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Antares Vision — Earnings Release 2021
Mar 7, 2022
4255_rns_2022-03-07_9afa02d9-8455-4388-af8a-f621ea27b9c5.pdf
Earnings Release
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THE BOARD OF DIRECTORS APPROVES THE CONSOLIDATED RESULTS AS AT 31 DECEMBER 2021
ORDERS UP BY +22% LFL VS. FY20 REVENUES €179M, +48% (+13% LFL) VS. FY 20 ADJUSTED EBITDA1 €43.5M, +48% VS. FY 2020, PROFITABILITY AT 24.3% NET DEBT2 €19M DOWN VS. €29M YE 2020
FY 2022 OUTLOOK: CONSOLIDATED REVENUES UP BY BETWEEN +12% AND +18% WITH IMPROVED PROFITABILITY
Travagliato (Brescia), 7 March 2022 - The Board of Directors of Antares Vision Group – Italian multinational, leading provider of Track & Trace and inspection systems, which guarantee the transparency of products and supply chains through integrated data management – today approved the draft separate and consolidated financial statements as at 31 December 2021.
Emidio Zorzella, Chairman and Joint-CEO of Antares Vision Group, commented as follows: "Despite the still difficult context due to the Pandemic and to the continuing state of emergency, 2021 was a year of significant growth for the group in terms of results, boosting the range of solutions, brand awareness, extending the scope and strengthening the financial structure; all of this was made possible thanks to the daily contribution of over 1,000 people, who represent the group's human capital. The Track & Trace product evolved towards an integrated offer with greater profit margins (first installation, Smart Data/SaaS and Services), completely offsetting the lower profitability of recent acquisitions, which today only partly benefit from the expected synergies. In 2022, we expect a double-digit growth in revenues and an improvement in profitability; this will be achieved thanks to the transformation of the Group into an entity that is increasingly geared towards SaaS and to the management of data and services, as well as developing Track & Trace solutions even in the FMCG segment, which will lay more foundations for the generation of recurring revenues and higher profit margins, following the initial introduction of the hardware."
Massimo Bonardi, Joint-CEO of Antares Vision Group, commented: "The Group will continue to pursue its growth strategy with a view to consolidating its leadership, This will be obtain thanks to a newly organised group and a unique and distinctive positioning of its ecosystem, through the integration and interconnection of different technologies, is able to manage all supply chain data: from raw materials, through production and distribution, to the final consumer, to guarantee transparency to all players of the supply chain".
1 Adjusted by the extraordinary costs relating to the translisting, to acquisitions and to the write-down of pre-acquisition rfxcel receivables
2 Adjusted for the effect of the mark-to-market valuation of warrants and excluding the fair value measurement of the derivatives
ANALYSIS OF 2021 ANNUAL RESULTS
ORDERS
In 2021, the Antares Vision Group recorded a 22% increase in orders against 2020 (Like-for Like or "L4L" scope of consolidation). In particular, the Life Science sector posted a 24% rise in orders, while the Fast Moving Consumer Goods ("FMCG") recorded an increase of 19%. All of the product lines recorded double digit growth rates; more specifically, first installation Track & Trace (L1-L3) solutions posted an increase of over 30% in orders collected.
CONSOLIDATED TURNOVER
In 2021, the Group recorded net consolidated revenues of €179.0 million, up +48.0% against the consolidated results for 2020 and +13% L4L.
| FY 2020 | Changes on Changes vs | |||||||
|---|---|---|---|---|---|---|---|---|
| Revenues by Geography (€m) | FY 2021 | % | L-F-L | % | FY 2020A | % | $L - L$ % | Actual % |
| Italy | 32.0 | 17.9% | 22.8 | 14.4% | 20.2 16.7% | 40.2% | 58.2% | |
| Europe | 54.6 | 30.5% | 72.4 | 45.6% | 63.5 | 52.5% | $-24.6%$ | $-14.1%$ |
| America | 61.8 | 34.5% | 40.5 | 25.5% | 24.0 | 19.8% | 52.7% | 157.9% |
| Asia | 20.2 | 11.3% | 14.1 | 8.9% | 9.0 | 7.4% | 42.8% | 125.0% |
| Africa and Middle East | 10.4 | 5.8% | 9.0 | 5.7% | 4.3 | 3.6% | 16.1% | 140.9% |
| Antares Vision Group | 178.9 | 100.0% | 158.8 | 100.0% | 121.0 | 100.0% | 12.7% | 47.9% |
Revenues by Geography - FY 2021 vs. FY 2020
Source: Antares Vision Group
Revenues by Geography 4Q 2021 vs. 4Q 2020
| 4Q 2020 | Changes on Changes vs | |||||||
|---|---|---|---|---|---|---|---|---|
| Revenues by Geography (€m) | 4Q 2021 | % | L-F-L | 196 | 4Q 2020A | % | $L - L$ % | Actual % |
| Italy | 8.6 | 14.4% | 6.3 | 12.5% | 5.4 | 14.2% | 36.2% | 59.9% |
| Europe | 13.3 | 22.3% | 16.8 | 33.1% | 13.6 35.9% | $-20.6%$ | $-2.1%$ | |
| America | 26.8 | 45.0% | 16.9 | 33.4% | 12.2 | 32.2% | 58.7% | 119.5% |
| Asia | 7.5 | 12.7% | 7.1 | 13.9% | 5.2 13.7% | 6.8% | 45.3% | |
| Africa and Middle East | 3.3 | 5.5% | 3.6 | 7.1% | 1.5 | 4.0% | $-9.0\%$ | 117.5% |
| Antares Vision Group | 59.6 | 100.0% | 50.7 | 100.0% | 37.9 | 100.0% | 17.6% | 57.2% |
Source: Antares Vision Group
In terms of revenue growth by geography, all areas recorded significant increases, with the exception of Europe (excluding Italy), which suffered a sharp drop in sales in Eastern Europe, which in 2020 had benefited from the entry into force of track & trace regulations for pharmaceuticals in Russia. Italy's growth was due to inspection solutions for quality and service control, while the Americas, Asia and Middle East-Africa, in addition to the growth of the FMCG sector, started to benefit from the entry into force of regulations on pharmaceutical product traceability: Brazil, aggregation and traceability in 2022, United States, aggregation in 2023, Malaysia, Kazakhstan, Qatar and Indonesia, traceability in 2024 and the "Made in China 2025" programme.
In 4Q 2021, the group's L4L revenues rose more than in FY20 (+17.6% vs. +12.7%), thanks above all to an acceleration in the Americas, due mainly to the entry into force of regulations on pharmaceutical product traceability in Brazil and the United States and to a boost in revenues recorded by rfxcel in the last quarter.
