Earnings Release • Mar 14, 2019
Earnings Release
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| Informazione Regolamentata n. 0481-14-2019 |
Data/Ora Ricezione 14 Marzo 2019 18:13:38 |
MTA - Star | |
|---|---|---|---|
| Societa' | : | El.En. | |
| Identificativo Informazione Regolamentata |
: | 115116 | |
| Nome utilizzatore | : | ELENN01 - Romagnoli | |
| Tipologia | : | REGEM; 3.1; 1.1; 2.2 | |
| Data/Ora Ricezione | : | 14 Marzo 2019 18:13:38 | |
| Data/Ora Inizio Diffusione presunta |
: | 14 Marzo 2019 18:13:39 | |
| Oggetto | : | The BoD of El.En. Spa releases the 2018 | |
| Testo del comunicato |
Vedi allegato.
1.1 2.2 3.1 REGEM
Press release
El.En. marked once again brilliant results Consolidated Revenues exceeded guidance reaching 346 million of euro Net consolidated 16,8 million of euro Further 10% growth forecast for 2019
Florence, March 14th 2019 – The board of directors of El.En. S.p.A., leader on the laser market and listed on the STAR segment of the Italian Stock exchange, discussed and approved today the consolidated financial report as of December 31st , 2018, the 2018 consolidated non-financial statement, together with the El.En. Spa draft financial report as of the same date to be proposed for approval at the Shareholder's meeting.
2018 was another year of strong growth and consolidation of the group's competitive positions on a global scale. Turnover grew to over 346 million euros, thus confirming the solid performance of the last few years, thanks also to a fourth quarter which showed record sales of more than 102 million euros and an excellent EBIT at 9,7% of turnover. The operating profitability remained high and the brilliant financial results showed a net result for the group of over 16.8 million euros, an EBIT of 30 million euros (with an 8,7% margin on turnover) compared to the 30,4 million Euro registered in 2017.
El.En. maintains in 2018 the positive trend of recent years thanks to the innovative peculiarities of its wide portfolio of products, gaining market shares and creating new application niches as an effect of innovation. Growth was double-digit for both the industrial and medical sectors. In the industrial sector, the Group has been able to benefit from the transformation of the sheet metal laser cutting market and the growth opportunities that technological innovation has offered to those with technical skills and operating structures able to master and manage change. In the medical sector, the demand for aesthetic and medical treatments is fed by a population that increasingly aspires to limit the effects of aging with technologies capable of minimizing intervention times and hospitalization, and constantly increasing. The demand for certain surgical operations to reduce the invasiveness on the patient and the related associated costs is surging as well. And the group aims to expand, bringing these needs into its laboratories and creating highly innovative products that can satisfy them.
Gabriele Clementi, President of El.En. S.p.A. said "2018 was another very positive year for revenue growth both in the industrial and the medical sector, an all the geographic markets where El.En. is active. We are continuing to achieve flattering results and we are very satisfied in communicating this data to the market, confirming once again our determination to pursue our growth strategies".
The macroeconomic scenario in which the Group operated was generally favorable in 2018, with tonic demand in the main international markets, with the exception of China. The tariffs war between the United States and China and the slowdown some vital area of the Chinese economy caused the deceleration of the Chinese economy in the manufacturing sector, creating a climate of uncertainty that has cooled demand even in the sectors of reference for the Group, with an effect of growth slowdown. Our Chinese activities were marginally affected by these circumstances, recording 10% growth in local currency and maintaining excellent profitability. The Italian economy also showed signs of slowing down at the end of the year.
In our markets the demand for Group products remained high and growth was registered in both sectors in which the Group operates. After two years in which industrial sector growth had clearly surpassed medical sector's one, in 2018 the activities of the medical sector grew faster, without significantly altering the relative weights of the sectors within the Group's turnover. The growth rates were respectively 13,4% for the medical sector and 12,2% for the industrial sector.
In the medical sector, which accounted for over 57% of the Group's turnover in 2018, the surgical sector stood out (up 22%), characterized in the first six months by the great sales recovery of Mona Lisa Touch in the world and especially in the USA, then slowed sharply due to the effects of the July letter by the FDA, and in the second half by the progression of sales of systems for urological applications, with the decisive contribution of some important customers with prestigious brands served under OEM terms by Quanta System. Growth in the aesthetics segment exceeded 10% and caused the segment to remain the most significant within the group. Among the numerous applications of laser systems in the aesthetic field, a significant contribution to turnover was attributable to the launch of Onda Coolwaves, a powerful controlled microwave system that, through the "Coolwaves" treats localized fat and performs body remodeling, with extraordinary results on cellulite evident from the first session.
