AI assistant
Expert.Ai — Earnings Release 2022
Mar 30, 2023
4049_10-k_2023-03-30_3684068c-ca36-4e84-ac15-2613a2e6fd19.pdf
Earnings Release
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| Informazione Regolamentata n. 20040-10-2023 |
Data/Ora Ricezione 30 Marzo 2023 19:29:35 |
Euronext Growth Milan | ||
|---|---|---|---|---|
| Societa' | : | EXPERT.AI | ||
| Identificativo Informazione Regolamentata |
: | 174435 | ||
| Nome utilizzatore | : | EXPERTSYSTN02 - Francesca Spaggiari | ||
| Tipologia | : | 1.1 | ||
| Data/Ora Ricezione | : | 30 Marzo 2023 19:29:35 | ||
| Data/Ora Inizio Diffusione presunta |
: | 30 Marzo 2023 19:29:36 | ||
| Oggetto | : | 31st, 2022 | Approved financial results as of December | |
| Testo del comunicato |
Vedi allegato.
Expert.ai: approved financial results as of December 31st, 2022
The increase in recurring licenses continues, amounting to 48% of total revenues in 2022
Revenues from American subsidiaries increased by 4 million euros (+87%)
- Value of Production: euro 40.5 million (euro 39.6 million)1
- Total revenues2: euro 31.7 million (euro 31.1 million)
- EBITDA: euro -14.4 million (euro -9.5 million)
- EBIT: euro -23.1 million (euro -17.2 million)
- Net Financial Debt: negative cash of euro 15.8 million (positive cash euro 0.7 million)
- Shareholders' equity: euro 17.5 million (euro 32 million)
March 30, 2023
The Board of Directors of expert.ai, a company listed on Euronext Growth Milan – and a leader in the Artificial Intelligence market, met today and approved the Group's consolidated financial statements and Draft Financial Statements as of December 31, 2022.
Walt Mayo, CEO of expert.ai, commented:
"The hard work and major investments since the launch of our business transformation have positioned expert.ai to deliver on the explosion of interest in AI-enabled language solutions.
We completed the peak of our investment in 2022 with the general availability of a best-in-class platform to deploy AI language capability in any process or workflow on-premises and in the cloud.
1 The economic - financial data in parentheses refer to December 31, 2021
2 Total given by Sales Revenues (net of changes in inventories) plus Other Income
The year also gave us important learnings about the demand for AI language solutions to power intelligent process automation and document processing in our core verticals, including insurance, financial services, and life sciences, adjusting our go-to-market efforts toward these core verticals.
We will drive balanced growth and profitability going forward while continuing to lead the industry in our adoption of new AI technology that delivers real value in the enterprise."
Main consolidated economic and financial results as of December 31, 2022
The Production Value is Euro 40.5 million, compared to Euro 39.6 million in the 2021 fiscal year.
Total revenues as of December 31, 2022 amount to Euro 31.7 million, compared to Euro 31.1 million in 2021. Recurring revenues consisted of temporary licenses (48%) and with maintenance and hosting reached 61% of the total. Regarding the American market, which represented about 30% of the Group's sales and services revenues as of December 31, 2022, local subsidiaries recorded an increase of 4 million euro (+87%). The absolute growth of revenues earned from American customers amounts to 2.2 million euro (+37%).
The EBITDA is negative for Euro 14.4 million (negative for Euro 9.5 million as of December 31, 2021), due to the peak of investments in Research and Development and Sales & Marketing.
Regarding Research & Development, one-time expenses were incurred for external consulting services for highly specialized skills related to the development of the platform and hosting services related to experimentation activities.
On the Sales & Marketing side, different strategies were tested to better understand the dynamics in a new market context. These investments have allowed the Company to optimize its the Go-to-Market strategy, accelerating the development of vertical solutions.
EBIT is negative for Euro 23.1 million (negative for Euro 17.2 million as of December 31, 2021), with amortization of intangible assets for Euro 8.5 million mainly related to capitalized development costs.
Financial management reports a negative result of Euro 1.2 million (positive Euro 1.6 million as of December 31, 2021) due to unrealized exchange losses.
