PRESS RELEASE

ABITAREIN: DRAFT FINANCIAL STATEMENTS AND CONSOLIDATED FINANCIAL STAMENTS AS AT 30/09/2025 APPROVED

THE ADMINISTRATIVE STANDSTILL IN THE ISSUANCE OF NEW PERMITS PERSISTS

OPENING OF THE FIRST RESIDENTIAL RENTAL BUILDING IN A CO-LIVING FORMULA BY THE SUBSIDIARY HOMIZY

LAUNCH OF A NEW JOINT VENTURE FOR A PROJECT OF MORE THAN 200 APARTMENTS IN ROME

CONSOLIDATED REVENUE OF €105 MILLION

CONSOLIDATED EBITDA OF €11 MILLION

FINANCIAL HIGHLIGHTS

Consolidated figures as at 30 September 2025 - prepared in accordance with IFRS international accounting standards:

CONSOLIDATED REVENUES AMOUNT TO €104.6 MILLION (€74.8 million as of 30.09.2024)
CONSOLIDATED EBITDA AMOUNT TO €11.2 MILLION (€17.0 million as of 30.09.2024)
CONSOLIDATED EBT (EARNINGS BEFORE TAXES) €1.8 MILLION (€10.2 million as of 30.09.2024)
CONSOLIDATED NET PROFIT ATTRIBUTABLE TO THE GROUP AMOUNTS TO €0.2 MILLION (€5.8 million as of 30.09.2024)
CONSOLIDATED NET FINANCIAL DEBT AMOUNTS TO €150.8 MILLION (€89.1 million as of 30.09.2024 )
CONSOLIDATED EQUITY ATTRIBUTABLE TO THE GROUP AMOUNTS TO €107.7 MILLION (€107.3 million as of 30.09.2024)

Key data of the parent company Abitare In S.p.A. as of September 30, 2025 – prepared in accordance with International Financial Reporting Standards (IFRS):

REVENUES AMOUNT TO € 12.9 MILLION (€11.1 million as of 30.09.2024)
EBT AMOUNT TO € 3.2 MILLION (€12.9 million as of 30.09.2024)

HIGHLIGHTS AT THE CURRENT DATE:

•PIPELINE, PROJECTS UNDER DEVELOPMENT (net of deeds performed): 220,400¹ - COMMERCIAL SQUARE METERS FOR 2.420 UNITS²

•AVERAGE COST OF ACQUIRING COMMERCIAL AREA: € 645/SQM

•ORDERBOOK: 375 UNITS2 FOR €171 MILLION

•DEPOSITS/ADVANCES BASED ON PRELIMINARY CONTRACTS: €50 MILLION

•UNITS DELIVERED³: 918⁴ FOR €353 MILLION

•MORTGAGE LOANS APPROVED: €184 MILLION, OF WHICH €101.8 MILLION UTILIZED

Milan, December 11, 2025

The Board of Directors of AbitareIn S.p.A. (the "Company" or "AbitareIn"), a Milan-based company and leader in residential development, listed on the Euronext Milan market, Euronext STAR Milan segment (Ticker: ABT.MI), has today approved the draft financial statements and consolidated financial statements as of September 30, 2025.

Luigi Gozzini, Chairman, commented: "The last two years have been strongly influenced by a situation of abnormal complexity, which has given rise, and continues to give rise, to significant impacts on the city of Milan – and progressively on the entire country – on the real estate sector and on our Company. We confirm our path of adherence to the new regulations introduced by the Municipality of Milan for the issuance of authorisation permits, ready to see the climate of confidence in the sector restored and to return to full operativity, although we do not yet have full visibility on the timing, as we await a national legislative measure on urban regeneration that will remedy the current housing emergency that is pushing many young people and many families out of the city. These two years of standstill have had significant effects on our results, with an increase in costs that has inevitably affected our margins."

