Earnings Release • Sep 13, 2016
Earnings Release
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| Informazione Regolamentata n. 0481-61-2016 |
Data/Ora Ricezione 13 Settembre 2016 16:49:33 |
MTA - Star | |
|---|---|---|---|
| Societa' | : | El.En. | |
| Identificativo Informazione Regolamentata |
: | 79009 | |
| Nome utilizzatore | : | ELENN01 - Romagnoli | |
| Tipologia | : | IROS 08; AVVI 02; IRAG 07; AIOS 04; AVVI 16; IROS 07; IROS 04; IRAG 02 |
|
| Data/Ora Ricezione | : | 13 Settembre 2016 16:49:33 | |
| Data/Ora Inizio Diffusione presunta |
: | 13 Settembre 2016 17:04:34 | |
| Oggetto | : | report as of June 30, 2016 | The Bod releases the six months financial |
| Testo del comunicato |
Vedi allegato.
IRAG02 AVVI02 AVVI16 IRAG07 IROS04 IROS07 IROS08 AIOS04
Press release
Florence, September 13th, 2016 –The Board of Directors of El.En. SpA, leader on the laser market and listed on the STAR Segment of the Italian Stock Exchange, released today the six months consolidated financial report as of June 30, 2016.
El.En.'s Group growth trend was confirmed by the excellent results registered both in revenue growth and net profits. Consolidated turnover marked the best half-year result ever achieved by the Group with 120,2 million of euros, up 12,4 % compared to the already excellent results achieved in the first half of 2015 (106,9 million of euros). Reaching 30.3 million Euros and with increase of 297.4% compared to 7,6 million of euros in the same period, Net profit also marked the group's record benefiting of the contribution of brilliant income from operations and of the gain on the sale of the last batch of Cynosure Inc. shares held by the parent company El.En. S.p.A.
The outstanding competitive position gained by the Group on the European and international markets allows a continued row of positive results, thanks to the innovative features of the wide range of products offered, always displaying unique characteristics and specification. Such internal ability was flanked in recent quarters by an improved access to credit by our clients.
The group has pursued its expansion strategy focusing on the development of specific applications, including niches, within the two macro target markets for its technologies: laser systems for medical applications and laser sources and systems for industrial manufacturing applications. A capillary distribution network makes the offer available on a global scale, working successfully to increase our share on the most significant markets. The Group continues to invest
in research and development in order to excel through product and process innovation, improving the technology of our products and developing new medical applications and manufacturing processes.
Gabriele Clementi, President of El.En. SpA said " We are proud and pleased with the record results achieved in the first half of 2016, which continue to confirm the validity of the Group's strategic vision. In fact we are consolidating a sustained phase of growth, together with a level of operating profitability never reached before. We are particularly pleased with the return to a strong growth in the Italian market together with the continuous expansion in European markets and the rest of the world.
We are therefore confident to announce a guidance improvement for 2016, setting new goals of increase of revenues at 10% and of operating income at 15%".
In detail, the positive impact on the overall performance of the first half of 2016 was driven by the Group's growth in its key markets, medical and industrial, both growing "double-digit" and with growth of over 16% for the industrial sector. Growth involved all geographic areas with a greater acceleration on the Italian market where there has been a 27,6% increase while the European markets and the rest of the world recorded a 9,5% growth.
Gross Margin was 53,3 million euros, an increase of 10,8% compared to 48,1 million Euro as of June 30, 2015 due to the increase in turnover, while percentage margin on sales decreased to 44.3%.
EBITDA was 15.6 million of euro, up 24,2% compared to 12,5 million of Euros of June 2015. Personnel costs amounted to approximately 22,3 million of Euro, showing an increase of 6,4% compared to Euro 20,9 million of the same period last year, while the impact on sales decreased, passing from 19,6% as of 30 June 2015 to 18,5% as of 30 June 2016.
EBIT showed a positive balance of 13,5 million of Euros, a significant increase compared to about 10,4 million Euro as of June 30th 2015. The 11,3% margin on marked an increase on the 9.7% the previous year, a record high for the group, confirming the strength of its positive trend.
Also as a result of the gain on sale of Cynosure shares, income before taxation for the first half of 2016 amounted to about 36,0 million Euro largely exceeding the 11,7 million Euro booked in the same period in 2015, with a 207,7% increase .