The net result shows a loss of Euro 23.8 million (loss of Euro 15.7 million as of December 31, 2021).
Net Financial Debt is negative at Euro 15.8 million, compared to a positive net financial indebtedness of Euro 0.7 million as of December 31, 2021.
The Shareholders' equity is Euro 17.5 million, compared to Euro 32 million as of December 31, 2021.
Compared to the value of EBITDA as of December 31, 2022, in the consolidated 2022B-2024E industrial plan ("Plan"), which is negative and within a range of 12-14 million euros, the deviation is due to the trend of revenues as well as influenced by greater investments in technological development and Sales & Marketing, especially in the American market.
The Net Working Capital as of December 31, 2022 is in line with what was indicated in the Plan, within a range of 8-10 million euros; the difference with the final Net Working Capital is due to the reclassification of mediumto-long-term receivables and payables.
Regarding the main drivers underlying the Plan and the main economic and financial targets, please refer to the communication dated January 27, 2023.
***
Main economic and financial results of Expert.ai S.p.A.
Total revenues amount to Euro 23.7 million (Euro 23.9 million in 2021). The Value of Production is Euro 32.0 million (Euro 31.4 million in 2021). EBITDA is negative for Euro 2.6 million (positive for Euro 2.3 million in 2021). EBIT is negative for Euro 9.3 million (negative for Euro 3.1 million in 2021). The net result is negative for Euro 17.0 million (negative for Euro 2.9 million in 2021). The Net Financial Debt is negative for Euro 16.1 million (negative for Euro 1.1 million as of December 31, 2021). Shareholders' Equity amounts to Euro 68.7 million (Euro 77.3 million as of December 31, 2021).
***
Proposal for the allocation of the period result
The Board of Directors has decided to propose to the Shareholders' Meeting to carry forward the loss for the period, amounting to Euro 17,048,407.
***
Main events of the 2022 fiscal year
FINANCIAL EVENTS
On January 18, 2022, expert.ai announced the change in share capital following the exercise of the third tranche of the 2018-2020 Stock Option Plan and the first tranche of the 2020-2023 Stock Option Plan.
On May 3, 2022, expert.ai announced the appointment of the members of the Management Control Committee.
On May 12, 2022 expert.ai announced the free allocation of 697,100 ordinary shares of the issuer following the maturity of the second tranche of the 2020-2023 Stock Grant Plan, already approved by the Shareholders' Meeting on June 29, 2020, and subsequently amended by the Shareholders' Meeting on May 2, 2022.
On June 3, 2022 expert.ai announced that it had received communication from Invesco Ltd that it had fallen below the relevant threshold of 5% of the company's share capital with voting rights on May 26, 2022.
On November 30, 2022 expert.ai announced the Board of Directors' decision to partially exercise the delegation granted by the Shareholders' Meeting on October 15, 2021, and to increase the share capital for an overall maximum value of Euro 7,989,586.63 through the issuance of up to 13,097,683 new shares.
On December 2, 2022 expert.ai approved the consolidated industrial plan for the 2022B and 2024E fiscal years aimed at significantly accelerating the Group's growth in the international artificial intelligence market.
On December 19, 2022 expert.ai announced the conclusion of the option offering period for the capital increase, registering a subscription of new shares equal to 60.28% for an amount of Euro 4,815,840.81, and among the subscribers were also the major reference shareholders and top management.
On December 22, 2022 expert.ai announced the conclusion of the stock market auction for the unexercised rights (marketed 100,000 option rights, valid for the subscription of 25,000 new shares).
On December 23, 2022 the company announced the conclusion of the exercise period for the option rights purchased during the auction of unexercised rights.
On December 30, 2022 expert.ai announced the final results of the capital increase: 9,698,821 newly issued shares subscribed for a total value of Euro 5,916,280.81.
CUSTOMERS, PARTNERSHIPS, AND AWARDS
On January 27, 2022 expert.ai strengthened its business agreement with the international insurance company RSA, one of the world's longeststanding insurance groups and a leader in the UK market, to simplify and optimize the management of reimbursement requests.
