Earnings Release • Mar 14, 2023
Earnings Release
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| Informazione Regolamentata n. 0915-3-2023 |
Data/Ora Ricezione 14 Marzo 2023 21:40:57 |
Euronext Star Milan | |
|---|---|---|---|
| Societa' | : | LANDI RENZO | |
| Identificativo Informazione Regolamentata |
: | 173468 | |
| Nome utilizzatore | : | LANDIN03 - Tavanti | |
| Tipologia | : | 1.1; REGEM; 3.1 | |
| Data/Ora Ricezione | : | 14 Marzo 2023 21:40:57 | |
| Data/Ora Inizio Diffusione presunta |
: | 14 Marzo 2023 21:40:59 | |
| Oggetto | : | PR Financial Results 2022 | |
| Testo del comunicato |
Vedi allegato.
The earning results prove that the Group's business is highly resilient, and that, notwithstanding the external factors linked to a challenging market scenario, it has managed to maintain its overall market share, increasing turnover in the Clean Tech Solutions segment and particularly growth in the contribution of hydrogen and biomethane
The management team was renewed and the organisational structure was strengthened in order to reach the goals of consolidation and growth in target markets.
Cavriago (RE), March 14, 2023 - The Board of Directors of Landi Renzo S.p.A, chaired by Stefano Landi, met today and approved the draft Financial Statements of the Company and Consolidated Financial Statements as of December 31, 2022.
The fight against climate change, energy transition and sustainable mobility, which global governments regard as priorities, are increasingly driven by a rising awareness for solutions that provide greater environmental sustainability from a technology-neutral perspective. This has led to an increasing focus on progress in the development of hydrogen-enabling technologies to accelerate the decarbonisation process of the so-called 'hard-to-abate' sectors, both in automotive and infrastructure segments. The war between Russia and Ukraine and the risk of energy shortage have also highlighted the need for traditional back-up energy supplies, with natural gas as the only low-polluting fossil fuel and biomethane as an increasingly strategic option. While these dynamics suggest encouraging long-term trends for Landi Renzo Group's business model, 2022 was marked by a strong market disruption, which had cascade
effects throughout the value chain. First of all, natural gas and LNG price rise, which had an impact on final demand for the Group's solutions globally, as well as commodity and energy price increase, coupled with interest rate hikes, which resulted in an impact on the Group's cost structure and its need to stock more inventory. All of this had an effect on the Group's profitability.
"2022 was a turning point and a period of profound transformation for Landi Renzo Group. In a significantly adverse economic context, the Group implemented its strategy aiming not only to strengthen its market presence, but also to open new paths within high-growth potential segments. More specifically, the integration processes of Metatron and SAFE&CEC have continued to generate significant results in terms of synergies within the Group's operations. At the same time, further effort was given to research for solutions linked to hydrogen as an alternative fuel, leading to an expansion of application and technology options on the Mobility segment and to an integration of solutions in the infrastructure area, also through the acquisition of Idro Meccanica. The implementation of these strategies also took place as part of a capital strengthening process that took place in the second half of the year, as a result of a distinguished financial partner - namely Itaca fund - joining the group's controlling shareholding structure," Stefano Landi, Chairman of Landi Renzo S.p.A. said.
Cristiano Musi, Chief Executive Officer of Landi Renzo S.p.A., commented: "2022 was quite a challenging year for the global economic scenario and for the sectors in which Landi Renzo Group operates and, in the fourth quarter, the Group was partially able to recover, both in terms of turnover and margins, also considering the cyber-attack endured in October, which, although promptly tackled, did have an impact on the operative continuity. Against this backdrop, through disciplined management and sound leadership across many of the markets in which the Group works, Landi Renzo Group has been able to maintain its market shares, with a fourth quarter that featured the Green Trasportation segment catching up and the Clean Tech Solutions segment increasing its market presence, partly thanks to the acquisition of Idro Meccanica, thereby generating a solid pipeline for 2023. It is worth highlighting that at the end of the year the Group significantly strengthened its management structure, which was committed to planning tangible actions aimed at meeting the growth objectives of the industrial plan."
