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Fae Technology
Earnings Release • Apr 29, 2025
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Earnings Release
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PRESS RELEASE
FAE TECHNOLOGY GROUP: BOARD OF DIRECTORS APPROVES CONSOLIDATED FINANCIAL STATEMENTS AND STATUTORY FINANCIAL STATEMENTS AT DECEMBER 31, 2024
CONSOLIDATED VALUE OF PRODUCTION OF EURO 75.5 MILLION (+18.2%)
CONSOLIDATED FINANCIAL STATEMENTS REPORT EBITDA GROWTH TO EURO 8.1 MILLION AND OF EBITDA MARGIN TO 10.8%, (10% IN THE PREVIOUS YEAR)
Consolidated operating highlights 2024
- Revenues: Euro 71.8 million, +18.3% (Euro 72.6 million pro-forma) vs Euro 60.7 million in 2023
- Value of Production: Euro 75.5 million, +18.2% (Euro 76.4 million pro-forma) vs Euro 63.9 million in 2023
- EBITDA: Euro 8.1 million, +27.6% (Euro 8.5 million pro-forma) vs Euro 6.4 million in 2023
- EBITDA margin: 10.8% (11.1% pro-forma1 ) vs 10.0% in 2023
Consolidated balance sheet highlights at December 31, 2024
- Net financial debt: Euro 3.7 million, -47.6% vs Euro 7.1 million at 31.12.2023
- Shareholders' Equity: Euro 27.5 million, vs Euro 18.2 million at 31.12.2023
Impact Report 2024 approved
Consolidated Net Financial Debt of Euro 3.7 million, decreasing 48% compared to Euro 7.1 million at December 31, 2023
Gazzaniga (BG), April 29, 2025 – The Board of Directors of FAE Technology S.p.A. – Benefit company ("FAE Technology" or the "Company"), an Italian electronics sector Group listed on the Euronext Growth Milan market of the Italian Stock Exchange, has today approved the consolidated financial statements and the statutory financial statements at December 31, 2024, in addition to the Impact Report 2024.
Gianmarco Lanza, Chairperson and Chief Executive Officer of FAE Technology, stated: "The results approved today confirm that emerging in the preliminary results: 2024 was a solid year for the Group, marked by significant revenue growth and a strengthened industrial structure. Against gradually stabilizing markets, we have been able to combine growth and efficiency, improving
operating margins and continuing to invest in innovation. We look to the current fiscal year with determination, ready to tap into fresh opportunities, including through targeted transactions, in line with our vision focused on strengthening our ability to innovate within the increasingly ubiquitous electronics market."
2024 Consolidated Financial Highlights
The FAE Technology Group's consolidated revenues amounted to Euro 71.8 million in 2024 (up 18.3% from Euro 60.7 million in 2023). The Value of Production in 2024 was Euro 75.5 million, up 18.2% on Euro 63.9 million in the previous year. The increase in revenues reflects the operating performances of the Group companies and is supported by the consolidation of the results of the wholly-owned subsidiary Elettronica GF.
EBITDA in 2024 totaled Euro 8.1 million, up 27.6% on Euro 6.4 million in the previous year.
The EBITDA growth reflects lower procurement costs, supported by a more favorable sales mix and effective sourcing strategies. The effect of this latter item was partially offset by the increase in the percentage of personnel expense due to the consolidation of the organizational structure. The EBITDA margin was however 10.8% (10.0% in 2023).
The consolidated net profit was Euro 3.6 million, compared to Euro 3.3 million in the previous year.
At December 31, 2024, Net Working Capital stood at Euro 19.5 million, up from Euro 16.0 million at December 31, 2023. This change is chiefly attributable to increased inventories and decreased trade payables. Consolidated Net Financial Debt at December 31, 2024 was Euro 3.7 million, decreasing on December 31, 2023 (Euro 7.1 million).
Shareholders' Equity on the other hand amounted to Euro 27.5 million, increasing on Euro 18.2 million in the previous year.
2024 Pro-forma Consolidated Financial Highlights
Full-year pro-forma consolidated revenues totaled Euro 72.6 million, while the full-year proforma consolidated value of production was Euro 76.4 million. Consolidated pro-forma EBITDA was Euro 8.5 million, with an EBITDA margin of 11.1%. The pro-forma consolidated net profit was Euro 3.8 million (5%).
2024 Financial highlights of FAE Technology S.p.A. – Benefit company
The separate financial statements at December 31, 2024 report revenues of Euro 60.4 million, slightly decreasing (-2.1%) from Euro 61.7 million in 2023, reflecting a general slowdown in the
main target markets. While on the one hand revenues decreased, the consolidation of sales allowed the structure to increase its focus on internal costs and efficiency.
The value of production was Euro 62.7 million, decreasing 3.2% on Euro 64.8 million in the previous year. 2024 EBITDA was 7.8 million, up 21.6% on Euro 6.4 million in 2023. The EBITDA margin was 12.4%, up sharply on 9.8% in the previous year.
