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Gentili Mosconi S.p.A.

Earnings Release Sep 28, 2023

5996_10-q_2023-09-28_d58f6c11-e4a6-4de6-9dbf-ebb7c1630333.pdf

Earnings Release

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Informazione
Regolamentata n.
20278-14-2023
Data/Ora Inizio
Diffusione
28 Settembre 2023
18:16:42
Euronext Growth Milan
Societa' : GENTILI MOSCONI
Identificativo
Informazione
Regolamentata
: 181601
Nome utilizzatore : GENTILIMOSCONIN01 - Domanico
Tipologia : 1.2
Data/Ora Ricezione : 28 Settembre 2023 18:16:42
Data/Ora Inizio
Diffusione
: 28 Settembre 2023 18:16:42
Oggetto : RESULTS FOR THE FIRST HALF OF
2023 APPROVED
GENTILI MOSCONI - CONSOLIDATED
Testo del comunicato

Vedi allegato.

NOT INTENDED FOR DISTRIBUTION, COMMUNICATION OR PUBLICATION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA OR JAPAN OR ANY OTHER JURISDICTION WHERE SUCH DISTRIBUTION, COMMUNICATION OR PUBLICATION IS NOT PERMITTED UNDER APPLICABLE LAWS IN THOSE COUNTRIES.

PRESS RELEASE

GENTILI MOSCONI: CONSOLIDATED RESULTS FOR THE FIRST HALF OF 2023 APPROVED

Solid organic growth in revenues in the first half of 2023, in line with the development plan, supported by the undertaking in cross-selling products and by reshoring the subcontracting of haute couture

Record profitability with an Adjusted EBITDA Margin of 19.9% driven by the excellent performance of the Industrial Margin, equal to 49.5% on revenues

  • Net revenues at €27.3 million (+4.2% vs €26.2 million in 1H22)
  • Adjusted EBITDA1 at €5.4 million (+13.6% vs €4.8 million in 1H22); Adjusted EBITDA Margin equal to 19.9% of Revenues (vs 18.2% in 1H22)
  • Adjusted EBIT2 at €4.9 million (vs €4.3 million in 1H22)
  • Net profit of €3.8 million (vs €3.4 million in 1H22) before costs and ancillary charges related to the IPO for the period of €0.7 million
  • Solid cash generation of approximately €5.1 million (vs €4.4 million in 1H22) before costs and ancillary charges related to the IPO for a total of €3.3 million
  • The order portfolio for the first two months of the second half of 2023 is in line with the already particularly positive figures of last year

Casnate con Bernate (CO), 28 September 2023 - The Board of Directors of Gentili Mosconi S.p.A. - a group listed on Euronext Growth Milan of the Italian Stock Exchange since last February and one of the leaders in the luxury fashion market - met today and approved the Half-Year Financial Report as at 30 June 2023. The company is active in the creation, production, printing and customisation of fabrics for the main international players in the world of luxury.

Francesco Gentili, Chairman and CEO of Gentili Mosconi, commented, "We are very satisfied with the results achieved in the half-year, the first after the listing, which confirm our expectations on a positive trend in terms of revenues and profitability thanks to cross-selling, which strengthened sales for the Accessory lines. Because of the good visibility of the order portfolio, we are confident of maintaining the growth trend from now to the end of the year. Gentili Mosconi is confirmed as a strategic partner

1 Adjusted EBITDA is a useful unit of measurement for assessing the Group's operating performance. It is calculated as the profit for the year before current, deferred and prepaid income tax for the year, exchange gains and losses, interest and other financial charges, income from equity investments, other financial income, write-downs of receivables, inventories and cash and cash equivalents included in current assets, depreciation of property, plant and equipment and intangible assets and costs and ancillary charges at listing.

2 Adjusted EBIT is a useful unit of measurement for assessing the Group's operating performance. It is calculated as the profit for the year before current, deferred and prepaid income tax for the year, exchange gains and losses, interest and other financial charges, income from equity investments, other financial income and costs and ancillary charges at listing.

for the most iconic national and international luxury and high fashion companies owing to the high quality of our products, our innovation and our ability to anticipate customer needs while constantly focussing on sustainability, an essential factor in the textile luxury sector".

Summary of the Group's results as at 30 June 2023

Revenues in the first half of 2023 amounted to €27.3 million, an increase of 4.2% compared to the same period of 2022 (€26.2 million), with a more significant increase in the Fashion Textile Accessories and Home Textile Accessories business lines.