As a result of the change in the Group's area of consolidation, due to the full consolidation as of May 2021 of the SAFE&CEC Group's results and as of August 2021 of the Metatron Group's performance, as well as the consolidation of Idro Meccanica S.r.l. as of January 2022, the consolidated financial results as of December 31, 2022 are not directly comparable with those of the same period last year.
In the financial year 2022, Landi Renzo Group's consolidated revenues amounted to €306,297 thousand, up by €64,303 thousand (+26.6%) compared to the same period of the previous year. On a like-for-like basis, i.e., considering the months of 2021 which are not subject to the line-by-line consolidation of Metatron Group and the SAFE&CEC Group, consolidated revenues increased by approximately 10.1% compared to the previous year.
Group's adjusted EBITDA as of December 31, 2022, was equal to €15,257 thousand, compared to €14,614 thousand in the same period of the previous year. Group's EBITDA amounted to €11,044 thousand (€12,615 thousand as of December 31, 2021), including non-recurring costs amounting to €4,213 thousand (€1,999 thousand as of December 31, 2021).
Group's EBIT was negative and amounted to €6,033 thousand (negative and equal to €3,002 thousand as of December 31, 2022), after accounting for amortisation and depreciation of €17,077 thousand ( €15,617 thousand as of December 31, 2021), of which €3,481 thousand was due to the application of IFRS 16 - Leases (€3,136 thousand as of December 31, 2021).
Total financial expenses (interest income, interest expense, and exchange rates effects) amounted to €8,171 thousand (€4,489 thousand as of December 31, 2021) and included negative exchange rate and mainly of a currency valuation nature of €1,670 thousand (negative and amounting to €362 thousand as of December 31, 2021).
Financial year 2022 closes with the Group's EBT negative and equal to €13,882 thousand. As of December 31, 2021, Earnings Before Taxes (EBT) was positive and amounted to €1,710 thousand, including an aggregation gain of €8,783 thousand, resulting from the line-by-line consolidation as of April 2021 of the SAFE&CEC Group, which was previously consolidated using the equity method.
Group and third-party's Net Result as of December 31, 2022, reported a €14,267 thousand loss, compared to a positive result for the Group and third-party of €502 thousand as of December 31, 2021, including an aggregation gain of € 8,783 thousand previously described.
Net Financial Debt as of December 31, 2022, amounted to €92,323 thousand (€133,493 thousand as of December 31, 2021), of which €14,510 thousand was due to the application of IFRS 16 - Leases, positive €515 thousand to the fair value of derivative financial instruments, and a total of €1,086 thousand was due to the outstanding debt for the acquisition of Idro Meccanica S.r.l. and the evaluation of the option to purchase the minority shares of Metatron Group's Chinese subsidiary (these amounts are classified under Other current liabilities in the consolidated statement of financial position). Without taking into account the effects of applying this accounting standard, the fair value of derivative financial instruments, and the outstanding debt for acquisition of equity investments, Adjusted Net Financial Position as of December 31, 2022, would have been €77,242 thousand, of which €68,511 thousand is attributable to the Green Transportation segment and €8,731 thousand is attributable to the Clean Tech Solutions segment.
The improved net financial position as of December 31, 2022, over the previous year-end is mainly due to the net effect of the capital increase concluded in September 2022 for €58.6 million (excluding capital increase expenditures of €1 million).
In order to further strengthen the Group's financial infrastructure and to make it more compliant with the flows expected from the 2022-2025 Business Plan, two new loan agreements were signed in June 2022, namely:
The new agreements provide for compliance to financial parameters (covenant based on the NFP/EBITDA ratio), which, as of December 31, 2022, had not been met. Even though the lender institutions issued a covenant holiday on March 13, 2023, for presentation purposes in the financial statements pursuant to IAS/IFRS, the debts to credit institutions on which the financial covenants are still in place, have been fully reclassified as short-term liabilities, for a total amount of about €73 million.