On February 15, 2022 expert.ai announced its collaboration with Titan Technologies in support of the US National Security Research Center at the Los Alamos Laboratory (where one of the largest digital archives in the world is located), to simplify the research and exploration of digital documents by scientists and researchers.
On March 9, 2022 expert.ai was included in the "100 Companies That Matter in Knowledge Management" list by KMWorld, an American magazine specialized in analyzing the best technologies and applications for knowledge management.
On March 21, 2022 expert.ai won the sixth edition of the FinTech Breakthrough Awards in the "Best Use of AI in Fintech" category, dedicated to the best artificial intelligence solutions for the fintech sector.
On April 26, 2022 expert.ai presented the new release of the expert.ai Platform, which combines symbolic understanding and machine learning to transform language into immediately usable data and knowledge.
On May 4, 2022 expert.ai announced that its platform had won a Silver Stevie® in the category dedicated to the New Artificial Intelligence & Machine Learning Product of the Year at the 20th edition of the American Business Awards®, the leading business awards program organized in the United States.
On May 11, 2022 Reti (RETI:IM), one of the main Italian players in the IT Consulting sector, specialized in System Integration services, B Corp and benefit company listed on Euronext Growth Milan, formed a partnership
with expert.ai to support companies in the challenges posed by digitalization.
On June 7, 2022 expert.ai signed a partnership with Qlik®, a multinational leader in data analytics. As a technology partner (Qlik Technology Partner Program), expert.ai enhances Qlik's offering for data analysis and exploration, improving its artificial intelligence and natural language processing (NLP) functionalities.
On June 14, 2022 expert.ai announced that Marco Varone, co-founder and CTO of expert.ai, was named "Gold Winner" at the 2022 Information Technology World Awards - Globee® Awards, one of the most important business awards and rankings programs globally.
On June 23, 2022 expert.ai announced that it had been included in two reports by Forrester, one of the leading independent research and analysis firms in the technology sector, focused on text analytics platforms: "The Forrester Wave™: Text Analytics Platforms, Q2 2022", People-Oriented e Document-Oriented."
On July 15, 2022 expert.ai announced that it had been confirmed as one of the top 50 companies in artificial intelligence in the "KMWorld AI 50" list by the American magazine KMWorld.
On July 22, 2022 expert.ai announced the results of a unique "AI vs Human" crossword puzzle challenge. The WebCrow AI software, developed by the University of Siena in collaboration with expert.ai, competed with professional crossword developers and solvers, computational intelligence experts, and data scientists.
On July 26, 2022 expert.ai presented the new features of the expert.ai Platform, including active learning, faster data labeling, ready-to-use knowledge models, and automatic extraction rule generation.
On August 18, 2022 expert.ai announced that it had been included for the third consecutive year in the Gartner report "Hype Cycle for Natural Language Technologies 2022," which helps IT leaders evaluate the most effective areas of application and implementation for new approaches and opportunities related to natural language technologies.
On September 9, 2022 expert.ai announced that the expert.ai Platform had been included in the "Trend-Setting Products" list for 2022 by the American magazine KMWorld. For the ninth consecutive year, the company has received this recognition for products that promote innovation and bring greater efficiency to businesses.
On September 22, 2022 expert.ai announced a collaboration with the British law firm Plexus Law, a leader in defending insurance companies.
On September 26, 2022 expert.ai announced a strategic partnership with AppTek, a global leader in artificial intelligence (AI) and machine learning (ML) technologies for automatic speech recognition (ASR), neural machine translation (NMT), natural language processing/comprehension (NLP/U), and text-to-speech (TTS) technologies.
On September 26, 2022 expert.ai announced its participation in the Big Data & AI Paris 2022 event, together with the ING Banking Group, to present a dedicated presentation on the adoption of natural language processing applications by ING.
On September 28, 2022 expert.ai and Guidewire (NYSE: GWRE), one of the leading platforms for the property and casualty insurance market, currently used by over 350 companies in more than 40 countries, announced the availability of the new expert.ai accelerator on the Guidewire Marketplace.
On September 29, 2022 expert.ai announced that it had designed an innovative solution with Altea Federation for the automation and management of clinical and health documents, following the guidelines outlined in the National Recovery and Resilience Plan for the renewal of the National Health Service.