With regard to revenues by sector, in 4Q 2021, the Life Science sector rose by 21.8% L4L, bringing overall growth in FY 2021 to 8.3% compared to the 2020 figures L4L, and to 23.2% against consolidated figures for 2020, boosting growth by 2.8% in 9M 2021, on a like-for-like basis.
The improvement was led by Smart Data/SaaS (+66.1% vs. L4L 2020), Services (+21.9%) and Inspection (+46.4%, driven by inspection machines). Only first installation Track & Trace recorded a slowdown (-26.0%), insofar as for the whole of last year and in 4Q in particular, a peak was recorded due to the entry into force of pharmaceutical tracing in December 2020. In any event, overall Track & Trace posted performance in line with the previous year, recovering the downtrend recorded up until 9M 2021 (-7.7% L4L), thanks to a 4Q up by 17.5% (led by Smart Data/SaaS with a +120.6%). This confirms the positive transformation of Track & Trace from a first installation business to a recurring business with high profit margins (represented by Smart Data/SaaS and Services), which in 2021 generated 35% (45% in 4Q) of the turnover of the Life Science sector. Note that in 2018, recurring business represented less than 7% of the Life Science turnover.
| FY 2020 | Changes on Changes vs | |||||||
|---|---|---|---|---|---|---|---|---|
| Life Science ( $\epsilon$ m) | FY 2021 | % | L-F-L | % | FY 2020A | % | $L - L$ % | Actual % |
| Services | 15.6 | 14.1% | 12.8 | 12.5% | 12.5 | 13.8% | 21.9% | 25.2% |
| Smart Data/SaaS | 27.2 | 24.4% | 16.4 | 15.9% | 6.0 | 6.7% | 66.1% | 349.5% |
| Track & Trace (L1 - L3) | 40.1 | 36.0% | 54.2 | 52.8% | 54.1 | 60.0% | $-26.0%$ | $-26.0%$ |
| Total Track & Trace | 82.9 | 74.5% | 83.3 | 81.2% | 72.6 | 80.5% | $-0.6%$ | 14.1% |
| Inspection | 28.3 | 25.5% | 19.3 | 18.8% | 17.6 | 19.5% | 46.4% | 61.0% |
| Total | 111.2 100.0% | 102.7 | 100.0% | 90.2 | 100.0% | 8.3% | 23.2% | |
| 39% | ||||||||
| FMGC (€m) | ||||||||
| Services | 10.5 | 15.4% | 8.6 | 12.7% | 4.5 | 6.6% | 21.6% | 135.0% |
| Smart Data/SaaS | 2.3 | 3.4% | 1.7 | 3.0% | 0.0 | $0.0\%$ | 33.7% | 30159.2% |
| Track & Trace (L1 - L3) | 2.9 | 4.3% | 1.1 | 2.0% | 1.1 | 3.6% | 162.2% | 162.2% |
| Total Track & Trace | $5.2^{\circ}$ | 7.7% | $2.8^{\circ}$ | 5.0% | 1.1 | 3.6% | 84.3% | 365.3% |
| Inspection | 52.1 | 76.9% | 44.7 | 65.9% | 25.2 | 37.2% | 16.6% | 106.5% |
| Total | 67.8 100.0% | 56.1 | 100.0% | 30.8 | 100.0% | 20.8% | 120.0% | |
| Antares Vision Group | 178.9 | 158.8 | 121.0 | 12.7% | 47.9% |
Revenues by sector – Life Science / FMCG - FY 2021 vs. FY 2020
Source: Antares Vision Group.
Revenues by sector - Life Science performance vs. FMCG - FY 2021 vs. FY 2020
| Changes on Changes vs | ||||||||
|---|---|---|---|---|---|---|---|---|
| FY 2021 | %. | L-F-L | %. | FY 2020A | %. | $L-F-L$ % | Actual % | |
| Life Science | 111.2 | 62.1% | 102.7 | 64.6% | 90.2 74.5% | 8.3% | 23.2% | |
| FMCG | 67.8 | 37.9% | 56.1 35.4% | 30.8 25.5% | 20.8% | 120.0% | ||
| Antares Vision Group | 178.9 100.0% | 158.8 100.0% | 121.0 | 100.0% | 12.7% | 47.9% |
Source: Antares Vision Group.
Revenues by sector – Life Science / FMCG - 4Q 2021 vs. 4Q 2020
| 4Q 2020 | 40 | Changes on | Changes vs | |||||
|---|---|---|---|---|---|---|---|---|
| Life Science (€m) | 4Q 2021 | % | L-F-L | % | 2020A | % | $L-F-L$ % | Actual % |
| Services | 3.6 | 10.1% | 4.3 | 14.5% | 4.3 | 16.4% | $-15.4%$ | $-15.3%$ |
| Smart Data/SaaS | 12.8 | 35.4% | 5.8 | 19.6% | 2.4 | 9.2% | 120.6% | 429.6% |
| Track & Trace (L1 - L3) | 11.3 | 31.1% | 13.5 | 45.4% | 13.5 | 51.3% | $-16.4%$ | $-16.3%$ |
| Total Track & Trace | 27.7 | 76.6% | 23.6 | 79.4% | 20.2 | 76.8% | 17.5% | 37.4% |
| Inspection | 8.5 | 23.4% | 6.1 | 20.6% | 6.1 | 23.2% | 38.4% | 39.1% |
| Total | 36.2 | 100.0% | 29.7 | 100.0% | 26.3 | 100.0% | 21.8% | 37.8% |
| 45% | ||||||||
| FMGC $(\epsilon_m)$ | ||||||||
| Services | 2.8 | 11.9% | 1.6 | 7.9% | 0.5 | 4.2% | 69.0% | 469.4% |
| Smart Data/SaaS | 0.8 | 3.3% | 0.7 | 3.2% | 0.0 | 0.0% | 15.7% | n.m. |
| Track & Trace (L1 - L3) | 0.6 | 2.6% | 0.8 | 4.0% | 0.8 | 7.2% | $-26.6%$ | $-26.6%$ |
| Total Track & Trace | 1.4 | 6.0% | $1.5^{\circ}$ | 7.2% | 0.8 | 7.2% | $-7.7\%$ | 67.0% |
| Inspection | 19.2 | 82.1% | 17.8 | 84.9% | 10.3 | 88.6% | 7.8% | 86.1% |
| Total | $23.4^{\circ}$ | 100.0% | 21.0 | 100.0% | 11.6 | 100.0% | 11.5% | 100.9% |
| Antares Vision Group | 59.6 | 50.7 | 37.9 | 17.6% | 57.2% | |||
| Carrosar Antonio Materi Contra |
Source: Antares Vision Group.
