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Giglio.Com — Interim / Quarterly Report 2017
Sep 19, 2017
4456_ir_2017-09-19_32ecb5df-b14d-414a-b453-8bab1795e9dc.pdf
Interim / Quarterly Report
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| Informazione Regolamentata n. 20076-60-2017 |
Data/Ora Ricezione 19 Settembre 2017 13:07:00 |
AIM -Italia/Mercato Alternativo del Capitale |
|
|---|---|---|---|
| Societa' | : | Giglio Group S.p.A. | |
| Identificativo Informazione Regolamentata |
: | 93864 | |
| Nome utilizzatore | : | GIGLIONSS02 - Myriam Amato | |
| Tipologia | : | 1.2 | |
| Data/Ora Ricezione | : | 19 Settembre 2017 13:07:00 | |
| Data/Ora Inizio Diffusione presunta |
: | 19 Settembre 2017 13:07:01 | |
| Oggetto | : | Giglio Group Half-Year IH2017 Results | |
| Testo del comunicato |
Vedi allegato.
GIGLIO GROUP: H1 2017 results approved
- Revenues of Euro 27.5 million, up 76.3% on H1 2016 (Euro 15.6 million), with Proforma Revenues* of Euro 47.7 million - up 206% on H1 2016. Strong increase in ecommerce business area +167.6% on H1 2016
- Adjusted EBITDA** of Euro 4.2 million, up 5.7% on H1 2016 (Euro 4.0 million), with Pro-forma adjusted EBITDA* of Euro 4.8 million - up 21.7% on H1 2016 (Euro 4 million). The gradually increasing contribution from the e-commerce division impacted the margin which on the normalised result was 15.3% and on the proforma result 10%.
- Adjusted Net Profit** up 150% to Euro 1.5 million (Euro 0.6 million in H1 2016). Adjusted Pro Forma Net Profit* of Euro 2 million, increasing 279% on H1 2016.
- Net Financial Debt of Euro 14 million at June 30, 2017 (Euro 10.2 million at December 31, 2016), increasing principally due to acquisition of the Evolve Group.
- Admission to trading on the MTA, STAR segment, presented to Borsa Italiana and to Consob for authorisation to publish the Disclosure Document
Milan, September 19, 2017 – The Board of Directors of Giglio Group (Aim Italia-Ticker GGTV), a leading e-commerce 4.0 enterprise, listed on the AIM market of the Italian Stock Exchange, meeting today reviewed and approved the 2017 first half-year results.
Group Revenues in the first half of 2017 amounted to Euro 27.5 million, up 76.3% on the same period of the previous year (Euro 15.6 million).
EBITDA adjusted** for non-recurring charges of Euro 4.2 million increased 5.7% on the same period of the previous year (Euro 4 million).
Net profit adjusted** for non-recurring charges amounted to Euro 1.5 million, compared to Euro 0.6 million in H1 2016 (up 150%).
* Pro forma results include the consolidation of the Evolve Group now Ibox (whose acquisition was concluded at the end of April 2017) as of January 1, 2017..
** EBITDA, EBIT and Net Profit adjusted for non-recurring costs totaling € 1.3 million for listing costs of € 0.8 million, the earn out to the previous shareholder of the Giglio Fashion division acquired in 2016, amounting to Euro 0.2 million and the costs related to the acquisition of Euro 0.3 million of the company Evolve SA.
Giglio Group consolidated operating performance
Consolidated revenues of Euro 27.5 million were up 76.3% on the same period of the previous year (Euro 15.6 million).
In terms of business areas, Media division Revenues were Euro 8.5 million, in line with the same period of the previous year (Euro 8.5 million in IH2016); e-commerce division Revenues amounted to Euro 19million, up 167.6% (Euro 7.1 million in H1 2016).
In terms of regional distribution, 86% of Revenues were from the Eurozone and UK (87.7% in H1 2016), with 9% from Asia (11.4% in H1 2016) and 5% from the US (0.8% in H1 2016).
