Earnings Release • Mar 18, 2021
Earnings Release
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| Informazione Regolamentata n. 0923-6-2021 |
Data/Ora Ricezione 18 Marzo 2021 17:20:46 |
MTA - Star | |
|---|---|---|---|
| Societa' | : | AEFFE | |
| Identificativo Informazione Regolamentata |
: | 143750 | |
| Nome utilizzatore | : | AEFFEN02 - Degano | |
| Tipologia | : | 1.1 | |
| Data/Ora Ricezione | : | 18 Marzo 2021 17:20:46 | |
| Data/Ora Inizio Diffusione presunta |
: | 18 Marzo 2021 17:20:47 | |
| Oggetto | : | AEFFE FY 20 Results | |
| Testo del comunicato |
Vedi allegato.
San Giovanni in Marignano, 18 March 2021 - The Board of Directors of Aeffe SpA - company, listed on the STAR segment of Borsa Italiana, operates in the luxury sector, with a presence in the prêt-à-porter, footwear and leather goods division under renowned brand names such as Alberta Ferretti, Philosophy di Lorenzo Serafini, Moschino and Pollini – has approved today the 2020 consolidated and draft statutory financial statements.
In 2020 Aeffe Group registered sales of €269.1m compared to €351.4m in 2019, with a 23.3% decrease at constant exchange rates (-23.4% at current exchange rates).
The trend in 2020 was strongly influenced by the Covid-19 pandemic effects. However, the Group has implemented, since the beginning of the emergency, an effective actions plan aimed at limiting its impact on the business, both economically and financially.
Revenues of the prêt-à-porter division amounted to €197.4m, down by 24.6% at constant exchange rates compared to 2019 (-24.7% at current exchange rates).
Revenues of the footwear and leather goods division decreased by 16.2% to €107.4m both at constant and current exchange rates, before interdivisional eliminations.
Massimo Ferretti, Executive Chairman of Aeffe Spa, has commented: "In a year marked by the pandemic, the Group has demonstrated effective management capacity, both financially and in terms of marketing. Significant new initiatives were launched in 2020 that will complement the future development strategy, from investments in virtual showrooms optimization to growth on e-commerce platforms, together with successful travel retail projects in Greater China. We are looking forward to massive vaccination campaigns in all reference markets and in an upcoming newly-found normality for a new phase of recovery, leveraging the positioning of our brands and the good response to the fall / winter 2021-22 collections."
| (In thousands of Euro) | FY 20 | FY 19 | % Change | % Change* |
|---|---|---|---|---|
| Italy | 121,873 | 160.865 | -24.2% | -24.2% |
| Europe (Italy excluded) | 82.668 | 86.890 | -4.9% | -4.9% |
| Asia & RoW | 53.523 | 86.020 | -37.8% | -37.6% |
| America | 11.053 | 17.628 | -37.3% | -36.2% |
| Total |
269,117 | 351,403 | -23.4% | -23.3% |
(*) Calculated at constant exchange rates
In 2020, all geographic areas, although showing a decrease compared to 2019, recorded a good recovery in the second semester of the year.
Sales in the Italian market decreased by 24.2% to €121.9m compared to 2019, driven by both the retail and wholesale channels, due to pandemic impact.
At constant exchange rates, sales in Europe, contributing to 30.7% of consolidated sales, decreased by 4.9%, driven especially by the good performances in Germany and Eastern Europe.
In Asia and in the Rest of the World, the Group's sales totalled €53.5m, amounting to 19.9% of consolidated sales, recording a decrease of 37.6% at constant exchange rates compared to 2019. The Far East area has been hardly impacted by the restrictions imposed to limit the virus, while Middle East has experienced a less significant decline. The Greater China area reported a 35% decrease in 2020, recovering in the last quarter of the year, with an evident upturn in store traffic. This area will represent an important growth driver for the Group's brands starting from 2021.