The industrial sector marks again growth in all of its segments. The main segment laser cutting, in which after the extraordinary growth of 2017 the group managed to achieve another year of double-digit growth (+12%). Decisive in this regard was the trend in sales in China and the excellent performance of Cutlite Penta which maintained good revenues level its traditional applications sectors of plastic and die board cutting and strongly accelerated in the sheet metal cutting sector. The marking sector grew by 3% thanks to the sales of identification systems, while the growth in the segment of RF-powered CO2 laser sources (up 45%) was much stronger in new niche applications in the textile and electromechanical sector.
In terms of geography, growth was achieved in all geographical areas where the Group is present, with 30% of the European area marking the most significant increase in both the medical and the industrial sectors. The development was also the result of the synergies created between the business units operating in the medical sector, in particular on the German market, and of the excellent results in the sale of laser systems for sheet metal and die board cutting laser systems by Cutlite Penta Srl.
The Italian market and non-European countries both showed growth close to 10%, and foreign markets continued to represent over 80% of turnover, confirming the global dimension of the Group's activity.
In preparation for the sales and production volume increase expected for the coming years, in 2018 an extensive investment plan was launched with the goal of expanding the production and logistics facilities of all the group's activities. It's an investment plan for around 30 million euros over 2018 and 2019, which already recorded the purchase of facilities in Samarate for Quanta System, in Torre Annunziata for Lasit and in Prato / Calenzano for El.En. and Cutlite Penta, and that in 2019 will see the completion of the construction of new factories in Vicenza for Asa, in Jena for Asclepion and in Wenzhou for Penta Laser, together with the completion of tooling and settlement in all the new structures.
Gross Margin was 137,4 million of euro, up 8% on the 127,3 million of 2017, with a 39,7% margin on sales. The decrease in the margin on sales from 41,5% to 39,7% in 2018 was prevailingly due to a less favorable sales mix in the medical sector.
EBITDA reached 35,6 million of euro (10,3% on revenue), slightly decreasing by 1,40% on the 36,1 million of euro of 2017. The decrease was due to the lower margin on sales paired with an expense for operations growing i n line with revenue.
EBIT was positive for 30 million of euro down 1,52% on the 30,4 million of euro of 2017.
Benefiting of a widely positive financial income, mainly due to the forex gains tied to the strengthening of the US dollar against the Euro, pretax income as of December 31st , was 29,5 million of euro, up 8,6% on the 27,2 million of 2017.
The Group closed the 2018 financials report with a net income of 16,8 million of euro up 7,4% on the 15,6 million of 2017. The margin on sales was roughly 5% in line with the previous period.
The Net Financial Position as of December 31st , 2018 was positive for 62,5 million of euro. The NFP of the Group decreased in 2018 by roughly 22 million, but increased in the last quarter from the September 30th balance of 54.8 million of euro. During the year the Group paid dividends for 8,4 million of euro and performed investments in fixed assets for over 26 million of euro.
The Company registered in 2018 revenues for 62,1 million of euro, up 15% on the 54 million of euro of 2017.
EBITDA was positive for 1,9 million of euro, it was 283 thousands of euro in 2017, and EBIT margin on sales grew form 0,5% as of December 31st , 2017 to 3 % in 2018.
L'EBIT removed the 980 thousands of Euro loss of 2017 marking 483 thousands of euro profit in 2018, returning to generate profits from operations.
Pretax income was positive for 3,2 million of Euro, also reverting the 656 thousands of euro loss of the previous year.
The financial year closed with a Net income of 2,8 million of euro up on the 41 thousand euro of the past 2017.
Our management foresees that the strengthening of our operations infrastructure and the availability of new products, provided by the intense R&D effort, will allow rapid growth in 2019, too. We estimate that revenues growth can exceed 5% settling around 10%. We are also confident that the revenue growth will lead to an improvement in income from operations.