The Group's Net income in the first half of 2016 was 30,3 million, up 297,4% compared to 7,6 million of euros of the same period last year, setting a record for the half-year net income of the Group
Tax rate for the period was about 13%, well below the 28% recorded in the same period last year: tax is in fact relieved by the so called "PEX" on the capital gain recorded on the sale of Cynosure shares.
The net financial position of the Group as of June 30th, 2016 was positive for 70,8 million of Euro up 41 million on the 29,8 million of euros of the year-end 2015, thanks to cash generation by ordinary activities and mainly to the sale of Cynosure shares.
For what concerns the trend of the current year, we confirmed that the 2016 net result is going to mark the historical record thanks to the sale of the last batch of Cynosure shares and to the improvement in operating profitability. The excellent operating results achieved in the first half allow to improve the guidance so far announced for 2016, indicating as new targets of the Group for the full year the increase of 10% in turnover and 15% in EBIT.
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.
As required by Consob, the Half yearly report as of June 30th, 2016 will be available for the public at our premises in Calenzano, at Borsa Italiana SpA, on our website www.elengroup.com (section "Investor Relations / Relazioni e Bilanci") and on authorized storage website from September 13th, 2016.
The Board of Directors, upon proposal of the Remuneration Committee, resolved the implementation of the share incentive plan (stock options) for the period 2016-2025 ("2016- 2025 Stock Options Plan") following the mandate assigned to it by the shareholders' meeting on May 12th: beneficiaries of the plan have been identified, the quantities of options granted, exercise and the subscription price determined.
The Board also proceeded to exercise in full and to exclusive service of the plan, the power conferred to it under article. 2443, II comma, Civil Code by the same shareholders' meeting, to increase the share capital, on payment and with exclusion of the right of option under article. 2441, V comma, Civil Code, up to a nominal value of 104,000.00 euro by issuing 800,000 ordinary shares that may be subscribed by directors, partners and employees of the company and El.En. s.p.a. subsidiaries that are assignees of the options of such plan.
The options may be exercised, in accordance with the terms and conditions set forth in the regulations of the plan approved today, by the beneficiaries in two equal tranches: the first starting from September 14, 2019 and until December 31, 2025; the second from September 14, 2020 at December 31, 2025.
The Plan ends on December 31, 2015, options not exercised to that date shall expire definitively, the capital will be permanently increased by the amount actually subscribed and released to such final date.
The Plan includes among the beneficiaries: the Chairman of the Board of Directors Gabriele Clementi, the two managing directors Andrea Cangioli and Barbara Bazzocchi, an Executive with strategic responsibilities, the officers of El.En. s.p.a. holding office as Executive Directors in the subsidiaries, other officers in the significant roles El.En. s.p.a., Executive Directors of subsidiaries that are considered of strategic importance for the development of the group, some individuals belonging to the categories of employees and executives who for personal and professional characteristics, loyalty play an important role in a future.
The plan is particularly relevant pursuant to arts. 114-bis, comma 3, T.U.F. and 84-bis, comma 2, Consob Issuer Regulations since some beneficiaries were identified the categories include therein.
For the exact identification of names and amounts allocated, please refer to the enclosed table.
The price, including surcharge that must be paid by those who exercise the options referred to in Stock Option Plan 2016-2025 was determined by the Board in euros 12,72.
The calculation was performed by the Board of Directors on the basis of the arithmetical average of official prices recorded by actions on the market in the six months prior to today's date.
The criterion for determining the issue price of the shares to the plan was the subject of a favourable opinion under articles 2441, VI comma, Civil Code, and 158, II comma, T.U.F., issued by Deloitte & Touche s.p.a. Such opinion already made available before the shareholders' meeting is enclosed to the minutes of the Shareholders' meeting, filed in the Registro delle Imprese of Florence and is available at the company's registered office, on the website www.elengroup.com in the section Investor Relations/Governance/Shareholders/2016 as well as on the authorized storage site .
The Board also amended the art. 6 of the Statute concerning the share capital in accordance with the above resolutions.
Lastly, the Board of Directors proceeded to approve a new prospectus drawn up pursuant to article 84-bis of the Consob Issuer Regulations 11971/1999 which will be available at the registered office and on the website www.elengroup.com in the section Investor Relations/Governance/corporate documents/2016/Stock Option Plan 2016-2025 and the authorized storage site www.emarkestorage.com.
The minutes of the Board of Directors' meeting concerning the capital increase and the amended statute will be made available to the public in the manner and within the terms provided by law.