Sales in America, contributing to 4.1% of consolidated sales, posted a decrease of 36.2% at constant exchange rates.
| (In thousands of Euro) | FY 20 | FY 19 | % Change | % Change* |
|---|---|---|---|---|
| Wholesale | 195.117 | 243,904 | -20.0% | $-19.9%$ |
| Retail | 63.527 | 93.802 | -32.3% | $-32.2%$ |
| Royalties | 10.473 | 13.698 | -23.5% | $-23.5%$ |
| Total | 269,117 | 351,403 | $-23.4%$ | $-23.3\%$ |
(*) Calculated at constant exchange rates
By channel, in 2020, all distribution channels were affected by Covid-19 pandemic.
The wholesale channel declined by 19.9% at constant exchange rates, contributing to 72.5% of consolidated sales.
In 2020 sales registered across our directly-operated stores (DOS) decreased by 32.2% at constant exchange rates. In the fourth quarter of the year sales recorded a 39.4% decrease following the new pandemic containment measures implemented by the main European countries in which the group operates, with severe restriction on stores traffic.
Royalty incomes, representing 3.9% of consolidated sales, declined by 23.5% compared to 2019.
| DOS | FY 20 | FY 19 | Franchising | FY 20 | FY 19 |
|---|---|---|---|---|---|
| Europe | 42 | 42 | Europe | 40 | 40 |
| United States | 1 | 3 | United States | 0 | 1 |
| Asia | 16 | 16 | Asia | 104 | 122 |
| Total | 59 | 61 | Total | 144 | 163 |
As regards the overall network of directly operated stores (DOS), there were some openings and closings during the period to take into account more strategic locations and in line with the positioning of our brands. In terms of franchised stores, in the period some openings and closures took place in Europe and in the Asian market due to the strategic repositioning of the stores.
In 2020, the adjusted consolidated Ebitda equalled to €8.5m, net of an extraordinary write-down of the raw materials inventories of the leather goods division for €4.0m as no longer suitable to manufacture new collections in line with the changed market needs following the Covid-19 pandemic.
The adjusted consolidated Ebitda of €8.5m (with an incidence of 3.2% on turnover) decreased by €44.6m compared to €53.1m of Ebitda in 2019 (equal to 15.1% of revenues). The reported consolidated Ebitda was €4.5m.
The decline in margins is directly attributable to the decline in sales both in wholesale and retail channels across all geographies where the Group operates due to the Covid-19 pandemic, as described above. However, the yearly margins benefited from positive results in terms of cost efficiency deriving from the actions implemented to face the global consequences of the virus spread, which largely materialised from the second quarter of the year. Cost savings involved various types of expenditure closely associated to the health emergency situation, mainly including personnel, rental, travel costs and overheads. More specifically, in 2020 the savings in fixed and personnel costs amounted to €12.2m and €10.6m respectively, for a total of €22.8m corresponding to a decrease of 14%.
For the prêt-à-porter division, in 2020 Ebitda amounted to €3.6m, compared to €23.5m in 2019; the change was due to the sales decline.
Ebitda adjusted of the footwear and leather goods division (net of the extraordinary write-down of raw materials inventories) amounted to €4.9m, compared to a €14.5m in 2019, with a €9.6m decrease due to the sales decline. Reported Ebitda was €0.9m.
Consolidated Ebit adjusted, net of non-recurring costs of €5.1m, was negative for €19.5m, compared to a positive value of €25.1m in 2019, down of a €44.6m, mainly due to the Ebitda reduction.
The reported consolidated Ebit was negative by €24.6m.
The adjusted net loss of the Group, net of non-recurring costs of €5.1m, was equal to €16.3m compared to the Net Profit for the Group of €11.7m in 2019.
The reported net loss equalled to €21.4m.
The balance sheet as of 31st December 2020 shows a Shareholders' equity equal to €148.2m and financial debt net of IFRS 16 effect amounts to €52.8m.
The change is mainly attributable to the net working capital, capex investments and the purchase of treasury shares of approximately €1m. The significant debt containment is the result of the management's appreciable commitment to improve working capital management in an extremely difficult economic period.
As of 31st December 2020, operating net working capital amounts to €97.3m (36.2% of sales) compared to €107.2m as of 31st December 2019 (30.5% of sales).
The increase in the incidence of net working capital on revenues is mainly due to the increase in the stock ratio due to the slowdown in sales because of the pandemic.
