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Relatech
Earnings Release • Mar 29, 2022
4320_10-k_2022-03-29_05ca2baa-7bfe-4184-af01-9c42d02d0599.pdf
Earnings Release
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| Informazione Regolamentata n. 20162-13-2022 |
Data/Ora Ricezione 29 Marzo 2022 08:51:59 |
Euronext Growth Milan | ||
|---|---|---|---|---|
| Societa' | : | RELATECH | ||
| Identificativo Informazione Regolamentata |
: | 159308 | ||
| Nome utilizzatore | : | RELATECHN02 - ROSSI | ||
| Tipologia | : | 1.1; REGEM | ||
| Data/Ora Ricezione | : | 29 Marzo 2022 08:51:59 | ||
| Data/Ora Inizio Diffusione presunta |
: | 29 Marzo 2022 08:52:00 | ||
| Oggetto | : | RELATECH S.P.A. BOD APPROVES 2021 ANNUAL SEPARATE FINANCIAL STATEMENTS AND CONSOLIDATED FINANCIAL STATEMENTS |
||
| Testo del comunicato |
Vedi allegato.
PRESS RELEASE
RELATECH S.P.A. BOD APPROVES 2021 ANNUAL SEPARATE FINANCIAL STATEMENTS AND CONSOLIDATED FINANCIAL STATEMENTS
Consolidated results at 31ST December 2021:
- Value of Production: Euro 33.7 million, + 38% (FY20, Euro 24.3 million)
- Sales revenues of Euro 27.9 million, + 53% (FY20 Euro 18.3 million)
- 45% of revenues from foreign customers
- Recurring Revenues: 27% of revenues, + 53% (FY20, 27%)
- Adjusted EBITDA1 : Euro 6.9 million, +18% (FY20, Euro 5.9 million)
- EBITDA margin adj on revenues 25%
- Adjusted NET PROFIT: Euro 5.3 million, + 65% (FY20, Euro 3.2 million)
- NFP (cash): equal to Euro 1.7 million (cash) with cash liquidity equal to Euro 11 million
Consolidated results at 31ST December 2021 by proforming2 acquisitions of Dialog Sistemi and Gruppo SIGLA over the 12 months:
- Value of Production Euro 37.2 million + 53%
- Sales revenues of Euro 31 million + 70%
- Recurring revenues: 27% of revenues
- Adjusted EBITDA: Euro 7.3 million, + 24%
- Adjusted EBITDA margin: 24% of revenues
- Customer base growing: + 15%
Milan, 29 th March 2022
Relatech SpA, Digital Enabler Solution Knowledge (DESK) Company and Innovative SME listed on Euronext Growth Milan (Ticker: RLT) ("Relatech" or the "Company"), announces that today the Board of Directors, in its meeting in audio conference, examined and approved the 2021
1 Adjusted equal to Euro 1.7 million. As for the adjustment, it should be noted that this is attributable to the extraordinary bonuses paid to the Directors respectively in relation to the 2020-2022 Stock Grant Plan and the 2021-2023 Stock Grant Plan, as well as to the extraordinary costs incurred for consultancy relating to M&A transactions.
2 All pro-forma figures reported are unaudited
Annual Separated Financial Statements and Consolidated Financial Statements, drawn up as per IFRS .
Pasquale Lambardi, Chairman of the Board of Directors of Relatech, declared: "We are very satisfied with the results approved today, testimony of a Group of companies driven by a common vision: to be the digital player of reference for its ecosystem of stakeholders. Thanks to the strategy of 3M, Merge, Management, Margin, Relatech continues its growth path by welcoming new excellences to the Group with highly specialized and vertical know-how. In 2021 the Group expanded its perimeter with the entry of Gruppo SIGLA, a company active in the design and development of digital solutions in the field of industrial automation, data analysis and cybersecurity, and Dialog Sistemi, specialized in the business performance management and data warehousing. Also in 2021, we signed a binding agreement for the acquisition of another significant company with specific skills in industrial automation, data driven, IT/OT ("Operational Technology"), EFA Automazione, whose operation was formalized earlier this year. The entry of these new companies allows the Group not only to grow in terms of skills, resources, know-how but to enrich and strengthen the digital and cloud-based platform RePlatform."
Consolidated and pro-forma economic and financial results as at 31 December 2021
The Value of Production stands at Euro 33.7 million, up 38% compared to Euro 24.3 million the previous year. The Value of Production on a pro forma basis amount to approximately Euro 26.5 million, including the contribution of Dialog Sistemi and Gruppo SIGLA from 1st January 2021. Consolidated Revenues from sales amount is approximately Euro 27.9 million, without proforming the acquisitions of Dialog Sistemi and Gruppo SIGLA, up by approximately 53% compared to Euro 18.3 million at 31st December 2020.