Revenues of Green Transportation segment, as of December 31, 2022, amounted to €201,725 thousand (including €15,077 thousand related to Metatron Group) up 16.7% to €172,914 thousand as of December 31, 2021 and including revenues of €6,095 thousand from the Metatron Group), due in particular to the different scope of consolidation.
Q4 2022 showed a solid recover in terms of margins over the previous quarters due to a more favourable sales mix, thanks to a greater impact of After Market channel and to agreements with some major OEM customers for partial recognition of extra costs incurred during the fiscal year as a result of rising costs for raw materials and electronic parts.
The Group's sales in the OEM channel, including the input of Metatron Group, amounted to €107 million, up 37.3% compared to December 31, 2021 (€ 77.9 million), as a result, in addition to the change in the scope of consolidation, of substantial orders from a leading OEM customer targeting LPG bifuel engines to develop its "green" offering.
Sales on the After Market channel, amounting to €94,7 million are related to orders from authorized distributors and installers, both domestic and foreign, and were in line with the previous year (€ 95 million as of December 2021).
As for sales distribution by geographical area in the Green Transportation sector:
In Italy, Group's sales are up compared to the same period in the previous year (+8.7%), against
the trend of new vehicle registrations (-9.5% according to UNRAE data - Unione Nazionale Rappresentanti Autoveicoli Esteri). The sharp increase in methane prices at the pump negatively affected methane passenger cars registrations, which was offset by the increase in LPG passenger cars registrations. Overall, in 2022, registrations of new vehicles (OEM) powered by gas engines (methane and LPG) account for about 9% of the registered total.
In 2022, the adjusted EBITDA of the Green Transportation segment, excluding nonrecurring costs amounting to €3,694 thousand, was positive at €9,271 thousand, or 4.6% of revenues, up from the same period last year (€7,205 thousand, or 4.2% of revenues and excluding nonrecurring costs amounting to €1,668 thousand).
Adjusted EBITDA for the Green Transportation segment includes nonrecurring allocations of €569 thousand for write-downs of receivables due from Russian and Ukrainian customers, as well as provisions on tax credit recoverability recorded by a foreign subsidiary of the Group (€927 thousand) and allocations of fines attributable to the Parent Company and linked to late deliveries that are not directly attributable to the Parent Company (€363 thousand).
As a result of the line-by-line consolidation of SAFE&CEC Group starting from May 2021 and the consolidation of IdroMeccanica S.r.l. starting from January 2022, figures for the Clean Tech Solutions segment are not directly comparable with the same period for the previous fiscal year.
To provide a better understanding of the segment's performance, the following data is presented in terms of sales revenue and adjusted EBITDA for year 2022, compared with the pro-forma 2021 data (i.e. including results for the months that are not subject to a full consolidation) of the previous year.
In the fiscal year ending December 31, 2022, the Clean Tech Solutions segment revenues amounted to €104,572 thousand, up 13.2% compared to the same "pro forma" period last year (€92,343 thousand),
reflecting the growing interest in the hydrogen, biomethane and natural gas compression solutions provided by the Company.
This result is significantly interesting when taking into account the challenges faced during the period in sourcing the parts required for advancement and completion of orders. In fact, SAFE&CEC Group continues to show growing results and an order backlog that can cover the first half of 2023.
Adjusted EBITDA amounted to €5,986 thousand (or 5.7% of revenues), down 28.3% from FY 2021 (pro forma). This decline is mainly attributable to the significant increase in material and logistic costs which were not passed on to customers as they were related to bids carried out during 2022, yet whose prices, were agreed and contractualized with customers during 2021, as well as during previous years.
New offerings in the pipeline were updated according to new market prices. Pro forma EBIT amounted to €2,596 thousand, or 2.5% of revenues (equal to 5% of pro forma revenues in 2021).