Revenues by sector - Life Science performance vs. FMCG - FY 2021 vs. FY 2020
| 40 20 20 | 40. | Changes on Changes vs | ||||||
|---|---|---|---|---|---|---|---|---|
| 40 2021 | %. | L-F-L- | % | 2020A | %. | L-F-L % | Actual % | |
| Life Science | 36.2 | 60.7% | 29.7 | 58.6% | 26.3 69.3% | 21.8% | 37.8% | |
| FMCG | 23.4 | 39.3% | $21.0$ 41.4% | 11.6 30.7% | 11.5% | 100.9% | ||
| Antares Vision Group | 59.6 | 100.0% | 50.7 | 100.0% | 37.9 100.0% | 17.6% | 57.2% |
Source: Antares Vision Group.
With regard to the FMCG sector, a 20.8% increase was recorded in 2021, on a L4L basis, and of 120.0% on a consolidated basis, due to the growth of all product lines. More specifically, Track & Trace as a whole rose by 84.3% against 2020 L4L, substantially fivefold compared to the final figures for last year and, with important projects in the pipeline, it is starting to take on a tangible dimension. The fall in first installation Track & Trace in 4Q is due to the postponement of a project in the beverage segment to FY 2022.
In FY2021, the FMCG sector generated 38% of consolidated sales, compared to 35% in FY 2020 L4L.
In terms of products, the significant growth in Services, Smart Data/SaaS and Inspection, both against the consolidated figures for FY2020 and with respect to the Like-for-Like figures, more than offset the fall recorded in first installation Track & Trace solutions.
Revenues by Product - FY 2021 vs. FY 2020
| FY 2020 | Changes on Changes vs | |||||||
|---|---|---|---|---|---|---|---|---|
| Produts | FY 2021 | % | L-F-L | %. | FY 2020A | % | LFLX | Actual % |
| Services | 26.1 | 14.6% | 21.4 13.5% | 16.9 14.0% | 21.8% | 54.1% | ||
| Smart Data/SaaS | 29.5 16.5% | 18.1 11.4% | 6.1 5.0% | 63.0% | 386.7% | |||
| Track & Trace (HW + SW) | 43.0 | 24.0% | 55.3 34.8% | 55.2 45.6% | $-22.3%$ | $-22.2%$ | ||
| Inspection | 80.4 44.9% | 64.0 40.3% | 42.8 35.4% | 25.6% | 87.8% | |||
| Antares Vision Group | 178.9 100.0% | 158.8 100.0% | 121.0 100.0% | 12.7% | 47.9% |
Source: Antares Vision Group
Revenues by Product - 4Q 2021 vs. 4Q 2020
| 4Q 2020 | 40. | Changes on Changes vs | ||||||
|---|---|---|---|---|---|---|---|---|
| Produts | 40 20 21 | % | L-F-L- | % | 2020A | %. | $L - L$ % | Actual % |
| Services | 6.4 | 10.8% | 5.9 11.7% | 4.8 12.6% | 8.0% | 34.2% | ||
| Smart Data/SaaS | 13.6 22.8% | 6.5 12.8% | 2.4 | 6.4% | 109.7% | 461.9% | ||
| Track & Trace (HW + SW) | 11.9 | 20.0% | 14.3 28.3% | 14.3 37.7% | $-17.0%$ | $-16.9%$ | ||
| Inspection | 27.7 | 46.4% | 23.9 47.2% | 16.4 43.3% | 15.6% | 68.7% | ||
| Antares Vision Group | 59.6 100.0% | 50.7 100.0% | 37.9 100.0% | 17.6% | 57.2% |
Source: Antares Vision Group
In particular, in 4Q 2021, the Smart Data/SaaS segment recorded exceptional growth (+110% on a L4L basis), thanks to the excellent performance of rfxcel. The Services and Inspection segments also recorded a significant rise, resulting in a 17.6% increase in group turnover.
In FY 2021, recurring revenues, comprised by Services and Smart Data/SaaS, represented 31.0% (33.6% in 4Q 2021) of the total, recording a growth of +40.6% (+61.0% YoY in 4Q21) on a L4L basis; in FY 2020, recurring revenues were 24.9% on a L4L basis and 19.0% on a consolidated basis.
Revenue exposure in the Russian market
Given the current situation in Eastern Europe, for the sake of transparency, we would like to provide a full picture of our historic exposure, in terms of turnover, in the Russian and Belarus markets. In 2021, the turnover in these markets amounted to €5.2 million (3% of consolidated sales), The credit exposure is currently close to zero. In 2020 sales were €23.4 million (19%), following the pharma tracking imposed from December 2020, increasing from €4.5 million (4%) in 2019.
CONSOLIDATED INCOME STATEMENT
In FY 2021, the Value of Production stood at €189.9 million, up 48.0% against the consolidated result for FY 2020.
The First Margin and Added Value, which posted €143.0 million and €112.5 million respectively, rose by +49.2% and by +50.0% compared to 31 December 2020. In terms of profit margins, the First Margin improved (FY21 79.9% vs. FY20 79.2%) as did Added Value (FY21 62.9% vs. FY20 62.0%), due i) to the positive transformation underway of Track & Trace, from a first installation business to a recurring business with high profit margins (represented by Smart Data/SaaS and Services), ii) the lesser use of external resources in installation processes, preferring internal ones and iii) the lower incidence of commissions to agents due to higher direct sales through local subsidiaries.
Gross Operating Profit (EDITDA)3 posted €43.5 million against €29.3 million recorded in FY 2020 (+48.4), and represented 24.3% of turnover (24.2% in FY 2020). The above-indicated increase in EBITDA enabled the lower profitability of recent acquisitions to be offset, which to date have only partly benefited from the expected synergies, as well as the increase (+51.0% vs. FY 2020, +€23.3 million) in the cost of labour, which stood at €69.0 million. This increase is due to the extension of the scope of consolidation (around €15 million4 ), as well as the forward-looking process of internalising resources as an informed investment to handle the growth recorded in the second half of 2021, and in future years.
The Group's expectations for 2022 and for future years is to continue to improve profit margins; this will be achieved through: 1) the progressive introduction of Track & Trace solutions to the FMCG sector, which will increase the weight of highly profitable recurring revenues, as our business model is characterised by the initial introduction of hardware (first installation T&T L1-L3), which is then followed by recurring business (Services and Smart Data/SaaS); 2) an improvement in the income performance of the companies acquired, thanks to revenue and costs synergies; 3) a more modest increase in personnel costs.
Adjusted Operating Profit (EDIT Adj.) posted €35.7 million against €25.3 million recorded in FY 2020 (+41.0%), and represented 20.0% of turnover (20.9% in FY 2020). In addition to the impact of higher depreciation resulting from the consolidation of the companies acquired, 2021 was also affected by higher amortisation due to the capitalisation of R&D costs and of rights of use (IAS 16).
The figures presented above do not include certain extraordinary items, reclassified under EBIT, represented by costs that Antares Vision incurred for the translisting to the MTA (€5.9 million), for acquisitions (€3.7 million), and by the write-down of pre-acquisition rfxcel receivables, that have no financial impact (€2.2 million).