The parent company net profit was Euro 3.9 million, compared to Euro 3.4 million in the previous year.
At December 31, 2024, Net Working Capital stood at Euro 13.3 million, up from Euro 8.7 million at December 31, 2023. This change is chiefly attributable to increased inventories and decreased trade payables.
The Net Financial Debt decreased to Euro 0.2 million, compared to Euro 1.8 million in the previous year. The improvement is mainly due to the subscription of new shares resulting from the conversion of warrants and the excellent financial solidity by which the Company met its commitments within the agreed timeframe.
Shareholders' Equity amounted to Euro 28.1 million, increasing on Euro 18.4 million at December 31, 2023.
Allocation of the Net Profit for the year
The Board of Directors of FAE Technology approved the proposal to the Shareholders' Meeting to allocate the net profit for the year, totaling Euro 3,927,033, as follows:
- to the legal reserve, until reaching one-fifth of the share capital (Article 2430 of the Civil Code), Euro 15,539;
- the residual, to the extraordinary reserve, for Euro 3,911,494.
Significant events in 2024
Lock-up release
In 2024, Integrae SIM S.p.A. and the Company authorized the early release of the Lock-Up Agreement assumed upon listing in relation to the following positions:
- on January 8, 2024, 120,000 shares of ordinary shares held by William Montalbano were released;
- On June 26, 2024, 373,854 ordinary shares held by GML Ventures S.r.l., a company related to Gianmarco Lanza, were released. The release of the Lock-Up enabled the simultaneous sale by GML Ventures S.r.l. of the aforementioned 373,854 ordinary shares of FAE Technology, at a price of Euro 3.80 per share, to NextStage AM, a French investment fund. Through this transaction, NextStage AM, which has already been part
of the Company's ownership structure since December 2023, further strengthened its position with medium to long-term investment purposes;
- on July 23, 2024, 100,000 ordinary shares held by Sehme S.a.g.l., a company owned by Angelo Facchinetti, a member of the Company's Board of Directors, were released. The request for the release of the Lock-Up is required for the simultaneous sale by the shareholder Sehme S.a.g.l. of the aforementioned 100,000 ordinary shares of FAE Technology at a price of Euro 4.00 per share, to an overseas institutional investor.
Ray Ozzie supports FAE Technology to accelerate technological development
An agreement was signed with Ray Ozzie, previously Chief Technical Officer and Chief Software Architect at Microsoft between 2005 and 2010, and today founder and CEO of Blues Wireless, who takes on the role of Group Technology Advisor. The US entrepreneur and innovator will support the Group in extending its business model, particularly focusing on the opportunities on the edge computing and artificial intelligence markets. Ray Ozzie will provide direct technology advisory to the company's management, in order to tap in to the increasing opportunities available on the market.
Exercise of options under the 2023-2028 Stock Option Plan
On June 27, 2024, 180,000 new ordinary shares were allocated following the exercise of 180,000 options as part of the first tranche of the "2023-2028 Stock Option Plan" (the "Plan"). The Plan is intended for members of the Board of Directors, collaborators, consultants and employees (collectively the "Beneficiaries") of FAE Technology on the basis of their direct contribution to the effective creation of new value for the Company and shareholders over the medium term. The above allocated shares are newly issued shares in execution of the divisible paid-in capital increase with exclusion of pre-emption rights approved by the Shareholders' Meeting on October 27, 2023 to service the Plan, and were allocated following the exercise of the options vested by the beneficiaries and exercised through the payment of the predefined price ("strike price") under the Plan. The strike price that each Beneficiary paid to the Company in order to subscribe to each share is Euro 1.65, corresponding to the placement price of FAE Technology's shares on IPO, plus 10%. Shares of FAE Technology ordinary shares subscribed under the Plan must be retained - and therefore may not be transferred, for consideration or free of charge, except with the Company's written consent - for a lock-up period of 90 days from the date the shares are credited.
Change of Euronext Growth Advisor
On July 24, 2024, the Company, pursuant to Article 17 of the Euronext Growth Milan Issuers' Regulation, informed Integrae SIM S.p.A. ("Integrae SIM") that it was exercising its the right to terminate the contracts of Euronext Growth Advisor and Specialist. Alantra Capital Markets ("Alantra") was appointed Euronext Growth Advisor, effective October 25, 2024. Integrae SIM remained in this role until October 24, 2024. The role of Specialist, meanwhile, was conferred to MiT Sim S.p.A. ("MiT Sim") effective October 25, 2024. Integrae SIM remained in this role until October 24, 2024.