In the fiscal year ending December 31, 2022, Landi Renzo S.p.A. recorded revenues of €144,036 thousand, compared to €131,455 thousand in the same period of last year. Ebitda amounted to €6,550 thousand compared to €5,590 thousand as at December 31, 2021, while Net Financial Position stood at negative €68,453 thousand (negative €64,300 thousand, excluding the effects of the application of IFRS 16, the fair value of derivative financial contracts and the residual debt for Metatron Group acquisition) compared to negative €112,961 thousand at December 31, 2021 (negative €84,834 thousand, excluding the effects of the application of IFRS 16 and the fair value of derivative financial contracts).
At the end of fiscal year 2022, the Parent Company had 279 employees, 18 fewer than as at December 31, 2021 (297 employees).
Following the end of the financial year and to date, we highlight the following:
On March 13, 2023, all the credit institutions underwriting the loans have issued waiver letters related to the financial parameters as at December 31, 2022.
Following the end of fiscal year 2022, which was marked by external factors that have had an influence on its performance, despite the uncertain economic scenario, the Group's Management has taken actions aimed at limiting direct costs and enhancing productivity and working capital. It has also pursued the integration of the newly-acquired companies, in order to fully maximise synergies and focus on the future growth of the hydrogen, biomethane and natural gas business, which will be reflected in a progressive increase in turnover and margins in 2023, which would be more visible in the second half of the year.
The results as of December 31, 2022 will be presented by the Group's top management to the financial community during a conference call to be held on Wednesday, March 15, 2023, at 9 a.m. CET. Connection details will be made available on the corporate website www.landirenzogroup.com in the Investors section by 8 a.m. CET on the same day.
Pursuant to Article 154-bis, paragraph 2, of Italian Legislative Decree No. 58 of February 24, 1998, the Financial Reporting Manager in charge of drawing the Company's financial statements, Vittorio Tavanti, declares that the accounting information contained in this press release corresponds to the documented results, books and accounting records. This press release is also available on the corporate website www.landirenzogroup.com
Landi Renzo is a global leader in the natural gas, biomethane and hydrogen sustainable mobility and infrastructure sector. The Group stands out for its extensive presence at global level in over 50 countries, generating nearly 90% of its revenues abroad. Landi Renzo S.p.A. has been listed on the Euronext STAR Milan segment of Borsa Italiana since June 2007.
This press release is a translation. The Italian version will prevail
LANDI RENZO
Vittorio Tavanti CFO and Investor Relator [email protected]
Media Contact: Community Roberto Patriarca – 335 6509568 Silvia Tavola – 338 6561460 Lucia Fava – 366 5613441 [email protected]
| (thousands of Euro) | ||
|---|---|---|
| CONSOLIDATED INCOME STATEMENT | 31/12/2022 | 31/12/2021 Restated |
| Revenues from sales and services | 306,297 | 241,994 |
| Other revenues and income | 1,249 | 2,610 |
| Cost of raw materials, consumables and goods and change in inventories | -188,979 | -150,272 |
| Costs for services and use of third-party assets | -54,780 | -43,075 |
| Personnel costs | -47,218 | -34,920 |
| Allocations, write downs and other operating expenses | -5,525 | -3,722 |
| Gross Operating Profit | 11,044 | 12,615 |
| Amortization, depreciation and impairment | -17,077 | -15,617 |
| Net Operating Profit | -6,033 | -3,002 |