Financial charges amounted to €4.1 million and were significantly influenced by 1) €1.0 million in bank charges for a bridge loan taken out for the acquisition of rfXcel and almost immediately repaid with the proceeds from the listing, and 2) by non-monetary items, represented by the effect of the fair value measurement of the warrants issued in 2019 (IAS 32), which led to a loss of €3.3 million, only partly offset by the positive effects of €0.4 million of the fair value measurement of derivative instruments and of €1.5 million for exchange rate gains.
To provide a clearer view of Net Profit, it was normalised (net of the figurative tax effects) by excluding the following: 1) extraordinary items €12.2 million (including the write-off including €0.3 million for an earn-out to the benefit of Pentec/Tecnel shareholders), 2) the effect of the warrants €3.3 million, 3) the effect of the amortisation of PPAs €5.9 million, 4) foreign exchange gains of €1.5 million and 5) the commission paid on the bridge loan of €1.0 million. Excluding these extraordinary items, the resulting Net Adjusted Profit is €28.3 million, compared to €24.7 million in the corresponding period of 2020, therefore, with a 14% increase.
As regards taxes, in 2020, the company benefited from a positive tax effect of €7.8 million, resulting the recognition of a Patent-Box for the period of 2016-2019; in FY 2021, the company did not benefit from any positive tax effect resulting from the Patent-Box. Net of the Patent Box effect, Adj. Net Income would shows an increase of 67%.
3 Adjusted by the extraordinary costs relating to the translisting, to acquisitions and to the write-down of pre-acquisition rfxcel receivables
4 Includes the cost of labour relating to rfxcel, Pentec, Tecnel, Adents, Applied Vision and Convel
Consolidated Profit (Loss) before Tax and Net Profit (Loss) were both positive, and amounted to €13.5 million and €12.2 million respectively, also after the negative impact of extraordinary items.
Lastly, it is important to mention that the saturation of logistics activities and the lack of electronic components due to the strong global economic recovery which, in certain sectors/enterprises, is creating procurement, production and delivery difficulties, had a limited impact on the Antares Vision Group. To manage potential cost increases and the lack of availability of electronic components, the Group: i) promptly started looking for new and alternative sources of supply; ii) started and completed the re-engineering of several products to reduce the quantity of necessary electronic components; iii) managed to absorb the higher costs thanks to the lower proportion of total costs represented by these components and iv) has been able and will be able to transfer the inflation on said components to its customers. The potential delay in the delivery of the components will, in any event, require more attentive production planning in order to avoid or manage potential delays in deliveries. Also from a logistics perspective, no significant cost impacts have emerged, insofar as, in the majority of cases, transport costs are borne by the customer; nevertheless, greater attention will be directed towards shipment planning following the above-mentioned saturation of logistics chains.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Total Fixed Assets recorded a significant increase (93.0%) following:
- the acquisitions carried out during the year:
- o of 100% of Tecnel e Pentec (€9.0 million);
- o of 100% of rfxcel(€104.4 million);
- o of 30% of Antares Vision North America (€1.8 million);
- the investments in tangible assets made above all at the Travagliato and Parma sites for €2.2 million;
- the rights of use resulting from the application of IAS 16 (€3.8 million);
- the acquisition of minority shareholdings in RurAll, Siempharma and Antares Vision Shenzen (€3.4 million);
- the investment in fix assets (implementation of the new ERP/SAP;
- the capitalisation of development costs for €12.2 million.
Net Working Capital also increased by 25% following the acquisitions made, as well as benefiting from the continuous optimisations of all its components pursued by management.
As at 31 December 2021, Shareholders' Equity amounted to €272.4 million, up against the previous €135.6 million at the end of 2020, and benefiting from:
- the translisting from the AIM to the MTA, which, though the issue of 10,200,000 new shares, entailed an increase in Share capital of €24,480 and in the Share premium of €117.3 million. This operation also led to the recognition of a negative reserve of €5.6 million, which encompasses the costs incurred by the Parent Company following the successful completion of the listing process, with the ratio of the number of newly-issued shares through the share capital increase proportional to the total number of shares listed.
- the share capital increase resolved as part of the rfXcel transaction through the issue of 668,198 ordinary shares for the amount of €1,604 in terms of higher Share Capital and €6.8 million as higher Share premium;
• the exercise during the year of 568,953 warrants issued in April 2019 at the time of the business combination between the Parent Company and Alp.I S.p.A. in favour of the shareholders of the latter, with a view to listing Antares Vision S.p.A. on the AIM market, consequently increasing Share Capital by €289 and the Share premium by €11,753.
The Net Financial Position (excluding the effects of the mark-to-market valuation of the warrants) was a negative €19.0 million, compared to €29.2 million as at 31 December 2020.
The improvement of the Net Financial Position with respect to last year, amounting to €10.2 million, is due to a combination of: a) a positive operating cash flow, before M&A transactions, of €14.0 million; b) the outlay for the acquisitions (net of cash acquired) of Pen-tec and Tecnel for a consideration of €9.0 million and of rfxcel for a purchase price of €99.7 million; c) the share capital increase resolved as part of the rfXcel transaction of €6.8 million; d) the liquidity collected through the translisting from the AIM Italia market to the MTA of €111.7 million; e) the extraordinary costs incurred for the acquisitions and for the listing totalling €12.2 million; f) net financial charges and other changes the fair value measurement of the securities of €1.4 million.
In addition, the Net Financial Position benefited from the restructuring of medium-long term debt, through the issue and placement of unsecured non-convertible bond notes ("US Private Placement") with Pricoa Capital Group for €40 million. The notes were issued in a single tranche and have a 12 year maturity, with an interest-only period of 8 years and a fixed interest rate of 2.86%. At the same time, Antares Vision launched a refinancing operation for bank debt by securing new bank loans with an average duration of over 5 years, a maturity of between 7 and 8 years and an average fixed cost (post-hedging) of around 1.7%. This enabled the Antares Vision Group to obtain considerable liquidity (€120 million at an average weighted cost of 2% and an average weighted duration of 6.4 years) which can be invested in its plans for future development.
Outlook for business operations
With regard to FY 2022, Antares Vision Group will continue to pursue its growth strategy with a view to consolidating its leadership, also thanks to a newly organised group and a unique and distinctive positioning of its ecosystem, which thanks to the integration and interconnection of technologies, is able to manage all supply chain data, from origin, through production and distribution, to the final consumer, to guarantee transparency to all players of the supply chain.
Therefore, given the increase in orders recorded in 2021 (+22% L4L), in FY 2022, management expects to see turnover rise by between +13% and +18to which an increase in first installation T&T revenues and improved profit margins will make a positive contribution. The growth guidance is affected by uncertainties linked to the conflict triggered by Russia, which for Antares Vision represented a market with interesting business prospects, that could now be slowed down or even cancelled.