Capex in 2020, amounting to €5.4m, mainly refer to the completion of a new warehouse and software purchases.
The health crisis caused by the Covid-19 coronavirus has profoundly marked the year 2020, negatively affecting the demand for luxury goods and impacting the Group's business.
The pandemic and the measures adopted by the various governments to contain the spread of the virus influenced the Group's 2020 results, causing a decline in revenues and profitability.
Since the first days of the spread of the virus, the Group has introduced a series of measures aimed at safeguarding the safety and health of its employees and customers globally and at supporting its suppliers. At the same time, the group has urgently introduced an action plan to effectively and efficiently counter the negative effects related to the global emergency of Covid-19.
The adoption of these corrective measures to contrast the negative effects linked to the global emergency from Covid-19 led in 2020 to a decrease in fixed costs of 13.7%, corresponding to approximately €12.2m and a contraction personnel costs of 14.7%, equal to approximately €10.6m, for a total of approximately €22.8m (- 14%).
The main measures taken included the request for reductions in boutiques rents from the various lessors, along with the use, in all the countries in which it operates, of employment support facilities made available by the various government authorities to deal with effects of the pandemic.
In this difficult economic context, the Group's Management did not request extraordinary lines of credit and was able to manage working capital with extreme efficiency and to realize, at the same time, well-targeted investments in digital marketing and the enhancement of e-commerce to support the future growth of its brands. The Group has sufficient bank credit lines to guarantee the normal conduct of its operations, while maintaining the percentage of use of available credit lines well below the maximum usable limit.
The Group continues to be strongly focused on actions aimed at further reducing fixed costs, efficiently and effectively safeguarding the long-term interest of the business to face the challenges of the current development of the international economic situation.
In this highly uncertain context, the Group's brands, with particular reference to Moschino, have benefited from their solid market positioning. AEFFE confirms its commitment in terms of research, creativity and high quality manufacturing with the aim of further strengthening the positioning of the brands in its portfolio, in order to counter the effects of the pandemic.
The primary objective of the Group was immediately to safeguard the safety and health of its employees, partners and customers. In this regard, the Group has urgently and responsibly adopted all the security measures and protocols introduced by the authorities in the various countries, while ensuring the continuity of business operations using smart-working solutions, where possible.
AEFFE promptly adopted measures deemed to be of fundamental importance for the long-term interest of the Group and suitable for addressing the challenges of the current development of the international situation.
On the revenue front, the actions taken aim at: 1) accurate management of relations with the main commercial partners, especially in the Far East area, to provide them with the greatest possible support; 2) enhancement of digital activities in support of online business, with particular reference to customer care, through the reallocation of human resources and time for the development of technologies and tools capable of satisfying customer needs in a perspective that is increasingly aimed at personalization of the customer experience; 3) enhancement of remote digital communication through the adoption of new digital technologies such as the virtual showroom to remotely present the new collections to buyers and operators in the sector.
On the cost front, the activities are concentrated on: 1) strong attention at all organizational levels in terms of cost savings that are not detrimental to the support and development of the group's brands, with a view to longterm planning such as to make the various business processes that are more efficient and with benefits not only for the current year but also for future years; 2) request for a reduction in rents for boutiques and offices; 3) use of social safety nets and vacation periods not yet taken to make labor costs more flexible; 4) postponement of costs related to advertising and public relations that are not detrimental to the strengthening and support of brands; 5) request, in all the countries in which the Group operates, for all the facilities made available by the various government authorities to deal with the effects of the pandemic.
In terms of the offer, the Group outlines the constant commitment of creative resources to enrich collections of garments and accessories that are increasingly desirable and suitable to meet the changing needs of customers following the spread of Covid-19.
As far as the financial situation is concerned, the Group has bank credit facilities that are absolutely sufficient to face the difficult economic situation regularly respecting all its commitments; in this regard, it is of primary importance to underline that the percentage of use by the Group of the available credit lines is approximately 30% of total credit lines, well below the maximum usable limit. During the first nine months of 2020, medium / long-term unsecured loans were obtained for over €35m, of which 20 million guaranteed by Mediocredito Centrale as part of the Relaunch Decree issued by the Italian State, to the benefit of the rebalancing of debt maturities while minimizing the cost of procuring money. On the trade receivables front, there is no increase in the related risk which is minimized both through the stipulation of credit insurance contracts and through a careful monitoring strategy managed at Group level.