Acquisition of IpTronix
On December 10, 2024, the Company finalized the acquisition of the entire share capital of IpTronix S.r.l., announced on September 24, 2024. The company operates in the development of high-complexity electronic solutions. The closing was against payment to the counterparty of consideration of Euro 0.41 million, entirely in cash, plus a possible Euro 0.7 million earnout cash component based on IpTronix's results to December 31, 2025, to be paid on June 30, 2026. The acquisition agreement also stipulates the subscription by Dario Pennisi, founder and current majority shareholder of IpTronix, and Paola Guzzi, a partner at IpTronix, to a capital increase, approved by the Board of Directors of FAE Technology on December 2, 2024, in partial execution of the power granted by the Extraordinary Shareholders' Meeting on October 27, 2023, in the amount of Euro 2.0 million through the purchase of 478,468 ordinary shares with no indication of par value, offered at a unit subscription price of Euro 4.18, including Euro 4.15 as share premium and Euro 0.03 as the capital portion. Notice is hereby given that the newly-issued ordinary shares to Dario Pennisi and Paola Guzzi are subject to a partial Lock-Up obligation for a period of 18 to 36 months from the date of subscription.
Exercise of Warrants
FAE Technology at the close of the second exercise window of the "FAE Technology SB 2022- 2025 Warrants", between November 6, 2024 and November 20, 2024, allocated 1,931,386 newlyissued FAE Technology Shares, resulting from the exercise of 3,862,772 "FAE Technology SB 2022-2025 Warrants" ISIN code IT0005500639, in the ratio of 1 (one) new Conversion Share for every 2 (two) Warrants held. The shares awarded have a value of Euro 3,515,122.52 and have regular dividend rights and the same characteristics as the FAE Technology Ordinary Shares traded on Euronext Growth Milan on the issue date of the Conversion Shares. As a result of the above, as of today's date, 3,222,728 Warrants are outstanding, which can be exercised in the following, final exercise period between November 5, 2025 and November 20, 2025 inclusive ("Third Exercise Period"), as provided in the "FAE Technology SB 2022-2025 Warrants" regulation.
Subsequent events
Acquisition of MAS Elettronica S.r.l.
On February 5, 2025, the Company signed a binding agreement to acquire the entire share capital of MAS Elettronica S.r.l. based in Rubano, Padua. The transaction was finalized on March 18, 2025. MAS Elettronica is an electronics sector technology company founded in 2008 specializing in the development of proprietary embedded solutions and ARM (Advanced RISC Machine) architectures for the industrial market. The company offers hardware, software, and firmware design services for sectors such as the medical, artificial intelligence, security, and automotive sectors, and is known for its ability to provide customized solutions and to support customers through all stages of product development.
Appointment of Vincenzo Purgatorio as Chief Sales Officer - Industrial Services
On March 5, 2025, the Company appointed Vincenzo Purgatorio as Chief Sales Officer - Industrial Services. The appointment marks another step in the strategic growth of the organizational structure and of the managerial roles, consistent with the Group's development strategy.
Outlook
Development, innovation and research activities in relation to both proprietary products and production processes are a driver of competitive advantage for the Group. Even in a challenging environment, this should ensure sustainable growth prospects in the medium and long term.
Despite an increasingly uncertain macroeconomic and market environment, it is currently reasonable to expect a positive performance in 2025.
The Group seeks to consistently build a diversified backlog, to consolidate its market position and to introduce solutions placing it at the forefront of innovation and technological development. It therefore seeks to confirm and strengthen its role as a strategic partner for key clients.
In summary, despite operating within a macroeconomic, geopolitical and regulatory environment that presents potential criticalities and challenges, the Group remains confident of its future business development outlook. The Group is also confident that it will continue to create long-term value on the strength of an extremely vertical skillset in end-to-end electronic asset management.
Impact Report
The Board of Directors also approved the Impact Report 2024. This, in compliance with current regulations upon the status of Benefit Companies, will be attached to the statutory financial statements and submitted to the Shareholders' Meeting for approval on May 29, 2025.
With its transformation into a Benefit Company on May 13, 2022, FAE Technology has further solidified its commitment to the environment, the local community and its employees through numerous projects. In 2024, the third year in which the Company has prepared an Impact Report, FAE Technology further consolidated its commitment to the environment, the local community and its employees through numerous projects.
Specifically, the Company has promoted sustainable ways of working, so as to ensure wellbeing, and has considered smart ways of managing work activities and supporting the creation of a positive work environment based on the development, training and growth of employees. At the same time, through targeted projects, it has developed and enhanced the community in which it operates, promoting social well-being at the local level by optimizing the experiences, skills and specific professional expertise of personnel. The Company has also built collaborative relationships with leading technical institutes in the area, with the aim of developing training by bringing young people closer to digital learning, promoting the training of new professionals and the continuous updating of skills with consistent training paths.
The Company in 2025 intends to continue to spread the work-life balance culture, continuing to promote environmental sustainability, expand the focus on the psychological and physical wellbeing of workers, continue training activities for employees, increase collaborations with educational institutions, and will consider the creation of an inter-company Vocational Training Center for the training and upskilling of personnel.