Events after the end of the period
On 18 February 2022, through rfxcel, Antares Vision Group finalised the acquisition of ACSIS Inc. ("ACSIS") for an Enterprise Value of US\$12 million. Established in 1996, ACSIS provides innovative software solutions and services to companies with comprehensive warehouse, distribution and packaging management. ACSIS offers software solutions to multinationals to manage traceability data, to optimise stock management, relating to the supply chain, and to manage integrated data through ERP systems. For over 20 years, CSIS has been providing solutions and services to several industrial Fortune 1000 companies, with complex and regulated supply chains. ACSIS' top
customers include DuPont, Cintas, BIMBO, Hershey and Coca-Cola. This acquisition will enable Antares Vision to further boost its range of end-to-end software solutions for supply chain digitalisation, to expand its presence in new industrial sectors and to increase its customer portfolio, mainly to Fortune 1000 multinationals.
Lastly, note that in January and February 2022, 5,006 warrants were exercised, corresponding to 963 ordinary shares, consequently increasing the share capital by €2.31 and the share premium by €96.30. Following said exercise, on the date of preparation of this document, 2,490,400 warrants were still outstanding.
Much more recently, the conflict between Russia and Ukraine is certainly an element of concern, insofar as the outcomes and consequences of this crisis are not at all clear yet, both on the fate of the world economy, and on the business of Antares Vision Group, even though, at present, the Group has limited exposure, both in terms of credit positions (close to zero) and in terms of turnover (less than 3% in 2021.). Nevertheless, it is important to emphasise that, before these events, the Russian market was no doubt an area of interest for the implementation of the Group's traceability solutions, which most likely will suffer a slowdown. The latter has been taken into consideration in the growth prospects for 2022 outlined above.
***
The Draft Financial Statements of Prysmian S.p.A. and the Consolidated Financial Statements at 31 December 2021 approved today by the Board of Directors will be made available to the public by the terms and conditions provided for by applicable law in force at the Company's registered office in Via del Ferro 16, Travagliato (BS). They will also be made available, by the same terms and conditions, on the corporate website www.antaresvision.com. For the transmission and storage of Regulated Information, Antares Vision S.p.A. has opted to use the " SDIR" and " storage" platforms managed by Computershare S.p.A, via Lorenzo Mascheroni n. 19, 20145 Milan.
***
Conference with investors and analysts
The results as at 31 December 2021, approved today by the Board of Directors, will be presented by Emidio Zorzella - Chairman and Joint-CEO, Massimo Bonardi – Joint-CEO, Alioscia Berto - CFO, Alessandro Baj Badino - Head of Investor Relations during a conference call with the financial community planned for today, 7 March 2021, at 6 p.m.
The annual financial report will be made available to the public as and when required by law.
The relative documentation will be available at the same time on the website www.antaresvision.com (Investors/Investor Relations section) and on ().
Journalists may attend the presentation, in listening mode only, by connected to the number reserved to them +39 02 8020927.
***
The manager responsible for preparing the company's financial reports, Alioscia Berto, hereby states, pursuant to and by effect of the provisions of article 154-bis, paragraph 2, of Italian Legislative Decree no. 58 of 1998, that the disclosures contained in this press release match the information reported in
the documents, books and accounting records. Note that the turnover figures referred to in this press release have not been audited.
***
This press release contains forward-looking statements. These statements are based on the current expectations and forecasts of Antares Vision Group as regards future events, and, by their nature, are subject to an intrinsic element of risk and uncertainty. They are statements that refer to events and depend on circumstances that may, or may not, take place or arise in the future and, as such, should not be unduly relied on. The actual results could significantly differ to those contained in said statements due to numerous factors, including the continuing volatility and a further deterioration of the capital and financial markets, changes in macroeconomic conditions and in economic growth, as well as changes in laws and regulations and in the institutional scenario (both in Italy and abroad), and numerous other factors, the majority of which are beyond the Company's control.
***
ABOUT ANTARES VISION GROUP
Antares Vision Group is an outstanding technology partner in digitalization and innovation for enterprises and institutions, guaranteeing the safety of products and people, business competitiveness and environmental protection.
Antares Vision Group is a technological enabler of supply chain transparency and of sustainable transition, to protect business competitiveness and the uniqueness of each country.
It provides a unique and comprehensive ecosystem of technologies to guarantee product quality (inspection systems and equipment) and end-to-end product traceability (from raw materials to production, from distribution to the consumer), with integrated data, production and supply chain management, also achieved through the application of artificial intelligence and the use of blockchains.
Antares Vision Group is active in the Life Science sector (pharmaceutical, biomedical devices and hospitals), in the beverage, food and cosmetics industries, and has potential in other sectors. The world leader in Track&Trace systems for pharmaceutical products, it provides the major global manufacturers (over 50% of the top 20 multinationals) and numerous government authorities with solutions to monitor their supply chains and validate product authenticity.
Listed since April 2019 on the Italian Stock Exchange in the AIM (Alternative Investment Market) segment, and from 14 May 2021 in the STAR segment of the MTA (Electronic equity market), Antares Vision Group recorded a turnover of Euro 162 million in 2020, operates in 60 countries, employs around 1000 people and has a consolidated network of over 40 international Partners.
Further information please visit www.antaresvision.com and www.antaresvisiongroup.com.