No significant events took place after the end of the financial year.
Despite the recent challenges related to new variants of the virus and possible delays in vaccine distribution, in the last quarter the global macroeconomic picture is showing signs of improvement. The current uncertainty fueled by renewed measures to contain the pandemic is likely to persist in the coming months with possible negative effects especially on foreign tourist flows.
In this difficult international context, the Group will continue to focus on strengthening the online business, digital communication and distribution in strategic markets such as the Far East, with the primary objective of capturing Chinese domestic demand which remains one of the main growth drivers. of the entire luxury sector. Despite the complicated macroeconomic situation, the sales campaign currently underway is proceeding with results above expectations. Therefore, despite the uncertainty of these times, we are confident that the Group will emerge stronger from this situation.
The Board of Directors also approved the draft of the 2020 Annual Report for the parent company Aeffe SpA. On 28th April 2021 the Board of Directors will propose to the Shareholder's meeting to cover the loss of the year amounting to € 21,028,743 through Extraordinary Reserve.
During today's meeting, the Board of Directors of Aeffe SpA examined and approved the preliminary results of the 2020 Consolidated Non-Financial Statement prepared as a report being part of the Consolidated Financial Statements of the Year, in accordance with the provisions of Legislative Decree 254/2016.
Revenues of the Parent company Aeffe SpA amounted to €114.4m, down by 29.4% at current exchange rates compared to 2019 due to the Covid-19 pandemic.
In 2020 Ebitda was negative for €4.9m, compared to €14.1m in 2019 (8.7% of total sales), posting a €19.0m decrease. This change is due to the sales drop in all geographic areas where the Company operates, for the effects related to the Covid-19 pandemic. However, the yearly margins benefited from positive results in terms of cost efficiency deriving from the actions taken to face the global consequences of the virus spread, which largely materialised from the second quarter of the year. Cost savings involved various types of expenditure closely associated to the health emergency stituation, mainly including personnel, rental, travel costs and overheads.
Ebit adjusted, net of non-recurring costs of €13.4m, was negative for €9.4m, compared to a positive value of €9.3m in 2019, down of a €18.7m, mainly due to the Ebitda reduction. The write-downs made concerned the equity investments in the foreign subsidiaries Aeffe UK, Aeffe Shanghai and Aeffe France.
The reported Ebit was negative by €22.8m, compared to an Ebit of €9.3m in 2019.
In 2020, net financial charges amounted to €0.6m compared to €1.2m in 2019.
The adjusted pre-tax loss of the Company was equal to € 10.0m, compared to a profit of €8.1m in 2019, reporting a € 18.1m decrease.
The adjusted net loss of the Company, net of non-recurring costs of €13.4m, was equal to € 7.6m, compared to a profit of €5.1m in 2019, reporting a € 12.7m decrease and this is mainly explained by the contraction of the Ebitda, as commented above.
The reported net loss equalled to €21.0m.
As of 31st December 2020, net financial debt amounted to €64.7m, compared to €48.7m as of 31st December 2019.
Shareholders' equity was equal to €133.6m, compared to €155.6m as of 31st December 2019.
The Board of Directors approved a request for the Shareholders Meeting to authorise a plan for the buyback and disposal of own ordinary shares.
Under this plan, the Company would be able to purchase and use, on one or more occasions, on a revolving basis, up to a maximum number of ordinary shares representing an investment not exceeding 10% of its share capital.
The operation is motivated by the opportunity to grant the Board of Directors the right to purchase and dispose of the Company's treasury shares, in compliance with the relevant legislation and will enable Aeffe to carry out transactions, in compliance with current regulations, intended to stabilize the company's share price in the event of unusual stockmarket conditions facilitating trading at times of reduced liquidity as well as normal dealing activity; if the Board of Directors does not consider it convenient or necessary, the Board of Directors may also decide not to proceed with any purchase.