| Financial income | 1,129 | 217 |
| Financial expenses | -7,630 | -4,344 |
| Exchange gains (losses) | -1,670 | -362 |
| Income (expenses) from equity investments | -275 | 8,581 |
| Income (expenses) from joint venture measured using the equity method | 597 | 620 |
| Profit (Loss) before tax | -13,882 | 1,710 |
| Taxes | -385 | -1,208 |
| Net profit (loss) for the Group and minority interests, including: | -14,267 | 502 |
| Minority interests | 14 | 1,522 |
| Net profit (loss) for the Group | -14,281 | -1,020 |
| Basic earnings (loss) per share (calculated on 225,000,000 shares) | -0.0635 | -0.0091 |
| Diluted earnings (loss) per share | -0.0635 | -0.0091 |
| (thousands of Euro) | ||
|---|---|---|
| 31/12/2021 | ||
| ASSETS | 31/12/2022 | Restated |
| Non-current assets | ||
| Land, property, plant, machinery and other equipment | 14,015 | 14,977 |
| Development expenditure | 11,141 | 12,222 |
| Goodwill | 80,132 | 73,256 |
| Other intangible assets with finite useful lives | 17,263 | 19,543 |
| Right-of-use assets | 13,618 | 11,991 |
| Equity investments measured using the equity method | 2,496 | 2,028 |
| Other non-current financial assets | 847 | 882 |
| Other non-current assets | 1,710 | 2,556 |
| Deferred tax assets | 14,109 | 12,694 |
| Non-current assets for derivative financial instruments | 103 | 0 |
| Total non-current assets | 155,434 | 150,149 |
| Current assets | ||
| Trade receivables | 73,559 | 66,048 |
| Inventories | 76,680 | 68,896 |
| Contract work in progress | 20,429 | 15,653 |
| Other receivables and current assets | 17,148 | 14,443 |
| Current assets for derivative financial instruments | 412 | 0 |
| Cash and cash equivalents | 62,968 | 28,039 |
| Total current assets | 251,196 | 193,079 |
| TOTAL ASSETS | 406,630 | 343,228 |
| (thousands of Euro) | ||
| SHAREHOLDERS' EQUITY AND LIABILITIES | 31/12/2022 | 31/12/2021 |
| Restated | ||
| Shareholders' Equity Share capital |
22,500 | 11,250 |
| Other reserves | 91,698 | 44,615 |
| Profit (loss) for the period | -14,281 | -1,020 |
| Total Shareholders' Equity of the Group | 99,917 | 54,845 |
| Minority interests | 5,967 | 5,738 |
| TOTAL SHAREHOLDERS' EQUITY | 105,884 | 60,583 |
| Non-current liabilities | ||
| Non-current bank loans | 8,169 | 10,174 |
| Other non-current financial liabilities | 24,456 | 9,320 |
| Non-current liabilities for right-of-use | 11,314 | 10,197 |
| Provisions for risks and charges | 5,484 | 4,535 |
| Defined benefit plans for employees | 3,413 | 3,977 |
| Deferred tax liabilities | 2,910 | 1,452 |
| Liabilities for derivative financial instruments | 0 | 99 |
| Total non-current liabilities | 55,746 | 39,754 |
| Current liabilities | ||
| Bank financing and short-term loans | 103,629 | 103,408 |
| Other current financial liabilities | 3,956 | 274 |
| Current liabilities for right-of-use | 3,196 | 2,624 |
| Trade payables | 98,033 | 82,886 |
| Tax liabilities | 3,697 | 3,758 |
| Other current liabilities | 32,489 | 49,941 |
| Total current liabilities | 245,000 | 242,891 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 406,630 | 343,228 |
| 31/12/2021 CONSOLIDATED CASH FLOWS STATEMENT 31/12/2022 Restated Financial flows deriving from operating activities Pre-tax profit (loss) for the period -13,882 1,710 Adjustments for: Depreciation of property, plant and machinery 4,233 4,301 Amortisation of intangible assets 9,363 8,180 Depreciation of right-of-use assets 3,481 3,136 Loss (profit) from disposal of tangible and intangible assets -121 305 Share-based incentive plans 0 -296 Impairment loss on receivables 1,066 1,024 Net financial charges 8,171 4,489 Net expenses (income) form equity investments measured using the equity method -597 -620 Net expenses (income) form