Operating Costs, net of non-recurring costs, amounted to Euro 22.1 million (Euro 11 million in H1 2016), following the growth in business volumes and with the main increases concerning product acquisition costs, service costs and personnel costs, increasing Euro 0.4 million, principally following the expanded workforce with the hiring of capable personnel to ensure appropriate coverage and in compliance with the rules for STAR listed issuers. In addition, new key personnel were introduced to the business development and sales functions.
This cost structure is in line with the new e-commerce 4.0 business model, currently under gradual development by the Group and whose e-commerce component has expanded, with the company utilising in-house marketing and communication sector resources and investing in technology in order to bring to the commercialised product experience from direct purchasing through television.
Adjusted EBITDA** amounted to Euro 4.2 million (Euro 4 million H1 2016), up 5.7% on the same period of the previous year and with the margin to 15.3% from 25.6% in H1 2016 due to the transfer from a more strictly TV based model focused on sales revenues and advertising spaces to a mixed model (e-commerce 4.0) for which the e-commerce revenue contribution takes precedence.
This 15.3% margin is in line or greater than the main online fashion and retail sector comparables of around 7% and is based on an integrated bundle of services which will be a key Group feature going forward.
Non-recurring charges for Euro 1.3 million concern costs incurred by the Group for the transfer to the main market (Euro 0.8 million) and earn out costs to be recognised to the previous shareholders of the Fashion division under the acquisition contract (Euro 0.2 million) and costs for the acquisitions made (Euro 0.3 million).
As a result of these non-recurring cost items, Adjusted EBIT ** amounts to Euro 1.7 million (Euro 1.4 million in H1 2016).
The Adjusted Group Net Profit**, adjusted for non-recurring costs, amounts to Euro 1.5 million (Euro 0.6 million in H1 2016). This result was impacted by increased financial charges of Euro 0.3 million (Euro 0.1 million in H1 2016), principally due to increased factoring service costs in the halfyear and by an increase in the positive effect equal to 0.48 of deferred taxes.
* Pro forma results include the consolidation of the Evolve Group now Ibox (whose acquisition was concluded at the end of April 2017) as of January 1, 2017..
** EBITDA, EBIT and Net Profit adjusted for non-recurring costs totaling € 1.3 million for listing costs of € 0.8 million, the earn out to the previous shareholder of the Giglio Fashion division acquired in 2016, amounting to Euro 0.2 million and the costs related to the acquisition of Euro 0.3 million of the company Evolve SA.
Pro-forma* consolidated Income Statement figures
For greater transparency and comparability, the Giglio Group has prepared the H1 2017 Income Statement consolidated results (Revenues, EBITDA and Adjusted Net Profit) on a pro-forma basis to include the consolidation of the Evolve Group (acquisition concluding in April 2017) from January 1, 2017.
- Pro-forma Revenues* of Euro 47.7 million, +206% on H1 2016 (Euro 15.6 million)
- Pro-forma Adjusted EBITDA* of Euro 4.8 million, +21.7% on H1 2016 (Euro 4 million)
- Pro-forma Adjusted Net Profit* of Euro 2 million, increasing 279% on H1 2016 (Euro 0.6 million).
The Balance Sheet highlights at June 30, 2017 include:
Negative Net Working Capital of Euro -2.8 million (Euro 0.9 million at December 31, 2016), due to the seasonality typical of the e-commerce division.
Property, plant and equipment of Euro 6.6 million (Euro 7 million at December 31, 2016)
Intangible assets of Euro 21.8 million, of which Euro 11.7 million relating to goodwill for the acquisitions of Giglio Fashion and Evolve (Euro 12.8 million at December 31, 2016, of which Euro 4.1 million relating to Giglio Fashion goodwill).
The Net Financial Debt at June 30, 2017 was Euro 14 million, increasing on December 31, 2016 (Euro 10.2 million) Euro 3.8 million, principally due to the acquisition of the Evolve Group.
The parent company Giglio Group S.p.A. has the following bonds with maturity within the coming 12 months:
- "Giglio Group Tf 2.9% Mag18 Eur" bond of a nominal total amount of up to Euro 1 million comprising a maximum of 10 bond securities (issue date May 26, 2017 - maturity date May 29, 2018).