The Group pro-formed Sales Revenues following the acquisition of majority stake of Dialog Sistemi, formalized on 21 May 2021, Gruppo SIGLA, formalized on 29 June 2021, reports approximately Euro 31 million, with an increase of 52% compared to Euro 20.4 million at 31st December 2020.
In 2021 the increase driven by organic sales revenues, on a like-for-like basis with 2020, is approximately 20%.
The pro-forma portion of recurring revenues performs approximately Euro 8.4 million, with an increase of 53% compared to Euro 5.5 million at 31st December 2020 and represents 27% of Sales Revenues.
Other Revenues for Euro 1.8 million (was Euro 2.3 million in 2020) are mainly due to public grants relating to research projects joint with universities and research centers, to tax credit for research and development activities conducted by the Group, tax credit relating to professional training 4.0 and other revenues.
During 2021 the customer base increase of 70% compared to 2020, thanks to new customers of acquired companies and as well as to the commercial offer that Relatech is able to bring to the market. Over 45% of revenues derive from foreign customers.
Recurring revenues amount to Euro 7.5 million and represent 27% of total revenues. This topic, of significant importance for the Company's business model, is up by 41% compared to the same period of 2020. The result was possible and sustainable thanks to investments in research and development (equal to Euro 5 million with an incidence of approximately 18% on revenues), which generate new assets within the RePlatform digital platform, main focus of the Company's value proposition.
Consolidated Adjusted EBITDA is equal to Euro 6.9 million and is up by 18% compared to Euro 5.9 million at 31st December 2020, compared to reported EBITDA which is Euro 5.3 million, the adjusted result excludes Euro 1.7 million deriving from extraordinary expenses for Stock-grants and consultancy costs on extraordinary transactions.
Consolidated proforma adjusted EBITDA is Euro 7.3 million, up by 24% compared to 2020.
Consolidated Adjusted EBIT is Euro 4 million, with a decrease of 3.5% compared to Euro 4.1 million at 31st December 2020. Proforma adjusted EBIT is equal to Euro 4.1 million almost in line with the 2020. This result is affected by an increase of depreciation due to higher investments.
Consolidated adjusted Net Result is Euro 5.3 million, increasing of 65% up on Euro 3.2 million in 2020.
The reported Net Result stands at Euro 3.6 million (+ 43% compared to 2020). The Group's adjusted proforma Net Result is equal to Euro 5.4 million.
The Net Financial Position at 31st December 2021 (calculated as financial debt net of current financial debt and rights of use liabilities) is equal to Euro 1.7 million (cash), with cash liquidity equal to Euro 11 million compared to a Net Financial Position at December 31, 2020 equal to Euro 50 thousand (cash).
The Net Financial Position calculated by IFRS 9 application, due to the adjustments induced by the valuation of the option rights for the purchase of the remaining shares of the subsidiaries which at 31st December 2020, no longer exists at 31st December 2021 due to the anticipation of the related acquisitions.
Highlighted extraordinary cash outflows during 2021 are:
- purchase of treasury shares equal to approximately Euro 1.5 million;
- operations for the purchase of equity investments equal to approximately Euro 4.2 million;
Highlighted extraordinary cash in during 2021:
- collection for the exercise of warrants for a total value of approximately Euro 4.3 million
As of today, the Company directly holds no. 909,186 treasury shares, equal to 2.41% of the share capital.
Shareholders' Equity stands at Euro 24.2 million compared to Euro 13.4 million at 31st December 2020, the Group Equity equal to Euro 23.1 million compared to Euro 12.7 million at 31st December 2020.
The main changes in the period include the capital increase subscribed for the exercise of the "Relatech Warrants 2019-2022" of the second exercise period equal to Euro 4.28 million and the net profit for the period.
All pro-forma figures reported are unaudited and do not include financials data of the following acquisitions, DtoK Lab spin off acquired on 23 th December 2021 and EFA Automazione, company acquired on 18th February 2022.
Silvio Cosoleto, Chief Operating Officer and Director of Relatech, declared: "Cybersecurity, Cloud, Metaverse, blockchain, are just some of the technologies that in 2021 have been driving the growth of the ICT market. The need for a consolidated approach to agile work, the need to secure their software systems and infrastructures and the need to live new experiences in parallel realities, have pushed Relatech to make further investments in IT security, Cloud, augmented and virtual reality and devices capable of experimenting with digital worlds through the metaverse."
Annual separate economic-financial results of Relatech S.p.A. as of 31st December 2021
The Value of Production is equal to Euro 19.4 million, an increase of 14% compared to Euro 17 million at 31st December 2020.
EBITDA is equal to Euro 2.2 million compared to Euro 2.3 million at 31st December 2020.
EBIT is equal to Euro 1.1 million compared to Euro 1.6 million at 31st December 2020.