For further information
ANTARES VISION GROUP ALESSANDRO BAJ BADINO (HEAD OF INVESTOR RELATIONS) TEL.: +39 030 72 83 500
E-MAIL: INVESTORS@ANTARESVISION.COM
PRESS CONTACTS AXELCOMM FEDERICA MENICHINO CELL. +39 3496976982 E-MAIL: [email protected]
RECLASSIFIED CONSOLIDATED INCOME STATEMENT
| Antares Vision Consolidated P&L ('000,€) | 1221 YTD | 1220 YTD | Change % |
|---|---|---|---|
| Sales | 178.969 | 121.030 | 47,9% |
| Capitalization of R&D | 8.307 | 4.721 | 76,0% |
| Other Tax Credit | 2.088 | 1.356 | 54,0% |
| Tax Credit | 515 | 1.195 | $-56,9%$ |
| Value of Production | 189880 | 128 302 | 48,0% |
| 4.998 | 225,8% | ||
| Changes in Inventory Stock | 40.402 | 1.534 | |
| Purchase Changes in work in progress |
$-3.284$ | 26.019 $-65$ |
55,3% 4962,9% |
| Cost of Goods Sold | 42 116 | 27,489 | 53,2% |
| Margin % on Sales | 23,5% | 22,7% | |
| Commissions for agents | 3.566 | 3.248 | 9,8% |
| Installation Expenses | 1.155 | 1.685 | $-31,4%$ |
| First Margin | 143.042 | 95.880 | 49,2% |
| Margin % on Sales | 79,9% | 79,2% | |
| Third party assets | 1.234 | 1.319 | $-6.4%$ |
| Operating expenses | 321 | 147 | 117,9% |
| Services | 28.969 | 19.382 | 49,5% |
| Added Value | 112518 | 75.032 | 50,0% |
| Margin % on Sales | 62,9% | 62,0% | |
| Labour Cost | 69.029 | 45.727 | 51,0% |
| Employees | 62.618 | 40.976 | 52,8% |
| Professional Staff | 6.411 | 4.752 | 34,9% |
| EBITDA Margin % on Sales |
43 489 24,3% |
29 30 5 24,2% |
48,4% |
| Provision | 847 | 319 | 165,5% |
| Depreciation | 6.924 | 3.662 | 89,1% |
| R&D intangible assets | 4.011 | 2.105 | 90,6% |
| Tangible assets | 2.914 | 1.557 | 87,1% |
| EBIT RICL | 35718 | 25.324 | 41,0% |
| Margin % on Sales | 20,0% | 20,9% | |
| Financial expenses | 4.125 | 4.035 | 2,2% |
| Financial interest & commissions | 2.745 | 1.568 | 75,1% |
| Exchange rates profit & loss | $-1.511$ | 2.771 | $-154,5%$ |
| Derivatives | $-383$ | 0,0% | |
| Warrants mark to market | 3.275 | $-303$ | $-1180,0%$ |
| Extraordinary expenses | 12.221 | 5.144 | 137,6% |
| PPA-GW Amortization | 5.916 | 1.474 | 301,3% |
| Altri Conti PL | 0,0% | ||
| EBT_RICL | 13 4 56 | 14.671 | $-8,3%$ |
| Margin % on Sales | 7,5% | 12,1% | |
| Taxation | 1.108 | $-3.445$ | $-132,2%$ |
| Net profit/loss of thirds party | -49 | $-44$ | 11,4% |
| NET PROFIT | 12 3 96 | 18 159 | $-31,7%$ |
| Margin % on Sales | 6,9% | 15,0% | |
| First Margin Net of Capital | 132 132 | 88.608 | 49,1% |
| Margin % on Sales | 73,8% | 73,2% |
| EBT RICL | 13 4 56 | 14 671 | $-8.3%$ |
|---|---|---|---|
| PPA-GW Amortization | 5.916 | 1.474 | |
| Extraordinary expenses | 12.221 | 5.144 | |
| Exchange (gain)/loss | $-1.511$ | 2.771 | |
| Fees loan Mediobanca | 951 | ||
| Warrant | 3.275 | -303 | |
| EBT RICL ADJ | 34,308 | 23 756 | 44.4% |
| Patent Box 2016-2019 | -7.783 | ||
| Taxation on adjusted EBT | 6.034 | 6.850 | |
| Third parties Profit/(Loss) | $-49$ | $-44$ | |
| NET PROFIT ADJ | 28 3 22 | 24 733 | 14,5% |
| 1500/ | 20 A |
RECLASSIFIED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| Antares Vision Consolidated BS ('000,€) | 1221 YTD | 1220 YTD | Change % |
|---|---|---|---|
| Real Estate & Right of use | 23.552 | 19.473 | 20.9% |
| Financial Assets | 7342 | 1971 | 84.9% |
| Net Tangible Assets | 2.986 | 2019 | 47.9% |
| Net Intangible Assets | 214 072 | 107.174 | 107.9% |
| Total Fixed Assets | 247.952 | 132.638 | 93,1% |
| % Incid. On NIC | $-21425.4%$ | 78.5% | |
| Inventory Raw Material | 24 112 | 21.786 | 10.7% |
| Inventory Finished Goods | 6.411 | 6.254 | 2.5% |
| Inventory WIP | 7.052 | 1.694 | 90.9% |
| Total Inventory | 37.575 | 31.734 | 18,4% |
| Trade Receivables | 63.932 | 47.533 | 34.5% |
| Trade Pavables | $-18.675$ | $-14.281$ | 30.8% |
| Advances from Clients | $-20.283$ | $-14815$ | 36.9% |
| Trade Net Working Capital | 62.550 | 50.171 | 24,7% |
| % Incid. On NIC | 20.9% | 29.7% | |
| Other Current Assets | 26.537 | 24.169 | 9.8% |
| Other Current Liabilities | $-25.851$ | $-27.935$ | 8,9% |
| Net Working Capital | 63.237 | 46,405 | 25,0% |
| % Incid. On NIC | 21.2% | 27.5% | |
| Severance Indemnity Fund (TFR) | .8634 | $-6917$ | 24,8% |
| Other Funds | 339. | $-628$ | 53.5% |
| Bad Delst | $-2.713$ | -2.525 | 7.4% |
| Net Invested Capital | 298.878 | 168.972 | 76,9% |
| % Incid, On NIC | 100.0% | 100.0% | |
| Net Equity | 272 399 | 135,605 | 100.9% |
| Net Equity | 272.399 | 135.605 | 100,9% |
| % Incid. On TSoF | 0.0% | 80.3% | |
| Long Term loans + Leasing | 144 959 | 162.556 | $-10.8%$ |
| Net Cash | $-118.479$ | $-129.189$ | $-8.3%$ |
| Net Financial Debt | 26,479 | 33.368 | $-20.6%$ |
| % Incid, On TSoF | 8.9% | 19.7% | |
| Total Source of Financing | 298.878 | 168.972 | 76,9% |
| % Incid. On TSoF | 100.0% | 100.0% |
| Net Financial Debt excl. Warrant | 18.99 | 29.156 | |
|---|---|---|---|
CONSLIDATED INCOME STATEMENT
| Income statement | December 2021 | December 2020 |
|---|---|---|
| Revenue | 178.957.767 | 121.106.130 |
| Other income | 2.628.602 | 2.804.788 |
| Changes in finished and semi-finished | $-2.061.101$ | 3.839.175 |
| Raw materials and consumables | 40.426.341 | 23.951.418 |
| Personnel costs | 62.658.058 | 41.308.852 |
| Amortisation and depreciation | -15.504.450 | $-5.413.442$ |
| Capitalised development costs | 8.307.482 | 4.720.792 |
| Sales and marketing costs | -6.700.712 | $-5.055.134$ |
| Service costs | 42.040.393 | -26.558.750 |
| Other operating expenses | -2.783.221 | $-2.585.030$ |
| Operating profit/(loss) | 17.719.574 | 19.919.909 |