The organic growth in revenues recorded in the first half of 2023 is in line with the provisions of the development plan presented to the market at the time of listing, and was supported by the crossselling of products and reshoring the subcontracting of haute couture.

In the first six months of the year, Gentili Mosconi set a profitability record thanks to its flexibility, innovation and attention to the needs of the market and customers while constantly focussing on sustainability.

The Industrial Margin as a percentage of Revenues in the first half of 2023 was 49.5%, an increase of approximately 4% compared to the first half of 2022 (45.7% in 1H22). This was due to the realignment of energy costs after the peaks of the previous year and above all to the mix of Revenues, which saw a more than proportionate increase in sales of accessories, which have always been characterised by higher margins compared to the sale of fabrics.

Adjusted EBITDA amounted to €5.4 million, an increase of €648 thousand compared to the first half of 2022 when it stood at €4.8 million. The Adjusted EBITDA Margin is equal to 19.9% of Revenues, especially thanks to the acceleration in the Fashion Textile Accessories and Home Textile Accessories lines, which historically have a higher margin than textiles.

Adjusted EBIT, equal to €4.9 million, recorded an increase of approximately 15% compared to the same period of the previous year (€4.3 million). The Adjusted EBIT Margin is equal to 18.1% of Revenues (vs 16.3% in 1H22).

Net profit amounted to approximately €3.8 million, before costs and ancillary charges related to the IPO pertaining to the period and equal to €0.7 million, an increase of roughly 14% compared to the result recorded in the corresponding period of the previous year (€3.4 million).

Solid Cash Generation from ordinary operations amounted to €5.1 million (vs €4.4 million in 1H22), €1.8 million net of costs and ancillary charges related to the IPO for a total of €3.3 million.

Net Financial Debt improved from a negative balance of approximately €0.3 million as at 31 December 2022 to a positive balance of approximately €16 million due to the share capital increase at the time of the IPO for a value of €15 million.

Significant events during the first half of 2023

  • On 7 February, Gentili Mosconi S.p.A. completed the listing process on the Euronext Growth Milan regulated market of the Italian Stock Exchange. On the first day of trading, the Company's shares closed the session up, recording a closing price of €3.77, +0.6% compared to the placement price of €3.75, reaching a capitalisation at the end of the day totalling approximately €72 million. Also on the first day, a total of 350,380 shares were traded on the market, equal to a value of over €1.3 million. Listing was admitted following the placement of 6,133,333 million shares at the price of €3.75 per share. The free float is equal to 21.1% of the total ordinary capital of Gentili Mosconi S.p.A., not including the Over-Allotment shares. On 8 March 2023, the Company communicated the full exercise of the Greenshoe Option for 800,000 ordinary shares granted by the shareholders Francesco Gentili and Patrizia Mosconi to Equita SIM as underwriter. Therefore, the placement - including the shares of the Greenshoe Option amounted to a total of 6,133,333 shares, for a total value of €23 million, corresponding to approximately 25.3% of the Company's share capital, not including Cornerstone Investment.
  • Gentili Mosconi has taken on the status of "Benefit Company", for which it is committed to pursuing the corporate objectives of common benefit to continue to create a positive impact on its ecosystem, enhancing the well-being and growth of employees and suppliers.
  • The Group has undertaken initiatives aimed at increasing production capacity and spaces. The digital printing department was doubled and a 4,000-meter building was rented, in which the logistics and warehouse activities and the Home division will be concentrated, which now are scattered over several locations. This initiative will clearly streamline operations, making it possible to expand the surface area for the Group's precious archives, a real competitive lever for its operations.
  • In June 2023, Gentili Mosconi announced its exclusive worldwide partnership signed with Konica Minolta, a Japanese multinational key player in the production of printing systems, aimed at the study and development of new technologies dedicated to digital printing on fabric. The agreement, formalised on 20 July, further consolidates Gentili Mosconi's leadership as a strategic partner in services for the high-end luxury market. The partnership aims to combine the technological experience of Konica Minolta with the technical design and innovation skills of Gentili Mosconi with the goal of optimising the high quality standards - also from the sustainability perspective - and the performance of preparation and digital printing, creating new synergies for the development of technologies for fabrics for ready-to-wear and accessory collections.

***

Forecast on operations

The global macroeconomic context remains volatile, with uncertainties linked to recession risks, continued inflationary pressure and geopolitical instability. Despite this, our reference market is solid and forecasts for the year 2023 envisage growth for the major luxury brands, albeit more modest than that recorded in recent years.

