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Cofle
Interim / Quarterly Report • Sep 29, 2025
4082_rns_2025-09-29_29263ef7-96f0-42c6-9c54-bf51430bd11f.pdf
Interim / Quarterly Report
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| Informazione Regolamentata n. 20232-12-2025 |
Data/Ora Inizio Diffusione 29 Settembre 2025 21:40:02 |
Euronext Growth Milan | |
|---|---|---|---|
| Societa' | : | COFLE | |
| Identificativo Informazione Regolamentata |
: | 210431 | |
| Utenza - referente | : | COFLEN02 - BARBIERI ALESSANDRA | |
| Tipologia | : | 1.2 | |
| Data/Ora Ricezione | : | 29 Settembre 2025 21:40:02 | |
| Data/Ora Inizio Diffusione | : | 29 Settembre 2025 21:40:01 | |
| Oggetto | : | CONSOLIDATED INTERIM FINANCIAL REPORT AS OF JUNE 30, 2025 |
|
| Testo del comunicato |
Vedi allegato
Press release
THE BOARD OF DIRECTORS OF COFLE S.P.A. APPROVES THE CONSOLIDATED INTERIM FINANCIAL REPORT AS OF JUNE 30, 2025
CONSOLIDATED FIGURES AS OF 30 JUNE 2025:
- VALUE OF PRODUCTION: € 26.3 MILLION (€ 31.8 MILLION AS OF JUNE 30, 2024)
- ADJUSTED EBITDA: € 3.6 MILLION (€ 4.4 MILLION AS OF JUNE 30, 2024)
- EBITDA ADJUSTED MARGIN: 13.9% (13.8% AS OF JUNE 30, 2024)
- NET FINANCIAL DEBT: €12.1 MILLION, IMPROVING FROM €13.9 MILLION AS OF DECEMBER 31, 2024
- ADJUSTED NET FINANCIAL DEBT: €15.0 MILLION, IMPROVING FROM €17.4 MILLION AS OF DECEMBER 31, 2024
Trezzo sull'Adda (MI), September 29, 2025 – The Board of Directors of Cofle S.p.A. (EGM: CFL) – a global leader in the design, production and marketing of control cables and remote control systems, operating worldwide through two divisions: Original Equipment (OE), focused on customized systems for the Agritech, Luxury Automotive and off-road vehicle sectors, and Independent After Market (IAM), which produces control cables, brake hoses and EPB systems for the automotive aftermarket – met today and approved the Consolidated Interim Financial Report as of June 30, 2025.
Walter Barbieri, Chairman and CEO of Cofle, commented:
"The first half of 2025 marked a phase of deep strategic repositioning for our Group. We have decisively implemented a series of actions aimed at strengthening our organizational structure, with the goal of improving efficiency, reducing costs, and positioning ourselves to seize future opportunities with greater strength.
In particular, the relocation of production from Turkey to our Indian subsidiary, along with the optimization of managerial and operational resources, reflects forward-looking choices designed to make Cofle even more agile and competitive on a global scale. The first effects are already visible, especially in terms of cost containment and the improvement of the Net Financial Position.
However, the impact of personnel severance costs in Turkey has partially and temporarily offset the benefits of this strategy, with the most significant economic effects expected to emerge starting in 2026.
At the same time, we have continued to invest strongly in research and development, as we believe innovation is the driving force behind sustainable growth. We are working on new solutions and on improving our products and processes, with the aim of delivering even greater value to our customers.
Despite a challenging macroeconomic environment, we began to see encouraging signs of recovery in May and June, and we expect a clear acceleration of commercial activity in the latter part of the year.
The foundations we have laid in recent months are solid, and we are ready to turn this phase of change into a concrete growth opportunity for the entire Group.".