* Pro forma results include the consolidation of the Evolve Group now Ibox (whose acquisition was concluded at the end of April 2017) as of January 1, 2017..
** EBITDA, EBIT and Net Profit adjusted for non-recurring costs totaling € 1.3 million for listing costs of € 0.8 million, the earn out to the previous shareholder of the Giglio Fashion division acquired in 2016, amounting to Euro 0.2 million and the costs related to the acquisition of Euro 0.3 million of the company Evolve SA.
Alessandro Giglio, Chairman and Chief Executive Officer of the Group, stated: "The results for this period confirm the significant boost from our Group's shift to the new "e-commerce 4.0" model, which we expect to deliver from 2018 the full potential of our media and e-commerce business lines with a strong increase in results. Awareness of the significant synergies between these two divisions - which however individually are performing very strongly - is bringing to life a multichannel project based on the direct connection between sales and communication and with a concrete opportunity to convert viewers into consumers. The agreement signed with the 40 main global marketplace provide us with an exceptional online distribution capacity globally. The acquisition of Evolve (now Ibox), a major fashion sector online retailer, agreed on April 24 is a further key step in this transformation and whose benefits in terms of revenues and margins are not yet evident in this first part of the year, also considering the seasonality of the e-commerce sector in which stronger sales are seen in the second part of the year. The transfer to the main market, which we expect to take place by the end of the year, will provide maximum support to our growth strategy and even greater visibility on the market and with our commercial partners - including Amazon.com with whom we have signed and launched major global agreements both in the media and ecommerce sectors. We are highly satisfied with the half-year performance, and currently incurring the costs and investments necessary to support the go to market of the new business 4.0 proposition (convergence between media and e-commerce) as we seek to lead the new digital revolution which over the coming five years will transform our work, our cities and our lives. We believe to be capable of providing responses and solutions to all brands who steadfastly and with great sacrifice tackle new markets and new customers - the millennials for whom existing methods have demonstrated themselves as less and less effective"
Significant events in H1 2017
- On January 12, Nautical Channel signed a 3-year agreement with T-Mobile Netherlands, the largest mobile broadcaster in the Netherlands, to broadcast the Pay-TV channel on the main IPTV and OTT platforms of the operator. The boating-focused channel will therefore be available to T-Mobile Netherlands subscribers in a country with an audience demonstrating great interest in watersports. This is a very important agreement considering that T-Mobile Netherlands has over 2.5 million registered users (2015 figures) and that the revenue share of subscribers will be broken down equally between Nautical and T-Mobile.
On January 24, 2017, Giglio Group announced three major national level Broadcast & Telco agreements for a total estimated value of Euro 2.5 million over the coming three years. The agreements concern the Network RTL 102.5 for the satellite broadcast of two HD channels RTL 102.5 TV and RADIOFRECCIA HD, while 6MiaTV and Winga TV will be broadcast in SD on the HOTBIRD satellites of Eutelsat at 13 degrees East.
- On February 20, Nautical Channel signed a commercial agreement with Discover Digital, a major IPTV operator in South Africa, making the channel available on the Discovery Digital platform which currently hosts 12 channels, including news channels (including CCTV, France24, Bloomberg, SkyNews and Al Jazeera) and sport channels (including Fox Sports, Edge Sports and Motorvision.tv). The Giglio Group's international reach therefore extends, establishing itself increasingly as a multimedia operator on the main global TV and IPTV platforms, whose Italian network content and production is a perfect fit for and of great interest to users who, thanks to e-commerce 4.0 capabilities, convert to consumers.
- On March 21 Giglio Usa Lcc, wholly-owned by Giglio Group and operating in North America, signed a collaboration with Century 21, a major US Fashion Retailer in the fashion-beauty sector for men and women. Giglio Usa will therefore be among the official suppliers of Century 21, increasing therefore the number of big American Retailers within Giglio Group's customer base, such as
Nordstrom Rack, Neiman Marcus, Saks 5th Avenue and the respective online platforms.