Marco Grillo, CEO, added: "We are maintaining our focus on operational activities for the development and delivery of ongoing projects, as well as on the creation of new partnerships, such as the one recently launched with a leading international operator for a residential project of over 200 apartments in Rome, and on the diversification of business strategies, in line with the new market context. We are also very pleased with the launch of Homizy's first building, a residential property of approximately 360 rooms in Via Tucidide, rented under the co-living formula, which in recent days has seen the arrival of the first co-residents."

^1 Of which 19,900 sqm to be developed as regulated-price housing (edilizia convenzionata and/or edilizia concordata) and 16,800 square meters under development by Homizy for income generation in the co-living setup

^2 The number of apartments, assuming an average size of 92 square meters for marketable free housing and 82 square meters for ERS (Social Housing Rental), might vary based on the customization of the housing unit sizes, despite maintaining the overall square footage. The actual count of constructed apartments and signed contracts may differ due to this customization

$^{^{3}}$ Cumulative data of all apartments delivered by the Group

^4 No. of apartments recalculated on the basis of the average size of the "standard units".

Summary of the main consolidated financial results as at 30 September 2025

The financial year ended 30 September 2025 saw CONSOLIDATED REVENUE equal to EURO 104.6 million, deriving from:

I. Sales revenues amounted to €30.6 million (€16.31 million as of 30.09.2024)
II. €30.7 million positive change in inventories due to progress in real estate development projects, net of inventory reductions resulting from the delivery of apartments to clients (€45.7 million negative change as of 30.09.2024).
Production progress amounts to €91.6 million (€ 67.6 million as of 30.09.2024 including the progress of works on the properties destined for rental under the co-living formula of the Homizy Group;
III. Inventory variation of €10.5 million due to the acquisition of new real estate complexes (€2.7 million as of 30.09.2024).
IV. € 32.8 million of other operating revenues (€ 10.2 million as of 30.09.2024) including mainly:
the increases in property, plant and equipment under construction relating to investments in properties intended for rental in the form of co-living held by the subsidiaries Smartcity Siinq S.r.l. and Deametra Siinq S.r.l., for an amount of €10.1 million and €17.3 million respectively;
contribution for building bonuses for a total amount of €2.2 million;
other revenues for services to third parties relating to pre- and post-sales services by the holding company AbitareIn for an amount of €0.8 million.

CONSOLIDATED EBITDA amount to € 11.2 million (€ 17.0 million as of 30.09.2024)

CONSOLIDATED EARNINGS BEFORE TAXES (EBT) amounted to €1.8 million (€10.1 million as of 30.09.2024). Profitability is strongly influenced by the urban standstill situation of the Municipality of Milan, with the consequent failure to launch new projects, by the implementation of the new guidelines of the Municipality of Milan on the new rules for the issuance of authorisation permits, as well as by the increase in the incidence of fixed costs due to the delay in the start of projects.

EBT is also negatively impacted, by around €4 million, by an increase in costs on the Porta Naviglio Grande contract, due to the supervening need to urgently replace the contractor in the final stages of the construction site.

The Porta Naviglio Grande project is in the process of completing the second building, scheduled by summer 2026, while the first building has already been delivered to customers in the first months of the 2025 calendar year.

THE GROUP'S CONSOLIDATED NET PROFIT amounts to €0.2 million (€5.6 million as of 30.09.2024).

The GROUP'S NET FINANCIAL DEBT amounts to €150.8 million (€89.1 million as of September 30, 2024). of which more than €119.6 million relates to projects in progress. The change is mainly attributable to ordinary activities, with total investments of €84.6 million, the payment of advances relating to the future purchase of new areas, for €1.5 million, and the purchase of new areas for €5.5 million (net of advances already paid in previous years), against cash inflows deriving mainly from the deeds of sale of the real estate units for a total amount of around €23.3 million and from deposits and advances collected in relation to the preliminary agreements for the marketed projects, for an amount of around €4.8 million.