On October 5, 2022 expert.ai announced its win of the "NU PropertyCasualty360 Luminaries 2022" award, dedicated to innovations in the insurance industry.
On October 6, 2022 expert.ai announced a new agreement with ISACA, the global reference organization for IT Governance professionals, to accelerate digital transformation and improve search experience.
On November 3, 2022 expert.ai announced that Credem, one of the main Italian private entities - a modern bank with a century-long tradition - has adopted expert.ai technology to make monitoring emerging risks more effective and speed up the identification of potential threats through text analysis in English.
On November 9, 2022 expert.ai announced the new release of the expert.ai Platform, presenting advanced features to optimize knowledge models, implement new solutions for the Life Science sector, and leverage language understanding for intelligent process automation.
On November 10, 2022 expert.ai announced a partnership with Risk Solved Ltd, a provider of a global risk management platform.
On December 15, 2022 expert.ai outlined its position and approach towards responsible artificial intelligence ("Responsible AI") to enable organizations to develop transparent (or explainable), sustainable, and more efficient AI projects that are practical and always centered around people's needs.
***
Significant events that occurred after the closing of the financial statements as of December 31, 2022
FINANCIAL EVENTS
On January 27, 2023 the Board of Directors of expert.ai approved a reserved capital increase, of which a tranche was assigned to Walt Mayo, CEO of the Company; updated the estimates of the 2022B-2024E business plan; assigned a total of 665,000 Stock Grants from the second tranche of the 2020-2023 Stock Grant Plan; appointed the supervisory body.
On February 14, 2023 the Shareholders' Meeting appointed the audit firm BDO Italia S.p.A. as the Company's statutory auditor for the 2022-2024 financial years.
CLIENTS, PARTNERSHIPS, AND RECOGNITIONS
On February 7, 2023 expert.ai presented new features that make the expert.ai Platform even more powerful and flexible, including more onpremise implementation options and better taxonomy management.
On February 15, 2023, expert.ai announced the integration of OpenAI's GPT into its artificial intelligence platform.
On March 8, 2023 expert.ai announced its ninth consecutive year on the top 100 list of best companies in knowledge management according to the American magazine KMWorld.
On March 15, 2023 expert.ai a new collaboration with Telefónica Tech, a leading company in digital transformation with over 5.5 million B2B customers in 175 countries, to integrate expert.ai platform and products into Telefónica Tech's "AI for Things" offering.
***
Foreseeable evolution of management
In a complex and constantly evolving macroeconomic scenario, expert.ai is continuing its path of growth and business transformation. At the same time, measures have been adopted to increase productivity and optimize operations, in line with the industrial plan presented on January 27, 2023, which foresees a return to positive EBITDA in the fiscal year 2023 and operational cash generation from 2024.
As early as the second half of 2022, initiatives were launched aimed at optimizing all operational areas, aiming for a return to profitability within sustainable growth. The peak of investments for the realization of the new platform, reached in the fiscal year 2022, has allowed the development of a more open and flexible environment that will also reduce customization services thanks to the different market verticalizations that have already been realized.
The Go-to-Market strategy has also been perfected and optimized for the establishment in the North American market in order to achieve significant cost optimizations also in this area.
In parallel with cost optimization and ongoing forms of work flexibility, the Company intends to pursue the growth of business volume in the most receptive markets (Italian and American) and in the sectors with higher potential (insurance, banking, healthcare, and pharmaceutical) where the interest in more "intelligent," sophisticated, and innovative natural language solutions is growing, and new interesting opportunities are arising.
The strong interest generated by generative AI tools in the public opinion has brought to the forefront the sector of knowledge management and utilization in which the Company operates. In this regard, expert.ai has recently announced the integration of OpenAI's GPT models: a concrete example of the benefits of the open architecture of its platform, which allows for the simultaneous use of multiple technologies within the same environment, offering the opportunity to choose and combine different approaches of artificial intelligence (hybrid AI) to create value from any business document.
***
Call of Shareholders' Meeting
The Notice of call of the Shareholders' Meeting, which will be published within the legal and statutory deadlines, will also indicate the methods of participation in the meeting, with particular attention to meeting the needs of the current emergency situation, its persistence, and in compliance with the current legislation in force.