Authorisation to make purchases will be requested for a maximum period of 18 months from the time such authorisation is granted at the Shareholders' Meeting, which will also be called upon to authorise the disposal, without time restrictions, of any treasury shares that are purchased.
Further details regarding the authorization requested will be made available in the Explanatory Report which will be published together with the notice convening the Shareholders' Meeting.
The Board of Directors of the Company, also evaluated the independence of its non–executive directors Daniela Saitta, Michela Zeme, Marco Francesco Mazzù and Bettina Campedelli; on the basis of their declarations and of the information at Company's disposal, decided that they satisfy the requirements
envisages in articles 147 ter paragraph 4 and 148 paragraph 3 of the Consolidated Finance Law (TUF) as well as in article 3 of the Code of Self-Regulation. In relation to the non-executive director Roberto Lugano, it was assessed that he is independent pursuant to the provisions of Articles 147-ter, paragraph 4, and 148, paragraph 3, of the TUF but not pursuant to the Corporate Governance Code and is therefore considered nonexecutive.
The Board of Directors of Aeffe SpA has furthermore approved the Report on Corporate Governance and the Compensation report. The above-mentioned reports will be available, in compliance with the terms required by the law, at the legal seat, on the website www.aeffe.com as well as on the website .
Today the Board of Directors of Aeffe S.p.A. has called the Shareholders' Meeting on 28 April 2021 to discuss and resolve on (i) the approval of the financial statements of Aeffe S.p.A. closed on 31st December 2020 (ii) the company's remuneration policy (iii) the proposal of authorization of the Board of Directors to buyback and disposal of own ordinary shares. The documentation relating to the items on the Agenda will be made available to the public in compliance with terms and conditions required by the law.
***
Here below attached the Income Statement, the Balance Sheet and the Cash Flow Statement for the Group and for the parent company Aeffe SpA.
Full Year 2020 data included in this press release are currently under the activity of the Auditors' company. Please note also that the Results Presentation at 31st December 2020 is available at the following link: http://www.aeffe.com/aeffeHome.php?lang=eng
It is specified that Consolidated Financial Statement and the Draft of Annual Report of the parent company Aeffe SpA at 31st December 2020, as well as the respective Reports on operations, will be available to the public in compliance with the terms and conditions required by the law at the legal seat of Aeffe, on the company's website www.aeffe.com as well as on the website .
"The executive responsible for preparing the company's accounting documentation Marcello Tassinari declares pursuant to paragraph 2 of art. 154 bis of the Consolidate Financial Law, that the accounting information contained in this document agrees with the underlying documentation, records and accounting entries".
***
Contacts: Investor Relations AEFFE S.p.A Annalisa Aldrovandi +39 0541 965494 [email protected] www.aeffe.com
Press Relations Barabino & Partners Marina Riva [email protected] +39 02 72023535
| (In thousands of Euro) | FY 20 | % | FY 19 | % | Change % |
|---|---|---|---|---|---|
| Revenues from sales and services | 269,117 | 100.0% | 351,403 | 100.0% | $(23.4\%)$ |
| Other revenues and income | 10,486 | 3.9% | 10.064 | 2.9% | 4.2% |
| Total Revenues | 279,603 | 103.9% | 361,468 | 102.9% | (22.6%) |
| Changes in inventory | 2,341 | 0.9% | 5,935 | 1.7% | (60.6%) |
| Costs of raw materials, cons. and goods for resale | (110, 162) | (40.9% | (121, 189) | (34.5%) | $(9.1\%)$ |