	Financial Debt
	30.09.2025	30.09.2025	30.09.2024	Change
	amounts in Euro units
A.	Cash and cash equivalents	4,900,576	13,776,733	(8,876,157)
В.	Means equivalent to cash and cash equivalents	-	-	-
C.	Other current financial assets	3,004,692	9,317,621	(6,312,929)
D.	Liquidity (A) + (B) + (C)	7,905,268	23,094,354	(15,189,086)
Ε	Current financial payables	2,452,795	-	-
F.	Current portion of non-current debt	51,046,867	16,382,080	34,664,787
G.	Current financial debt (E) + (F)	53,499,662	16,382,080	37,117,582
н.	Net current financial debt (G) - (D)	45,594,394	(6,712,274)	52,306,668
I.	Non-current financial payables	105,190,031	95,827,647	9,362,384
J.	Debt instruments	-	-	-
K.	Trade payables and other non-current payables	-	-	-
L.	Non-current financial debt (I) + (J) + (K)	105,190,031	95,827,647	9,362,384
M.	Total financial debt (H) + (L)	150,784,425	89,115,373	61,669,052

Key economic and financial results of the Company as of September 30, 2025

The revenues of the parent company AbitareIn as at 30 September 2025 amount to €12.9 million and are mainly due to revenues from service agreements and intellectual property remuneration agreements entered into with the operating vehicles.

Profit, amounting to €1.1 million, derives mainly from financial management.

Allocation of the profit for the fiscal year

The Board of Directors has decided today to propose to the Shareholders' Meeting, convened for the approval of the financial statements closed on September 30, 2025, to allocate profit to retained earnings.

Overview of the Development Pipeline

As of today, the development pipeline of the group headed by Abitareln (the "Group") consists, net of completed and delivered projects, of 20 sites, covering approximately 220,400⁵ sqm of commercial area, corresponding to around 2,420 standard-sized apartments⁶. These sites are located in various semi-central and semi-peripheral areas of the City of Milan, within high-growth potential contexts.

Of the apartments in the pipeline, 375⁷ apartments have been sold to date (on a preliminary basis), with a total value of approximately €171 million. Contractual advances (secured by insurance surety bonds) amount to €50 million, and 311⁷ apartments are currently under construction.

Units Delivered

To date, the Group has delivered 918 apartments⁷, with a total value exceeding €350 million.

Approval of the Corporate Governance and Ownership Structures Report as of September 30, 2025

In today's session, the Board of Directors also approved, for submission to the ordinary Shareholders' Meeting:

The Corporate Governance and Ownership Structures Report for the fiscal year 2025, prepared in accordance with Article 123-bis of Legislative Decree No. 58 of February 24, 1998, and its subsequent amendments and integrations ("TUF").

The report will be made available to the public, as required by law, at the Company's registered office, Via degli Olivetani 10/12, Milan, and on the Company's website www.abitareinspa.com, under the Corporate Governance/Shareholders' Meetings section.

Verification of Independence Requirements of the Company's Directors and Auditors

The Board of Directors today verified, based on statements made by the Company's Directors and Auditors, and additional information available:

The compliance of directors Mario Mazzoleni, Nicla Picchi, Giuseppe Vegas, Antonella Lillo e Stefano Massarotto with the independence requirements established by the current articles of association, Article 147-ter and Article 148, paragraph 3, of the Italian Consolidated Financial Act ('TUF'), as well as

^5 Of which 19,900 sqm to be developed as regulated-price housing (edilizia convenzionata and/or edilizia concordata) and 16,800 square meters under development by Homizy for income generation in the co-living setup

^6 The number of apartments, assuming an average size of 92 square meters for marketable free housing and 82 square meters for ERS (Social Housing Rental), might vary based on the customization of the housing unit sizes, despite maintaining the overall square footage. The actual count of constructed apartments and signed contracts may differ due to this customization.

