Interpump Group

Earnings Release • Feb 14, 2024

Informazione Regolamentata n. 0159-9-2024		Data/Ora Inizio Diffusione 14 Febbraio 2024 14:06:09	Euronext Star Milan
Societa'	:	INTERPUMP GROUP
Identificativo Informazione Regolamentata	:	186266
Utenza - Referente	:	INTERPUMPN03 - Cugnasca
Tipologia	:	1.1
Data/Ora Ricezione	:	14 Febbraio 2024 14:06:09
Data/Ora Inizio Diffusione	:	14 Febbraio 2024 14:06:08
Oggetto	:	IP - 4Q2023 & Preliminary 2023 Financial Results

Testo del comunicato

Interpump Group board approved 4Q2023 and Preliminary 2023 Financial Results.

INTERPUMP APPROVES 4Q RESULTS AND THE PRELIMINARY DATA FOR FY 2023

Chairman Fulvio Montipò: "The results for 2023 are highly satisfactory. The Group's organic sales growth fell just short of 7%, with the EBITDA margin at an historical high, despite the challenging international environment."

PRELIMINARY DATA FOR FY 2023:

Net sales: € 2,240 million, +7.8% compared with 2022 (+5.1% at unchanged perimeter and +6.9% with the same exchange rates as well)

EBITDA: € 536.7 million, +9.0% compared with 2022 and an EBITDA margin of 24.0% compared with 23.7% in the prior year

Consolidated net profit: € 277.5 million, +2.9% compared with 2022

Net financial position: € 486.5 million compared with € 541.8 million at 31 December 2022 (in the period: investment of € 164.9 million, dividends of € 34.8 million and acquisitions of € 57.6 million)

DATA FOR 4Q2023:

Net sales: € 519.6 million, -2.5% compared with 4Q2022 (-5.5% at unchanged perimeter and -3.4% with the same exchange rates as well)

EBITDA: € 111.1 million, -12.7% compared with 4Q2022 and an EBITDA margin of 21.4% compared with 23.9% in the same period of 2022

Consolidated net profit: € 37 million, -32.8% compared with 4Q2022

Sant'Ilario d'Enza (RE) 14 February 2024 - The Board of Directors of Interpump Group S.p.A. (IP IM), meeting today under the chairmanship of Fulvio Montipò, approved the Interim Financial Report at 31 December 2023 on the consolidated 4Q2023 results, as well as the preliminary data for FY 2023.

PRELIMINARY RESULTS FOR FY 2023

Net sales

In 2023 Net sales totaled € 2,240.0 million, up by 7.8% compared with € 2,077.9 million in 2022 (+5.1% at unchanged perimeter1 ). At operating division level within the Group, Hydraulics grew by 6.0% (+4.4% at unchanged perimeter), while Water-Jetting grew by 12.9% (+7.3% at unchanged perimeter).

Turnover by business sector and geographical area was as follows:

(€/000)	Italy	Rest of Europe	North America	Pacific Area	Rest of the World	Total
2023
Hydraulics	297,482	591,997	439,806	160,443	144,595	1,634,323
Water-Jetting	66,252	212,892	187,162	78,203	61,207	605,716
Total	363,734	804,889	629,968	238,646	205,802	2,240,039
2022
Hydraulics	281,502	558,010	409,417	165,248	127,446	1,541,623
Water-Jetting	53,547	180,258	191,851	63,211	47,474	536,341
Total	335,049	738,268	601,268	228,459	174,920	2,077,964
2023/2022 percentage changes
Hydraulics	+5.7%	+6.1%	+7.4%	-2.9%	+13.5%	+6.0%
Water-Jetting	+23.7%	+18.1%	-2.4%	+23.7%	+28.9%	+12.9%
Total	+8.6%	+9.0%	+4.3%	+4.5%	+17.7%	+7.8%

¹ With respect to the results for 2022, the change in perimeter comprises Draintech, Eurofluid, Indoshell Automotive System India, I.Mec and the Waikato Group. In particular, Draintech and Eurofluid were acquired in the prior year and were consolidated from June and November 2022 respectively. Indoshell Automotive System India was purchased in February 2023 and 31 March was designated as the effective acquisition date. As such, this operation only had a financial impact in 1Q2023, with full effect from 2Q2023. I.Mec and the Waikato Group were acquired at the end of April and the end of May 2023 respectively.

2023/2022 at unchanged perimeter (%)

	Italy	Rest of	North	Pacific	Rest of	Total
		Europe	America	Area	the World
Hydraulics	+3.3%	+3.1%	+7.4%	-2.9%	+12.3%	+4.4%
Water-Jetting	+8.9%	+14.3%	-5.0%	+8.5%	+27.2%	+7.3%
Total	+4.2%	+5.8%	+3.5%	+0.2%	+16.4%	+5.1%

Organic growth2 at Group level was 6.9%, comprising 5.9% by the Hydraulics division and 9.7% by the Water-Jetting division.