CONSOLIDATED INCOME STATEMENT AND BALANCE SHEET DATA AS AS OF JUNE 30, 2025
The following results include the effects of IAS 29, applied to the financial statements of the Turkish subsidiaries operating in a hyperinflationary economy.
| SUMMARY ECONOMIC AND FINANCIAL RESULTS (AMOUNTS IN MILLIONS OF EUROS) |
30/06/2025 | 30/06/2024 | VARIATION | % CHANGE |
|---|---|---|---|---|
| REVENUES | 24,4 | 31,1 | (6,7) | (21,5%) |
| VALUE OF PRODUCTION | 26,3 | 31,8 | (5,5) | (17,3%) |
| ADJUSTED EBITDA | 3,6 | 4,4 | (0,8) | (18,2%) |
| ADJUSTED EBITDA MARGIN | 13,9% | 13,8% | 0,1 | 0,7% |
| EBITDA | 1,2 | 3,6 | (2,4) | (66,7%) |
| EBITDA MARGIN | 4,4% | 11,3% | (6,9) | (61,1%) |
| RESULT FOR THE PERIOD | (3,3) | (2,1) | (1,2) | 57,1% |
| NET FINANCIAL DEBT | 12,1 | 13,9 | (1,8) | (13,0%) |
Revenues for the first half of 2025 amounted to €24.4 million (€31.1 million in the first half of 2024), which broke down as follows between the Group's two divisions:
| REVENUES (AMOUNTS IN MILLIONS OF EUROS) |
30/06/2025 | 30/06/2024 | VARIATION | % CHANGE |
|---|---|---|---|---|
| ORIGINAL EQUIPMENT | 15,1 | 19,3 | (4,2) | (21,8%) |
| INDEPENDENT AFTER MARKET | 9,3 | 11,8 | (2,5) | (21,2%) |
| TOTAL REVENUE | 24,4 | 31,1 | (6,7) | (21,5%) |
The OE Business Line, which produces control systems for the agricultural, earth-moving machinery, commercial vehicle and premium automotive sectors, and accounts for around 62% of total Group revenues, recorded sales of €15.1 million (€19.3 million in the first half of 2024), broadly in line with the trend of its reference markets.
The slowdown in investment by agricultural companies, combined with economic uncertainty and rising operating costs, led to a decline in registrations of tractors, combine harvesters and trailers. However, other complementary segments grew, indicating that certain types of machinery continue to meet specific market needs. This points to a transitional phase in which the sector is moving toward a more selective and targeted approach.
Internationally, despite difficulties in some markets, countries such as Spain and Poland are showing signs of recovery, while India continues to demonstrate its strong growth potential, with registrations up by more than 20%.
The IAM Business Line, specialized in the production of control cables and spare parts for the automotive sector, and representing 38% of Group revenues, recorded sales of €9.3 million, compared to €11.8 million in the first half of 2024.
The aftermarket is undergoing a period of significant change, driven by the electrification of mobility, digitalization, and the growth of fleet rentals. These transformations are accompanied by uncertainties related to technological developments, trade tensions, and the entry of Chinese brands into the European market.
After strong growth between 2022 and 2024, the market experienced a slight slowdown due to inflationary pressures and an unstable economic environment.
Regarding revenue trends in the months following the reporting period, the Group achieved better results than in the previous year, reducing the gap recorded in the first half by approximately 6%. This level of variance is expected to be maintained by the end of 2025.
The value of production amounted to €26.3 million (€31.8 million as of June 30, 2024), with a decrease mainly attributable to the performance of revenues during the period.
Operating costs totaled €25.1 million, down 10.7% compared to the previous year. This decrease mainly reflects lower purchasing and external processing costs for raw materials, as well as a targeted review of certain fixed costs.
Specifically, the cost of raw materials, together with changes in inventories of raw materials and finished goods, decreased by 22.2% compared to the same period of the previous year, in line with the revenue trend. Similarly, service costs decreased by 22.4% compared to June 30, 2024.
Personnel costs, while lower than in the previous year, declined by 4.8%, impacted by severance payments related to the relocation of production activities and the renegotiation of collective agreements for employees of the Turkish subsidiaries. Personnel costs and severance payments amounted to approximately €1.2 million.