^7 Cumulative data of all apartments delivered by the Group

Article 2, recommendation 7, of the Corporate Governance Code, as supplemented by qualitative and quantitative criteria for assessing the significance of relationships according to letters 'c' and 'd' of the same recommendation 7, as defined by the Company's Board of Directors in the meeting of November

14, 2023. - The compliance of auditors Ivano Passoni, Elena Valenti and Matteo Ceravolo with the independence requirements established by the current articles of association, Article 147-ter and Article 148, paragraph 3, of the TUF, as well as Article 2, recommendation 7, of the Corporate Governance Code, as referred to in Article 2, recommendation 9, of the Corporate Governance Code and supplemented by qualitative and quantitative criteria for assessing the significance of relationships according to letters 'c' and 'd' of the same recommendation 7, as defined by the Company's Board of Directors in the meeting of November 14, 2023.

***

The manager in charge of preparing the company's accounting documents, Mr. Cristiano Contini, declares, in accordance with Article 154-bis, paragraph 2 of the TUF, that the accounting information contained in this communication corresponds to the documentary evidence, books, and accounting records. It is also highlighted that in this communication, in addition to the conventional financial indicators required by IFRS, some alternative performance indicators are presented to allow for a better assessment of the economic and financial management trends. These indicators are calculated according to usual market practices.

***

AbitareIn S.p.A. represents innovation and a paradigm shift in the residential development sector, driven by its democratic vision of living that combines urban regeneration, affordability and the needs of today's families.

Efficiency, industrialisation and the creation of an identity brand are the foundations of a continuous and sustainable growth of the business model that focuses on the person and the home as an "aspirational" consumer product.

AbitareIn is thus committed to renovating the city's disused building stock and reviving its urban fabric, investing in projects of great aesthetic, environmental and social value and dedicating itself to responsible, far-sighted action; aware first and foremost of the essential nature of its new role as #stilistiurbani. The company has been listed on the Euronext Growth Milan of Borsa Italiana since April 2016. From 1 March 2021 it has been listed on the Euronext STAR Milan (ticker: ABT.MI).

Alphanumeric code of the shares: ABT

ISIN: IT0005445280

Contacts:

Investor Relations Abitare In Eleonora Reni [email protected] Press Office Barabino&Partners Federico Vercellino – 331.57.45.171 [email protected] Alice Corbetta – 340.45.57.565 [email protected]

Consolidated Statement of Financial Position

		Related		Related
	30.09.2025	parties	30.09.2024	parties

Property, plant and equipment	61,994,085		34,839,678
Intangible assets	1,765,978		2,044,663
Financial activities	-		25,541
Equity investments in other companies	1,288,294		1,167,212	21,537
Non-current financial receivables	-		3,473,867	3,473,867
Deferred tax assets	3,808,132		2,688,291
TOTAL NON-CURRENT ASSETS	68,856,489		44,239,252
Inventory	260,699,958		219,495,910
Financial assets carried at fair value	3,004,692		9,317,621
Trade receivables	4,124,892		2,256,864	953,572
Other current assets	18,824,578		12,439,109
Current tax assets	8,486,607		6,390,027
Cash and cash equivalents	4,900,576		13,776,733
TOTAL CURRENT ASSETS	300,041,303		263,676,264
TOTAL ASSETS	368,897,792		307,915,516
Share capital	133,075		133,075
Reserves	46,480,798		46,482,693
Profit (loss) carried forward	60,668,696		54,939,996
Profit (loss) for the year	384,038		5,781,382
EQUITY ATTRIBUTABLE TO THE OWNERS OF THE PARENT	107,666,607		107,337,146
Profit and reserves attributable to non-controlling interests	3,391,396		3,627,911
EQUITY	111,058,003		110,965,057
Non-current financial liabilities	105,190,031		95,827,647
Employee benefits	379,231		324,858
Other non-current liabilities	630,938	531,645	563,609	428,731
Customer down payments and deposits	37,671,461		53,609,002
Deferred tax liabilities	5,914,876		6,166,206
TOTAL NON-CURRENT LIABILITIES	149,786,537		156,491,322
Current financial liabilities	53,499,662		16,382,080
Trade payables	29,552,365	90,091	13,130,472	65,545
Other current liabilities	12,555,763	1,344,250	10,241,339	1,333,110
Customer down payments and deposits	11,284,762		154,000
Current tax liabilities	1,160,700		551,246
TOTAL CURRENT LIABILITIES	108,053,252		40,459,137
TOTAL LIABILITIES	257,839,789		196,950,459
TOTAL LIABILITIES AND EQUITY	368,897,792		307,915,516