__________________________________________________________________________________
On Wednesday, September 14th, 2016 at 15:00 CET (14:00 GMT) (9:00 ET), 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, +44 121 2818003 from the UK, the 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/it/investorrelations/presentazioni
__________________________________________________________________________________
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 44% and its market capitalization amounts to Euro 275 million.
Cod. ISIN: IT0005188336 Sigla: ELN Negoziata su MTA Mkt capt.: 275 mln/Euro Cod. Reuters: ELN.MI Cod. Bloomberg: ELN IM
For Further information:
El.En. SpA Polytems HIR Polytems HIR Investor Relator Ufficio Stampa Comunicazione Finanziaria [email protected] [email protected] [email protected]
Enrico ROMAGNOLI Silvia MARONGIU Bianca FERSINI MASTELLONI Tel. 055-8826807 Tel. 06 6797849 Tel. 06 6797849 – 06 69923324
| Income Statement | 30/06/16 | Inc.% | 30/06/15 | Inc.% | Var.% |
|---|---|---|---|---|---|
| Revenues | 120.176 | 100,0% | 106.884 | 100,0% | 12,4% |
| Change in inventory of finished goods and WIP | 907 | 0,8% | 1.623 | 1,5% | -44,1% |
| Other revenues and income | 1.869 | 1,6% | 961 | 0,9% | 94,4% |
| Value of production | 122.951 | 102,3% | 109.469 | 102,4% | 12,3% |
| Purchase of raw materials | 62.332 | 51,9% | 59.250 | 55,4% | 5,2% |
| Change in inventory of raw material | (2.463) | -2,0% | (5.737) | -5,4% | -57,1% |
| Other direct services | 9.818 | 8,2% | 7.878 | 7,4% | 24,6% |
| Gross margin | 53.264 | 44,3% | 48.077 | 45,0% | 10,8% |
| Other operating services and charges | 15.446 | 12,9% | 14.643 | 13,7% | 5,5% |
| Added value | 37.818 | 31,5% | 33.434 | 31,3% | 13,1% |
| For staff costs | 22.251 | 18,5% | 20.905 | 19,6% | 6,4% |
| EBITDA | 15.567 | 13,0% | 12.529 | 11,7% | 24,2% |
| Depreciation, amortization and other accruals | 2.043 | 1,7% | 2.155 | 2,0% | -5,2% |
| EBIT | 13.524 | 11,3% | 10.374 | 9,7% | 30,4% |
| Net financial income (charges) | (464) | -0,4% | 1.221 | 1,1% | |
| Share of profit of associated companies | (100) | -0,1% | 99 | 0,1% | |
| Other net income (expense) | 23.019 | 19,2% | 0 | 0,0% | |
| Income (loss) before taxes | 35.979 | 29,9% | 11.694 | 10,9% | 207,7% |
| Income taxes | 4.656 | 3,9% | 3.235 | 3,0% | 43,9% |
| Income (loss) for the financial period | 31.323 | 26,1% | 8.459 | 7,9% | 270,3% |
| Minority interest | 1.029 | 0,9% | 836 | 0,8% | 23,1% |
| Net income (loss) | 30.293 | 25,2% | 7.623 | 7,1% | 297,4% |
| 30/06/2016 | 31/12/2015 | Var. | |
|---|---|---|---|
| Statement of financial position | |||
| Intangible assets | 3.958 | 3.858 | 100 |
| Tangible assets | 35.207 | 32.621 | 2.586 |
| Equity investments | 3.539 | 44.556 | -41.017 |
| Deferred tax assets | 6.543 | 6.085 | 458 |
| Other non current assets | 10.787 | 10.646 | 141 |
| Total non current assets | 60.034 | 97.766 | -37.732 |
| Inventories | 61.360 | 58.061 | 3.298 |
| Accounts receivables | 61.379 | 61.327 | 52 |
| Tax receivables | 6.694 | 7.826 | -1.132 |
| Other receivables | 7.637 | 7.262 | 375 |
| Financial instruments | 2.015 | 1.965 | 51 |
| Cash and cash equivalents | 82.825 | 46.990 | 35.835 |
| Total current assets | 221.910 | 183.431 | 38.479 |
| TOTAL ASSETS | 281.944 | 281.197 | 747 |
| Share capital | 2.509 | 2.509 | |
| Additional paid in capital | 38.594 | 38.594 | |
| Other reserves | 64.592 | 86.875 | -22.283 |
| Retained earnings / (deficit) | 35.978 | 28.117 | 7.861 |
| Net income / (loss) | 30.293 | 14.371 | 15.923 |
| Share Capital and Reserves attributable to the Shareholders' of the Parent | 171.966 | 170.466 | 1.500 |