equity investments 274 -8,581 11,988 13,648 Changes in: Inventories and work in progress -9,725 -5,120 Trade receivables and other receivables -9,460 -1,334 Trade payables and other payables 19,349 2,222 Provisions and employee benefits -10 589 Cash generated from operation 12,142 10,005 Interest paid -5,210 -2,035 Interest received 1,050 195 Taxes paid -2,590 -1,200 Net cash generated (absorbed) from operating activities 5,392 6,965 Financial flows from investment Proceeds from sale of property, plant and machinery 121 507 Purchase of property, plant and machinery -2,487 -3,188 Purchase of intangible assets -433 -303 Development expenditure -5,538 -5,123 Variation in consolidation area -30,683 3,575 Net cash absorbed by investment activities -39,020 -4,532 Free Cash Flow -33,628 2,433 Financial flows from financing activities Bond repayments 0 6,936 Disbursements (reimbursement) of medium/long-term loans 15,008 -4,274 Change in short-term bank debts -1,411 6,366 Share capital increase 58,554 0 Repayment of leases IFRS 16 -3,872 -3,473 Net cash generated (absorbed) by financing activities 68,279 5,555 Net increase (decrease) in cash and cash equivalents 34,651 7,988 Cash and cash equivalents as at 1 January 28,039 21,914 Effect of exchange rate fluctuations on cash and cash equivalents 278 -1,863 |
(thousands of Euro) | ||
|---|---|---|---|
| Cash and cash equivalents at the end of the period | 62,968 | 28,039 |
| (Euro) | ||
|---|---|---|
| 31/12/2022 | 31/12/2021 | |
| INCOME STATEMENT | ||
| Revenues from sales and services | 144,036,240 | 131,455,029 |
| Other revenue and income | 33,652 | 1,284,814 |
| Cost of raw materials, consumables and goods and change in inventories | -86,079,188 | -79,199,597 |
| Costs for services and use of third party assets | -30,943,567 | -27,612,589 |
| Personnel expenses | -17,883,047 | -18,020,224 |
| Accruals, impairment losses and other operating expenses | -2,614,557 | -2,317,702 |
| Gross Operating Profit | 6,549,533 | 5,589,731 |
| Amortization, depreciation and impairment losses | -11,267,998 | -11,709,611 |
| Net Operating Profit | -4,718,465 | -6,119,880 |
| Financial income | 1,080,659 | 104,623 |
| Financial expenses | -5,541,762 | -3,173,620 |
| Exchange gains (losses) | 905,054 | 981,504 |
| Gains (Losses) on equity investments | -8,941,603 | -1,748,965 |
| Gains (Losses) on joint venture valuate using the equity method | 596,066 | 523,190 |
| Profit (Loss) before tax | -16,620,051 | -9,433,148 |
| Taxes | 870,225 | 302,245 |
| Net profit (loss) of the period | -15,749,826 | -9,130,903 |
| (Euro) | ||
|---|---|---|
| ASSETS | 31/12/2022 | 31/12/2021 |
| Non-current assets | ||
| Property, plant and equipment | 8,668,411 | 9,692,899 |
| Development expenditure | 8,037,197 | 8,869,349 |
| Goodwill | 30,094,311 | 30,094,311 |
| Other intangible assets with finite useful lives | 7,081,928 | 8,639,914 |
| Right-of-use assets | 4,589,549 | 2,481,532 |
| Investments in equity | 55,170,403 | 55,574,764 |
| Investments in associated companies and joint ventures | 2,496,458 | 2,028,140 |
| Other non-current financial assets | 964,329 | 925,874 |
| Other non-current assets | 1,710,000 | 2,280,000 |
| Deferred tax assets | 11,551,897 | 11,452,050 |
| Non-current assets for derivative financial instruments | 37,335 | 0 |
| Total non-current assets | 130,401,818 | 132,038,833 |
| Current assets | ||
| Trade receivables | 27,772,077 | 27,768,652 |
| Receivables from subsidiaries | 23,989,668 | 18,696,904 |
| Inventories | 42,602,777 | 34,492,838 |
| Other receivables and current assets | 6,911,261 | 5,004,287 |
| Other current financial assets | 2,000,000 | 0 |
| Current assets for derivative financial instruments | 407,443 | 0 |