| Financial charges | -7.037.985 | $-2.806.470$ |
| Financial income | 1.347.624 | 414.340 |
| Foreign exchange gains and losses | 1.511.365 | 2.770.768 |
| Income (charges) on investments | $-84.900$ | -86.365 |
| Profit/(loss) before taxes | 13.455.678 | 14.670.646 |
| Income taxes | $-1.108.418$ | 3.444.905 |
| Net profit/(loss) | 12.347.260 | 18.115.551 |
| Profit/(loss) attributable to minority interests | 48.730 | 43.762 |
| Total comprehensive profit/(loss) after tax | 12.395.990 | 18.159.313 |
| Earnings per share | ||
| - Basic, profit attributable to the ordinary shareholders of the Parent Company | 0,19 | 0,40 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| Statement of financial position | 31/12/2021 | 31/12/2020 |
|---|---|---|
| Assets | ||
| Non-current assets | ||
| Property, plant and equipment and right of use assets | 26.538.178 | 21.491.805 |
| Goodwill | 145.859.266 | 71.674.404 |
| Other intangible assets | 83.489.469 | 35.499.850 |
| Investments in associates, joint ventures and other companies Non-current financial assets |
7.341.702 235.277 |
3.971.479 157.857 |
| Deferred tax assets | 14.964.705 | 7.024.224 |
| Total non-current assets | 278.428.597 | 139.819.619 |
| Current assets | ||
| Inventories | 38.182.503 | 32.290.540 |
| Trade receivables | 61.785.590 | 46.499.287 |
| Other receivables | 10.730.526 | 16.429.757 |
| Other current financial assets | 40.145.623 | 33.144.228 |
| Cash and banks | 78.332.432 229.176.674 |
96.044.433 |
| Total current assets | 224.408.245 | |
| Total assets | 507.605.271 | 364.227.864 |
| Shareholders' equity and liabilities | ||
| Shareholders' equity | ||
| 169.451 | 143.074 | |
| Share capital Other reserves |
260.814.129 | 129.829.967 |
| FTA reserve | 15.250.613 | 15.250.613 |
| Retained earnings | 14.479.590 | 2.391.647 |
| Profit/(loss) for the period | 12.395.990 | 18.159.313 |
| Total shareholders' equity | 272.608.547 | 135.273.388 |
| Capital and reserves attributable to minority interests | -160.799 | 375.077 |
| Profit/(loss) attributable to minority interests | 48.730 | 43.762 |
| Total shareholders' equity attributable to minority interests | $-209.529$ | 331.314 |
| Total shareholders' equity | 272.399.018 | 135.604.702 |
| Non-current liabilities | ||
| Non-current loans and borrowings | 128.150.631 | 120.077.078 |
| Non current lease liabilities | 9.376.073 | 6.856.513 |
| Other non current financial liabilities | 566.764 8.633.983 |
1.497.331 |
| Retirement benefit obligations Deferred tax liabilities |
17.583.213 | 6.916.880 4.688.127 |
| Other non current liabilities | 329.207 | 136.592 |
| Total non-current liabilities | 164.639.871 | 140.172.521 |
| Current liabilities | ||
| Current loans and borrowings | 5.989.703 | 33.915.953 |
| Current lease liabilities Other current financial liabilities |
1.683.232 | 1.812.104 |
| Current provisions for risks and charges | 459.780 964.618 |
628.364 |
| Contract liabilities | 2.721.242 | 10.769.569 |
| Trade payables | 18.674.613 | 14.281.461 |
| Other payables | 40.073.194 | 27.043.189 |
| Total current liabilities | 70.566.382 | 88.450.641 |
| Total shareholders' equity and liabilities | 507.605.271 | 364.227.864 |
CONSOLIDATED CASH FLOW STATEMENT
| Cash flow statement (indirect method) | 31/12/2021 | 31/12/2020d |
|---|---|---|
| $(*)$ | ||
| PROFIT FOR THE YEAR | 12.395.990 | 18.159.313 |
| Income tax | 1.303.702 | $-3.444.905$ |
| Financial income | $-1.347.624$ | $-414.340$ |
| Financial charges | 7.037.985 | 2.806.470 |
| Depreciation and impairment loss on property, plant and equipment | 2.913.663 | 1.557.087 |
| Amortisation and impairment of intangible fixed assets | 9.952.001 | 3.579.111 |
| Employee severance indemnities | $-546.076$ | $-557.158$ |
| Net change in deferred tax assets and liabilities | 0 | 0 |
| Other non-monetary movements | 5.924.808 | 5.536.346 |
| Income taxes paid | $-677.229$ | $-1.770.801$ |
| (Increase)/decrease in inventories | 4.729.256 | $-2.790.199$ |
| (Increase)/decrease in trade receivables | $-1.138.239$ | 15.221.124 |
| (Increase)/decrease in other non-financial assets | $-281.334$ | $-1.460.093$ |
| Increase/decrease in trade payables | 2.519.300 | 5.946.464 |
| Increase/decrease in other non-financial liabilities | $-3.504.008$ | $-14.375.151$ |
| NET CASH FLOWS FROM OPERATING ACTIVITIES | 29.823.683 | 16.100.340 |
| Investing activities: | 0 | 0 |
| Net purchases of property, plant and equipment | $-3.074.273$ | $-621.899$ |
| Net investments in intangible assets | $-13.429.422$ | $-6.316.708$ |
| Investments in associates and joint ventures | $-2.330.122$ | $-244.255$ |
| Purchases of current financial assets | $-5.653.771$ | $-12.000$ |
| Business combinations, net of cash and banks acquired | 112.273.281 | 47.687.240 |
| NET CASH FLOWS FROM INVESTING ACTIVITIES | -136.760.870 | $-54.882.102$ |
| Financing activities: | $\Omega$ | n |
| New loans and borrowings | 218.729.493 | 71.000.000 |
| Repayments of loans and borrowings | 246.496.471 | $-19.181.394$ |
| Repayments of other financial liabilities | $-2.016.230$ | $-1.708.055$ |
| Other increases in capital | 118.148.599 | 19.501 |
| CASH FLOWS FROM FINANCING ACTIVITIES | 88.365.392 | 50.130.052 |
| NET CHANGE IN CASH AND BANKS | $-18.571.796$ | 11.348.290 |
| EXCHANGE DIFFERENCE ON CASH AND BANKS | 859.794 | $-503.658$ |
| Cash and banks at beginning of year | 96.044.433 | 85.199.801 |
| Cash and banks at end of year | 78.332.432 | 96.044.433 |
INCOME STATEMENT – Antares Vision S.p.A.