| Company | |||
| Share Capital and Reserves attributable to non-controlling interests | 9.485 | 9.073 | 412 |
| Total equity | 181.451 | 179.539 | 1.912 |
| Severance indemnity | 3.927 | 3.376 | 551 |
| Deferred tax liabilities | 1.432 | 1.638 | -206 |
| Other accruals | 3.349 | 2.890 | 460 |
| Financial liabilities | 4.445 | 4.998 | -553 |
| Non current liabilities | 13.153 | 12.902 | 251 |
| Financial liabilities | 9.697 | 14.363 | -4.666 |
| Accounts payables | 40.564 | 42.065 | -1.501 |
| Income tax payables | 3.877 | 3.842 | 35 |
| Other payables | 33.201 | 28.487 | 4.715 |
| Current liabilities | 87.340 | 88.756 | -1.416 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 281.944 | 281.197 | 747 |
| Cash Flow Statement | 30/06/2016 | 30/06/2015 |
|---|---|---|
| Cash flow generated by operating activity: | ||
| Profit (loss) for the financial period | 31.323 | 8.459 |
| Amortizations and depreciations | 1.609 | 1.515 |
| Gain on investment AFS | -23.018 | |
| Share of profit of associated companies | 100 | -99 |
| Change of employee severance indemnity | 551 | -191 |
| Change of provisions for risks and charges | 460 | 197 |
| Change of provisions for deferred income tax assets | -458 | -692 |
| Change of provisions for deferred income tax liabilities | -207 | 129 |
| Stocks | -3.299 | -7.958 |
| Receivables | -52 | -11.390 |
| Tax receivables | 1.132 | -366 |
| Other receivables | -494 | -1.166 |
| Payables | -1.501 | 5.128 |
| Income Tax payables | 35 | 1.514 |
| Other payables | 4.715 | 1.703 |
| -20.427 | -11.675 | |
| Cash flow generated by operating activity | 10.896 | -3.215 |
| Cash flow generated by investment activity: | ||
| (Increase) decrease in tangible assets | -4.073 | -4.006 |
| (Increase) decrease in intangible assets | -222 | -180 |
| (Increase) decrease in equity investments and non current assets | 40.018 | -10.052 |
| Increase (decrease) in financial receivables | 120 | 583 |
| (Increase) decrease investments which are not permanent | -51 | -1.995 |
| Cash flow generated by investment activity | 35.792 | -15.650 |
| Cash flow from financing activity: | ||
| Increase (decrease) in non current financial liabilities | -553 | -1.084 |
| Increase (decrease) in current financial liabilities | -4.666 | -4.291 |
| Dividends distributed | -6.384 | -5.391 |
| Cash flow from financing activity | -11.603 | -10.766 |
| Change in cumulative conversion adjustment reserve and other no monetary changes |
749 | 486 |
| Increase (decrease) in cash and cash equivalents | 35.835 | -29.145 |
| Cash and cash equivalents at the beginning of the financial period | 46.990 | 73.804 |
| Cash and cash equivalents at the end of the financial period | 82.825 | 44.659 |
In accordance with the recommendation CESR/05-178b on alternative performance indicators, the Group uses, in addition to the financial information required by IFRS, some information derived from the latter, although not required by IFRS (non - GAAP measures). These are presented in order to allow a better assessment of the performance and the management of the group and should not be considered as alternatives to those required by IFRS.
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:
The alternative performance measures are used by the Issuer to monitor and evaluate the performance of the group and are not defined as accounting measures either within Italian GAAP or the IAS / IFRS. Therefore, the criteria used by the Group may not be consistent with those adopted by other operators and / or groups and therefore may not be comparable.