Ordinary and Extraordinary Shareholders' Meeting call notice
The Board of Directors has also called the Shareholders' Meeting in Ordinary and Extraordinary session for May 29, 2025 at the times and places to be communicated in the relative call notice, which shall be published according to the times and means required by the applicable regulations.
The Ordinary and Extraordinary Shareholders' Meeting call notice, which shall be published according to the statutory law and By-Law deadlines, shall indicate also the method to participate at the Shareholders' Meeting, as per the applicable regulation.
The documentation related to Agenda items will be made available to the public at FAE Technology's registered office and in the Investor Relations/Shareholders' Meetings section of the website https://fae.technology/investor-relations/, in addition to the website https://www.borsaitaliana.it/, in the Shares/Documents section, within the deadlines under the current regulations.
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For the dissemination of regulated information FAE Technology uses the (), operated by Computershare S.p.A., with registered office in Milan, Via Lorenzo Mascheroni No. 19 and authorized by Consob.
This Press Release is available in the Investors Relations/Press Releases section of the website https://fae.technology/and at .
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FAE Technology S.p.A. - Benefit Company is an Italian electronics sector Group listed on the Euronext Growth Milan market of the Italian Stock Exchange that operates as an Original Design Manufacturer (ODM). It comprises several highly specialized entities: FAE Technology, the parent company, engages in professional ODM and EMS (Electronics Manufacturing Services) for industry; Elettronica GF operates in custom embedded computing; and IpTronix is a design house that develops high-complexity electronic applications. MAS Elettronica is a tech company specializing in the development of proprietary embedded solutions and ARM architectures for the industrial market. Founded in 1990 in Gazzaniga (BG) by Francesco Lanza, who began by producing a small series of electronic boards, FAE Technology has been led since 2008 by his son Gianmarco Lanza, current Chairperson and Chief Executive Officer. The Group, through several dedicated and integrated assets, can very rapidly enable electronic innovation in the various sectors in which it plays a central role, including e-mobility, the Internet of things (IoT), industrial automation 4.0 and aerospace. FAE Technology is known for its focus on innovation - promoting open
innovation and shared research at the "Kilometro Rosso" hub - and on sustainability and corporate social responsibility, becoming a Benefit Company on May 13, 2022. The Group benefits from strategic partnerships and memberships with major sector players and renowned universities and research centers, including the "Senseable City Lab" at MIT (Massachusetts Institute of Technology) in Boston. The Group reports a consolidated value of production of Euro 75.5 million for 2024, up 18.2% on 2023.
ISIN FAE Ordinary Shares IT0005500688 - ISIN Warrants WFAE25 IT0005500639
Contacts
FAE Technology S.p.A. - Benefit Company Investor Relations Manager Gianmarco Lanza, [email protected]
THANAI Communication Advisors
Press Office Thanai Bernardini, mob. 335.7245418, [email protected] Alessandro Bozzi Valenti, mob. 348.0090866, [email protected] Calvin Kloppenburg, mob. 393.1188058, [email protected]
Alantra
Euronext Growth Advisor Tel. +39 3346267243, [email protected]
Annexes
The main financial statements of the Company are presented below, which are currently being audited by the Independent Audit Firm, for the year ending December 31, 2024 and compared where possible with the comparative figures in thousands of Euro, and specifically:
- Consolidated Income Statement for 2024 (vs Income Statement for 2023);
- Consolidated Balance Sheet at 31.12.2024 (vs Balance Sheet at 31.12.2023);
- Consolidated Cash Flow Statement at 31.12.2024 (vs Cash Flow Statement at 31.12.2023);
- Consolidated Net Financial Debt at 31.12.2024 (vs Consolidated Net Financial Debt at 31.12.2023);
- FAE Technology S.p.A. Income Statement for 2024 (vs Income Statement for 2023);
- FAE Technology S.p.A. Balance Sheet at 31.12.2024 (vs Balance Sheet at 31.12.2024);
- FAE Technology S.p.A. Cash Flow Statement at 31.12.2024 (vs. Cash Flow Statement at 31.12.2023);
- FAE Technology S.p.A. Net Financial Debt at 31.12.2024 (vs. Net Financial Debt at 31.12.2023);
Consolidated Financial Highlights
The Group's reclassified consolidated income statement for 2024, compared with 2023, follows:
| Reclassified Income Statement | 2024 | 2023 | % (*) | Change % | |
|---|---|---|---|---|---|