- On April 12, the Group concluded a major agreement with Persidera S.p.A., the leading independent network operator with national digital multiplexes for the distribution of the signal to the DTT network. The service contract, valid until 2020, has a value of Euro 7.2 million and is part of the distribution agreements between Persidera, M-Three Satcom and Eutelsat SA and includes the utilisation of the E12WB satellite and the Persidera and M-Three Satcom teleports, for complete broadcast and geographic redundancy management.
- On April 26, a strategic partnership was agreed between Giglio Group and Class HORSE.TV, the leading international horse focused channel. As part of this agreement, the acquisition by Giglio Group was stipulated, through subscription of a share capital increase concerning an investment of 3% in the company Pegaso Srl, owner of the ClassHORSE.TV television channel, for Euro 100,000. The acquisition strategically increases the number of network channels and adds additional content to the Giglio Group IBOX and e-commerce 4.0 platform through a perfect target channel as promoting and selling luxury "Made in Italy" products across the world.
In parallel, also on April 26, Gigilio Group agreed an equal joint venture with Class Editori through an operation which involves the acquisition of 50% of Class TV Moda Holding Srl by Giglio Group. The operation targets the growth of the television network on a global scale, which will supplement and extend with new content Giglio Group's 4.0 e-commerce IBOX platform, while ensuring that Class TV Moda becomes increasingly international.
-
On April 27, Giglio Group completed the full acquisition of Evolve Service SA (Evolve Group), a Swiss registered company whose majority shareholder is the company Tessilform SpA which owns the Patrizia Pepe brand. Evolve SA is a leading e-commerce entity competing with the major international online fashion, beauty and design retailers. The transaction is worth Euro 5.4 million, of which Euro 1.5 million cash paid on closing using own funds and Euro 3.9 million from the issue of 1,222,000 new Giglio Group shares reserved for Evolve's current shareholders (implied price per share of Euro 3.2 ).
-
In May Nautical Channel officially debuted in Bermuda, joining the World On Wireless Limited Bermuda (WOW) platform, the second operator to broadcast on the island. With this agreement, valid for three years, Nautical Channel broadcast directly the America's Cup with a series of live dedicated broadcasts from Bermuda.
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On May 23, Giglio Group signed an extremely prestigious agreement with Amazon Media in Europe, with the Nautical Channel now the only channel controlled by an Italian Group to broadcast on the Amazon Channel platform, the video on demand platform of Amazon.com launched in the UK, Germany and Austria. The contract signed with Amazon Media EU is long-term and based on revenue share. Nautical Channel will be available to subscribing Amazon Prime users at a monthly cost of Euro 3.99. The agreement consolidates and extends Giglio Group's partnership with Amazon and is testament to the great interest in the Group's innovative e-commerce 4.0 business model which synergetically brings together media and e-commerce.
- On May 26, Giglio Group and Gambero Rosso agreed a partnership for the creation and distribution of Gambero Rosso's international TV channel. The agreement covers the setting up of Gambero Rosso's English language channel as part of the television network's worldwide expansion, adding new content to Giglio Group's IBOX platform.
- On June 8, Giglio Group arrived in Israel. The Nautical Channel in fact agreed a two-year contract with Vonetize, the leading Israeli OTT platform with over 2 million users distributing content via web, mobile and through Smart TV and APP's. This agreement permits the Nautical Channel to reach currently 55 countries on 5 continents and simultaneously the Giglio Group to bring its international presence to 56 channels across the world.
- On June 19 and 28, the Group signed strategic agreements with two top Chinese marketplaces: Secoo, the Chinese e-commerce luxury sector leader and Mei.com, the Alibaba Group platform and the go-to player for high quality and "customer oriented" shopping. In total, the two platforms have over 20 million active users who can try the new online buying experience with Giglio Group's ecommerce 4.0. With these two agreements, Giglio Group can offer and sell the clothing and accessories of top Italian luxury fashion brands on Secoo.com and Mei.com and all related social channels and apps. Considering its presence on Amazon for the Western hemisphere and on Secoo.com and Mei.com for the Eastern hemisphere, the Giglio Group has become a major global e-commerce player.