Earning before tax result is equal to Euro 1.2 million compared to Euro 1.9 million in 2020. Net profit amounted to Euro 1.19 million compared to Euro 1.87 million in 2020.
The Net Financial Position (Cash) is equal to Euro 3.3 million, compared to Euro 4.6 million at 31st December 2020. The Equity of the company is Euro 23.2 million (Euro 16.2 million at 31st December 2020). In relation to the increase in shareholders' equity, the following are specified as special transactions: the conclusion of the second exercise period of the "Relatech Warrants 2019-2022" for a total value equal to Euro 4,284,484.74, of which Euro 4,233,496.15 to increase the share premium reserve and of which Euro 49,819.59 to increase the share capital.
Proposal for the allocation of the profit for the year
Relatech's financial statements as at 31st December 2021 show a profit of Euro 1,187,811. The Board of Directors proposed to the Shareholders' Meeting to allocate the profit as follows:
- Euro 9,964 to the legal reserve;
- Euro 619,538 to the unavailable reserve pursuant to art. 2426 paragraph 1 n. 4 of the Civil Code, corresponding to the portion of profit for the year formed following the adoption of the criterion for valuing equity investments using the equity method;
- Euro 558,309 to the extraordinary reserve,
Significant events during 2021
The year just ended was characterized by some significant events that deserve to be mentioned in order to provide correct information and a better understanding of the financial and economic data set out below.
- On 4 th January 2021, the treasury share purchase program starts up to a maximum of Euro 1,500,000 to be carried out through the buyback plan as per the resolution of the shareholders' meeting of December 30, 2020.
- On 21st January 2021 it announces the entry of a new investor in the share capital of Relatech. Mennone SpA, the reference subholding of Dr. Carlotta Gatteschi, an entrepreneur from Parma, has acquired no. 109,200 equal to 1% of the share capital.
- On 21st May 2021, following the capital increase to service the Relatech 2019-2022 Warrants, the share capital is equal to Euro 159,044.66.
- On 21 st May 2021, Relatech announces the closing of the acquisition of 60% of the share capital of Dialog SISTEMI S.r.l.
- On 29th June 2021, Relatec announces the closing of the acquisition of 60% of the share capital of the SIGLA Group
- On 30th June 2021, Relatech announces that it has brought forward the closing of the acquisition of 100% of the subsidiary Mediatech Srl, taking over the remaining 40% of the capital.
- On 26th November 2021, Relatech announces that it has acquired the residual 46.50% of the share capital of Xonne S.r.l. ("Xonne"), anticipating the acquisition of all the shares of the company.
- On 23rd December 2021, the Relatech Group announces the acquisition through Ithea Srl of 51% of DtoK Lab Srl. University spin-off focused on the development of big-data analysis solutions on cloud platforms and high-performance computing, strengthening the presence in the scientific and technological ecosystem.
- On 29th December 2021, Relatech announces that it has signed a binding agreement aimed at the acquisition in the first phase of an investment equal to 81.66% of the share capital of E.F.A. AUTOMAZIONE S.p.A., leader in Italy for IIoT solutions in the industrial sector.
Subsequent events after 2021 ending
- On 18th February 2022, following what was communicated on 29 December 2021, he announced that he had completed on 18 February 2022, following the occurrence of the specific conditions set out in the contract, the acquisition of 81.66% of the share capital of E.F.A. AUTOMATION S.p.A. ("EFA" and the "Operation").
- Also on 18th February the Board of Directors of Relatech S.p.A. verified the achievement of the performance target, relating to the incentive plan approved on 21st July 2021 (the "Plan") and approved the assignment of 300,000 Relatech 2019-2022 Warrants to the Chief Executive Officer Pasquale Lambardi and 100,000 Relatech 2019-2022 warrants in favor of the Director Silvio Cosoleto in execution of the resolution of the shareholders' meeting of 11 March 2019. As a result of the above, at the date of this press release, there are no. 3,472,180 Relatech Warrants 2019-2022.
- On 21st February Relatech S.p.A. announced that the controlling shareholder Pasquale Lambardi - owner of a stake of a total of no. 20,098,868 ordinary shares, equal to 53.24% of the share capital of Relatech SpA - has contributed to the company Gaxder Srl, of which Pasquale Lambardi is the sole shareholder, the entire investment held by the same in Relatech SpA. the transfer operation was completed today and that Pasquale Lambardi will therefore continue to exercise control over Relatech SpA through Gaxder S.r.l ..