On January 17th, 2019 the Shareholders' Meeting of El.En. Spa authorized the purchase of treasury shares under the conditions proposed by the Board of Directors, pursuant to, for the effects and within the limits established by the articles 2357 and 2357-ter of the Italian Civic Code. The purchase of treasury shares may be carried out for the following possible, concurrent or alternative, purposes: investment, stabilization of the share price in situations of poor liquidity, assignments or distributions to employees and / or collaborators and / or members of administrative or control bodies of the company or its subsidiaries, of exchanges or exchange of shareholdings within and during strategic transactions. The authorization was granted for the purchase, within 18 months from the date of the resolution, in one or more tranches of a maximum number of ordinary shares of the company, the only category currently issued, which in any case shall not exceed the fifth part of the Company's issued share capital. As of the date of the resolution, 20% of the subscribed and paid-up capital of El.En. was equal to 3.859.494 shares for a nominal value of € 501.734,22.
The Shareholders' meeting shall appoint the new Board of Auditors as the current one's term is expiring.
The Board of Directors also assessed, on the basis of the information received by the relevant directors, the persistence of the independence requirements. It also received the positive result of the annual self-evaluation of the Board of Statutory Auditors regarding the persistence of their independence requirements.
Moreover the Board of Directors approved the 2018 consolidated non-financial statement.
The Board of Directors approved the annual Report on Corporate Governance and Ownership Structure and the Report on Compensation the guidelines on the general compensation policy 2019- 2020.
Finally the Board of Directors approved some integrations to the El.En.'s rules for the transactions between related parties consisting of: the explanations of some references to the contents of the CONSOB Regulation no. 17221/2010 to make it easier to read and the understanding of the operative framework; the detailed provision of the so-called "equivalent specific internal controls" provided in the CONSOB Regulation no. 17221/2010; the modification of art. 6 on resolutions relating to operations where there is a correlation arising from an interest of someone of the directors or of the statutory auditors. Specifically the provision of the obligation of removal/abstention by meeting/resolution has been replaced with the power of independent directors to request the postponement of the meeting and the resolution in order to acquire more information about the transaction to be approved.
The Board of Directors has resolved to call the annual Shareholder meeting for April 30th , 2019 (first call) and May 15th , 2019 (second call) and resolved to propose to distribute a dividend of 0,40 euro per share, in compliance with art. 2357-ter c.c., to be paid on May 29th, 2019, to be assigned on May 27th, 2019 (coupon no. 3) with record date May 28th, 2019.
* * * * * * * * *
The manager in charge of preparing the corporate accounting records, Enrico Romagnoli, declares, pursuant to paragraph 2, article 154-bis of the Consolidated Finance Law, that the accounting disclosures provided in this document correspond to the accounting records, books and entries.
* * * * * * * * *
On 3rd October 2012 the board of directors resolved, by opting-out as allowed by artt. 70, paragraph 8 and 71, paragraph 1-bis of the Issuers' Regulation CONSOB 11971/99, to make exceptions to make available to the public the provided informative documents in the event of significant mergers, spin-offs, share capital increase by means of the conferral of assets in kind, takeover and transfers.
* * * * * * * * *
The annual financial Report, including the yearly financial Report draft, the consolidated financial Report, the management Report and the statement as required by art. 154-bis, comma 5, TUF, the consolidated non-financial statement, the Auditors report and the Board of Statutory Auditors Report, the Board of Directors report on the agenda of the Shareholders meeting and also the report on remuneration ex art. 123-ter TUF will be available to the public at the company's premises, on the internet site www.elengroup.com, at Borsa Italiana and in the authorized storage device within the time deadlines required by the law. Within the term provided by law and regulation further documents and information about the shareholders' meeting shall be available on the website of the company.
The Regulation for transactions with related parties, as amended today, is available to the public on the Company's website under the section https://elengroup.com/it/investor-relations/documentisocietari.html.
On Friday, March 15th, 2019 at 3:00 pm (CET) – 2:00 pm (GMT) - 9:00 am (EST), EL.EN. Spa will hold a conference call with the financial community, to discuss the financial results of the Group. You can dial the following numbers: from Italy +39 02 8058811, from UK +44 1 212 818003, from USA +1 718 7058794.
Before the conference call, you can download the presentation slides from the Investor Relations page of the El.En. website: http://www.elengroup.com/en/investor-relations-en/companypresentations
* * * * * *
Attachments:
(With reference to the attached financial statements, it should be noted that the audit has not yet been completed on December 31st, 2018).