Subsequent events
On August 4, the application for listing on the MTA organised and managed by Borsa Italiana was presented to Borsa Italiana, with request for a STAR listing. Simultaneously, Giglio Group filed at Consob the communication as per Articles 94 and 113 of the CFA and Articles 4 and 52 of Consob Regulation No. 11971/1999, with a request to publish the Prospectus, following approval by the Shareholders' Meeting of April 27, 2017 and the Board of Directors on June 6, 2017 and August 2, 2017.
On August 29, 2017, the company announced the signing of an agreement with the PT Media Nusantara Citra Tbk Group, the leading pay TV services provider in Indonesia, for the co-production of a series of "Fashion&Style" television content for the main Indonesian TV channels. The threeyear agreement stipulates an equal distribution of advertising and rights revenues, while Giglio Group will receive the entirety of e-commerce revenues.
Outlook
The company has planned investments and operating costs to facilitate the quicker development of its T-commerce offer, with a unique commercial solution for the brands, an integrated system with the main global marketplaces and a comprehensive distribution force in the regions with greater opportunities for the sale of "Made in Italy" products, such as Asia and America.
After Giglio Fashion - entirely held by the Giglio Group and supplying the leading fashion world digital retailers through its B2B2C platform - also in new areas such as the US, Canada and China with the acquisition of Evolve, Giglio Group's e-commerce 4.0 solution will gradually make a range of renowned brands available to users and positions it as a go-to sector player.
***
Information on Giglio Group
Founded by Alessandro Giglio in 2003 and listed on the AIM market since 7 August 2015, Giglio Group is an e-commerce 4.0 company addressing mainly millennial consumers. The group is a leader in the field of radio and television broadcasting, it has developed cutting-edge digital solutions and represents, in online fashion, a digital market place at a global level, catering to thirty major digital retailers in the world. Giglio Group also produces multimedia content that is transmitted, through agreements with operators and in a large part through a proprietary infrastructure via fiber and satellite transmission formed by the division M-Three Satcom, in 46 nations, 5 continents and in six languages through its own television channels (Nautical Channel, Giglio TV, Acqua and PlayMe), visible on all TV devices, digital, web and mobile. In 2016, the group launched its own e-commerce 4.0 model, which is currently operating in China and the USA: the users "see and buy" by clicking on their smartphone / tablet or taking a photograph of the product they are watching on television, for a revolutionary shopping experience. Giglio Group is headquartered in Milan, Rome, New York (Giglio USA) and Shanghai (Giglio Shanghai).
CONTACTS
Press Office: Nomad: Spriano Communication&Partners Banca Finnat S.p.A. Matteo Russo & Cristina Tronconi Palazzo Altieri, Piazza del Gesù 49 Tel. 02 83635708 mob. 347/9834881 00186 Rome [email protected] Tel.: (+39) 06 699331 [email protected]
Investor Relations: Francesca Cocco Investor Relations [email protected] (+39)0283974207
In accordance with Consob Communication No. 9081707 of September 16, 2009, the reclassified financial statements were not audited.
The Half-Year report at June 30, 2017 has been fully audited by the Independent Audit Firm.