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9. 0 0 0 |
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9. 0 0 0 |
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Pr i de de l nte es ig l io d i co ns in ist ion am m raz e ig l ier de leg ato co ns e d i ka A. De M E. L. l. s.r |
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9. 0 0 0 |
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Op ion i s l le z u ion i o d ina ie az r r l. E En . s .p. a. co n lam f is ico to reg o en |
5. 0 0 0 |
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1 2 / 0 5 / 1 6 |
Op ion i s l le z u ion i o d ina ie az r r E l. En . s .p. a. co n lam f is ico to reg o en |
5. 0 0 0 |
Cp 1 3 / 0 7 / 1 6 r: 0 3 / 0 8 / 1 6 1 3 / 0 9 / 1 6 C da 1 3 / 0 9 / 1 6 : |
1 2, 7 2 |
1 4, 1 1 |
Da l 1 4 / 0 9 / 1 9 a l 3 1 / 1 2 / 2 5 |
| io he Lu Za tto c g |
i de de l Pr nte es ig l io d i co ns in ist ion am m raz e ig l ier de leg ato co ns e d i l. A S A s.r |
5 6 1 2 / 0 / 1 |
ion i s l le Op z u ion i o d ina ie az r r E l. En . s .p. a. co n lam f is ico to reg o en |
5. 0 0 0 |
6 Cp 1 3 / 0 7 / 1 r: 0 3 / 0 8 / 1 6 1 3 / 0 9 / 1 6 C da 1 3 / 0 9 / 1 6 : |
1 2, 7 2 |
1 4, 1 1 |
l l 5 Da 1 4 / 0 9 / 2 0 a 3 1 / 1 2 / 2 |
| be Ro rto |
Co ig l ier de leg ato ns e |
1 2 / 0 5 / 1 6 |
Op ion i s l le z u |
5. 0 0 0 |
Cp 1 3 / 0 / 1 6 7 r: |
1 2, 2 7 |
1 4, 1 1 |
l 1 4 / 0 9 / 1 9 a l 3 1 / 1 2 / 2 5 Da |
|---|---|---|---|---|---|---|---|---|
| M he in i arc s |
d i A S A l. s.r |
ion i o d ina ie az r r l. E En . s .p. a. co n |
6 0 3 / 0 8 / 1 |
|||||
| lam f is ico to reg o en |
1 3 / 0 9 / 1 6 |
|||||||
| C da 1 3 / 0 9 / 1 6 : |
||||||||
| Ro be rto |
Co ig l ier de leg ato ns e |
1 2 / 0 5 / 1 6 |
Op ion i s l le z u |
5. 0 0 0 |
Cp 1 3 / 0 7 / 1 6 r: |
1 2, 7 2 |
1 4, 1 1 |
Da l 1 4 / 0 9 / 2 0 a l 3 1 / 1 2 / 2 5 |
| he in i M arc s |
d i A S A l. s.r |
ion i o d ina ie az r r E l. En . s .p. a. co n |
0 3 / 0 8 / 1 6 |
|||||
| lam f is ico to reg o en |
1 3 / 0 9 / 1 6 |
|||||||
| 6 C da 1 3 / 0 9 / 1 : |
||||||||
| La Fa i ett ur a g orz |
Co ig l ier de leg ato ns e |
1 2 / 0 5 / 1 6 |
Op ion i s l le z u |
1. 7 5 0 |
Cp 1 3 / 0 7 / 1 6 r: |
1 2, 7 2 |
1 4, 1 1 |
Da l 1 4 / 0 9 / 1 9 a l 3 1 / 1 2 / 2 5 |
| d i De ka M E. L. A. |
ion i o d ina ie az r r l. E En . s .p. a. co n |
0 3 / 0 8 / 1 6 |
||||||
| lam f is ico to reg o en |
1 3 / 0 9 / 1 6 |
|||||||
| C da 1 3 / 0 9 / 1 6 : |
||||||||
| i La Fa ett ur a g orz |