El.En., an Italian company, is the parent of a high-.tech industrial group operating in the optoelectronics sector. Based on proprietary technology and multidisciplinary know-how, the El.En Group manufactures laser sources (gas, semiconductor, solid-state and liquid) and innovative laser systems for medical and industrial applications. The El.En. Group is the laser market leader in Italy and among the top operators in Europe. It designs, manufactures and sells worldwide:
- Medical laser equipment used in dermatology, cosmetics, physiotherapy, dentistry and gynecology;
- Industrial laser systems for applications ranging from cutting, marking and welding metals, wood, plastic and glass to decorating leather and textiles and restoring/conserving artwork;
- Laser systems for scientific research
EL.EN has been listed on the Star (MTA) of Borsa Italiana. Its market floatation is approximately 41% and its market capitalization amounts to Euro 340 million.
Cod. ISIN: IT0005188336 Code: ELN Listed on MTA Mkt cap.: 340 million of euro Cod. Reuters: ELN.MI Cod. Bloomberg: ELN IM
For further information:
El.En S.p.A. Investor Relator Enrico ROMAGNOLI - [email protected] Tel. +39 055 8826807
Financial Communication, IR and Press Office Bianca FERSINI MASTELLONI - [email protected] Paolo SANTAGOSTINO - [email protected] Silvia MARONGIU - [email protected] Tel. +39 06-69923324
| Income Statement | 31/12/2018 | Inc % | 31/12/2017 | Inc % | Var. % |
|---|---|---|---|---|---|
| Revenues | 346.020 | 100,0% | 306.461 | 100,0% | 12,91% |
| Change in inventory of finished goods and WIP | 11.878 | 3,4% | 5.452 | 1,8% | 117,86% |
| Other revenues and income | 5.613 | 1,6% | 4.264 | 1,4% | 31,62% |
| Value of production | 363.511 | 105,1% | 316.178 | 103,2% | 14,97% |
| Purchase of raw materials | 207.387 | 59,9% | 166.694 | 54,4% | 24,41% |
| Change in inventory of raw material | (8.170) | -2,4% | (419) | -0,1% | 1850,24% |
| Other direct services | 26.816 | 7,7% | 22.618 | 7,4% | 18,56% |
| Gross margin | 137.478 | 39,7% | 127.284 | 41,5% | 8,01% |
| Other operating services and charges | 42.870 | 12,4% | 37.068 | 12,1% | 15,65% |
| Added value | 94.608 | 27,3% | 90.216 | 29,4% | 4,87% |
| Staff cost | 58.989 | 17,0% | 54.091 | 17,7% | 9,06% |
| EBITDA | 35.618 | 10,3% | 36.125 | 11,8% | -1,40% |
| Depreciation, amortization and other accruals | 5.631 | 1,6% | 5.676 | 1,9% | -0,79% |
| EBIT | 29.987 | 8,7% | 30.449 | 9,9% | -1,52% |
| Net financial income (charges) | 869 | 0,3% | (3.365) | -1,1% | |
| Share of profit of associated companies | (1.306) | -0,4% | (430) | -0,1% | 203,45% |
| Other non-operating income (charges) | (6) | 0,0% | 564 | 0,2% | |
| Income (loss) before taxes | 29.545 | 8,5% | 27.217 | 8,9% | 8,55% |
| Income taxes | 7.707 | 2,2% | 6.807 | 2,2% | 13,21% |
| Income (loss) for the financial period | 21.839 | 6,3% | 20.410 | 6,7% | 7,00% |
| Net profit (loss) of minority interest | 5.045 | 1,5% | 4.776 | 1,6% | 5,63% |
| Net income (loss) | 16.794 | 4,9% | 15.634 | 5,1% | 7,42% |
| Statement of financial position | 31/12/2018 | 31/12/2017 | Variation |
|---|---|---|---|
| Intangible assets | 4.484 | 4.259 | 225 |
| Tangible assets | 61.020 | 39.178 | 21.842 |
| Equity investments | 2.459 | 3.587 | -1.128 |
| Deferred tax assets | 6.334 | 6.269 | 64 |
| Other non-current assets | 12.582 | 12.371 | 211 |
| Total non-current assets | 86.879 | 65.664 | 21.215 |
| Inventories | 85.892 | 66.567 | 19.325 |
| Accounts receivable | 80.246 | 80.445 | -199 |
| Tax receivables | 11.436 | 8.942 | 2.494 |
| Other receivables | 12.490 | 13.939 | -1.449 |