Attachments
- Reported Consolidated Income Statement
- Adjusted Consolidated Income Statement
- Pro forma Consolidated Income Statement
- Pro forma Adjusted Consolidated Income Statement
- Consolidated Balance Sheet
- Consolidated Cash Flow Statement
Reported Consolidated Income Statement
| INCOME STATEMENT | 30.06.2017 | 30.06.2016 |
|---|---|---|
| Revenues | 27.503.391 | 15.602.355 |
| Operating Costs | 23.426.643 | 11.361.572 |
| ADDED VALUE (Difference | ||
| between Revenue and Operating Costs) | 4.076.749 | 4.240.783 |
| ADDED VALUE % | 15% | 27% |
| Total Personnel costs | 1.160.214 | 703.669 |
| EBITDA | 2.916.534 | 3.986.032 |
| EBITDA% | 11% | 26% |
| Depreciation and amortization costs | 2.493.994 | 2.170.736 |
| Non recurring costs | 448.918 | |
| EBIT | 422.540 | 1.366.377 |
| Financial costs | 319.051 | 136.103 |
| INCOME BEFORE TAXES | 103.488 | 1.230.274 |
| TAXES | -52.884 | 612.383 |
| NET INCOME | 156.372 | 617.891 |
Adjusted Consolidated Income Statement
| INCOME STATEMENT | 30.06.2017 | 30.06.2016 |
|---|---|---|
| Revenues | 27.503.391 | 15.602.355 |
| Operating Costs | 22.145.467 | 10.912.654 |
| ADDED VALUE (Difference | ||
| between Revenue and Operating Costs) | 5.357.925 | 4.689.701 |
| ADDED VALUE % | 19% | 30% |
| Total Personnel costs | 1.160.214 | 703.669 |
| EBITDA | 4.197.710 | 3.986.031 |
| EBITDA% | 15% | 26% |
| Depreciation and amortization costs | 2.493.994 | 2.170.736 |
| Non recurring costs | 1.281.176 | 448.918 |
| EBIT | 422.540 | 1.366.377 |
| Financial costs | 319.051 | 136.103 |
| INCOME BEFORE TAXES | 103.488 | 1.230.274 |
| TAXES | -52.884 | 612.383 |
| NET INCOME | 156.372 | 617.891 |
| NET INCOME ADJUSTED | 1.437.548 |
Pro forma Consolidated Income Statement
| INCOME STATEMENT | |
|---|---|
| Proforma | 30.06.2016 |
|---|---|
| 47.684.665 | 15.602.355 |
| 42.373.584 | 10.912.654 |
| 4.689.701 | |
| 11% | 30% |
| 1.756.181 | 703.669 |
| 3.554.900 | 3.986.031 |
| 7 | 26% |
| 2.547.776 | 2.170.736 |
| 448.918 | |
| 1.007.123 | 1.366.377 |
| 324.332 | 136.103 |
| 682.791 | 1.230.274 |
| 46.814 | 612.383 |
| 729.605 | 617.891 |
| 2.010.781 | |
| 5.311.081 % |
30.06.2017
Pro forma Adjusted Consolidated Income Statement
| INCOME STATEMENT | 30.06.2017 Proforma |
30.06.2016 |
|---|---|---|
| Revenues | 47.684.665 | 15.602.355 |
| Operating Costs | 41.092.408 | 10.912.654 |
| ADDED VALUE (Difference between Revenue and Operating Costs) |
6.592.257 | 4.689.701 |
| ADDED VALUE % | 14% | 30% |
| Total Personnel costs | 1.756.181 | 703.669 |
| EBITDA | 4.836.076 | 3.986.031 |
| EBITDA% | 10% | 26% |
| Depreciation and amortization costs | 2.547.776 | 2.170.736 |
| Non recurring costs | 1.281.176 | 448.918 |
| EBIT | 1.007.123 | 1.366.377 |
| Financial costs | 324.332 | 136.103 |
| INCOME BEFORE TAXES | 682.791 | 1.230.274 |
| TAXES | 46.814 | 612.383 |
| NET INCOME | 729.605 | 617.891 |
| NET INCOME ADJUSTED | 2.010.781 |
Consolidated Balance Sheet
| Consolidated Balance Sheet | 30.06.2017 31.12.2016 | |
|---|---|---|
| Non current Assets | ||
| Tangible assets | 6.635.479 | 6.965.001 |
| Intangible assets | 10.107.092 | 8.710.066 |
| Distribution Rights | - | - |
| Editing Right | 9.564.167 | 8.426.571 |
| Other Intangible | 542.925 | 283.495 |
| Goodwill | 11.718.064 | 4.134.439 |
| Investments in associated | 150.011 | - |
| Receivables | 144.711 | 139.658 |