| (In Euro thousands) | % (*) | ||||
| Revenues from sales | 71.822 | 95,2% | 60-715 | 95,1% | 18,3% |
| Change in inventories | 2.709 | 3.6% | 1.957 | 3,1% | 38.4% |
| Other revenues and income | 923 | 1.2% | 1.183 | 1.9% | -22,0% |
| Value of production | 75.454 | 100,0% | 63.856 | 100,0% | 18,2% |
| Costs of raw materials, supplies and goods net of changes Inventories |
(45.899) | -60,8% | (43.205) | -67,7% | 6,2% |
| Service costs | (8.425) | -11,2% | (6.820) | -10,7% | 23,5% |
| Rent, lease and similar costs | (1.005) | -1,3% | (579) | -0.9% | 73.5% |
| Personnel expense | (11.615) | -15,4% | (6.702) | -10,5% | 73,3% |
| Other operating costs | (377) | -0.5% | (175) | -0,3% | 115,7% |
| EBITDA (**) | 8.132 | 10,8% | 6.375 | 10,0% | 27.6% |
| Amortization, depreciation and write-downs | (2.478) | -3,3% | (1.384) | -2,2% | 79,0% |
| Provisions | (5) | 0.0% | (4) | 0,0% | 0.0% |
| EBIT (*** | 5.649 | 7,5% | 4.987 | 7,8% | 13,3% |
| Financial income and (expense) | (598) | -0.8% | (398) | -0.6% | 50.4% |
| EBT | 5.051 | 6,7% | 4.589 | 7,2% | 10,1% |
| Income taxes | (1.488) | -2,0% | (1.335) | -2,1% | 11,4% |
| Net Profit for the year | 3.564 | 4,7% | 3.253 | 5,1% | 9,5% |
(*) Margin on the value of production
(**) EBITDA indicates the operating result before income taxes, financial income and expenses, amortization and depreciation and provisions for risks and charges. EBITDA is not indicated as an accounting measure under Italian GAAP and therefore should not be considered as an alternative measure to assess the company operating performance. As the composition of EBITDA is not regulated by the applicable accounting standards, the criterion used by the company for its calculation may not be uniform with that adopted by other companies and/or groups and therefore may not be comparable.
(***) EBIT indicates the result before income taxes and financial income and expenses. EBIT therefore represents the operating result before the remuneration of both debt and equity capital. EBIT is not indicated as an accounting measure under Italian GAAP and therefore should not be considered as an alternative measure to assess the company operating performance. As the composition of EBIT is not regulated by the applicable accounting standards, the criterion used by the company for its calculation may not be uniform with that adopted by other companies and/or groups and therefore may not be comparable.
Consolidated balance sheet highlights
The reclassified balance sheet according to the Group's sources and uses at December 31, 2024 (compared with December 31, 2023) follows:
| Reclassified Balance Sheet | Chan | |||
|---|---|---|---|---|
| (In Euro thousands) | 31/12/2024 31/12/2023 | ge % | ||
| Intangible assets | 6.788 | 4.676 | 45% | |
| Property, plant and equipment | 6.863 | 6.136 | 12% | |
| Financial assets | 417 | 371 | 12% | |
| Net fixed assets | 14.069 | 11.184 | 26% | |
| Inventories | 20.865 | 18.945 | 10% | |
| Trade receivables | 10.299 | 12.097 | -15% | |
| Trade payables | (10.347) | (15.839) | -35% | |
| Commercial working capital | 20.817 | 15.203 | 37% | |
| Other current assets | 148 | 205 | -28% | |
| Other current liabilities | (2.672) | (2.448) | ರಿಗಳ | |
| Tax receivables | 3.909 | 5.288 | -26% | |
| Tax payables | (1.305) | (1.387) | -6% | |
| Accrued income and prepayments | 535 | 658 | -19% | |
| Accrued liabilities and deferred income | (1.900) | (1.514) | 26% | |
| Net working capital (*) | 19.531 | 16.004 | 22% | |
| Provisions for risks and charges | (154) | (85) | 80% | |
| Post-employment benefits | (2.169) | (1.778) | 22% | |
| Net capital employed (uses) (**) | 31.278 | 25.324 | 24% | |
| Net financial debt - Current financial debt | 2.591 | 2.094 | 100% | |
| Net financial debt - Current portion of non-current financial debt | 3.748 | 5.993 | -37% | |
| Net financial debt - Non-current financial debt | 7.013 | 5.032 | 39% | |
| Total financial debt | 13.351 | 13.119 | 2% | |
| Cash and cash equivalents | (9.613) | (5.984) | 61% | |
| Other financial receivables | 0% | |||
| Net financial debt (***) | 3.739 | 7.135 | -48% | |
| Share capital | 641 | 563 | 14% | |
| Reserves | 23.335 | 14.373 | 62% | |
| Net profit | 3.563 | 3.253 | 10% | |
| Shareholders' Equity | 27.539 | 18.189 | 51% | |
| Total sources | 31.278 | 25.324 | 24% |
(*) Net Working Capital is calculated as the sum of inventories, trade receivables, trade payables, other current assets, other current liabilities, tax receivables and payables, and net accruals and deferrals. Net Working Capital is not identified as an accounting measure by the applicable accounting standards. The criteria applied by the Company may not be uniform with those adopted by other companies, and therefore the values may not be comparable with those determined by the latter.