| Financial instruments | 1.951 | 2.036 | -85 |
| Cash and cash equivalents | 80.966 | 97.351 | -16.385 |
| Total current assets | 272.982 | 269.281 | 3.700 |
| Total Assets | 359.861 | 334.945 | 24.915 |
| Total shareholders' equity | 219.236 | 204.296 | 14.940 |
| Severance indemnity | 4.378 | 4.217 | 162 |
| Deferred tax liabilities | 1.678 | 1.483 | 194 |
| Reserve for risks and charges | 3.955 | 3.797 | 158 |
| Financial debts and liabilities | 12.493 | 5.875 | 6.618 |
| Total non-current liabilities | 22.504 | 15.371 | 7.133 |
| Financial liabilities | 8.314 | 9.161 | -847 |
| Accounts payable | 63.891 | 63.257 | 634 |
| Income tax payables | 2.486 | 1.654 | 832 |
| Other current payables | 43.430 | 41.205 | 2.225 |
| Total current liabilities | 118.121 | 115.278 | 2.843 |
| Total Liabilities and Shareholders' equity | 359.861 | 334.945 | 24.915 |
| Net financial position | 31/12/2018 | 31/12/2017 | Var. |
|---|---|---|---|
| Cash and bank | 80.966 | 97.351 | (16.385) |
| Financial instruments | 1.951 | 2.036 | (85) |
| Cash and cash equivalents | 82.917 | 99.388 | (16.471) |
| Current financial receivables | 74 | 155 | (80) |
| Bank short term loan | (6.720) | (8.230) | 1.510 |
| Part of financial long term liabilities due within 12 months | (1.318) | (932) | (386) |
| Financial short term liabilities | (8.038) | (9.161) | 1.124 |
| Net current financial position | 74.954 | 90.381 | (15.427) |
| Bank long term loan | (5.401) | (3.525) | (1.875) |
| Other long term financial liabilities - noncurrent part | (7.092) | (2.350) | (4.742) |
| Financial long term liabilities | (12.493) | (5.875) | (6.618) |
| Net financial position | 62.461 | 84.506 | (22.045) |
| Cash Flow Statement | 31/12/18 | 31/12/17 |
|---|---|---|
| Cash flow generated by operating activity | 11.938 | 17.149 |
| Cash flow generated by investment activity | (26.294) | (7.894) |
| Cash flow from financing activity | (2.663) | (9.356) |
| Change in cumulative translation adjustment reserve and other no monetary changes |
634 | (137) |
| Increase (decrease) in cash and cash equivalents | (16.385) | (238) |
| Cash and cash equivalents at the beginning of the financial period |
97.351 | 97.589 |
| Cash and cash equivalents at the end of the financial period | 80.966 | 97.351 |
| Income Statement | 31/12/2018 | Inc % | 31/12/2017 | Inc % | Var. % |
|---|---|---|---|---|---|
| Revenues | 62.137 | 100,0% | 54.061 | 100,0% | 14,94% |
| Change in inventory of finished goods and WIP | 2.594 | 4,2% | 539 | 1,0% | 380,87% |
| Other revenues and income | 955 | 1,5% | 814 | 1,5% | 17,20% |
| Value of production | 65.686 | 105,7% | 55.415 | 102,5% | 18,54% |
| Purchase of raw materials | 36.737 | 59,1% | 27.438 | 50,8% | 33,89% |
| Change in inventory of raw material | (783) | -1,3% | 1.179 | 2,2% | |
| Other direct services | 5.032 | 8,1% | 4.070 | 7,5% | 23,66% |
| Gross margin | 24.699 | 39,7% | 22.727 | 42,0% | 8,68% |
| Other operating services and charges | 7.078 | 11,4% | 6.925 | 12,8% | 2,21% |
| Added value | 17.621 | 28,4% | 15.802 | 29,2% | 11,51% |
| Staff cost | 15.760 | 25,4% | 15.519 | 28,7% | 1,55% |
| EBITDA | 1.862 | 3,0% | 283 | 0,5% | 557,68% |
| Depreciation, amortization and other accruals | 1.379 | 2,2% | 1.263 | 2,3% | 9,13% |
| EBIT | 483 | 0,8% | (980) | -1,8% | |
| Net financial income (charges) | 3.567 | 5,7% | (140) | -0,3% | |
| Other non-operating income (charges) | (799) | -1,3% | 464 | 0,9% | |
| Income (loss) before taxes | 3.251 | 5,2% | (656) | -1,2% | |
| Income taxes | 437 | 0,7% | (698) | -1,3% | |