COVID 19 Emergency - Actions taken to safeguard and business continuity
With reference to the epidemiological emergency from Covid-19, the directors and top management of Relatech - starting from the manifestation and spread of the virus in the first months of 2020 - have guaranteed a prompt response to the constantly changing scenario, having health as an absolute priority. and safety of collaborators, their families and the entire community, and promptly activating actions aimed at making all employees and collaborators of the Group carry out their work remotely. The procedures in force and the infrastructures in use in the Group, as well as the nature of the business, are fully prepared for agile work and remote collaboration, ensuring no substantially negative impact on operations, productivity or staff availability. Pursuant to the legislation issued by the Italian Government during the lockdown period, which provided for the closure of all "non-essential" economic activities for the purpose of containing the contagion, the Relatech Group was included in the list of companies that were allowed to be fully operational.
As regards the Group's customer base, certain sectors such as the tourism-hotel industry, food / catering, transport and retail were negatively affected by the emergency situation with varying degrees of intensity, while an increase in activity was recorded in other sectors such as pharmaceuticals, logistics, e-commerce. The commercial structure of the Group, with constant commitment, has endeavored to maintain continuous contact with our customers.
Foreseeable evolution of management
Pursuant to and for the purposes of what is indicated in point 6) of the third paragraph of art. 2428 of the Civil Code, it should be noted that although in a socio-economic context still influenced by the spread of the Covid-19 pandemic, the results achieved in the period show positive prospects. The international scenario was characterized by a process of economic recovery, albeit with heterogeneous times and rhythms between countries, showing growth for the Italian GDP, with a more accentuated dynamism than that of the other main European countries.
The future scenario incorporates the effects of the progressive introduction of the interventions envisaged by the National Recovery and Resilience Plan (PNRR). One of the six major areas of intervention on which the PNRR will have to focus concerns the digital transformation, which, among other things, provides for the adoption of digital technologies by companies, in particular for SMEs.
In this context, the Relatech Group is well positioned to seize the opportunities offered by the evolution of the market, in terms of services and solutions related to digital transformation.
However, there are still risks associated with the actual ability to implement the planned measures, in addition to the future evolution of the health emergency and the geopolitical situation due to the very recent Russian military intervention in Ukrainian territory which constitutes an important element of macroeconomic uncertainty.
Convening of the assembly
The Board of Directors has resolved to call the Shareholders' Meeting (first call), on April 28, 2022 and in second call on April 29, 2022 to discuss and resolve on the approval of the financial statements at December 31, 2021; and presentation of the consolidated financial statements at 31 December 2021 as well as for the appointment of the new Board of Directors (inherent and consequent resolutions), appointment of the new Board of Statutory Auditors (inherent and
consequent resolutions), authorization for the purchase and disposal of treasury shares pursuant to and for the effects of articles 2357 and following of the Civil Code, as well as article 132 of the Legislative Decree of February 24, 1998 n. 58 and Article 144-bis of the Consob Regulation adopted with resolution no. 11971/1999 and subsequent amendments, subject to revocation of the previous authorization granted on 30 December 2020 for the part not executed. Inherent and consequent resolutions
Documentation
All the documentation covered by this press release will be made available to the public within the terms and in the manner prescribed by the AIM Italia Issuers' Regulation, as well as on the Company's website, www.relatech.com, in the "Investor Relations/Financial Reports" section.
Financial Events
The Company also announces that it has defined a calendar of events for meetings with the financial community for the first part of 2022, which is shown below:
| th April 6 2022 |
IrTop Consulting - Investor Day EGM Investor DAY Link to the event |
|---|---|
| th April 2022 7 |
Relatech Conference Call - Presentation of FY 2021 economic and financial data Link to the event |
| 23rd May 2022 |
German Spring Conference, Frankfurt – Equity Forum Link to the event |
| 26th May 2022 |
Euronext Growth Conference 2022 (Borsa Italiana) Link to the event |
In the event of any changes and/or adhesions to new investor relations events, the Company will promptly notify the market of them with specific communication.
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Il presente comunicato stampa è online su www.relatech.com (sezione Investor Relations/Comunicati stampa) .
Relatech (ticker RLT ISINIT0005433740), Digital Enabler Solution Knowledge (D.E.S.K.) Company, listed on Euronext Growth Milan since June 2019, is present on the market with innovative solutions dedicated to the digital transformation of companies. Relatech is an innovative SME focused on customers looking for the most innovative solutions, becoming a strategic partner for digitization and ICT services. Relatech constantly invests in Open innovation with an extensive R&D activity carried out internally and numerous partnerships with the main Italian Universities and research centers. Thanks to its digital platform and cloud based RePlatform, it provides services and develops innovative digital solutions in frontier technologies of Digital Enabler, such as Cloud, Cybersecurity, Blockchain, Big Data, Machine Learning, Artificial Intelligence, Internet of Things.