The Group's adjusted EBITDA, net of €1.2 million in non-recurring personnel costs (as described above), was further adjusted by €0.3 million for personnel costs related to other Group companies, for a total of €1.5 million. In addition, €0.9 million in rent costs for the period were added.
| NOT RECURRING COSTS & IFRS 16 (AMOUNTS IN MILLIONS OF EURO) |
30/06/2025 | 30/06/2024 | Variation | Change % |
|---|---|---|---|---|
| DIRECT PERSONNEL (NRC) | 0,9 | 0 | 0,9 | 100,0% |
| INDIRECT PERSONNEL (NRC) | 0,6 | 0 | 0,6 | 100,0% |
| IFRS 16 | 0,9 | 0,8 | 0,1 | 12,5% |
| NRC & IFRS 16 | 2,4 | 0,8 | 1,6 | 200,0% |
The Group therefore achieved an adjusted EBITDA of €3.6 million, compared to €4.4 million in the first half of 2024. Despite lower revenues, the adjusted EBITDA margin stood at 13.9%, in line with the first half of 2024, reflecting the Group's operational strength in a complex market environment and during the internal reorganization of the plants involved.
The reorganization plan launched by management aims to optimize production efficiency and reduce structural costs. Key strategic actions include:
- − Reshoring of certain production activities to Italy, with the aim of strengthening quality control and reducing dependence on external suppliers.
- − Offshoring of other activities from Turkey to India, a fast-growing market where the Group is focusing new investments.
- − Logistics reorganization in Turkey, aimed at reducing related operating costs and rationalizing the distribution network.
The internal reorganization launched in the first half of 2025 is continuing into the second half of the year. This strategic initiative involves a reduction in direct and indirect costs, with non-recurring costs of approximately €4 million expected in 2025. The positive economic impact of these measures will become visible starting in 2026.
The Group's overall production capacity will remain unchanged, supported using external processing during peak periods and the gradual relocation of production to India.
The adjusted EBITDA margin stood at 13.9% (13.8% in the first half of 2024).
EBIT amounted to € -0.9 million (€ 1.3 million in the first half of 2024).
The net result for the period amounted to € -3.3 million (€ -2.1 million in the first half of 2024). In addition to the non-recurring costs, this reflects the impact of depreciation, financial and foreign exchange management, and non-cash items totaling €0.9 million, related to the application of hyperinflation accounting standards for the Turkish subsidiaries.
It is worth noting that in the first half of 2025, the Group generated positive cash flows of €1.8 million, marking a clear turnaround compared to the trend of the past three years. Management's initiatives focused on improving working capital efficiency, containing investments and operating costs, and strengthening cash generation.
As a result, net financial debt amounted to €12.1 million, a 13.3% decrease compared to €13.9 million as of December 31, 2024.
The adjusted net financial debt, which includes the residual debt related to IFRS 16 lease liabilities, amounted to €15.0 million as of June 30, 2025 (€17.4 million as of December 31, 2024), representing an improvement of 13.8%, or €2.4 million.
Shareholders' equity amounted to €22.1 million (€26.9 million as of December 31, 2024).
The Board of Directors of the Parent Company, in its capacity as Issuer, has initiated the procedures required to review the financial parameters underlying the Basket Bond subscription agreement issued in November 2022.
OUTLOOK FOR OPERATIONS
In the coming months of 2025, the Group will continue to implement its strategic initiatives aimed at reorganizing and improving the efficiency of its various plants, with the goal of offsetting the decline recorded in the first part of the year.
***
At the same time, the Group is laying the groundwork to capitalize on the expected market recovery, which is anticipated to coincide with greater macroeconomic stability and the introduction of incentive schemes for the purchase of technologically advanced machinery.
In parallel, the results achieved in the months following the reporting period confirm a progressive recovery in volumes compared to the previous year, suggesting that the positive trend is likely to continue over the remainder of the year.
***
FILING OF DOCUMENTATION
A copy of the Consolidated Financial Report as of June 30, 2025, including the Auditor's Report, will be made available to the public within the legal deadlines at the Company's registered office (Via del Ghezzo, 54 – Trezzo sull'Adda, MI), as well as on the Company's website www.cofle.com, in the "Investor Relations/Financial Statements and Reports" section.
The Company also announces that, for the dissemination and storage of regulated information, it uses the eMarket and the eMarket STORAGE mechanism, available at , managed by Spafid Connect. This press release is available in the Investor Relations section of the https://www.cofle.com/it/ website.