The customers of Gentili Mosconi are represented by the major global luxury brands and the trend in Group revenues has historically always been correlated with the performance of the reference market. Therefore, we expect a 2023 financial year of consolidation and strengthening with organic growth substantially in line with the prospective and forecast data of the textile segment of the luxury market, as declared to the market at the time of the IPO and confirmed by the performance of the

first half of the year.

The Group is concentrated on maintaining a strong focus on its sustainability objectives, making it increasingly a distinctive feature in a context such as that of the luxury sector in the textile industry, in which sustainability is a characteristic that brands look for in their suppliers, and works to implement those initiatives declared prior to the listing aimed at developing an integrated, efficient and sustainable platform.

Gentili Mosconi will continue to carefully monitor the evolution of the macroeconomic context and adapt its strategy accordingly, maintaining its commitment to providing high-quality, sustainable and cutting-edge products and services to its prestigious customers in the luxury fashion sector.

We are confident in our ability to continue to grow and prosper even in a complex economic environment thanks to our resilience, innovation and commitment to sustainability and support for the creativity and uniqueness of our territory.

***

Publication of the Half-Year Financial Report and the Independent Auditors' Report

The consolidated half-year financial report as at 30 June 2023 and the report of the Independent Auditors issued by Deloitte are available to the public, within the terms of the law, at the registered office, located in via Tevere 7/9, 22070 Casnate con Bernate (CO), Borsa Italiana SpA and on the institutional websitewww.gentilimosconi.it, in the Investor section and on the authorised storage mechanism www..it.

Gentili Mosconi, a group listed on the Euronext Growth Milan market of the Italian Stock Exchange, is one of the main players in the luxury fashion market, offering fabric design, transformation, printing and customisation services to the majority of international luxury players. In particular, the Group acts as a strategic partner for the most iconic and representative companies in the world of luxury and international high fashion in turning the ideas and needs of its customers into fabrics or finished products with personalised and exclusive designs and prints, combining craftsmanship and tradition with innovation. The Group is also active in the textile furnishing sector through the Gentili Mosconi Home division, a line established in 2005 on the initiative of Patrizia Mosconi that produces textile accessories for the home and luxury nautical sector. Thanks to its 35 years of experience and its roots in the Como textile district, the Group can count on a profound knowledge of market trends and the specific needs of each individual brand to offer a highly personalised and extremely creative service, making use also of a vast archive comprising thousands of drawings, the result of extensive research in several decades driven by the passion of Francesco Gentili. The Gentili Mosconi Group closed the first half of 2023 with a turnover of approximately €14 million and an Adj. EBITDA Margin of 20%, recording significant growth in the Accessories business lines.

***

CONTACTS

ISSUER Gentili Mosconi S.p.A. - Investor Relations Luca Domanico | [email protected] | T: +39 031 451436 | Via Tevere, 7/9 - 22070 Casnate con Bernate (CO), Italy

EURONEXT GROWTH ADVISOR AND SPECIALIST Equita SIM S.p.A. | Andrea Ferrari | [email protected] | T: +39 02 6204235 | Via Turati, 9 - 20122 Milan, Italy

GENTILI MOSCONI PRESS OFFICE Close to Media - company founded by Elisabetta Neuhoff Adriana Liguori | [email protected] | Tel. +39 3451778974 Cecilia Isella | [email protected] | Tel. +39 3480990515 Elisa Gioia | [email protected] | Tel. +39 3492332555