| Costs of services | (93, 242) | (34.6%) | (108, 336) | (30.8%) | (13.9%) |
| Costs for use of third parties assets | (6,631) | (2.5%) | (9,032) | (2.6%) | (26.6%) |
| Labour costs | (61, 753) | (22.9%) | (72, 387) | (20.6% ) | (14.7%) |
| Other operating expenses | (5,662) | $(2.1\%)$ | (3,329) | (0.9% | 70.1% |
| Total operating costs | (275, 109) | (102.2%) | (308, 338) | (87.7%) | (10.8%) |
| EBITDA | 4,493 | 1.7% | 53,129 | 15.1% | (91.5%) |
| Total Amortization and Write-downs | (29, 059) | (10.8%) | (28, 028) | (8.0%) | 3.7% |
| EBIT | (24, 565) | $(9.1\%)$ | 25,102 | 7.1% | (197.9%) |
| Total Financial Income /(expenses) | (3,022) | (1.1%) | (3,295) | (0.9% | (8.3%) |
| Profit/(loss) before taxes | (27, 587) | (10.3%) | 21,806 | 6.2% | (226.5%) |
| Taxes | 4,231 | 1.6% | (9,802) | (2.8%) | (143.2%) |
| Net Profit/(loss) | (23, 357) | (8.7%) | 12,004 | 3.4% | (294.6%) |
| Profit attributable to minority shareholders | 1,960 | 0.7% | (312) | (0.1%) | (728.7%) |
| Net Profit/(loss) for the Group | (21, 397) | $(8.0\%)$ | 11,693 | 3.3% | $(283.0\%)$ |
(1) EBITDA – Earnings before interest, taxes, depreciation and amortization – is represented by the operating result gross of provisions and amortization. EBITDA as defined is a measure used by the Group's Management to monitor and evaluate its operating performance and it is not identified as an accounting measure in the context of both Italian Accounting Standards and IFRS and, therefore, is not subject to any audit procedure by the Auditors' Company.
| (In thousands of Euro) | 31 December 31 December | |
|---|---|---|
| ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, | 2020 | 2019 |
| Trade receivables | 39,095 | 41,525 |
| Stock and inventories | 109,285 | 112,051 |
| Trade payables | (69, 328) | (74, 300) |
| Operating net working capital | 79,052 | 79,275 |
| Other receivables | 39,036 | 49,411 |
| Other liabilities | (20, 778) | (21, 517) |
| Net working capital | 97,309 | 107,170 |
| Tangible fixed assets | 61,658 | 62,825 |
| Intangible fixed assets | 72,489 | 76,083 |
| Right-of-use assets | 100,472 | 110,714 |
| Investments | 132 | 132 |
| Other long term receivables | 2,616 | 2,720 |
| Fixed assets | 237,367 | 252,474 |
| Post employment benefits | (4,900) | (5, 195) |
| Long term provisions | (1, 544) | (1, 847) |
| Assets available for sale | 437 | |
| Liabilities available for sale | ||
| Other long term liabilities | (1,769) | (717) |
| Deferred tax assets | 21,287 | 16,950 |
| Deferred tax liabilities | (28,016) | (29, 982) |
| NET CAPITAL INVESTED | 319,734 | 339,289 |
| Capital issued | 25,044 | 25,286 |
| Other reserves | 131,312 | 127,823 |
| Profits/(Losses) carried-forward | 13,274 | 6,585 |
| Profit/(Loss) for the period | (21, 397) | 11,693 |
| Group share capital and reserves | 148,232 | 171,386 |
| Minority interests | 30,524 | 32,688 |
| Shareholders' equity | 178,756 | 204,075 |
| Short term financial receivables | (652) | (1, 132) |
| Liquid assets | (39, 828) | (28, 390) |
| Long term financial payables | 34,349 | 13,449 |
| Long term financial receivables | (2,037) | (2, 225) |
| Short term financial payables | 60,939 | 57,709 |
| NET FINANCIAL POSITION WITHOUT IFRS 16 EFFECTS | 52,770 | 39,410 |
| Short term lease liabilities | 12,974 | 14,098 |
| Long term lease liabilities | 75,233 | 81,706 |
| NET FINANCIAL POSITION | 140,978 | 135,214 |
| SHAREHOLDERS' EQUITY AND NET FINANCIAL INDEBTEDNESS | 319,734 | 339,289 |
(2) The Reclassified Balance Sheet shows measures used by the Management to monitor and asses the financial performances of the Group. These are measures generally adopted in the practice of financial communication, directly reconcilable to the IFRS statements but not identified as accounting measures in the IFRS context and, therefore, not subject to any audit by the Auditors' Company.