(**) Net Capital Employed is calculated as Net Working Capital, Net Fixed Assets and Non-current Liabilities (provision for risks and charges and post-employment benefits). Capital employed is not identified as an accounting measure by the applicable accounting standards. criteria applied by the Company may not be uniform with those adopted by other companies, and therefore the values may not be comparable with those determined by the latter.
(***) It is noted that the Net Financial Debt is calculated as the sum of cash and cash equivalents, non-current financial liabilities, and was determined in accordance with the "Guidance on Disclosure Requirements under the Prospectus Regulation" (ESMA32-382-1138) published by ESMA (European Securities and Markets Authority).
Consolidated Cash Flow Statement
The Group's Cash Flow Statement for 2024, compared with 2023, follows:
| Cash Flow Statement (In Euro thousands) |
31/12/2024 | 31/12/2023 |
|---|---|---|
| Net profit/(loss) | 3,563 | 3,253 |
| Income taxes | 1,488 | 1,335 |
| Interest charges/(income) | 657 | 602 |
| (Dividends) | - | - |
| (Gains)/losses on sale of assets | (2) | 0 |
| Provisions | 752 | 295 |
| Amortization & depreciation | 2,468 | 1,793 |
| Impairment losses Adjustments to the value of financial assets and liabilities of derivative financial instruments that do not involve monetary movements |
- - |
- - |
| Other adjustments up/(down) for non-monetary items | 13 | 44 |
| Decrease/(Increase) in inventories | (1,920) | (3,298) |
| Decrease/(Increase) in trade receivables | 1,798 | 759 |
| Increase/(Decrease) in trade payables | (5,425) | 2,904 |
| Decrease/(Increase) in prepayments and accrued income | 123 | (282) |
| Increase/(decrease) in accrued liabilities and deferred income | 386 | 761 |
| Other Decreases/(Other Increases) in net working capital | 1,970 | (4,195) |
| Interest received/(paid) | (657) | (602) |
| (Income taxes paid) | (1,948) | (1,294) |
| Dividends received | - | - |
| (Utilization of provisions) | (332) | (184) |
| Other receipts/(payments) | - | - |
| Operating cash flow | 2,935 | 1,893 |
| (Investments) in property, plant & equipment | (2,177) | (2,711) |
| Divestments of property, plant & equipment | 38 | 11 |
| (Investments) in intangible assets | (3,442) | (1,043) |
| Divestments of intangible assets | 277 | - |
| (Investments) in financial assets | (56) | (113) |
| Divestments of financial assets | 10 | - |
| (Investments) in current financial assets | - | - |
| Disinvestments of current financial assets | - | - |
| Cash flow from investments | (5,351) | (3,856) |
| Increase/(Decrease) in short-term bank debt | (2,888) | 1,351 |
| New financing | 5,400 | 1,000 |
| (Repayment of loans) | (2,279) | (2,216) |
| Paid-in share capital increase | 5,812 | 4,192 |
| (Repayment of share capital) | - | - |
| Disposal/(Acquisition) of treasury shares | - | - |
| (Dividends and interim dividends paid) | - | - |
| Cash flow from financing activities | 6,045 | 4,326 |
| Increase/(decrease) in cash and cash equivalents (a ± b ± c) | 3,629 | 2,363 |
| Opening cash and cash equivalents | 5,984 | 3,621 |
| Closing cash and cash equivalents | 9,613 | 5,984 |
Consolidated Net Financial Debt
The Group Consolidated Net Financial Debt at December 31, 2024, compared with December 31, 2023, follows:
| Net financial debt | ||||
|---|---|---|---|---|
| (In Euro thousands) | 31/12/2024 | 31/12/2023 | Change % | |
| A Available liquidity | 9.613 | 5.984 | 61% | |
| B Cash equivalents | 0% | |||
| C Other current financial assets | 0% | |||
| D Liquidity (A+B+C) | 9.613 | 5.984 | 61% | |
| E Current financial debt | 2.591 | 2.094 | 24% | |
| F Current portion of non-current financial debt | 3.748 | 5.993 | -37% | |
| G Current financial debt (E+F) | 6.339 | 8.087 | -22% | |
| H Net current financial debt (G-D) | (3.274) | 2.103 | -256% | |
| I Non-current financial debt | 7.013 | 5.032 | 39% | |
| J Debt instruments | 0% | |||
| K Trade payables and other non-current payables | 0% | |||
| L Non-current debt (I+J+K) | 7.013 | 5.032 | 39% | |
| M. Total financial debt (H) + (L) | 3.739 | 7.135 | -48% |
FAE Technology S.p.A. operating highlights
The Company's reclassified income statement for 2024 compared with that for 2023 is as follows:
| Reclassified Income Statement | ||||||
|---|---|---|---|---|---|---|
| (In Euro thousands) | 2024 | % (*) | 2023 | % (*) | Change % | |
| Revenues from sales | 60.404 | 96,3% | 61.678 | 95,2% | -2,1% | |
| Change in inventories | 1.539 | 2,5% | 1.957 | 3,0% | -21,4% | |