Dati anagrafici
Sede in VIA TEVERE 7/9 22070 CASNATE CON
BERNATE CO
Codice Fiscale 01768380139
Numero Rea CO 214593
P.I. 01768380139
Capitale Sociale Euro 190.000 i.v.
Forma giuridica SOCIETA' PER AZIONI
Società in liquidazione no
Società con socio unico no
Società sottoposta ad altrui attività di direzione e
coordinamento
no
Appartenenza a un gruppo no
al 30/06/2023 al 31/12/2022
STATO PATRIMONIALE ATTIVO
B ) Immobilizzazioni, con separata indicazione di quelle
concesse in locazione finanziaria:
I ) Immobilizzazioni immateriali:
1 ) Costi di impianto e ampliamento - -
4 ) Concessioni, licenze, marchi e diritti simili 157.284 163.065
5 ) Avviamento - -
7 ) Altre 2.587.247 284.611
TOTALE Immobilizzazioni immateriali: 2.744.531 447.676
II ) Immobilizzazioni materiali:
1 ) Terreni e fabbricati 24.380 26.555
2 ) Impianti e macchinario 3.174.852 3.017.108
3 ) Attrezzature industriali e commerciali 38.922 49.785
4 ) Altri beni 229.316 254.672
5 ) Immobilizzazioni materiali in corso e acconti 77.035 31.000
TOTALE Immobilizzazioni materiali: 3.544.505 3.379.120
III ) Immobilizzazioni finanziarie, con separata indicazione,
per ciascuna voce dei crediti, degli importi esigibili entro
l'esercizio successivo:
1 ) Partecipazioni in:
d-Bis) Partecipazioni in altre imprese 220.005 220.005
TOTALE Partecipazioni in: 220.005 220.005
2 ) Crediti:
d-Bis) Cred. verso altri
- oltre l'esercizio 417.403 316.571
TOTALE d-Bis) Cred. verso altri 417.403 316.571
TOTALE Crediti: 417.403 316.571
4 ) Strumenti finanziari derivati attivi 8.684 11.358
TOTALE Immobilizzazioni finanziarie, con separata
indicazione, per ciascuna voce dei crediti, degli importi esigibili
646.092 547.934
entro l'esercizio successivo:
TOTALE Immobilizzazioni, con separata indicazione di
quelle concesse in locazione finanziaria:
6.935.128 4.374.730
C ) Attivo circolante:
I ) Rimanenze:
1 ) Materie prime, sussidiarie e di consumo 1.325.448 853.572
2 ) Prodotti in corso di lavorazione e semilavorati 4.898.435 4.924.976
4 ) Prodotti finiti e merci 3.707.463 3.469.999
TOTALE Rimanenze: 9.931.346 9.248.547
II ) Crediti, con separata indicazione, per ciascuna voce,
degli importi esigibili oltre l'esercizio successivo:
1 ) verso clienti
- entro l'esercizio 11.938.931 14.040.244
- oltre l'esercizio 6.689 6.689
TOTALE verso clienti 11.945.620 14.046.933
5 - Bis) Crediti tributari
Bilancio
Consolidato
al 30/6/2023
GENTILI MOSCONI S.p.A.
-entro l'esercizio 1.193.769 3.366.321
TOTALE 5 - Bis) Crediti tributari 1.193.769 3.366.321
5- Quater) Crediti verso altri
-entro l'esercizio 112.329 47.507
TOTALE 5- Quater) Crediti verso altri 112.329 47.507
TOTALE Crediti, con separata indicazione, per ciascuna voce,
degli importi esigibili oltre l'esercizio successivo:
III ) Attivita' finanziarie che non costituiscono
immobilizzazioni:
13.251.718 17.460.761
6 ) altri titoli 8.907.030 -
TOTALE Attivita' finanziarie che non costituiscono
immobilizzazioni:
IV ) Disponibilità liquide:
8.907.030 -
1 ) Depositi bancari e postali 9.144.832 3.314.856
3 ) Denaro e valori in cassa 6.330 8.179
TOTALE Disponibilità liquide: 9.151.162 3.323.035
TOTALE Attivo circolante: 41.241.256 30.032.343
D ) Ratei e risconti: 613.946 122.446
TOTALE ATTIVO 48.790.330 34.529.519