It is noted that the documentation relating to the items on the agenda will be made available to the public at the Company's registered office on the website www.expert.ai, as well as on the website of Borsa Italiana, section "Azioni/Documenti"
***
This communication is available on the Company's website https://www.expert.ai/it/ and on
***
Expert.ai's results for the year ended December 31, 2022 will be presented to the financial community on March 31, 2023 during a webinar at 3:00 p.m. (CEST) / 10:00 a.m. (EDT).
***
Expert.ai (EXAI:IM) is a leader in the artificial intelligence market for natural language understanding. Thanks to a hybrid approach that combines symbolic understanding and machine learning, expert.ai provides solutions and tools to manage high-density information contexts and transform data into knowledge. Insurance companies, banks and financial services companies, publishing companies, and public administration, defense, and intelligence organizations rely on expert.ai to understand and analyze complex documents, accelerate intelligent process automation, and make faster and more informed decisions. Among expert.ai's main partners - which has offices in Italy, France, Spain, Germany, the United Kingdom, Canada, and the United States - are AXA XL, Zurich Insurance Group, Generali, The Associated Press, Bloomberg INDG, BNP Paribas, Rabobank, Gannett, and EBSCO.
For more information: https://www.expert.ai/
| Expert.ai | Euronext Growth Advisor |
|---|---|
| IR Manager | Integrae SIM S.p.A. |
| Stefano Spaggiari | Tel: +39 02 96 84 68 64 |
| [email protected] | [email protected] |
Press Office Francesca Spaggiari Tel. +39 059 894011
Attached:
- Consolidated Balance Sheet as of 31/12/2022
- Consolidated Net Financial Debt as of 31/12/2022
- Consolidated Income Statement as of 31/12/2022
- Expert.ai S.p.A. Balance Sheet as of 31/12/2022
- Expert.ai S.p.A. Net Financial Debt as of 31/12/2022
- Expert.ai S.p.A. Income Statement as of 31/12/2022
Please note that the financial data reported is currently being certified by the appointed auditing firm.
| Consolidated Balance Sheet | 31/12/2022 | 31/12/2021 | Change |
|---|---|---|---|
| Net intangible assets | 20.307.822 | 18.341.591 | 1.966.231 |
| Net rights of use | 1.728.077 | 2.453.906 | (725.829) |
| Net tangible assets | 825.387 | 893.037 | (67.650) |
| Equity investments and other non - current financial assets |
13.137.483 | 7.943.233 | 5.194.250 |
| Fixed capital | 35.998.769 | 29.631.767 | 6.367.002 |
| Short-term financial assets | - | - | - |
| Inventory | 14.560 | - | 14.560 |
| Trade receivables | 18.136.474 | 20.866.081 | (2.729.607) |
| Other receivables | 7.011.175 | 5.739.988 | 1.271.187 |
| Accrued income and prepaid expenses | 1.594.700 | 319.903 | 1.274.797 |
| Short-term assets | 26.756.909 | 26.925.972 | (169.063) |
| Trade payables | (6.543.906) | (3.299.892) | (3.244.014) |
| Advances received | (904.747) | (722.607) | (182.140) |
| Tax and social security liabilities | (1.909.787) | (2.148.411) | 238.624 |
| Other payables | (5.290.729) | (4.890.569) | (400.160) |
| Accrued expenses and deferred income | (6.452.238) | (4.389.549) | (2.062.689) |
| Short-term liabilities | (21.101.407) | (15.451.028) | (5.650.379) |
| Net working capital | 5.655.502 | 11.474.944 | (5.819.442) |
| Employee severance indemnity | (3.794.957) | (4.168.802) | 373.845 |
| Accrued expenses and deferred income over 12 months |