| Cash and cash equivalents | 39,363,664 | 7,055,840 |
| Total current assets | 143,046,890 | 93,018,521 |
| TOTAL ASSETS | 273,448,708 | 225,057,354 |
| (thousands of Euro) | ||
|---|---|---|
| SHAREHOLDERS' EQUITY AND LIABILITIES | 31/12/2022 | 31/12/2021 |
| Shareholders' Equity | ||
| Share capital | 22,500,000 | 11,250,000 |
| Other reserves | 79,223,860 | 40,637,158 |
| Profit (loss) of the period | -15,749,826 | -9,130,903 |
| TOTAL SHAREHOLDERS' EQUITY | 85,974,034 | 42,756,255 |
| Non-current liabilities | ||
| Non-current bank loans | 0 | 0 |
| Other non-current financial liabilities | 15,918,684 | 360,000 |
| Non-current liabilities for right-of-use | 2,922,470 | 1,372,967 |
| Provisions for risks and charges | 13,357,997 | 5,760,190 |
| Defined benefit plans for employees | 948,443 | 1,298,127 |
| Liabilities for derivative financial instruments | 0 | 96,386 |
| Total non-current liabilities | 33,147,594 | 8,887,670 |
| Current liabilities | ||
| Bank overdrafts and short-term loans | 85,958,688 | 91,847,372 |
| Other current financial liabilities | 3,786,244 | 0 |
| Current liabilities for right-of-use | 1,675,352 | 1,222,008 |
| Trade payables | 55,463,727 | 47,022,574 |
| Payables to subsidiaries | 1,919,630 | 3,028,357 |
| Tax liabilities | 984,002 | 886,760 |
| Other current liabilities | 4,539,437 | 29,406,358 |
| Total current liabilities | 154,327,080 | 173,413,429 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 273,448,708 | 225,057,354 |
| CASH FLOWS STATEMENT | 31/12/2022 | 31/12/2021 |
|---|---|---|
| Financial flows deriving from operating activities | ||
| Pre-tax profit (loss) for the period | -16,620 | -9,433 |
| Adjustments for: | ||
| Depreciation of property, plant and equipment | 2,735 | 3,129 |
| Amortisation of intangible assets | 6,843 | 6,805 |
| Depreciation of right-of-use assets | 1,690 | 1,775 |
| Loss (profit) from disposal of tangible and intangible assets | -17 | 249 |
| Performanche share | 0 | -296 |
| Impairment loss on trade receivables | 630 | 829 |
| Net finance expenses | -3,556 | 2,087 |
| Loss (Profit) attributable to investments valued using equity method | 8,345 | 1,225 |
| 50 | 6,370 | |
| Changes in: | ||
| inventories | -8,110 | -2,758 |
| trade receivables and other receivables | -7,301 | -3,030 |
| trade payables and other payables | 16,166 | 91 |
| provisions and employee benefits | -580 | 219 |
| Cash generated from operation | 225 | 892 |
| Interest paid | -4,345 | -1,639 |
| Interest received | 1,037 | 95 |
| income taxes paid | 0 | 0 |
| Net cash generated (absorbed) from operating activities | -3,083 | -652 |
| Financial flow from investment | ||
| Proceeds from sale of property, plant and equipment | 45 | 474 |
| Purchase of property, plant and equipment | -1,736 | -2,074 |
| Purchase of intangible assets | -208 | -292 |
| Development expenditure | -4,247 | -4,350 |
| Purchase of equity investments | -25,571 | -1,693 |
| Net cash absorbed by investment activities | -31,717 | -7,935 |
| Free Cash Flow | -34,800 | -8,587 |
| Financial flow from financing activities | ||
| Disbursements (reimbursement) of loans to associates | -2,000 | 2,489 |
| Disbursements (reimbursement) of medium/long-term loans | 18,449 | -5,305 |
| Change in short-term bank debts | -6,067 | 9,738 |
| Share capital increase | 58,554 | 0 |
| Repayment of leases IFRS 16 | -1,828 | -1,905 |
| Net cash generated (absorbed) by financing activities | 67,108 | 5,017 |
| Net increase (decrease) in cash and cash equivalents | 32,308 | -3,570 |
| Cash and cash equivalents as at 1 January | 7,056 | 10,626 |
| Cash and cash equivalents at the end of the period | 39,364 | 7,056 |
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