About Cofle
Founded in 1964, Cofle Group is a multinational company specializing in the design, production, and global distribution of control cables and control systems. It operates worldwide through two divisions: Original Equipment (OE), focused on customized systems for the Agritech, Luxury Automotive, and off-road vehicle sectors, and Independent Aftermarket (IAM), which manufactures control cables, brake hoses, and EPB systems for the automotive aftermarket. The Company produces its products in 6 plants located in Italy (1), Turkey (3), India (1), and Brazil (1). Cofle sells its products in 38 countries to approximately 294 customers. Since November 11, 2021, Cofle has been listed on the Euronext Growth Milan market organized and managed by Borsa Italiana S.p.A.
Contacts:
Cofle S.p.A. CDR Communication – Corporate Press Office Alessandra Barbieri Angelo Brunello [email protected] Head of Group Communications & IR Manager Martina Zuccherini [email protected]
Euronext Growth Advisor Banca Profilo S.p.A. [email protected]
Ofle
Global supplier of control systems and control cables
2025 FIRST HALF RESULTS
Trezzo sull'Adda, 29/09/2025
ANG IN N T FINAN IAL POSITION
In the rst half of 2025, the Group generated posi ve cash ows o f €1.8 million, mar ing a clear turnaround compared t o the trend of the past three years. This result re ects management s focus on improving wor ing capital e ciency, controlling investments and opera ng costs, and strengthening cash genera on. Conse uently, net nancial debt stood at €1 2.1 million, down 1 3.3 from €1 3.9 million at 3 1 December 2024.
R V N AN IT A A MARGIN N T FINAN IAL POSITION
R V N IVISION
The O usiness Line, which accounts for around 6 2% of Group revenues, recorded sales of €1 5.1 million in 1 2025 (€1 9.3 million in 1 2024), broadly in line with mar et trends. The slowdown in agricultural investments, economic uncertainty, and rising costs led to lower registra ons of tractors, harvesters, and trailers. Transporters grew, indica ng targeted mar et demand.
Interna onally, Spain and oland show signs of recovery, while India con nues to grow strongly, with registra ons up over 2 0% .
The IAM usiness Line, which represents 3 8% of Group revenues, recorded sales of €9.3 million in 1 2025 (€1 1.8 million in 1 2024).
The a ermar et is undergoing structural changes driven by electri ca on, digitaliza on, and the rise of eet rentals, alongside uncertain es from technological shi s, trade tensions, and the entry of Chinese brands in Europe.
A er strong growth in 2022 2024, the mar et saw a slight slowdown due to in a onary pressures and an unstable economic conte t.
The Group s adjusted EBITDA, net of €1.2 million in non recurring personnel costs in Tur ey and €0.3 million in other personnel costs (total €1.5 million), plus €0.9 million in rent, reached €3.6 million in 1 2025 (€4.4 million in 1 2024).
Despite lower revenues, the adjusted IT A mar in stood at 13.9 , in line with 1 2024, con rming the Group s opera onal resilience during a comple mar et phase and internal plant reorganiza on.
The reorganiza on plan focuses on improving produc on e ciency and reducing structural costs through:
Reshorin selected ac vi es to Italy to strengthen uality control and reduce e ternal dependence
O shorin other ac vi es from Tur ey to India, a fast growing mar et a rac ng new investments
Lo is cs reor aniza on in Tur ey to streamline distribu on and lower opera ng costs
The internal reorganiza on launched in 1 2025 is con nuing into the second half of the year.
This strategic ini a ve involves a reduc on in direct and indirect costs, with es mated non recurrin costs of around €4 million in 2025. The posi ve economic impact will materialize from 2026 onwards.
Total Group produc on capacity will remain unchanged, supported by e ternal processing during pea periods and the gradual reloca on of produc on to India.
The ad usted IT A mar in stood at 13.9 , compared t o 13.8 i n 1 2024.