ig l ier de leg Co ato ns e |
5 6 1 2 / 0 / 1 |
ion i s l le Op z u |
5 1. 7 0 |
6 Cp 1 3 / 0 7 / 1 r: |
1 2, 7 2 |
1 4, 1 1 |
l l 5 Da 1 4 / 0 9 / 2 0 a 3 1 / 1 2 / 2 |
| az r r |
0 3 / 0 8 / 1 6 |
|||||||
| lam f is ico to reg o en |
1 3 / 0 9 / 1 6 |
|||||||
| da 6 C 1 3 / 0 9 / 1 : |
||||||||
| Pa lo Sa lva de o o |
Co ig l ier De leg ato ns e |
1 2 / 0 5 / 1 6 |
Op ion i s l le z u |
2 6. 5 0 0 |
Cp 1 3 / 0 7 / 1 6 r: |
1 2, 7 2 |
1 4, 1 1 |
Da l 1 4 / 0 9 / 1 9 a l 3 1 / 1 2 / 2 5 |
| ua m |
az r r |
0 3 / 0 8 / 1 6 |
||||||
| lam f is ico to reg o en |
1 3 / 0 9 / 1 6 |
|||||||
| C da 1 3 / 0 9 / 1 6 : |
||||||||
| lo Sa lva de Pa o o |
Co ig l ier leg De ato ns e |
1 2 / 0 5 / 1 6 |
Op ion i s l le z u |
2 6. 5 0 0 |
Cp 1 3 / 0 / 1 6 7 r: |
1 2, 2 7 |
1 4, 1 1 |
l 1 4 / 0 9 / 2 0 a l 3 1 / 1 2 / 2 5 Da |
| ua m .a. |
az r r l. E En . s a. co n |
6 0 3 / 0 8 / 1 |
||||||
| lam f is ico to reg o en |
1 3 / 0 9 / 1 6 |
|||||||
| C da 1 3 / 0 9 / 1 6 : |
||||||||
| d i De ka M E. L. A. d i Q Sy nta ste s.p .a. d i Q Sy nta ste s.p |
ion i o d ina ie l. E En . s .p. a. co n ion i o d ina ie E l. En . s .p. a. co n ion i o d ina ie .p. |
| i lo ier i Da Le n g g |
Am in ist rat m ore |
1 2 / 0 5 / 1 6 |
Op ion i s l le z u |
2 6. 5 0 0 |
Cp 1 3 / 0 / 1 6 7 r: |
1 2, 2 7 |
1 4, 1 1 |
l 1 4 / 0 9 / 1 9 a l 3 1 / 1 2 / 2 5 Da |
|---|---|---|---|---|---|---|---|---|
| Un ico d i As lep ion c hn ies La |
ion i o d ina ie az r r l. E En |
6 0 3 / 0 8 / 1 |
||||||
| log te ser c o Gm b H |
. s .p. a. co n lam f is ico to reg o en |
1 3 / 0 9 / 1 6 |
||||||
| C da 1 3 / 0 9 / 1 6 : |
||||||||
| Da i lo Le ier i n g g |
Am in ist rat m ore |
1 2 / 0 5 / 1 6 |
Op ion i s l le z u |
2 6. 5 0 0 |
Cp 1 3 / 0 7 / 1 6 r: |
1 2, 7 2 |
1 4, 1 1 |
Da l 1 4 / 0 9 / 2 0 a l 3 1 / 1 2 / 2 5 |
| ico d i As lep ion Un c La hn log ies te ser c o |
ion i o d ina ie az r r E l. En . s a. co n |
0 3 / 0 8 / 1 6 |
||||||
| Gm b H |
.p. lam f is ico to reg o en |
1 3 / 0 9 / 1 6 |
||||||
| C da 1 3 / 0 9 / 1 6 : |
||||||||
| M Ga l l i au ro |
Am in ist rat m ore |
1 2 / 0 5 / 1 6 |
Op ion i s l le z u |
2 6. 5 0 0 |
Cp 1 3 / 0 7 / 1 6 r: |
1 2, 7 2 |
1 4, 1 1 |
Da l 1 4 / 0 9 / 1 9 a l 3 1 / 1 2 / 2 5 |
| Un ico d i De ka l. s. a.r |
ion i o d ina ie az r r l. E En . s a. co n |
6 0 3 / 0 8 / 1 |
||||||
| .p. lam f is ico to reg o en |
1 3 / 0 9 / 1 6 |
|||||||
| C da 1 3 / 0 9 / 1 6 : |
||||||||
| M Ga l l i au ro |
Am in ist rat m ore |
5 1 2 / 0 / 1 6 |