STATO PATRIMONIALE PASSIVO

A ) Patrimonio netto:
I ) Capitale 190.000 150.000
II ) Riserva da sovraprezzo delle azioni 14.960.000 -
IV ) Riserva legale 30.000 30.000
VI ) Altre riserve 2.092.805 847.144
VII ) Riserva per operazioni di copertura dei flussi finanziari
attesi
8.684 11.358
VIII ) Utili (perdite) portati a nuovo 15.281.370 9.724.315
IX ) Utile (perdita) dell'esercizio 3.071.992 6.804.247
Patrimonio netto di terzi
Capitale e riserve di terzi 52.828 28.994
Utile di terzi 11.524 23.661
TOTALE Patrimonio netto di terzi 64.352 52.655
TOTALE Patrimonio netto: 35.699.203 17.619.719
B ) Fondi per rischi ed oneri:
Altri 19.000 100.000
TOTALE Fondi per rischi ed oneri: 19.000 100.000
C ) Trattamento di fine rapporto di
lavoro subordinato
D ) Debiti, con separata indicazione, per ciascuna voce,
degli importi esigibili oltre l'esercizio successivo:
4 ) Debiti verso banche
1.982.529 1.968.824
-entro l'esercizio 770.919 2.026.773
Bilancio
Consolidato
al 30/6/2023
GENTILI MOSCONI S.p.A.
-oltre l'esercizio 1.298.168 1.647.928
TOTALE Debiti verso banche 2.069.087 3.674.701
6 ) Acconti
-entro l'esercizio 53.350 55.852
TOTALE Acconti 53.350 55.852
7 ) Debiti verso fornitori
-entro l'esercizio 6.325.317 7.851.020
TOTALE Debiti verso fornitori 6.325.317 7.851.020
12 ) Debiti tributari
-entro l'esercizio 446.552 1.519.586
TOTALE Debiti tributari 446.552 1.519.586
13 ) Debiti verso istituti di previdenza e di sicurezza sociale
-entro l'esercizio 381.083 379.010
TOTALE Debiti verso istituti di previdenza e di sicurezza
sociale
14 ) altri debiti
381.083 379.010
-entro l'esercizio 1.348.349 820.700
TOTALE altri debiti 1.348.349 820.700
TOTALE Debiti, con separata indicazione, per ciascuna
voce, degli importi esigibili oltre l'esercizio successivo:
10.623.738 14.300.869
E ) Ratei e risconti: 465.860 540.107
TOTALE PASSIVO 48.790.330 34.529.519
CONTO ECONOMICO al 30/06/2023 al 30/06/2022
A ) Valore della produzione:
1 ) Ricavi delle vendite e delle prestazioni 27.253.862 26.156.778
2 ) Variazioni delle rimanenze di prodotti in corso di lavorazione, 210.923 1.273.269
semilavorati e finiti
5 ) altri ricavi e proventi, con separata indicazione dei contributi
in conto esercizio:
372.761 640.410
TOTALE Valore della produzione: 27.837.546 28.070.457
B ) Costi della produzione:
6 ) Per materie prime, di sussidiarie, di consumo e di merci 9.649.332 10.244.330
7 ) Per servizi 7.730.639 7.971.261
8 ) Per godimento di beni di terzi 428.029 451.486
9 ) per il personale:
a ) Salari e stipendi 3.771.466 3.227.538
b ) Oneri sociali 1.144.674 952.907
c ) Trattamento di fine rapporto 233.066 278.858
e ) Altri costi - 10.625
TOTALE per il personale: 5.149.206 4.469.928
10 ) Ammortamento e svalutazioni:
a ) Ammortamento immobilizzazioni immateriali 535.448 88.407
b ) Ammortamento immobilizzazioni materiali 346.154 328.961
d ) Svalutazioni dei crediti compresi nell'attivo circolante e delle 36.816 34.755
disponibilità liquide
TOTALE Ammortamento e svalutazioni:
918.418 452.123
11 ) Variazioni delle rimanenze di materie prime, sussidiarie, di -471.875 62.018
consumo e merci
13 ) Altri accantonamenti
19.000 36.603
14 ) Oneri diversi di gestione 241.800 108.521
TOTALE Costi della produzione: 23.664.549 23.796.270
Differenza tra Valore e Costi della produzione 4.172.997 4.274.187
C ) Proventi e oneri finanziari:
16 ) Altri proventi finanziari:
d ) Proventi diversi dai precedenti, con separata indicazione di quelli
da imprese controllate e collegate e di quelli da controllanti e da
imprese sottoposte al controllo di queste ultime
- Proventi diversi
TOTALE Proventi diversi dai precedenti, con separata 121.223 20.795
indicazione di quelli da imprese controllate e collegate e di
quelli da controllanti e da imprese sottoposte al controllo di
121.223 20.795
queste ultime
TOTALE Altri proventi finanziari:
121.223 20.795
17 ) Interessi e altri oneri finanziari, con separata indicazione di
quelli da imprese controllate e collegate e verso controllanti:
- Interessi e oneri finanziari verso controllanti 41.349 32.817