IT A A ST
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info co e.it investor co e.it
ead uarters Via del Ghezzo 54 Trezzo sull Adda (M I)Italy 39 02920020201
CONSOLIDATED INTERIM BALANCE SHEET
| Amounts in euro | 30/06/2025 | 31/12/2024 |
|---|---|---|
| Balance sheet assets | 57.615.744 | 61.846.073 |
| B) Fixed assets | 17.626.710 | 19.186.623 |
| I) Intangible assets | 6.197.406 | 6.407.588 |
| 1) Set-up and expansion costs | 127.672 | 255.344 |
| 2) Development costs | 2.938.538 | 3.691.681 |
| 3) Industrial patent rights and intellectual property rights | 187.415 | 211.536 |
| (4) Concessions, licences, trademarks and similar rights | 1.552.257 | 1.606.390 |
| 5) Start-up | 8.430 | 11.240 |
| 6) Fixed assets under construction and payments on account | 1.047.097 | 215.819 |
| 7) Other | 335.998 | 415.578 |
| II) Tangible fixed assets | 11.108.688 | 12.458.256 |
| 1) Land and buildings | 3.701.479 | 3.749.095 |
| 2) Plant and machinery | 5.283.893 | 6.324.799 |
| 3) Industrial and commercial equipment | 507.131 | 518.638 |
| 4) Other assets | 1.519.023 | 1.802.298 |
| 5) Assets under construction and payments on account | 97.162 | 63.425 |
| III) Financial fixed assets | 320.616 | 320.780 |
| 1) Investments in: | 7.717 | 8.325 |
| (b) Associated undertakings | 5.231 | 5.514 |
| (da) Other undertakings | 2.486 | 2.811 |
| 2) Credits | 100.000 | 100.000 |
| (b) To related undertakings | 100.000 | 100.000 |
| 2) Beyond the following financial year | 100.000 | 100.000 |
| 3) Other titles | 151.308 | 155.393 |
| 4) Active derivative financial instruments | 61.592 | 57.062 |
| C) Current assets | 39.263.098 | 42.165.919 |
| I) Inventories | 17.568.678 | 18.919.715 |
| 1) Raw materials, supplies and consumables | 10.926.432 | 12.027.615 |
| 2) Work in progress and semi-finished products | 933.623 | 830.600 |
| 4) Finished products and goods | 5.340.892 | 5.042.647 |
| 5) Down payments | 367.731 | 1.018.854 |
| II) Claims | 13.041.634 | 15.173.123 |
725.935
493.531
Control Cables & Systems
| 1) To customers | 10.608.847 | 11.769.292 |
|---|---|---|
| 1) Due within the following financial year | 10.608.847 | 11.769.292 |
| 5a) For tax credits | 1.425.776 | 1.928.155 |
| 1) Due within the following financial year | 1.425.776 | 1.928.155 |
| (5b) For deferred tax assets | 287.270 | 307.445 |
| 1) Due within the following financial year | 287.270 | 307.445 |
| 5c) To others | 719.741 | 1.168.231 |
| 1) Due within the following financial year | 719.741 | 1.168.231 |
| IV) Cash and cash equivalents | 8.652.786 | 8.073.082 |
| 1) Bank and postal deposits | 8.647.070 | 8.067.445 |
| 3) Money and cash values | 5.716 | 5.637 |
| Amounts in euro | 30/06/2025 | 31/12/2024 |
|---|---|---|
| Balance sheet liabilities | 57.615.744 | 61.846.074 |
| A) Shareholders' equity | 22.137.096 | 26.896.430 |
| I) Group shareholders' equity | 19.996.958 | 24.146.260 |
| I) Capital | 615.600 | 615.600 |
| II) Share premium reserve | 14.916.771 | 14.916.771 |
| III) Revaluation reserves | 2.434.930 | 2.434.930 |
| IV) Legal reservation | 123.120 | 123.120 |
| (VI) Other reserves, separately indicated | (15.340.720) | (12.304.910) |
| Foreign consolidation translation reserves | (15.959.949) | (12.924.139) |
| Consolidation reserve | 619.229 | 619.229 |
| VII) Reserve for hedging operations of expected cash flows | 61.592 | 57.062 |
| VIII) Retained earnings (losses) | 20.688.767 | 24.181.054 |
| IX) Profit (loss) for the year | (2.921.507) | (5.295.773) |
| X) Negative reserve for treasury shares held in portfolio | (581.593) | (581 593) |
| Third-party assets | 2.140.138 | 2.750.171 |