| (In thousands of Euro) | FY 20 | FY 19 |
|---|---|---|
| OPENING BALANCE | 28,390 | 28,037 |
| Profit before taxes | ( 27,587) | 21,806 |
| Amortizations, provisions and depreciations | 29,059 | 28,028 |
| Accruals (availments) of long term provisions and post employment benefits | ( 598) | ( 1,119) |
| Taxes | ( 2,592) | ( 13,144) |
| Financial incomes and financial charges | 3,022 | 3,295 |
| Change in operating assets and liabilities | 8,963 | ( 19,625) |
| NET CASH FLOW FROM OPERATING ASSETS | 10,267 | 19,241 |
| Increase / (decrease) in intangible fixed assets | ( 880) | ( 1,813) |
| Increase / (decrease) in tangible fixed assets | ( 4,504) | ( 7,847) |
| Increase / (decrease) in right-of-use assets | ( 6,648) | ( 1,119) |
| Investments and Write-downs (-)/Disinvestments and Revaluations (+) | ||
| CASH FLOW GENERATED (ABSORBED) BY INVESTING ACTIVITIES | ( 12,032) | ( 10,779) |
| Other changes in reserves and profit carried-forward to shareholders'equity | ( 1,080) | ( 976) |
| Proceeds / (repayment) of financial payments | 24,129 | 8,143 |
| Proceeds / (repayment) of lease payments | ( 7,596) | ( 12,435) |
| Increase / (decrease) financial receivables | 772 | 454 |
| Financial incomes and financial charges | ( 3,022) | ( 3,295) |
| CASH FLOW GENERATED (ABSORBED) BY FINANCING ACTIVITIES | 13,203 | ( 8,109) |
| CLOSING BALANCE | 39,828 | 28,390 |
| (In thousands of Euro) | FY 20 | % | FY 19 | % | Change % |
|---|---|---|---|---|---|
| Revenues from sales and services | 114,379 | 100.0% | 161,947 | 100.0% | $(29.4\%)$ |
| Other revenues and income | 7,728 | 6.8% | 8,384 | 5.2% | (7.8%) |
| Total Revenues | 122,107 | 106.8% | 170,331 | 105.2% | (28.3%) |
| Changes in inventory | 1,926 | 1.7% | (3,743) | (2.3%) | (151.5%) |
| Costs of raw materials, cons. and goods for resale | (49, 489) | $(43.3\%)$ | (61, 184) | (37.8%) | (19.1%) |
| Costs of services | (41, 841) | (36.6%) | (47, 822) | (29.5%) | (12.5%) |
| Costs for use of third parties assets | (8, 126) | $(7.1\%)$ | (11, 425) | $(7.1\%)$ | (28.9%) |
| Labour costs | (27, 496) | $(24.0\%)$ | (30,067) | (18.6%) | (8.6%) |
| Other operating expenses | (1,957) | (1.7%) | (1,969) | (1.2%) | (0.6% |
| Total operating costs | (126, 983) | (111.0% | (156, 210) | (96.5%) | (18.7%) |
| EBITDA | (4, 877) | (4.3%) | 14,120 | 8.7% | (134.5%) |
| Total Amortization and Write-downs | (17, 885) | (15.6%) | (4, 792) | (3.0%) | 273.2% |
| EBIT | (22, 761) | (19.9%) | 9,329 | 5.8% | $(344.0\%)$ |
| Total Financial Income /(expenses) | (643) | (0.6%) | (1,212) | (0.7%) | (46.9%) |
| Profit/(loss) before taxes | (23, 405) | (20.5%) | 8,116 | 5.0% | (388.4%) |
| Taxes | 2,377 | 2.1% | (2,978) | (1.8%) | (179.8%) |
| Net Profit/(loss) | (21, 028) | (18.4%) | 5,138 | 3.2% | (509.3%) |
(3) EBITDA – Earnings before interest, taxes, depreciation and amortization – is represented by the operating result gross of provisions and amortization. EBITDA as defined is a measure used by the Group's Management to monitor and evaluate its operating performance and it is not identified as an accounting measure in the context of both Italian Accounting Standards and IFRS and, therefore, is not subject to any audit procedure by the Auditors' Company.