TOTALE Interessi e altri oneri finanziari, con separata
indicazione di quelli da imprese controllate e collegate e verso
controllanti:
41.349 32.817
17 Bis) Utili e perdite su cambi
17 Bis-a) Utili su cambi - 128.266
Bilancio
Consolidato
al 30/6/2023
GENTILI MOSCONI S.p.A.
17 Bis-b) Perdite su cambi 33.237 -
TOTALE 17 Bis) Utili e perdite su cambi -33.237 128.266
TOTALE Proventi e oneri finanziari: 46.637 116.244
Risultato prima delle imposte 4.219.634 4.390.431
20 ) IMPOSTE SUL REDDITO D'ESERCIZIO, CORRENTI,
DIFFERITE E ANTICIPATE
a ) - Imposte correnti 1.136.118 1.020.538
TOTALE IMPOSTE SUL REDDITO D'ESERCIZIO, CORRENTI,
DIFFERITE E ANTICIPATE
1.136.118 1.020.538
21) Utile (perdita) consolidati dell'esercizio 3.083.516 3.369.893
1 ) Utile (Perdita) di pertin. di terzi 11.524 15.941
E
212 ) Utile (Perdita) del gruppo
3.071.992 3.353.952
Rendiconto finanziario Anno Corrente Anno Precedente
Valori in unità di euro 30/06/2023 30/06/2022
A) Flussi finanziari derivanti dall'attività operativa (metodo indiretto)
Utile (perdita) dell'esercizio 3.083.516 3.369.893
Imposte sul reddito 1.136.118 1.020.538
Interessi passivi/(attivi) -79.874 12.022
(Dividendi) 0
minus 190 -710
1) Utile (perdita) dell'esercizio prima d'imposte sul reddito, interessi,
dividendi e plus/minusvalenze da cessione
4.139.950 4.401.743
Rettifiche per elementi non monetari che non hanno avuto contropartita nel
capitale circolante netto
Accantonamenti ai fondi 252.066 315.461
Ammortamenti delle immobilizzazioni 881.602 417.368
altre rettifiche per elementi non monetari -1.358 4.608
Totale rettifiche per elementi non monetari che non hanno avuto
contropartita nel capitale circolante netto
2) Flusso finanziario prima delle variazioni del capitale circolante netto
1.132.310 737.437
5.272.260 5.139.180
Variazioni del capitale circolante netto
Decremento/(Incremento) delle rimanenze -682.796 -1.211.252
Decremento/(Incremento) dei crediti verso clienti 2.101.313 -1.127.481
Incremento/(Decremento) dei debiti verso fornitori -1.525.703 -1.741.538
Decremento/(Incremento) dei ratei e risconti attivi -491.500 -42.849
Incremento/(Decremento) dei ratei e risconti passivi -74.247 -29.670
Altri decrementi/(Altri Incrementi) del capitale circolante netto 2.514.263 1.483.822
Totale variazioni del capitale circolante netto 1.841.330 -2.668.968
3) Flusso finanziario dopo le variazioni del capitale circolante netto 7.113.590 2.470.212
Altre rettifiche
Interessi incassati/(pagati) 79.874 -12.022
(Imposte sul reddito pagate) -2.088.467 -829.807
Dividendi incassati 0 0
(Utilizzo fondi) -319.361 -278.507
Totale altre rettifiche -2.327.954 -1.120.336
Flusso finanziario dell'attività operativa (A) 4.785.636 1.349.876
B) Flussi finanziari derivanti dall'attività d'investimento
Immobilizzazioni materiali
(Investimenti) -512.179 -333.304
decrementi 450 10.300
Immobilizzazioni immateriali
(Investimenti) -2.832.304 -79.201
Immobilizzazioni finanziarie
(Investimenti) -100.832 -1.429
disinvestimenti
attività finanziarie non immobilizzate
(investimento) -8.907.030 0
Flusso finanziario dell'attività di investimento (B) -12.351.895 -403.634
C) Flussi finanziari derivanti dall'attività di finanziamento
Mezzi di terzi
Incremento/(Decremento) debiti a breve verso banche -507.406 565.927
Accensione finanziamenti
(Rimborso finanziamenti) 0 1.000.000
Mezzi propri -1.098.208 -1.546.116
(Dividendi e acconti su dividendi pagati) 15.000.000 0
Flusso finanziario dell'attività di finanziamento (C) 0 -600.000
Incremento (decremento) delle disponibilità liquide (A ± B ± C) 13.394.386 -580.189
Disponibilità liquide a inizio esercizio 5.828.127 366.053
Depositi bancari e postali (anno prima)
Danaro e valori in cassa anno prima) 3.314.856 2.143.313
8.179 7.201
Totale disponibilità liquide a inizio esercizio 3.323.035 2.150.514
Disponibilità liquide a fine esercizio
Depositi bancari e postali 9.144.832 2.509.518
Danaro e valori in cassa 6.330 7.049
Totale disponibilità liquide a fine esercizio 9.151.162 2.516.567

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