Consolidated Income Statement

		Related		Related
	30.09.2025	parties	30.09.2024	parties
Revenue from sales	30,575,520		16,310,677	_
Change in inventory for progress of works	30,704,048		45,656,180
Change in inventory for new sites purchased	10,500,000		2,690,254
Other revenue	32,783,459	115,858	10,116,500	671,333
TOTAL REVENUE	104,563,027		74,773,611
Property purchased for redevelopment for sale	10,500,000		2,690,254
Raw materials, consumables, supplies and goods	50,525		101,792
Services	74,914,306	1,442,977	47,960,697	1,744,518
Rentals and similar	1,113,484		182,180
Personnel expenses	3,660,748	160,000	3,965,186	170,000
Depreciation/Amortisation	1,163,524		1,270,301
Impairment losses and provisions	99,893	99,893	363,265	83,265
Other operating expenses	3,145,474		2,804,740
TOTAL OPERATING EXPENSES	94,647,954		59,338,415
EBIT	9,915,073		15,435,196
Financial income	581,663	128,958	3,022,272	261,139
Financial expenses	(8,727,902)	(35,844)	(8,317,002)
EBT	1,768,834		10,140,466
Income taxes	(1,591,493)		(4,516,754)
PROFIT (LOSS) FOR THE YEAR	177,341		5,623,712
Of which:
Net profit (loss) attributable to non-controlling interests	(206,697)		(157,670)
Net profit (loss) attributable to the owners of the Parent	384,038		5,781,382

Consolidated Comprehensive Income Statement

	30.09.2025	30.09.2024
Profit (loss) for the year	177,341	5,623,712
Other comprehensive income
That will not be subsequently reclassified in profit or loss
for the year
Employee benefits	(12,535)	(12,325)
Tax effect	3,008	2,958
Total	(9,527)	(9,367)
That will be subsequently reclassified in profit or loss for
the year
Hedging instruments	10,044	(293,881)
Tax effect	(2,412)	70,532
Total	7,632	(223,349)
Total change in OCI reserve	(1,895)	(232,716)
Comprehensive income for the period	175,446	5,390,996
Of which:
Net profit (loss) attributable to non-controlling interests	(206,697)	(157,670)
Net profit (loss) attributable to the owners of the Parent	382,143	5,548,666

Earnings per share	0.01	0.21
Diluted earnings per share	0.01	0.20

Consolidated Statement of Cash Flows (indirect method)