| Other revenues and income | 776 | 1.2% | 1.184 | 1.8% | n.m. | |
| Value of production | 62.719 | 100,0% | 64.819 | 100,0% | -3,2% | |
| Costs of raw materials, supplies and goods net of changes Inventories |
(38.138) | -60.8% | (43.681) | -67.4% | -12.7% | |
| Service costs | (7.465) | -11,9% | (7.307) | -11,3% | 2,2% | |
| Rent, lease and similar costs | (710) | -1,1% | (579) | -0,9% | 22,6% | |
| Personnel expense | (8.334) | -13,3% | (6.702) | -10.3% | 24,4% | |
| Other operating costs | (318) | -0,5% | (175) | -0,3% | 81,5% | |
| EBITDA (**) | 7.754 | 12,4% | 6.375 | 9,8% | 21,6% | |
| Amortization, depreciation and write-downs | (1.833) | -2,9% | (1.219) | -1,9% | 50.4% | |
| Provisions | (5) | 0,0% | (4) | 0,0% | 29,9% | |
| EBIT (***) | 5.915 | 9,4% | 5.151 | 7,9% | 14,8% | |
| Financial income and (expense) | (415) | -0.7% | (398) | -0.6% | 4.3% | |
| EBT | 5.500 | 8,8% | 4.754 | 7,3% | 15,7% | |
| Income taxes | (1.573) | -2,5% | (1.335) | -2,1% | 17.8% | |
| Net Profit for the year | 3.927 | 6,3% | 3.418 | 5,3% | 14,9% |
(*) Margin on the value of production
(**) EBITDA indicates the operating result before income taxes, financial income and expenses, amortization and depreciation and provisions for risks and charges. EBITDA is not indicated as an accounting measure under Italian GAAP and therefore should not be considered as an alternative measure to assess the company operating performance. As the composition of EBITDA is not regulated by the applicable accounting standards, the criterion used by the company for its calculation may not be uniform with that adopted by other companies and/or groups and therefore may not be comparable.
(***) EBIT indicates the result before income taxes and financial income and expenses. EBIT therefore represents the operating result before the remuneration of both debt and equity capital. EBIT is not indicated as an accounting measure under Italian GAAP and therefore should not be considered as an alternative measure to assess the company operating performance. As the composition of EBIT is not regulated by the applicable accounting standards, the criterion used by the company for its calculation may not be uniform with that adopted by other companies and/or groups and therefore may not be comparable.
FAE Technology S.p.A. balance sheet highlights
The reclassified balance sheet according to the Company's sources and uses at December 31, 2024, compared with December 31, 2023, follows:
| Reclassified Balance Sheet | Change % | |||
|---|---|---|---|---|
| (In Euro thousands) | 31/12/2024 | 31/12/2023 | ||
| Intangible assets | 2.710 | 2.293 | 18% | |
| Property, plant and equipment | 5.863 | 5.109 | 15% | |
| Financial assets | 7.520 | 5.002 | 50% | |
| Net fixed assets | 16.093 | 12.404 | 30% | |
| Inventories | 17.101 | 14.730 | 16% | |
| Trade receivables | 5.637 | 7.582 | -26% | |
| Trade payables | (8.613) | (14.877) | -42% | |
| Commercial working capital | 14.125 | 7.435 | 90% | |
| Other current assets | ਪਰੇ | 175 | -72% | |
| Other current liabilities | (2.757) | (2.560) | 8% | |
| Tax receivables and payables | 2923 | 4.245 | -31% | |
| Net accruals and deferrals | (1.046) | (621) | 69% | |
| Net working capital (*) | 13.294 | 8.675 | 53% | |
| Provisions for risks and charges | (133) | (85) | 56% | |
| Post-employment benefits | (962) | (801) | 20% | |
| Net capital employed (uses) (**) | 28.292 | 20.193 | 40% | |
| Net financial debt - Current financial debt | 16 | 2.256 | -99% | |
| Net financial debt - Current portion of non-current financial debt |
2774 | 1.490 | 86% | |
| Net financial debt - Non-current financial debt | 6.498 | 4.029 | 61% | |
| Total financial debt | 9.289 | 7.775 | 19% | |
| Cash and cash equivalents | (9.064) | (5.936) | 53% | |
| Net financial debt (***) | 225 | 1.839 | -88% | |
| Share capital | 641 | 563 | 14% | |
| Reserves | 23.500 | 14.373 | 64% | |
| Net profit | 3.927 | 3.418 | 15% | |
| Shareholders' Equity | 28.068 | 18.354 | 53% | |
| Total sources | 28.292 | 20.193 | 40% |
(*) Net Working Capital is calculated as the sum of inventories, trade receivables, trade payables, other current assets, other current liabilities, tax receivables and payables, and net accruals and deferrals. Net Working Capital is not identified as an accounting measure by the applicable accounting standards. The criteria applied by the Company may not be uniform with those adopted by other companies, and therefore the values may not be comparable with those determined by the latter.
