90 |
| Total Net revenues | 23,726 | 23,608 | 118 |
The table below provides a breakdown of net revenues by business segment and geographical market:
| €/1,000 | 2024 | 2023 | Change | Δ% | Incidence 2024 |
Incidence 2023 |
|---|---|---|---|---|---|---|
| Italy | 14,448 | 14,812 | (364) | |||
| F.P. Total Italy | 14,448 | 14,812 | (364) | -2.5% | 60.9% | 62.7% |
| Europe | 4,794 | 4,082 | 712 | 17.5% | ||
| Middle East | 381 | 1,515 | (1,134) | -74.9% | ||
| South America | 394 | 689 | (295) | -42.8% | ||
| Far East | 224 | 145 | 80 | 55.0% | ||
| Other | 1,124 | - | 1,124 | n.s. | ||
| F.P. Total Foreign market | 6,917 | 6,430 | 486 | 7.6% | 29.2% | 27.2% |
| Raw materials - Italy | 328 | 445 | (117) | -26.2% | 1.4% | 1.9% |
| Raw materials - Abroad | 589 | 385 | 204 | 53.0% | 2.5% | 1.6% |
| Total Raw materials | 917 | 830 | 87 | 10.5% | 3.9% | 3.5% |
| Medical instruments - Italy | 1,282 | 1,339 | (58) | -4.3% | 5.4% | 5.7% |
| Medical instruments - | ||||||
| Foreign market | 162 | 196 | (34) | -17.2% | 0.7% | 0.8% |
| Total Medical instruments | 1.444 | 1.535 | (91) | -6.0% | 6.1% | 6.5% |
| Total Net revenues | 23,726 | 23,608 | 118 | 0.5% | 100% | 100% |
2.1.2 Other revenues and income
| 2024 | 2023 | Change | |
|---|---|---|---|
| Refunds and recovery of expenses | 25 | 17 | 8 |
| Contingent assets | 186 | 31 | 155 |
| Other revenues and income | 104 | 122 | -18 |
| Total Other revenues and income | 315 | 170 | 145 |
2.2 OPERATING COSTS
2.2.1 Purchases of raw materials, consumables and supplies
Purchases are broken down in the following table:
| 2024 | 2023 | Change | |
|---|---|---|---|
| Costs for raw materials and semi-fin. goods | 699 | 1,120 | -421 |
| Consumables | 192 | 151 | 41 |
| Costs for finished products | 398 | 484 | -86 |
| Total raw materials, semi-finished goods, consumables and finished products |
1,289 | 1,755 | -466 |
2.2.2 Change in inventories
| 2024 | 2023 | Change | |
|---|---|---|---|
| Change in raw materials | -208 | -11 | -197 |
| Change in semi-finished products inventory | 44 | 6 | 38 |
| Change in finished products inventory | 66 | -2,246 | 2,312 |
| Allowance to Provision for inventory write-downs | 48 | 91 | -43 |
| Change in inventories | -50 | -2,160 | 2,110 |
The change in inventories of finished goods resulted from the lower revenues in the quarter under review.
The final value of inventories is adjusted by the inventory write-down provision of Euro 416 thousand (Euro 369
thousand as at 31 December 2023).
2.2.3 Costs for services
| 2024 | 2023 | Change | |
|---|---|---|---|
| Marketing | 4,079 | 3,577 | 502 |
| Production and logistics | 4,474 | 5,133 | -659 |
| Overheads | 1,607 | 1,449 | 158 |
| Research and Development | 318 | 240 | 78 |
| Computer services | 130 | 124 | 6 |
| Commercial costs and commercial network costs | 2,627 | 2,831 | -204 |
| Corporate bodies | 2,357 | 2,328 | 29 |
| Rentals and leases | 30 | 16 | 14 |
| Financial services | 55 | 50 | 5 |
| Total costs for services | 15,677 | 15,748 | -71 |
The decrease in items Production and logistics and Commercial costs and commercial network costs is related to the lower sales volumes compared to the same period of the previous financial year and the cost efficiency policies implemented. The increase in Marketing item is due to the investments made in support of new projects. The increase in item General service costs mainly results from travel costs and the running costs of the new premises.
2.2.4 Personnel costs
The breakdown of personnel costs is shown in the table below:
| 2024 | 2023 | Change | |
|---|---|---|---|
| Wages and salaries | 1,457 | 1,200 | 257 |
| Social security charges | 418 | 382 | 36 |
| Provision for severance indemnity | 76 | 55 | 21 |
| Other personnel costs | 5 | 6 | -1 |
| Total personnel costs | 1,956 | 1,643 | 313 |
The increase compared to 31 March 2023 is due to hirings made in the period as the organisational structure was gradually adjusted to deal with increasing business volumes and to consolidation of PharmaNutra USA and PharmaNutra España (6 employees).
The breakdown of the average number of employees by category is shown in the following table:
| Units | 2024 | 2023 | Change |
|---|---|---|---|
| Executives | 3 | 2 | 1 |
| White collars |
90 | 71 | 19 |
| Blue collars | 9 | 4 | 5 |
| Total | 101 | 77 | 24 |
As at 31 March 2024, the number of employees was 111 compared to 90 at 31 March 2023.