	30.09.2025	30.09.2024
Operating activities
Profit (loss) for the year	177,341	5,623,712
Income taxes	1,591,493	4,516,754
Financial income	(581,663)	(3,022,272)
Financial expenses	8,727,902	8,317,002
(Capital gains)/losses from asset disposals	-	-
Net accruals to provisions	229,989	515,723
Accrual to stock grant reserve	-	-
Impairment and depreciation/amortisation of property, plant and equipment
and intangible assets	1,163,524	1,270,301
Cash flows before changes in net working capital	11,308,586	17,221,220
Decrease/(increase) in inventory	(41,204,048)	(49,709,596)
Increase/(decrease) in trade payables	17,086,495	5,969,333
Decrease/(increase) in trade receivables	(2,532,631)	(1,448,563)
Change in other current/non-current assets and liabilities	(13,156,546)	17,982,057
Net financial income/expenses collected/paid	(7,628,981)	(5,768,047)
Taxes paid	(184,777)	(8,333,712)
Use of provisions	(110,840)	(248,282)
Cash flows from (used in) operating activities (A)	(36,422,742)	(24,335,590)
Investing activities	•	•
Investments in property, plant and equipment	(166,254)	(746,785)
Disposal of property, plant and equipment	2,250	29,191
Real estate investments	(27,392,290)	(6,988,734)
Investments in intangible assets	(481,206)	(607,284)
Disposal of intangible assets	504	-
Other equity investments	-	-
Sale of company, net of cash and cash equivalents	-	-
Cash flows from (used in) investing activities (B)	(28,036,996)	(8,313,612)
Financing activities
Bank loans raised	68,156,544	38,942,542
Bank loan repayments	(24,656,107)	(11,782,862)
Change in current/non-current financial liabilities	2,378,848	(273,692)
Net change in current financial assets	9,786,796	4,629,066
Change in consolidation scope	(82,500)	(82,498)
Investment in own shares	-	(3,997,850)
Dividends paid	-	(9,925,824)
Share capital increase against consideration	-	-
Cash flows from (used in) financing activities (C)	55,583,581	17,508,882
Net cash flows in the period (A)+(B)+(C)	(8,876,157)	(15,140,320)
Cash and cash equivalents at the beginning of the year	13,776,733	28,917,053
Increase/(decrease) in cash and cash equivalents from 1 October to 30 September	(8,876,157)	(15,140,320)
Cash and cash equivalents at the end of the year	4,900,576	13,776,733
cash and cash equivalents at the end of the year	4,300,370	13,770,733

Abitare In S.p.A - Statement of Financial Position

	30.09.2025	Related parties	30.09.2024	Related parties
Intangible assets	1,883,324		1,918,967
Property, plant and equipment	1,682,021		1,839,241
Equity investments in subsidiaries	10,401,854	10,401,854	9,275,818	9,275,818
Equity investments in other companies	1,288,294		1,167,212	21,537
Non-current financial assets	58,871,851	58,871,851	51,582,697	51,557,156
Prepaid taxes	214,378		258,689
TOTAL NON-CURRENT ASSETS	74,341,722		66,042,624
Trade receivables	36,722		1,987,169	953,572
Receivables from subsidiaries	26,912,293	26,912,293	31,319,290	31,319,290
Current financial assets	24,164,591	24,164,591	16,072,874	16,072,874
Financial assets carried at fair value	3,004,692		9,317,621
Other current assets	837,061		1,029,865
Current tax assets	3,280,806		3,061,726
Cash and cash equivalents	94,374		1,848,858
TOTAL CURRENT ASSETS	58,330,539		64,637,403
TOTAL ASSETS	132,672,261		130,680,027
Share capital	133,075		133,075
Reserves	40,317,782		40,317,570
Previous years' profit (loss)	44,254,445		32,651,286
Operating profit	1,124,341		11,603,159
EQUITY	85,829,643		84,705,090
Non-current financial liabilities	16,604,964		14,232,376
Employee benefits	326,924		274,577
Other non-current liabilities	622,790	523,497	1,220,593	1,085,715
Payables for deferred tax liabilities	128,734		124,186
TOTAL NON-CURRENT LIABILITIES	17,683,412		15,851,732
Current financial liabilities	14,788,697	928,466	10,540,510	599,599
Trade payables	459,830	87,491	700,060	33,825
Payables to subsidiaries	12,523,279	12,523,279	17,539,323	17,539,323
Other current payables and liabilities	944,970	458,000	1,219,159	698,860
Current tax liabilities	442,430		124,153
TOTAL CURRENT LIABILITIES	29,159,206		30,123,205
TOTAL LIABILITIES	46,842,618		45,974,937
TOTAL LIABILITIES AND EQUITY	132,672,261		130,680,027