(3.143.791) | (4.088.251) | 944.460 |
| Other medium-long term liabilities | (1.375.330) | (1.551.470) | 176.140 |
| Medium-long term liabilities | (8.314.078) | (9.808.523) | 1.494.445 |
| INVESTED CAPITAL | 33.340.193 | 31.298.188 | 2.042.005 |
| Shareholders' equity | (17.492.121) | (31.966.280) | 14.474.159 |
| Net medium-long term financial position | (19.270.530) | (21.342.459) | 2.071.929 |
| Net short term financial position | 3.422.458 | 22.010.550 | (18.588.092) |
| OWN EQUITY AND NET FINANCIAL DEBT | (33.340.193) | (31.298.189) | (2.042.004) |
| Consolidated Net financial debt | 31/12/2022 | 31/12/2021 | Change |
|---|---|---|---|
| A - Cash on hand | 12.024.125 | 30.533.999 | (18.509.874) |
| B - Cash equivalents | - | ||
| C - Other current financial assets | 16.644 | 16.472 | 172 |
| D - Liquidity (A + B + C) | 12.040.769 | 30.550.471 | (18.509.702) |
| E - Current financial debt (including debt instruments but excluding the current portion of non-current financial debt) |
3.530.191 | 3.036.847 | 493.344 |
| F - Current portion of non-current financial debt | 5.088.120 | 5.503.074 | (414.954) |
| G - Current financial debt (E + F) | 8.618.311 | 8.539.921 | 78.390 |
| H - Net current financial debt (D-G) | 3.422.458 | 22.010.550 | (18.588.092) |
| I - Non-current financial debt (excluding current portion and debt instruments) |
15.156.930 | 15.319.758 | (162.828) |
| J - Debt instruments | 4.113.600 | 6.022.700 | (1.909.100) |
| K - Trade payables and other non-current payables | - | - | - |
| L - Non-current financial debt (I+J+K) | 19.270.530 | 21.342.459 | (2.071.928) |
| M - Net financial debt (H-L) | (15.848.072) | 668.092 | (16.516.164) |
| Consolidated Income Statement | 31/12/2022 | 31/12/2021 | Change |
|---|---|---|---|
| Net revenues | 28.451.514 | 28.451.724 | (210) |
| Other revenues | 3.206.327 | 2.639.657 | 566.670 |
| Inventory change | 14.560 | (10.700) | 25.260 |
| Total revenues | 31.672.401 | 31.080.681 | 591.720 |
| Own work capitalized | 8.869.409 | 8.568.245 | 301.164 |
| Production value | 40.541.810 | 39.648.926 | 892.884 |
| External operating costs | (20.029.825) | (16.556.564) | (3.473.261) |
| Economic value added (EVA) | 20.511.985 | 23.092.362 | (2.580.377) |
| Cost of labour | (34.887.828) | (32.569.238) | (2.318.590) |
| EBITDA | (14.375.843) | (9.476.876) | (4.898.967) |
| Amortizations, depreciations, and other provisions | (8.700.801) | (7.749.192) | (951.609) |
| EBIT | (23.076.644) | (17.226.068) | (5.850.576) |
| Financial income and expenses | (1.187.549) | 1.581.025 | (2.768.574) |
| Pre – tax results | (24.264.193) | (15.645.043) | (8.619.150) |
| Income taxes | 483.771 | (78.581) | 562.352 |
| Net result | (23.780.422) | (15.723.624) | (8.056.798) |
| Balance Sheet of Expert.ai SpA | 31/12/2022 | 31/12/2021 | Change |
|---|---|---|---|
| Net intangible assets | 14.856.761 | 12.160.327 | 2.696.434 |
| Net rights of use | 1.416.968 | 1.514.809 | (97.841) |
| Net tangible assets | 755.280 | 790.386 | (35.106) |
| Equity investments and other non - current financial assets |
71.177.227 | 64.409.894 | 6.767.333 |
| Fixed capital | 88.206.237 | 78.875.417 | 9.330.820 |
| Short-term financial assets | - | - | - |
| Inventory | - | - | - |
| Trade receivables | 16.394.570 | 17.326.607 | (932.037) |
| Other receivables | 3.543.824 | 2.163.076 | 1.380.748 |
| Accrued income and prepaid expenses | 840.443 | 218.786 | 621.657 |