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Contacts
ISSUER
Relatech S.p.A. - Investor Relations
Gianluca Rossi | [email protected] | T: +39 02 2404909 | Via Ercole Marelli, 165 - 20099 Sesto San Giovanni (MI)
EGA & SPECIALIST BPER Banca S.p.A. | [email protected] | T: +39 02 7274 9229 | Via Gaetano Negri, 10 - 20123 Milan
INVESTOR & MEDIA RELATIONS ADVISOR IR Top Consulting | [email protected] | T: + 39 02 4547 3883/4 | Via Bigli, 19 - 20121 Milano
Attached:
It should be noted that the consolidated data will be subject to auditing while the pro forma data will not be subject to auditing.
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- Consolidated Income Statement prepared in accordance with International Accounting Standards (IAS / IFRS) 12/31/2021
- Consolidated Balance Sheet prepared in accordance with International Accounting Standards (IAS / IFRS) as at 31/12/2021
- Consolidated Net Financial Position as at 31 December 2021
- Consolidated Cash Flow Statement prepared in accordance with International Accounting Standards (IAS / IFRS) as at 31/12/2021
- Proforma Consolidated Income Statement at 12/31/2021
- Relatech S.p.A. Income Statement prepared in accordance with the National Accounting Standards (OIC) 31/12/2021
- Relatech S.p.A. balance sheet prepared in accordance with the National Accounting Standards (OIC) as of 31/12/2021
- Relatech S.p.A. Cash Flow Statement prepared in accordance with the National Accounting Standards (OIC) as of 31/12/2021
Consolidated Income Statement 12/31/2021
The table below shows the consolidated income statement data of the Group for the years ended at 31st December 2021 and 31st December 2020.
| 31 December | % on | 31 December | % on | |||
|---|---|---|---|---|---|---|
| Consolidated Income Statement (Euro) | 2021 | revenues | 2020 | revenues | ∆YoY | ∆% |
| Revenues | 27.937.085 | 100% | 18.265.937 | 100% | 9.671.148 | 53% |
| change in inventories of work in progress, semi-finished and finished goods | - | 348.731 | -348.731 | n/d | ||
| Increases in self constructed fixed assets | 3.928.958 | 3.425.619 | 503.340 | 15% | ||
| Othe revenues and other income | 1.802.972 | 2.302.879 | -499.907 | -22% | ||
| Value of Production | 33.669.015 | 24.343.165 | 9.325.850 | 38,31% | ||
| Cost of Goods Sold | 23.418.699 | 14.828.202 | 8.590.497 | 58% | ||
| Gross Profit | 10.250.316 | 37% | 9.514.963 | 52% | 735.353 | 8% |
| R&D Cost | 4.996.372 | 18% | 4.286.706 | 23% | 709.666 | 17% |
| EBITDA | 5.253.944 | 19% | 5.228.257 | 29% | 25.687 | 0% |
| Adjustments for extraordinary provisions | 1.676.655 | 669.471 | 1.007.184 | 150% | ||
| EBITDA ADJUSTED | 6.930.599 | 25% | 5.897.728 | 32% | 1.032.871 | 18% |
| Depreciation and provisions | 2.971.240 | 1.792.960 | 1.178.281 | 66% | ||
| EBIT | 2.282.704 | 8% | 3.435.297 | 19% | -1.152.594 | -34% |
| EBIT ADJUSTED | 3.959.358 | 14% | 4.104.769 | 22% | (145.410) | -4% |
| Financial management | 919.924 | (76.672) | 996.597 | >1000% | ||
| Adjustements to financial assets | - | (2.804) | 2.804 | |||
| EBT | 3.202.628 | 11% | 3.355.821 | 18% | -153.193 | -5% |
| EBT ADJUSTED | 4.879.283 | 17% | 4.025.292 | 22% | 853.990 | 21% |
| Current taxes | 403.319 | 207.707 | 195.612 | 94% | ||
| Deferred/prepaid taxes | -1.053.752 | 428.226 | -1.481.979 | -346% | ||
| Profit (Loss) for the year | 3.853.061 | 14% | 2.719.888 | 15% | 1.133.173 | 42% |
| Profit (Loss) of third parties | 205.669 | 1% | 169.020 | 1% | 36.649 | 22% |
| Profit (Loss) of the Group | 3.647.392 | 13% | 2.550.868 | 14% | 1.096.524 | 43% |
| Profit (Loss) of the Group ADJUSTED | 5.324.047 | 19% | 3.220.339 | 18% | 2.103.708 | 65% |
Consolidated Balance Sheet as at 31/12/2021
The following table shows the summary reclassified balance sheet referring to 31st December 2021 and 31st December 2020 as well as the changes that have taken place compared to the previous period.