| Third-party capital and reserves | 2.514.009 | 3.026.432 |
| Minority interests (losses) | (373.871) | (276.262) |
| B) Provisions for risks and charges | 1.122.085 | 888.235 |
| 1) Retirement funds and similar obligations | 206.482 | 203.077 |
| 2) Provisions for taxes, including deferred taxes | 907.683 | 678.050 |
| 4) Others | 7.920 | 7.108 |
| C) Employee severance pay | 488.855 | 538.845 |
| DI Debts | 33.274.971 | 32.938.875 |
-
| 1) Bonds | 3.439.173 | 3.929.174 |
|---|---|---|
| 1) Within the following financial year | 3.439.173 | 3.929.174 |
| 4) Payables to banks | 16.986.376 | 17.707.989 |
| 1) Within the following financial year | 11.281.343 | 12.792.103 |
| 2) Beyond the following financial year | 5.705.034 | 4.915.886 |
| 5) Payables to other lenders | 418.383 | 475.721 |
| 1) Within the following financial year | 138.346 | 126.510 |
| 2) Beyond the following financial year | 280.037 | 349.210 |
| 6) Down payments | 131.760 | 46.155 |
| 1) Within the following financial year | 131.760 | 46.155 |
| 7) Payables to suppliers | 8.843.467 | 7.286.293 |
| 1) Within the following financial year | 8.843.467 | 7.286.293 |
| 10) Payables to associated companies | 0 | 1.004 |
| 1) Within the following financial year | 0 | 1.004 |
| 12) Tax payables | 342.293 | 523.501 |
| 1) Within the following financial year | 342.293 | 523.501 |
| 13) Payables to social security institutions | 270.750 | 491.406 |
| 1) Within the following financial year | 270.750 | 491.406 |
| 14) Other payables | 2.842.768 | 2.477.632 |
| 1) Within the following financial year | 2.842.768 | 2.477.632 |
| E) Accruals and deferrals | 592.738 | 583.688 |
CONSOLIDATED INTERIM INCOME STATEMENT
| Amounts in euro | 30/06/2025 | 30/06/2024 |
|---|---|---|
| A) Value of production | 26.317.942 | 31.781.047 |
| 1) Revenue from sales and services | 24.430.863 | 31.141.172 |
| 2) Change in inventories of work-in-progress, semi-finished and finished products | 1.667.781 | 261.420 |
| 5) Other revenues and income, with separate indication of operating grants | 219.297 | 378.456 |
| B) Production costs | 27.189.195 | 30.463.139 |
| 6) For raw materials, ancillary, consumer and goods | 11.307.606 | 12.226.251 |
| 7) For services | 4.653.216 | 5.992.976 |
| 8) For the use of third-party assets | 990.394 | 1.042.090 |
| 9) For staff | 8.371.519 | 8.795.392 |
| a) Wages and salaries | 6.508.834 | 6.741.127 |
| (b) Social security contributions | 1.401.796 | 1.529.477 |
| c) Severance pay | 180.601 | 175.781 |
| e) Other costs | 280.287 | 349.006 |
| 10) Depreciation, amortization and impairment losses | 1.980.100 | 2.288.529 |
| (a) Depreciation of intangible assets | 734.639 | 618.824 |
| b) Depreciation of tangible fixed assets | 1.245.461 | 1.669.705 |
| 11) Changes in inventories of raw materials, supplies, consumables and goods | (516.016) | (243.106) |
| 12) Provision for risks | 57.619 | 0 |
| 14) Miscellaneous operating costs | 344.756 | 361.008 |
| Difference between value and cost of production (A-B) | (871.253) | 1.317.908 |
| C) Financial income and expenses | (2.124.432) | (3.214.092) |
| 16) Other financial income | 259.698 | 808.065 |
| b) Securities recorded in fixed assets that do not constitute equity investments | 0 | 12.687 |
| d) Income other than the above | 259.698 | 795.378 |
| 17) Interest and other financial charges | 1.750.774 | 4.515.491 |
| (c) Other | 1.750.774 | 4.515.491 |
| (17a) Foreign exchange gains and losses | (633.356) | 493.334 |
| Profit before tax (A-B + - C + - D) | (2.995.685) | (1.896.184) |
| 20) Income taxes for the year, current, deferred and prepaid | 299.693 | 212.844 |
| (a) Current taxes | 0 | 257.804 |