2.2.5 Other operating costs
| 2024 | 2023 | Change | |
|---|---|---|---|
| Capital losses | 11 | 11 | |
| Sundry tax charges | 20 | 15 | 5 |
| Loss on receivables | 5 | 5 | |
| Membership fees | 9 | -9 | |
| Charitable donations and social security charges | 13 | 53 | -40 |
| Other costs | 168 | 134 | 34 |
| Total other operating costs | 217 | 211 | 6 |
2.3 AMORTISATION, DEPRECIATION AND PROVISIONS
| 2024 | 2023 | Change |
|---|---|---|
| 125 | 98 | 27 |
| 646 | 249 | 397 |
| 67 | 63 | 4 |
| 29 | 29 | |
| 867 | 410 | 457 |
The increase in depreciation of tangible assets resulted from the new premises beginning activity.
2.4 FINANCIAL INCOME/CHARGES
2.4.1 Financial income
| 2024 | 2023 | Change | |
|---|---|---|---|
| Interest income | 60 | 75 | -15 |
| Interest income on late payments | 2 | 2 | |
| Dividends | 2 | 2 | |
| Exchange gains | -4 | 4 | -8 |
| Other financial income | 196 | 164 | 32 |
| Total financial income | 256 | 243 | 13 |
2.4.2 Financial charges
| 2024 | 2023 | Change | |
|---|---|---|---|
| Other financial charges | -24 | -41 | 17 |
| Interest expense | -286 | -82 | -204 |
| Exchange losses | -6 | -2 | -4 |
| Total financial charges | -316 | -125 | -191 |
2.5 INCOME TAXES
| 2024 | 2023 | Change | |
|---|---|---|---|
| Current taxes | 1,322 | 1,743 | -421 |
| Deferred tax assets | 74 | -89 | 163 |
| Other taxes and duties | -2 | -2 | |
| Total taxes | 1,394 | 1,654 | -260 |
Taxes are accrued on an accrual basis and have been determined on the basis of current rates and regulations.
NET FINANCIAL POSITION
As required by the CONSOB circular dated 28 July 2006 and in accordance with the ESMA update with reference to the "Recommendations for the current uniformity of the European Commission's Regulation on Prospectuses", the Group's Net Financial Position as of 31 March 2024 compared to 31 December 2023 is as follows:
| 31/03/2024 | 31/12/2023 | ||
|---|---|---|---|
| A Cash and cash equivalents | (15,483) | (18,925) | |
| 1) 2) |
B Cash equivalents | ||
| C Other current financial assets | (6,126) | (6,193) | |
| D Liquidity (A+B+C) | (21,609) | (25,118) | |
| E Current financial debt (including debt instruments, but excluding the current portion of non-current financial debt) |
2,214 | 997 | |
| F Current portion of non-current financial debt | 3,965 | 3,588 | |
| G Current financial debt (E+F) | 6,179 | 4,585 | |
| of which guaranteed | 440 | 295 | |
| of which not guaranteed | 5,739 | 4,290 | |
| H Net current financial debt (G-D) | (15,430) | (20,533) | |
| I Non-current financial debt (excluding current portion and debt instruments) |
22,214 | 23,430 | |
| J Debt instruments | |||
| K Trade payables and other non-current payables | |||
| L Non-current financial debt (I+J+K) | 22,214 | 23,430 | |
| of which guaranteed | 11,560 | 11,705 | |
| of which not guaranteed | 10,654 | 11,725 | |
| M Net financial debt (H+L) - CONSOB comm. (4/3/21 ESMA32-382-1138) |
6,784 | 2,897 | |
| 3) | N Other current and non-current financial assets | (741) | (293) |
| O Net financial debt (M-N) | 6,043 | 2,604 |
- 1) It includes the following items of the financial statements: Current financial liabilities (Payables to banks Euro 2,085 thousand, Financial payables for rights of use Euro 347 thousand);
- 2) It includes the following items of the financial statements: Non-current financial liabilities (M/L financial debt Euro 21 million, Non-current financial payables for rights of use Euro 1,214 thousand);
- 3) It includes the following items of the financial statements: Non-current financial assets (Deposits paid Euro 304 thousand) and Other non-current assets (Insurance for Directors' termination indemnity Euro 437 thousand).
Pisa, 13 May 2024
For the Board of Directors The Chairman
(Andrea Lacorte)
Declaration pursuant to paragraph 2 Article 154 bis of the Italian Consolidated
Finance Act
The undersigned Francesco Sarti, Manager in charge of drafting the corporate accounting documents of PharmaNutra S.p.A.
DECLARES
pursuant to paragraph 2 of Article 154 bis of the Italian Consolidated Finance Act, that the accounting information contained in the PharmaNutra Group's Interim Management Report as at 31 March 2024 corresponds to the documented results, books and accounting records.
Pisa, 13 May 2024
PharmaNutra S.p.A.
Executive in charge for drafting the financial statements
Francesco Sarti