| Consolidated Balance Sheet (Euro) | 31 December 2021 |
31 December 2020 |
∆ |
|---|---|---|---|
| Intagible Assets | 9.376.140 | 5.909.270 | 3.466.870 |
| Goodwill | 8.238.084 | 5.689.266 | 2.548.817 |
| Assets for rights of use | 1.432.564 | 1.445.484 | (12.921) |
| Tangible assets | 530.379 | 442.400 | 87.979 |
| Financial assets | 2.092.978 | 27.725 | 2.065.254 |
| Fixed assets | 21.670.145 | 13.514.145 | 8.156.000 |
| Invetories | 665.759 | 528.902 | 136.857 |
| Accounts receivables from customers | 9.141.947 | 6.555.783 | 2.586.164 |
| payables to suppliers | (3.078.224) | (2.808.201) | (270.023) |
| Commercial working capital | 6.729.482 | 4.276.484 | 2.452.998 |
| Tax receivables and payables | 634.957 | 1.332.108 | (697.151) |
| Accruals and deferrals | (279.151) | (464.044) | 184.892 |
| Other receivables and payables | (2.342.921) | (2.347.941) | 5.020 |
| Other current assets and liabilities | (1.987.116) | (1.479.877) | (507.239) |
| Net working Capital | 4.742.367 | 2.796.608 | 1.945.759 |
| Other non-current assets and liabilities | 1.966.026 | 306.385 | 1.659.641 |
| Provisions for risks and charges | (1.606.778) | (1.397.159) | (209.619) |
| Provisions for employee and director benefits | (4.231.215) | (1.824.406) | (2.406.809) |
| Other non-current assets and liabilities | (3.871.967) | (2.915.180) | (956.787) |
| Net invested Capital | 22.540.545 | 13.395.573 | 9.144.972 |
| Share capital | 159.045 | 109.225 | 49.820 |
| Reserves | 19.596.253 | 10.653.631 | 8.942.621 |
| Reserve for treasury shares in portfolio | (1.968.242) | -2056645,74 | 88403,56 |
| Retained earnings /loss | 1.693.705 | 1.457.868 | 235.837 |
| Profit (Loss) of the Group | 3.647.392 | 2.550.868 | 1.096.524 |
| Group shareholders equity | 23.128.152 | 12.714.946 | 10.413.206 |
| Shareholder's equity to third parties | 1.117.478 | 730.589 | 386.889 |
| Net worth | 24.245.630 | 13.445.535 | 10.800.095 |
| Short-term payables vs Banks | (8.149.949) | (3.910.711) | (4.239.238) |
| Medium long term payables | 6.444.864 | 3.860.749 | 2.584.115 |
| NFP | (1.705.085) | (49.962) | (1.655.123) |
| Total sources | 22.540.545 | 13.395.573 | 9.144.972 |
Net financial position
The following table shows the Group's Net Financial Position at 31st December 2021 and 31st December 2020.
| NFP (Euro) | 31 December 2021 |
31 December 2020 |
∆ |
|---|---|---|---|
| Total cash | (11.012.119) | (8.265.630) | (2.746.488) |
| Current financial receivable | |||
| Current banks payabble | 444.863 | - | 444.863 |
| Current portion of non-current indebtedness | 2.171.999 | 1.655.209 | 516.791 |
| Other current financial debts | |||
| Current financial debt | 2.616.863 | 1.655.209 | 961.654 |
| Current net financial debt | (8.395.256) | (6.610.422) | (1.784.834) |
| Non-current bank debts | 6.444.864 | 3.860.749 | 2.584.115 |
| Debt securities issued | |||
| Non-current financial debt | 245.307 | 288.000 | (42.693) |
| Non-current financial indebtness | 6.690.171 | 4.148.749 | 2.541.422 |
| Net financial debt | (1.705.085) | (2.461.673) | 756.587 |
| Options of IFRS 9 effetcs | - | 2.411.710 | (2.411.710) |
| NFP including IFRS 9 effects | (1.705.085) | (49.962) | (1.655.123) |
Consolidated Cash Flow Statement at 12/31/2021
The following table shows the Consolidated Cash Flow Statement as of 31st December 2021 and 31st December 2020
| Consolidated Cash Flow Statement |
31 December 2021 |
31 December 2020 |
|---|---|---|
| A) Cash flow from operating activities (indirect method) | ||
| Profit (Loss) for the year | 3.853.061 | 2.719.888 |
| Income taxes | -650.433 | 635.933 |
| Interest payables/receivable | -919.924 | 76.672 |
| 1) Profit (Loss) for the year before income taxes, interests, dividends and gain/losses on disposals |
2.282.704 | 3.432.493 |
| Adjustements for non-monetary items offset in net working capital | ||
| Provisions to funds | 566.380 | 511.255 |
| Depreciation of assets | 2.960.480 | 1.786.809 |