| Income statement | 31/12/2021 | 31/12/2020 |
|---|---|---|
| $(*)$ | ||
| Revenue | 81.635.608 | 86.015.478 |
| Other income | 2.680.732 | 1.980.391 |
| Changes in finished and semi-finished | $-2.982.874$ | $-6.785.177$ |
| Raw materials and consumables | $-18.506.544$ | $-15.283.688$ |
| Personnel costs | $-24.459.119$ | $-22.094.310$ |
| Amortisation and depreciation | $-4.181.507$ | $-2.575.676$ |
| Capitalised development costs | 5.601.531 | 3.938.770 |
| Sales and marketing costs | $-3.687.389$ | $-4.207.906$ |
| Service costs | $-32.224.999$ | $-22.884.005$ |
| Other operating expenses | $-1.109.076$ | $-2.107.976$ |
| Operating profit/(loss) | 2.766.362 | 15.995.901 |
| Financial charges | $-6.594.947$ | $-2.747.667$ |
| Financial income | 1.777.688 | 627.965 |
| Foreign exchange gains and losses | 120.039 | $-40.222$ |
| Income (charges) on investments | 78.329 | |
| Profit/(Loss) before tax | $-1.852.529$ | 13.835.978 |
| Income taxes | 1.572.101 | 3.949.898 |
| Net profit/(loss) | $-280.428$ | 17.785.876 |
STATEMENT OF FINANCIAL POSITION – Antares Vision S.p.A.
| Statement of financial position | 31/12/2021 | 31/12/2020 $^{(*)}$ |
01/01/2020 |
|---|---|---|---|
| Assets | |||
| Non-current assets | |||
| Property, plant and equipment and right-of-use assets Other intangible assets |
13.613.307 11.976.801 |
12.857.106 8.465.498 |
10.897.350 5.182.301 |
| Investments in other companies | 237.330.698 | 128.999.829 | 75.000.498 |
| Financial receivables from Group's entities | 10.896.931 | 4.049.327 | 3.525.317 |
| Non-current financial assets | 16.763 | 23.457 | 76.564 |
| Deferred tax assets | 5.937.902 | 4.123.182 | 7.627.978 |
| Total non-current assets | 279.772.403 | 158.518.398 | 102.310.007 |
| Current assets | |||
| Inventories | 21.895.239 | 21.425.286 | 18.489.250 |
| Trade receivables | 39.434.137 7.795.651 |
38.500.679 | 52.976.543 0 |
| Financial receivables from Group's entities Other receivables |
7.807.386 | 5.099.658 14.022.079 |
4.989.957 |
| Other current financial assets | 34.042.956 | 33.144.228 | 33.132.228 |
| Cash and banks | 42.492.793 | 67.861.871 | 65.730.714 |
| Total current assets | 153.468.162 | 180.053.802 | 175.318.693 |
| Total assets | 433.240.565 | 338.572.200 | 277.628.701 |
| Shareholders' equity and liabilities | |||
| Shareholders' equity | |||
| Share capital | 169.451 | 143.074 | 142.606 |
| Other reserves | 253.266.795 | 128.495.201 | 110.148.127 |
| FTA reserve | $-14.931.441$ | $-14.931.441$ | $-14.931.441$ |
| Retained earnings | 11.666.433 | $-48.073$ | $-3.088.169$ |
| Profit/(loss) for the period | $-280.428$ | 17.785.876 | 21.340.276 |
| Total shareholders' equity | 249.890.810 | 131.444.637 | 113.611.399 |
| Non-current liabilities | |||
| Non-current loans and borrowings | 127.926.781 | 120.009.513 | 84.409.815 |
| Non-current lease liabilities | 6.282.191 | 5.064.193 | 6.173.907 |
| Other non-current financial liabilities | 564.773 5.888.876 |
1.490.486 4.822.036 |
568.648 3.719.272 |
| Retirement benefit obligations Deferred tax liabilities |
446.270 | 292.499 | 207.393 |
| Total non-current liabilities | 141.108.891 | 131.678.727 | 95.079.035 |
| Current liabilities | |||
| Current loans and borrowings | 5.200.985 | 33.824.185 | 15.527.667 |
| Current lease liabilities | 573.867 | 2.210.268 | 263.160 |
| Current provisions for risks and charges | 372.788 | 220.371 | |
| Contract liabilities Trade payables |
1.405.329 18.289.544 |
9.833.351 12.798.979 |
25.245.862 15.526.538 |
| Other payables | 16.398.351 | 16.561.682 | 12.375.039 |
| Total current liabilities | 42.240.864 | 75.448.836 | 68.938.267 |
| Total shareholders' equity and liabilities | 433.240.565 | 338.572.200 | 277.628.701 |
CASH FLOW STATEMENT – Antares Vision S.p.A.
| Cash flow statement (indirect method) | 31/12/2021 | 31/12/2020 |
|---|---|---|
| $(*)$ | ||
| PROFIT FOR THE YEAR | $-280.428$ | 17.785.876 |
| Income tax | $-1.572.101$ | $-3.949.898$ |
| Financial income | $-1.777.688$ | $-627.965$ |
| Financial charges | 6.594.947 | 2.747.667 |
| Depreciation and impairment loss on property, plant and equipment | 625.587 | 20.977 |
| Amortisation and impairment of intangible fixed assets | 3.368.193 | 2.410.486 |
| Employee severance indemnities | $-379.938$ | $-71.590$ |
| Other non-monetary movements | 1.387.710 | 917.851 |
| Income taxes paid | $-105.610$ | |
| (Increase)/decrease in inventories | $-469.953$ | $-2.936.036$ |
| (Increase)/decrease in trade receivables | $-1.121.185$ | 14.292.033 |
| (Increase)/decrease in other non-financial assets | 6.326.998 | 287.393 |
| Increase/decrease in trade payables | 5.490.565 | $-2.727.449$ |
| Increase/decrease in other non-financial liabilities | 7.914.434 | $-12.075.716$ |
| NET CASH FLOWS FROM OPERATING ACTIVITIES | 10.172.662 | 16.073.629 |
| Investing activities: | ||
| Net purchases of property, plant and equipment | $-1.381.789$ | $-9.000$ |
| Net investments in intangible assets | $-6.879.496$ | $-5.772.026$ |
| Investments in associates and joint ventures | -117.709.772 | $-60.302.105$ |
| Purchases of current financial assets | 0 | $-12.000$ |
| Business combinations, net of cash and banks acquired | $-125.971.057$ | $-66.095.131$ |
| NET CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Financing activities: | 218.729.493 | 71.000.000 |
| New loans and borrowings | -246.030.372 | $-18.029.449$ |
| Repayments of loans and borrowings | $-418.403$ | $-837.394$ |
| Repayments of other financial liabilities | 118.148.599 | 19.501 |
| CASH FLOWS FROM FINANCING ACTIVITIES | 90.429.318 | 52.152.658 |
| NET CHANGE IN CASH AND BANKS | $-25.369.078$ | 2.131.156 |
| Cash and banks at beginning of year | 67.861.871 | 65.730.714 |
| Cash and banks at end of year | 42.492.793 | 67.861.871 |