| Short-term assets | 20.778.837 | 19.708.470 | 1.070.368 |
| Trade payables | (5.664.272) | (2.909.249) | (2.755.023) |
| Advances received | (904.747) | (687.607) | (217.140) |
| Tax and social security liabilities | (605.644) | (722.638) | 116.995 |
| Other payables | (5.612.374) | (5.598.318) | (14.057) |
| Accrued expenses and deferred income | (4.219.406) | (2.061.328) | (2.158.078) |
| Short-term liabilities | (17.006.443) | (11.979.140) | (5.027.303) |
| Net working capital | 3.772.394 | 7.729.330 | (3.956.936) |
| Employee severance indemnity | (3.794.957) | (4.168.802) | 373.846 |
| Accrued expenses and deferred income over 12 months |
(2.343.450) | (2.693.778) | 350.328 |
| Other medium-long term liabilities | (1.048.270) | (1.325.685) | 277.415 |
| Medium-long term liabilities | (7.186.677) | (8.188.266) | 1.001.589 |
| INVESTED CAPITAL | 84.791.955 | 78.416.481 | 6.375.474 |
| Shareholders' equity | (68.722.002) | (77.291.840) | 8.569.838 |
| Net medium-long term financial position | (18.442.805) | (20.101.803) | 1.658.998 |
| Net short term financial position | 2.372.853 | 18.977.162 | (16.604.309) |
| OWN EQUITY AND NET FINANCIAL DEBT | (84.791.955) | (78.416.481) | (6.375.474) |
| Net Financial debt of Expert.ai SpA | 31/12/2022 | 31/12/2021 | Change |
|---|---|---|---|
| A - Cash on hand | 10.693.726 | 26.744.664 | (16.050.939) |
| B - Cash equivalents | - | - | - |
| C - Other current financial assets | 49.425 | 243.697 | (194.272) |
| D - Liquidity (A + B + C) | 10.743.151 | 26.988.361 | (16.245.211) |
| E - Current financial debt (including debt instruments but excluding the current portion of non-current financial debt) |
3.721.856 | 2.508.125 | 1.213.731 |
| F - Current portion of non-current financial debt | 4.648.441 | 5.503.074 | (854.633) |
| G - Current financial debt (E + F) | 8.370.298 | 8.011.200 | 359.098 |
| H - Net current financial debt (D-G) | 2.372.853 | 18.977.162 | (16.604.309) |
| I - Non-current financial debt (excluding current portion and debt instruments) |
14.329.205 | 14.079.103 | 250.102 |
|---|---|---|---|
| J - Debt instruments | 4.113.600 | 6.022.700 | (1.909.100) |
| K - Trade payables and other non-current payables |
- | - | - |
| L - Non-current financial debt (I+J+K) | 18.442.805 | 20.101.803 | (1.658.998) |
| M - Net financial debt (H-L) | (16.069.953) | (1.124.641) | (14.945.312) |
| Income Statement of Expert.ai SpA | 31/12/2022 | 31/12/2021 | Change |
|---|---|---|---|
| Net revenues | 20.118.187 | 22.107.326 | (1.989.139) |
| Other revenues | 3.612.342 | 1.834.103 | 1.778.239 |
| Inventory change | - | - | - |
| Total revenues | 23.730.529 | 23.941.429 | (210.900) |
| Own work capitalized | 8.284.834 | 7.422.773 | 862.061 |
| Production value | 32.015.363 | 31.364.202 | 651.161 |
| External operating costs | (16.085.289) | (12.988.087) | (3.097.202) |
| Economic value added (EVA) | 15.930.074 | 18.376.115 | (2.446.041) |
| Cost of labour | (18.524.407) | (16.034.977) | (2.489.430) |
| EBITDA | (2.594.333) | 2.341.138 | (4.935.471) |
| Amortizations, depreciations, and other provisions | (6.708.742) | (5.473.312) | (1.235.430) |
| EBIT | (9.303.076) | (3.132.174) | (6.170.902) |
| Financial income and expenses | (8.030.613) | 673.161 | (8.703.774) |
| Pre – tax results | (17.333.689) | (2.459.013) | (14.874.676) |
| Income taxes | 285.282 | (479.440) | 764.722 |
| Net result | (17.048.407) | (2.938.453) | (14.109.954) |