| Other upward/ (downward) adjustments for non-monetary items | 2.846.416 | 447.094 |
| Total adjustements for non-monetary items not offset in net working capital | 6.373.276 | 2.745.157 |
| 2) Cash flow before changes in net working capital | 8.655.980 | 6.177.651 |
| Changes in net working capital | -4.211.865 | 1.224.752 |
| 3) Cash flow after chages in net working capital | 4.444.115 | 7.402.403 |
| Other adjustments | ||
| Interests received/(paid) | 919.924 | -76.672 |
| (Income taxes paid) | 1.256.898 | -207.707 |
| Use of funds | 2.050.048 | -137.602 |
| Total other sdjustments | 4.226.870 | -421.981 |
| Cash flow from operating activities (A) | 8.670.985 | 6.980.422 |
| B) Cash flow from investing activities | ||
| Cash flow form activities (B) | -13.570.883 | -5.881.389 |
| C) Cash flow from financing activities | ||
| Increase /(decrease) short term banks debts | 948.327 | 641.125 |
| Increase /(decrease) short term other landers | -7.298 | -345.602 |
| Staring (Reimbursment) financing | 2.604.740 | 2.562.520 |
| Share capital increase | 4.012.214 | 3.470.869 |
| Other changes in own funds | 88.404 | -2.056.646 |
| Cash flow from financinf activities (C) | 7.646.387 | 3.361.639 |
| Increase (decrease) in cash and cash equivalents (A ± B ± C) | 2.746.489 | 4.460.672 |
| Cash and cash equivalents at the beginning of the year | 8.265.630 | 3.804.959 |
| Cash and cash equivalents at the end of the year | 11.012.119 | 8.265.630 |
Proforma Consolidated Income Statement - 12/31/2021
For the purposes of representation, the Pro-Forma Income Statement for the year ended at 31st December 2021 is provided below, drawn up in order to simulate the economic effects that would have arisen from the acquisition of the companies Dialog Sistemi and Gruppo SIGLA, if they had occurred on 1 st January 2021 compared with the results as of 31st December 2020.
| Consolidated Income statement Proforma (Euro) | Consolidated Pro-Forma |
% on revenues |
31 December 2020 |
% on revenues |
∆ | ∆% |
|---|---|---|---|---|---|---|
| Revenues | 30.976.984 | 100% | 18.265.937 | 100% | 12.711.048 | 70% |
| change in inventories of work in progress, semi-finished and finished goods | 211.831 | 348.731 | (136.900) | n/d | ||
| Increases in fixed assets for internal work | 4.127.821 | 3.425.619 | 702.203 | 20% | ||
| Other income and revenues | 1.849.962 | 2.302.879 | (452.917) | -20% | ||
| Value of Production | 37.166.599 | 24.343.165 | 12.823.434 | 53% | ||
| Total costs | 31.539.818 | 19.114.908 | 12.424.910 | 65% | ||
| EBITDA | 5.626.781 | 18% | 5.228.257 | 29% | 398.524 | 8% |
| Adjustments for extraordinary costs | 1.676.655 | 5% | 669.471 | 4% | 1.007.184 | 150% |
| ADJUSTED EBITDA | 7.303.436 | 24% | 5.897.728 | 32% | 1.405.708 | 24% |
| Depreciation and provisions | 3.224.118 | 10% | 1.792.960 | 10% | 866.628 | 48% |
| EBIT | 2.402.662 | 8% | 3.435.297 | 19% | (1.032.635) | -30% |
| ADJUSTED EBIT | 4.079.317 | 13% | 4.104.769 | 22% | (25.451) | -1% |
| Financial management | 892.078 | (79.476) | 971.554 | <1000% | ||
| EBT | 3.294.740 | 11% | 3.355.821 | 18% | (61.081) | -2% |
| ADJUSTED EBT | 4.971.395 | 16% | 4.025.292 | 22% | 946.103 | 24% |
| Current taxes | 403.319 | 207.707 | 195.612 | 94% | ||
| Deferred/prepaid taxes | (1.053.752) | 428.226 | (1.481.979) | -346% | ||
| Profit (loss) for the year | 3.945.174 | 13% | 2.719.888 | 15% | 1.225.286 | 45% |
| Profit (Loss) of third parties | 242.514 | 169.020 | 73.494 | |||
| Profit (Loss) of the Group | 3.702.660 | 12% | 2.550.869 | 14% | 1.151.791 | 45% |
| Profit (Loss) of the Group ADJUSTED | 5.379.315 | 17% | 3.220.339 | 18% | 2.158.975 | 67% |
Income Statement Relatech S.p.A. 12/31/2021
| Income Statement (Euro) |
31 December 2021 |
% | 31 December 2020 |
% | ∆ | ∆% |
|---|---|---|---|---|---|---|
| Revenues from sales and services | 18.009.810 | 100% | 14.355.189 | 100% | 3.654.621 | 25% |