| Net income (loss) | 2.814 | 4,5% | 41 | 0,1% | 6739,16% |
| Statement of financial position | 31/12/2018 | 31/12/2017 | Variation |
|---|---|---|---|
| Intangible assets | 267 | 223 | 44 |
| Tangible assets | 15.852 | 13.239 | 2.613 |
| Equity investments | 17.668 | 17.179 | 489 |
| Deferred tax assets | 2.226 | 2.532 | -306 |
| Other non-current assets | 12.260 | 12.059 | 201 |
| Total non-current assets | 48.274 | 45.232 | 3.042 |
| Inventories | 24.510 | 21.415 | 3.094 |
| Accounts receivable | 40.716 | 36.552 | 4.164 |
| Tax receivables | 4.140 | 4.010 | 131 |
| Other receivables | 7.613 | 6.500 | 1.113 |
| Financial instruments | 1.951 | 2.036 | -85 |
| Cash and cash equivalents | 26.195 | 43.373 | -17.179 |
| Total current assets | 105.125 | 113.886 | -8.761 |
| Total Assets | 153.398 | 159.118 | -5.720 |
| Total shareholders' equity | 134.966 | 138.988 | -4.022 |
| Severance indemnity | 852 | 889 | -37 |
| Deferred tax liabilities | 410 | 476 | -66 |
| Reserve for risks and charges | 1.224 | 578 | 646 |
| Financial debts and liabilities | 488 | 488 | 0 |
| Total non-current liabilities | 2.975 | 2.431 | 544 |
| Financial liabilities | 281 | 0 | 281 |
| Accounts payable | 10.553 | 13.377 | -2.824 |
| Income tax payables | 0 | 0 | 0 |
| Other current payables | 4.624 | 4.322 | 302 |
| Total current liabilities | 15.458 | 17.699 | -2.241 |
| Total Liabilities and Shareholders' equity | 153.398 | 159.118 | -5.720 |
| Net financial position | 31/12/2018 | 31/12/2017 | Var. |
|---|---|---|---|
| Cash and bank | 26.195 | 43.373 | (17.179) |
| Financial instruments | 1.951 | 2.036 | (85) |
| Cash and cash equivalents | 28.146 | 45.410 | (17.264) |
| Current financial receivables | 63 | 130 | (67) |
| Bank short term loan | (4) | 0 | (4) |
| Part of financial long term liabilities due within 12 months | 0 | 0 | 0 |
| Financial short term liabilities | (4) | 0 | (4) |
| Net current financial position | 28.205 | 45.540 | (17.336) |
| Bank long term loan | 0 | 0 | 0 |
| Other long term financial liabilities - noncurrent part | (488) | (488) | 0 |
| Financial long term liabilities | (488) | (488) | 0 |
| Net financial position | 27.716 | 45.052 | (17.336) |
| Cash Flow Statement | 31/12/18 | 31/12/17 |
|---|---|---|
| Cash flow generated by operating activity | (2.789) | (2.076) |
| Cash flow generated by investment activity | (6.952) | (4.045) |
| Cash flow from financing activity | (7.438) | (7.719) |
| Increase (decrease) in cash and cash equivalents | (17.179) | (13.840) |
| Cash and cash equivalents at the beginning of the financial period |
43.373 | 57.213 |
| Cash and cash equivalents at the end of the financial period | 26.195 | 43.373 |
The El.En. Group uses some alternative performance indicators that are not identified as IFRS accounting measures, in order to better assess the Group's performance. Therefore criteria of determination applied by the group may not be homogeneous with that adopted by other groups and the value obtained may not be comparable.
These alternative performance indicators, determined in accordance with the Guidelines on Alternative Performance Indicators issued by ESMA / 2015/1415 and adopted by CONSOB with communication no. 92543 of December 3, 2015, refer only to the performance of the accounting period covered by this release and the periods to be compared.
The Group uses the following alternative performance indicators to evaluate the financial performance:
The Group uses as alternative performance indicators to evaluate their ability to cope with financial obligations:
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