| (In thousands of Euro) | 31 December 31 December | |
|---|---|---|
| 2020 | 2019 | |
| Trade receivables | 44,101 | 56,363 |
| Stock and inventories | 30,916 | 29,755 |
| Trade payables | (63, 513) | (79, 289) |
| Operating net working capital | 11,504 | 6,829 |
| Other receivables | 19,405 | 23,718 |
| Other liabilities | (8, 203) | (8, 132) |
| Net working capital | 22,706 | 22,415 |
| Tangible fixed assets | 42,441 | 43,558 |
| Intangible fixed assets | 3,440 | 3,658 |
| Right-of-use assets | 13,139 | 14,426 |
| Investments | 135,943 | 142,243 |
| Other long term receivables | 2,346 | 2,965 |
| Fixed assets | 197,309 | 206,850 |
| Post employment benefits | (3,238) | (3,389) |
| Long term provisions | (1,005) | (55) |
| Other long term liabilities | (380) | (326) |
| Deferred tax assets | 5,667 | 2,664 |
| Deferred tax liabilities | (7, 735) | (7,688) |
| NET CAPITAL INVESTED | 213,323 | 220,471 |
| Capital issued | 25,044 | 25,286 |
| Other reserves | 127,274 | 122,801 |
| Profits/(Losses) carried-forward | 2,348 | 2,348 |
| Profit/(Loss) for the period | (21,029) | 5,138 |
| Shareholders' equity | 133,637 | 155,573 |
| Liquid assets | (6, 240) | (6,946) |
| Long term financial payables | 24,702 | 13,861 |
| Short term financial payables | 46,282 | 41,801 |
| NET FINANCIAL POSITION WITHOUT IFRS 16 EFFECTS | 64,744 | 48,716 |
| Short term lease liabilities | 1,626 | 1,706 |
| Long term lease liabilities | 13,316 | 14,476 |
| NET FINANCIAL POSITION | 79,686 | 64,898 |
| SHAREHOLDERS' EQUITY AND NET FINANCIAL INDEBTEDNESS | 213,323 | 220,471 |
(4) The Reclassified Balance Sheet shows measures used by the Management to monitor and asses the financial performances of the Company. These are measures generally adopted in the practice of financial communication, directly reconcilable to the IFRS statements but not identified as accounting measures in the IFRS context and, therefore, not subject to any audit by the Auditors' Company.
| (In thousands of Euro) | FY 20 | FY 19 |
|---|---|---|
| OPENING BALANCE | 6,946 | 4,558 |
| Profit before taxes | ( 23,405) | 8,116 |
| Amortizations, provisions and depreciations | 17,885 | 4,792 |
| Accruals (availments) of long term provisions and post employment benefits | ( 147) | ( 328) |
| Taxes | ( 342) | ( 5,719) |
| Financial incomes and financial charges | 643 | 1,212 |
| Change in operating assets and liabilities | ( 1,735) | ( 1,565) |
| NET CASH FLOW FROM OPERATING ASSETS | ( 7,101) | 6,508 |
| Increase / (decrease) in intangible fixed assets | ( 324) | ( 356) |
| Increase / (decrease) in tangible fixed assets | ( 425) | ( 1,741) |
| Increase / (decrease) in right-of-use assets | ( 540) | ( 75) |
| Investments and Write-downs (-)/Disinvestments and Revaluations (+) | ( 5,468) | ( 1,060) |
| CASH FLOW GENERATED (ABSORBED) BY INVESTING ACTIVITIES | ( 6,757) | ( 3,232) |
| Other changes in reserves and profit carried-forward to shareholders'equity | ( 907) | ( 679) |
| Proceeds / (repayment) of financial payments | 15,322 | 3,470 |
| Proceeds / (repayment) of lease payments | ( 1,240) | ( 1,661) |
| Increase / (decrease) financial receivables | 620 | ( 806) |
| Financial incomes and financial charges | ( 643) | ( 1,212) |
| CASH FLOW GENERATED (ABSORBED) BY FINANCING ACTIVITIES | 13,152 | ( 888) |
| CLOSING BALANCE | 6,240 | 6,946 |
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