(**) Net Capital Employed is calculated as Net Working Capital, Net Fixed Assets and Non-current Liabilities (provision for risks and charges and post-employment benefits). Capital employed is not identified as an accounting measure by the applicable accounting standards. criteria applied by the Company may not be uniform with those adopted by other companies, and therefore the values may not be comparable with those determined by the latter.
(***) It is noted that the Net Financial Debt is calculated as the sum of cash and cash equivalents, non-current financial liabilities, and was determined in accordance with the "Guidance on Disclosure Requirements under the Prospectus Regulation" (ESMA32-382-1138) published by ESMA (European Securities and Markets Authority).
FAE Technology S.p.A. Cash Flow Statement
The Company's Cash Flow Statement for 2024 compared with that for 2023 is as follows:
| Cash Flow Statement (In Euro thousands) |
31/12/2024 | 31/12/2023 |
|---|---|---|
| Net profit/(loss) | 3,927 | 3,418 |
| Income taxes | 1,573 | 1,335 |
| Interest charges/(income) | 371 | 395 |
| (Dividends) | - | - |
| (Gains)/losses on sale of assets | 0 | 0 |
| Provisions | 443 | 185 |
| Amortization & depreciation | 1,805 | 1,219 |
| Impairment losses | - | - |
| Adjustments to the value of financial assets and liabilities of derivative financial instruments that do not involve monetary movements |
- | - |
| Other adjustments up/(down) for non-monetary items | 317 | (137) |
| Decrease/(Increase) in inventories | (2,371) | (3,864) |
| Decrease/(Increase) in trade receivables | 1,945 | 513 |
| Increase/(Decrease) in trade payables | (6,263) | 3,847 |
| Decrease/(Increase) in prepayments and accrued income | 102 | (296) |
| Increase/(decrease) in accrued liabilities and deferred income | 323 | 651 |
| Other Decreases/(Other Increases) in net working capital | (449) | 955 |
| Interest received/(paid) | (371) | (395) |
| (Income taxes paid) | (1,877) | (1,194) |
| Dividends received | - | - |
| (Utilization of provisions) | (274) | (100) |
| Other receipts/(payments) | - | - |
| Operating cash flow | (798) | 6,533 |
| (Investments) in property, plant & equipment | (1,859) | (2,278) |
| Divestments of property, plant & equipment | 27 | 1 |
| (Investments) in intangible assets | (1,421) | (1,013) |
| Divestments of intangible assets | 277 | - |
| (Investments) in financial assets | (2,528) | (3,699) |
| Divestments of financial assets | 10 | - |
| (Investments) in current financial assets | - | - |
| Disinvestments of current financial assets | - | - |
| Cash flow from investments | (5,494) | (6,989) |
| Increase/(Decrease) in short-term bank debt | (146) | (909) |
| New financing | 5,400 | 1,000 |
| (Repayment of loans) | (1,646) | (1,221) |
| Paid-in share capital increase | 5,812 | 4,192 |
| (Repayment of share capital) | - | - |
| Disposal/(Acquisition) of treasury shares | - | - |
| (Dividends and interim dividends paid) | - | - |
| Cash flow from financing activities | 9,420 | 3,062 |
| Increase/(decrease) in cash and cash equivalents (a ± b ± c) | 3,128 | 2,363 |
| Opening cash and cash equivalents | 5,936 | 3,621 |
| Closing cash and cash equivalents | 9,064 | 5,984 |
FAE Technology net financial debt
The Company's Net Financial Debt at December 31, 2024, compared with December 31, 2023, is as follows:
| Net financial debt | |||
|---|---|---|---|
| (In Euro thousands) | 31/12/2024 | 31/12/2023 | % (*) |
| A Available liquidity | 9.057 | 5 936 | 53% |
| B Cash equivalents | 0% | ||
| C Other current financial assets | 0% | ||
| D Liquidity (A+B+C) | 9.057 | 5.936 | 53% |
| E Current financial debt | (a) | (2.256) | -99% |
| F Current portion of non-current financial debt | (2.774) | (1.490) | 86% |
| G Current financial debt (E+F) | (2.783) | (3.746) | -26% |
| H Net current financial debt (G-D) | 6.274 | 2.190 | 186% |
| I Non-current financial debt | (6.498) | (4.029) | 61% |
| J Debt instruments | 0% | ||
| K Trade payables and other non-current payables | 0% | ||
| L Non-current debt (I+J+K) | (6.498) | (4.029) | 61% |
| M. Total financial debt (H) + (L) | (225) | (1.839) | -88% |