| Tax deferred assets | 646.540 | 198.396 |
| Total non curret assets | 29.401.898 20.147.560 | |
| Current Assets | ||
| Inventories | 5.721.606 | 2.768.653 |
| Trade receivables and other current assets | 17.488.271 18.888.840 | |
| Financial receivables | - | - |
| Tax receivables | 6.018.588 | 1.599.166 |
| Othe assets | 3.311.747 | 531.552 |
| Cash and cash equivalent | 2.306.538 | 1.817.010 |
| Total current assets | 34.846.749 25.605.220 | |
| Total Assets | 64.248.647 45.752.780 | |
| Net Equity | ||
| Share Capital | 3.208.050 | 2.963.650 |
| Reserves | 11.398.835 | 7.750.087 |
| Extraodinary Reserve | - | - |
| IPO expenses | -540.755 | -540.755 |
| FTA Reserve | 3.814 | 3.814 |
| Retained earnings | 2.609.174 | 1.283.690 |
| Exchange differences | -8.999 | -582 |
| Net income (loss) of the period | 156.372 | 1.325.483 |
| Total Net Equity | 16.826.491 12.785.387 | |
| Non current liabilities | ||
| Provisions for risk and charges | 524.352 | 282.864 |
| Tax deferred liabilities | 308.542 | 365.879 |
| Financial debts | 8.945.427 | 7.635.603 |
| Third parties equity | - | - |
| Total Non current Liabilities | 9.778.320 | 8.284.346 |
| Current Liabilities | ||
| Trade payables and other current debts | 26.719.440 18.310.718 | |
| Financial debts | 7.322.660 | 4.418.250 |
| Tax payables | 1.812.650 | 1.337.944 |
| Other liabilities | 1.789.086 | 616.135 |
| Total Current Liabilities | 37.643.836 24.683.047 | |
Consolidated Cash Flow Statement
| € | 30.06.2017 | 30.06.2016 |
|---|---|---|
| Operating Cash flow | ||
| Changes: | 156.372 | 617.891 |
| Adjustments: | ||
| Tangible assets depreciation | 885.083 | 1.120.136 |
| Intangible assets amortization | 1.662.693 | 1.004.726 |
| Write downs / (Revaluations) | - | 45.875 |
| Net Financial Charges / (Income) | 319.051 | 136.103 |
| Tax | -52.884 | 612.383 |
| Changes: | ||
| Inventories | -1.580.365 | -2.310.182 |
| Trade receivables | 7.172.737 | -7.308.466 |
| Tax receivables | -1.730.680 | -879.192 |
| Other Assets | -2.780.194 | -162.066 |
| Deferred tax liabilities | -76.008 | -248.473 |
| Trade payables | -4.357.165 | 6.277.320 |
| Tax payables | 298.642 | 513.599 |
| Other liabilities | 1.172.951 | 29.085 |
| Changes in Net Working Capital | -1.880.082 | -4.088.375 |
| Changes in Reserves | 162.511 | 37.980 |
| Cash from Operating Activities | 1.252.744 | -513.281 |
| Interests paid | -319.051 | -136.103 |
| Net Income taxes paid | 52.884 | -612.383 |
| Net Cash from Operating Activities | 986.577 | -1.261.767 |
| Cash Flow from investing | ||
| Investments in tangible assets | -340.094 | -285.385 |
| Investments in intangible assets | -2.882.482 | -3.166.847 |
| Evolve Group acquisition net from cash | 557.559 | - |
| Giglio Fashion acquisition net from cash | - | -1.409.234 |
| Other fixed assets | -448.037 | -25.365 |
| Increase in investments | -150.011 | |
| Cash in Investment Activities | -3.263.066 | -4.886.831 |
| Cash Flow from financing | ||
| Capital Increase | - | 131.650 |
| Changes in Equity | -25.269 | -74.802 |
| New financing | 2.700.000 | - |
| Changes in Debt | 91.285 | 6.588.554 |
| Net Cash from Financing | 2.766.017 | 6.645.402 |
| Cash and cash equivalent net increase (decrease) | 489.528 | 496.804 |
| Cash and cash equivalent as at January 1st | 1.817.010 | 1.200.114 |
| Cash and cash equivalent as at June 30 | 2.306.538 | 1.696.918 |