| c) Deferred tax assets (deferred) | 299.693 | (44.961) |
| 21) Profit (loss) for the year | (3.295.378) | (2.109.028) |
| 1) Minority interests | (373.871) | (123.801) |
| 2) Group profit (loss) | (2.921.507) | (1.985.226) |
CONSOLIDATED INTERIM CASH FLOW STATEMENT
| Amounts in euro | 30/06/2025 | 30/06/2024 | |
|---|---|---|---|
| A) Cash flows from operating activities (indirect method) | |||
| Profit (loss) for the year | (3.295.378) | (2.109.028) | |
| Income taxes | 299.693 | 212.844 | |
| Interest expense/(income) | 2.124.432 | 3.214.092 | |
| 1) Profit (loss) for the year before income taxes, interest, dividends and capital gains/losses on disposals |
(871.253) | 1.317.908 | |
| Adjustments for non-monetary items that have not been offset in net working capital | |||
| Provisions for funds | 77.639 | 0 | |
| Depreciation of fixed assets | 1.980.100 | 2.288.529 | |
| Other up/(down) adjustments for non-monetary items | (178.939) | (517.854) | |
| Total rect. for el. not mon. which have not had a counterpart in the net circ. capital | 1.878.801 | 1.770.675 | |
| 2) Cash flow before changes in net working capital | 1.007.548 | 3.088.583 | |
| Changes in net working capital | |||
| Decrease/(Increase) in inventories | 455.752 | (383.162) | |
| Decrease/(Increase) in receivables from customers | 1.160.444 | (1.724.518) | |
| Increase/(decrease) in payables to suppliers | 1.557.175 | (1.571.010) | |
| Decrease/(Increase) in accrued income and deferred income | (232.405) | (558.590) | |
| Increase/(decrease) in accrued income and deferred income | 9.050 | 271.729 | |
| Other decreases/(Other Increases) in net working capital | 998.741 | 849.375 | |
| Total changes in net working capital | 3.948.756 | (3.116.177) | |
| 3) Cash flow after changes in net working capital | 4.956.304 | (27.594) | |
| Other adjustments | |||
| Interest received/(paid) | (1.269.116) | (1.015.519) | |
| (Income taxes paid) | 0 | (286.721) | |
| (Use of funds) | (65.794) | (56.804) | |
| Total other corrections | (1.334.910) | (1.359.044) | |
| Cash flow from operating activities (A) | 3.621.394 | (1.386.638) | |
| B) Cash flows from investment activities | |||
| Tangible fixed assets | (325.762) | (1.591.548) | |
| (Investments) | (368.421) | (1.758.978) | |
| Divestments | 42.660 | 167.431 | |
| Intangible assets | (848.491) | (1.008.218) | |
| (Investments) | (848.491) | (1.016.147) | |
| Divestments | 0 | 7929 | |
| Financial fixed assets | 0 | (737) | |
|---|---|---|---|
| (Investments) | 0 | (737) | |
| Divestments | O | O | |
| Non-fixed financial assets | 0 | 0 | |
| (Investments) | O | 0 | |
| Divestments | 0 | 0 | |
| Cash flow of investment activity (B) | (1.174.253) | (2.600.503) | |
| C) Cash flows from financing activities | |||
| Third-party means | |||
| Increase/(decrease) in payables to banks | (721.613) | 1.666.957 | |
| Increase/(decrease) in payables to other lenders | (57.338) | (69.525) | |
| Increase/(decrease) in debt due to bonds | (500.000) | (500.000) | |
| Equity | |||
| Changes in shareholders' equity | (588.487) | 298.643 | |
| Sale/(Purchase) of treasury shares | 0 | (271.419) | |
| (Dividends and interim dividends paid) | 0 | (1.306.598) | |
| Cash flow of financing activities (C) | (1.867.437) | (181.942) | |
| Increase (decrease) in cash and cash equivalents (A ± B ± C) | 579.704 | (4.169.083) | |
| Cash and cash equivalents at the beginning of the year | 8.073.082 | 18.182.799 | |
| Cash and cash equivalents at the end of the year | 8.652.786 | 14.013.716 |
| Fine Comunicato n.20232-12-2025 | Numero di Pagine: 19 |
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