Abitare In S.p.A – Income Statement

	30.09.2025	Related parties	30.09.2024	Related parties
Revenue for services	11,386,670	11,386,670	9,322,829	9,322,829
Other revenue	1,477,574	201,791	1,740,290	729,257
TOTAL REVENUE	12,864,244		11,063,119
Raw materials, semi-finished products and other materials purchased	45,980		69,001
Services	6,009,856	994,581	6,541,978	1,386,810
Rental and similar	351,665		182,080
Personnel expenses	2,832,047	160,000	3,100,380	170,000
Deprecation/Amortisation	1,400,526		1,498,764
Impairment losses and provisions	91,745	91,745	83,265	83,265
Other operating expanses	597,044		545,297
TOTAL OPERATING EXPENSES	11,328,863		12,020,765
EBIT	1,535,381		(957,646)
Reinstatement/(write-down) subsidiary investments	(4,747,004)	(4,747,004)	(656,984)	(656,984)
Financial income	7,817,783	7,475,098	17,103,435	14,612,799
Financial expenses	(1,425,643)	(184,844)	(2,619,880)
EBT	3,180,517		12,868,925
Income taxes	(2,056,176)		(1,265,766)
Profit (loss) for the year from operating activities	1,124,341		11,603,159
Profit (loss) for the year	1,124,341		11,603,159

Abitare In S.p.A – Comprehensive Income Statement

	30.09.2025	30.09.2024
Profit (loss) for the year	1,124,341	11,603,159
Other comprehensive income
That will not be subsequently reclassified in profit or loss
for the year
Employee benefits	(9,763)	(13,588)
Tax effect	2,343	3,261
Total	(7,420)	(10,327)
That will be subsequently reclassified in profit or loss for
the year
Hedging instruments	10,044	(293,881)
Tax effect	(2,412)	70,532
Total	7,632	(223,349)
Total change in OCI reserve	212	(233,676)
Comprehensive income for the period	1,124,553	11,369,483

Abitare In S.p.A. - Cash Flow Statement

	30.09.2025	30.09.2024
Operating activities		_
Proft (loss) for the year	1,124,341	11,603,159
Income taxes	2,056,176	1,265,766
Financial income	(7,817,783)	(17,103,435)
Financial expenses	6,172,647	3,276,864
(Gains)/losses on the sale of companies	-	-
Net accruals to provision	186,411	200,228
Accrual to stock grant reserve	-	-
Impairment and deprecation/amortisation of property, plant and equipment
and intangible assets	1,400,526	1,498,764
Cash flows before changes in net working capital	3,122,318	741,346
Increase/(decrease) in trade payables	(5,256,274)	5,097,557
Decrease/(increase) in trade receivables	6,357,444	1,638,942
Change in other current/non-current assets and liabilities	(1,955,099)	(2,630,867)
Net financial income/expenses collected/paid	6,307,548	17,233,493
Taxes paid	-	(7,888,452)
Use of provisions	(730,478)	(235,571)
Cash flows from (used in) operating activivties (A)	7,845,459	13,956,448
Investing activities	· ·	, ,
Investments in property, plant and equipment	(76,811)	(167,509)
Disposal of property, plant and equipment	2,250	29,191
Investiments in Equity investments	(135,130)	(141,513)
Disposal in Equity investments	150,000	228,686
Real estate investments	-	-
Investiments in intangible assets	(1,131,356)	(490,494)
Disposal of intangible assets	504	-
Changes in non-current financial assets	(13,202,605)	(6,874,667)
Cash flows from (used in) investing activities (B)	(14,393,148)	(7,416,306)
Financing activities	(= 1,000,= 10)	(1,120,000)
Bank loans raised	16,000,000	10,000,000
Bank loans repayments	(9,682,927)	(7,562,734)
Change in current/non-current financial liabilities	254,920	(1,528,978)
Net change in current financial assets	(1,778,788)	(6,719,941)
Investment in own shares	-	(3,997,850)
Dividends paid	_	(9,925,824)
Share capital increase against consideration	-	-
Cash flows from (used in) financing activities (C)	4,793,205	(19,735,327)
Net cash flows in the period (A)+(B)+(C)	(1,754,484)	(13,195,185)
Cash and cash equivalents at the beginning of the year	1,848,858	15,044,043
Increase/(decrease) in cash and cash equivalents from 1 October to 30
September	(1,754,484)	(13,195,185)
Cash and cash equivalents at the end of the period	94,374	1,848,858

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