| + Increases in fixed assets for internal work | 1.072.658 | 992.722 | 79.936 | 8% | ||
| + Other revenues and income | 305.008 | 1.723.274 | -1.418.266 | -82% | ||
| Value of production | 19.387.476 | 17.071.184 | 2.316.292 | 14% | ||
| Total operating costs | 17.211.123 | 14.754.033 | 2.457.090 | 17% | ||
| EBITDA | 2.176.353 | 12% | 2.317.151 | 16% | -140.798 | -6% |
| - Amortisation and depreciation | 1.116.428 | 742.807 | 373.621 | 50% | ||
| EBIT | 1.059.925 | 6% | 1.574.344 | 11% | -514.419 | -33% |
| + Financial Income | 114,29 | - | 114 | n/d | ||
| +/- Foreign exchange gains and losses | -1.728 | -1.775 | 47 | -3% | ||
| - Financial charges | 49.129 | 18.869 | 30.260 | 160% | ||
| +/- Value adjustments | 224.190 | 382.325 | -158.135 | -41% | ||
| EBT | 1.233.372 | 7% | 1.936.025 | 13% | -702.653 | -36% |
| - Income tax for the year | 142.610 | 64.786 | 77.824 | n/d | ||
| - Deferred/prepaid taxes | -97.049 | -97.049 | n/d | |||
| Net Result | 1.187.811 | 7% | 1.871.239 | 13% | -683.428 | -37% |
Balance Sheet Relatech S.p.A. on 12/31/2021
| Reclassified Sheet (Euro) Balance |
31 December |
31 December |
|
|---|---|---|---|
| 2021 | 2020 | ||
| Intagible fixed assets |
7.731.603 | 7.024.038 | |
| Tangible fixed assets |
192.155 | 167.323 | |
| Financial fized assets |
10.411.642 | 3.260.749 | |
| Fix assets |
18.335.401 | 10.452.110 | |
| Accounts receivables from customers |
4.122.862 | 2.790.911 | |
| Accounts receivables from subsidiaries |
1.523.444 | 165.550 | |
| Payables to suppliers |
-1.593.606 | -1.338.765 | |
| Payables to subsidiaries |
-1.222.211 | -1.294.515 | |
| Commercial working capital |
2.830.489 | 323.180 | |
| Tax receivables and payables |
825.644 | 839.533 | |
| Accrued and deferred income and charges |
307.922 | 194.678 | |
| Other receivables and payables |
-1.317.647 | -1.060.470 | |
| Othercurrent and liabilities assets |
-184.081 | -26.260 | |
| Net working capital |
2.646.408 | 296.920 | |
| Other non-current assets and liabilities |
54.219 | 1.641.498 | |
| Provisions for risk and charges |
-234.000 | -42.000 | |
| Severance pay fund |
-942.951 | -737.393 | |
| Other non-current assets and liabilities |
-1.122.732 | 862.105 | |
| Net invested Capital |
19.859.078 | 11.611.136 | |
| Share capital |
159.045 | 109.225 | |
| Reserves | 22.084.988 | 14.516.295 | |
| Profit (loss) carried forward |
-262.413 | -262.413 | |
| Profit (loss) for the year |
1.187.811 | 1.871.239 | |
| Shareholders' Total Equity |
23.169.430 | 16.234.346 | |
| Short-term payables (cash) |
-7.772.471 | -6.501.243 | |
| Medium-long payables term |
4.462.118 | 1.878.033 | |
| Net Financial Position |
-3.310.353 | -4.623.211 | |
| Sources Total |
19.859.078 | 11.611.136 |
Cash Flow Statement Relatech S.p.A. on 12/31/2021
| Cash Flow Statement (Euro) |
31 December 2021 |
31 December 2020 |
|---|---|---|
| A) Cash Flow from operating activities (inderect method) | ||
| 1) Profit (loss) for the year before income taxes, interest, dividends and capital gains/losses on disposals |
1.284.114 | 1.956.874 |
| Adjustments for non-monetary items that did not have a counterpart in net working capital |
1.232.276 | 624.974 |
| 2) Cash flow beforechanges in net working capital | 2.516.390 | 2.581.848 |
| Changes in net working capital | ||
| Total changes in net working capital | -739.357 | 2.114.081 |
| 3) Cash flow after changes in net working capital | 1.777.033 | 4.695.929 |
| Total other adjustments | 312.078 | 89.527 |
| Cash flow from operating activities (A) | 2.089.111 | 4.785.456 |
| B) Cash flow from investing activities | ||
| Cash flow from investing activities (B) | -8.903.937 | -4.504.100 |
| C) Cash flow from financing activities | ||
| Cash flow from financinf activities (C) | 8.255.312 | 3.454.779 |
| Increase (decrease) in cash equivalents (A ± B ± C) | 1.440.486 | 3.736.135 |
| Cash at the beginning of the year | 7.174.371 | 3.438.237 |
| Cash at the end of the yeat | 8.614.755 | 7.174.371 |