Op ion i s l le z u |
5 2 6. 0 0 |
Cp 1 3 / 0 7 / 1 6 r: |
1 2, 7 2 |
1 4, 1 1 |
5 Da l 1 4 / 0 9 / 2 0 a l 3 1 / 1 2 / 2 |
| Un ico d i De ka l. s. a.r |
ion i o d ina ie az r r l. E En . s a. co n |
0 3 / 0 8 / 1 6 |
||||||
| .p. lam f is ico to reg o en |
1 3 / 0 9 / 1 6 |
|||||||
| da 6 C 1 3 / 0 9 / 1 : |
||||||||
| De l io M ion i ug na |
Co ig l ier de leg ato ns e |
1 2 / 0 5 / 1 6 |
Op ion i s l le z u |
1 7. 5 0 0 |
Cp 1 3 / 0 7 / 1 6 r: |
1 2, 7 2 |
1 4, 1 1 |
Da l 1 4 / 0 9 / 1 9 a l 3 1 / 1 2 / 2 5 |
| d i l ite l. Cu Pe t nta s. r. |
ion i o d ina ie az r r E l. En . s a. co n |
0 3 / 0 8 / 1 6 |
||||||
| .p. lam f is ico to reg o en |
1 3 / 0 9 / 1 6 |
|||||||
| C da 1 3 / 0 9 / 1 6 : |
||||||||
| l io ion i De M ug na |
ig l ier de leg Co ato ns e |
5 6 1 2 / 0 / 1 |
ion i s l le Op z u |
5 1 7. 0 0 |
6 Cp 1 3 / 0 7 / 1 r: |
1 2, 7 2 |
1 4, 1 1 |
l l 5 Da 1 4 / 0 9 / 2 0 a 3 1 / 1 2 / 2 |
| d i Cu l ite Pe l. t nta r. s. |
ion i o d ina ie az r r l. E En . s .p. a. co n |
0 3 / 0 8 / 1 6 |
||||||
| lam f is ico to reg o en |
1 3 / 0 9 / 1 6 |
|||||||
| C da 1 3 / 0 9 / 1 6 : |
| G iov i i M tt an n aso |
Am in ist rat m ore Un ico d i B R C T Inc |
1 2 / 0 5 / 1 6 |
Op ion i s l le z u ion i o d ina ie az r r l. E En . s .p. a. co n lam f is ico to reg o en |
1 0. 0 0 0 |
Cp 1 3 / 0 / 1 6 7 r: 0 3 / 0 8 / 1 6 1 3 / 0 9 / 1 6 da 6 C 1 3 / 0 9 / 1 : |
1 2, 2 7 |
1 4, 1 1 |
l 1 4 / 0 9 / 1 9 a l 3 1 / 1 2 / 2 5 Da |
|---|---|---|---|---|---|---|---|---|
| G iov i M i tt an n aso |
Am in ist rat m ore ico d i C Un B R T Inc |
1 2 / 0 5 / 1 6 |
Op ion i s l le z u ion i o d ina ie az r r E l. En . s .p. a. co n lam f is ico to reg o en |
1 0. 0 0 0 |
Cp 1 3 / 0 7 / 1 6 r: 0 3 / 0 8 / 1 6 1 3 / 0 9 / 1 6 C da 1 3 / 0 9 / 1 6 : |
1 2, 7 2 |
1 4, 1 1 |
Da l 1 4 / 0 9 / 2 0 a l 3 1 / 1 2 / 2 5 |
| ino M art Bu lam h i r ac c |
i de d i Pr Pe nte nta es C hu ian La t ser ( ha ) d. W Lt u n co ., |
1 2 / 0 5 / 1 6 |
Op ion i s l le z u ion i o d ina ie az r r l. E En . s .p. a. co n lam f is ico to reg o en |
1 0. 0 0 0 |
Cp 1 3 / 0 / 1 6 7 r: 6 0 3 / 0 8 / 1 1 3 / 0 9 / 1 6 C da 1 3 / 0 9 / 1 6 : |
1 2, 2 7 |
1 4, 1 1 |
l 1 4 / 0 9 / 1 9 a l 3 1 / 1 2 / 2 5 Da |
| M ino art Bu lam h i r ac c |
Pr i de d i Pe nte nta es C hu ian La t ser ( W ha ) Lt d. u n co ., |
1 2 / 0 5 / 1 6 |
Op ion i s l le z u ion i o d ina ie az r r E l. En . s .p. a. co n lam f is ico to reg o en |
1 0. 0 0 0 |
Cp 1 3 / 0 7 / 1 6 r: 0 3 / 0 8 / 1 6 1 3 / 0 9 / 1 6 6 C da 1 3 / 0 9 / 1 : |
1 2, 7 2 |
1 4, 1 1 |
Da l 1 4 / 0 9 / 2 0 a l 3 1 / 1 2 / 2 5 |
| A les dro san B izz i arr |
Pr i de d i De ka nte es M d ica l Inc e |
1 2 / 0 5 / 1 6 |
Op ion i s l le z u ion i o d ina ie az r r l. E En . s .p. a. co n lam f is ico to reg o en |
1 7. 5 0 0 |
Cp 1 3 / 0 7 / 1 6 r: 0 3 / 0 8 / 1 6 1 3 / 0 9 / 1 6 C da 1 3 / 0 9 / 1 6 : |
1 2, 7 2 |
1 4, 1 1 |
Da l 1 4 / 0 9 / 1 9 a l 3 1 / 1 2 / 2 5 |
| les dro A san B izz i arr |
i de d i ka Pr De nte es M d ica l Inc e |
5 6 1 2 / 0 / 1 |
ion i s l le Op z u ion i o d ina ie az r r l. E En . s .p. a. co n lam f is ico to reg o en |
5 1 7. 0 0 |
6 Cp 1 3 / 0 7 / 1 r: 0 3 / 0 8 / 1 6 1 3 / 0 9 / 1 6 da 6 C 1 3 / 0 9 / 1 : |
1 2, 7 2 |
1 4, 1 1 |
l l 5 Da 1 4 / 0 9 / 2 0 a 3 1 / 1 2 / 2 |
| ir ig i D t en co n |
1 2 / 0 5 / 1 6 |
Op ion i s l le z u |
5 3. 0 0 0 |
Cp 1 3 / 0 / 1 6 7 r: |
1 2, 2 7 |
1 4, 1 1 |
2 6. 5 0 0 da l 1 4 / 0 9 / 1 9 a l 3 1 / 1 2 / 2 5 |
|---|---|---|---|---|---|---|---|
| b i l it à res p on sa |
ion i o d ina ie az r r |
6 0 3 / 0 8 / 1 |
6. 5 5 2 0 0 da l 1 4 / 0 9 / 2 0 a l 3 1 / 1 2 / 2 |
||||
| ic he str ate g |
l. E En . s .p. a. co n lam f is ico to reg o en |
1 3 / 0 9 / 1 6 |
|||||
| C da 1 3 / 0 9 / 1 6 : |
|||||||
| D ir ig i t en |
1 2 / 0 5 / 1 6 |
Op ion i s l le z u |
1 2 6. 5 0 0 |
Cp 1 3 / 0 7 / 1 6 r: |
1 2, 7 2 |
1 4, 1 1 |
6 3. 2 5 0 da l 1 4 / 0 9 / 1 9 a l 3 1 / 1 2 / 2 5 |
| ion i o d ina ie az r r E l. En . s .p. a. co n |
0 3 / 0 8 / 1 6 |
6 3. 2 5 0 da l 1 4 / 0 9 / 2 0 a l 3 1 / 1 2 / 2 5 |
|||||
| lam f is ico to reg o en |
1 3 / 0 9 / 1 6 |
||||||
| C da 1 3 / 0 9 / 1 6 : |
|||||||
| Q dr i ua |
1 2 / 0 5 / 1 6 |
Op ion i s l le z u |
9 9. 5 0 0 |
Cp 1 3 / 0 7 / 1 6 r: |
1 2, 7 2 |
1 4, 1 1 |
4 9. 7 5 0 da l 1 4 / 0 9 / 1 9 a l 3 1 / 1 2 / 2 5 |
| ion i o d ina ie az r r l. E En . s .p. a. co n |
6 0 3 / 0 8 / 1 |
5 da l l 5 4 9. 7 0 1 4 / 0 9 / 2 0 a 3 1 / 1 2 / 2 |
|||||
| lam f is ico to reg o en |
1 3 / 0 9 / 1 6 |
||||||
| C da 1 3 / 0 9 / 1 6 : |
|||||||
| Im ieg i at p |
5 1 2 / 0 / 1 6 |
Op ion i s l le z u |
5 9 4. 0 0 |
Cp 1 3 / 0 7 / 1 6 r: |
1 2, 7 2 |
1 4, 1 1 |
5 5 4 7. 2 0 da l 1 4 / 0 9 / 1 9 a l 3 1 / 1 2 / 2 |
| ion i o d ina ie az r r l. E En . s .p. a. co n |
0 3 / 0 8 / 1 6 |
4 7. 2 5 0 da l 1 4 / 0 9 / 2 0 a l 3 1 / 1 2 / 2 5 |
|||||
| lam f is ico to reg o en |
1 3 / 0 9 / 1 6 |
||||||
| da 6 C 1 3 / 0 9 / 1 : |
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