Profitability

EBITDA totaled € 536.7 million, up by 9.0% compared with € 492.3 million in 2022 (+6.6% at unchanged perimeter). As a percentage of sales, EBITDA was 24.0% (same incidence at unchanged perimeter) compared with 23.7% in the prior year.

The following table sets out EBITDA by business sector:

	2023 €/000	% on total revenue 3	2022 €/000	% on total revenues3	Increase/ Decrease
Hydraulics	368,919	22.5%	337,473	21.8%	+9.3%
Water-Jetting	167,806	27.5%	154,864	28.7%	+8.4%
Total	536,725	24.0%	492,337	23.7%	+9.0%

EBIT totaled € 428.8 million, up by 11.7% compared with € 384.0 million in 2022 and representing 19.1% of sales (18.5% in the prior year).

Consolidated net profit increased from € 269.7 million to € 277.5 million, representing 2.9% growth.

Basic earnings per share were € 2.565 compared with € 2.524 in 2022.

² Same scope of consolidation and exchange rates.

³ Total revenues include those to other Group companies in the other sector, while the revenues analyzed previously are exclusively those external to the Group (see note 2 in the explanatory notes to the Interim Financial Report). Accordingly, for consistency, the percentage is calculated on total revenues rather than on those reported previously.

Capital employed amounted to € 2,370.6 million compared with € 2,170.7 million at 31 December 2022: this phenomenon is principally explained by continuation of the investment program launched at the end of 2021 to expand the productive capacity of the Group.

The ROCE was 18.1% (17.7% in 2022), while the ROI was 15.4% (17.2% in 2022).

Financial situation

The net cash flow generated from operating activities during the year was € 373.0 million (€ 395.8 million in 2022) and the free cash flow amounted to € 147.9 million (€ 51.1 million in 2022). Despite the dedication of substantial resources to the expansion of productive capacity, as mentioned above, the significant rise in FCF reflects the commitment of the Group to return cash generation to more optimal levels, following the exceptional activities and efforts made in the prior year. In particular, the extraordinary growth in sales recorded in 2022, combined with the difficulty of sourcing raw materials and production components, had a major effect on operating capital with large increases in trade receivables on the one hand and, on the other, in inventories to guarantee the continuity of both production and customer service.

The net financial position at 31 December 2023 was € 486.5 million, compared with € 541.8 million at 31 December 20224 . Most resources were dedicated to development activities, with expenditure totaling € 222.5 million: € 164.9 million spent on investments and € 57.6 million on acquisitions. Dividend payments during the year totaled € 34.7 million, while € 2.2 million was collected from the sale of treasury shares to the beneficiaries of stock option plans.

Significant acquisitions during the year included5 :

• 1. Indoshell Automotive System India P.L.: company specialized in the casting of ferrous and non-ferrous metals - 85% of the capital6 was purchased by the Group on 20 February 2023;
• 1. I.Mec S.r.l.: company specialized in the production of mechanical sifters, being vibrating devices for the granulometric selection of materials - 70% of the capital7 was purchased by the Group on 20 April 2023;
• 1. Waikato Group: leader in the New Zealand and Australian markets for mechanized milking Interpump purchased total control of this group on 18 May 2023.

⁴ At year end, the Group had commitments for the acquisition of stakes in subsidiaries totaling € 81.2 million, compared with € 62.8 million at 31 December 2022.

⁵ Among the smaller investments made, a further 15% stake was acquired in Hydra-Dyne, raising the Group interest in this subsidiary to 75%.

⁶ "Put and call" mechanisms have already been established at a fixed price, so that Interpump Group can purchase the residual equity interest from April 2027

⁷ "Put and call" mechanisms have already been established, so that the counterparties can purchase and sell the residual equity interest from April 2026.

All three operations reflect the strategy of the Group to grow via diversification and the mitigation of risk. In particular, the Indian company strengthens the ability of Interpump to procure iron castings, which are fundamental for the "valves" sector and important for many other sectors within the Group. The other two acquisitions accelerate the growth of the Group in the area of flow handling technologies, as used in the food processing, pharmaceuticals and cosmetics industries, which commenced in 2015 with the acquisition of Bertoli. In particular, the acquisition of Waikato strengthens the presence of the Group in the Pacific Area.

At 31 December 2023 Interpump S.p.A. held 1,908,863 treasury shares in the portfolio corresponding to 1.7531% of share capital, acquired at an average unit cost of € 38.7871.

CONSOLIDATED RESULTS FOR 4Q2023

Net sales

Net sales totaled € 519.6 million in 4Q2023, down by 2.5% from € 533.0 million in the corresponding period of 2022 (-5.5% at unchanged perimeter8 ). At operating division level within the Group, Hydraulics declined by 10.0% (-7.5% at unchanged perimeter), while Water-Jetting grew by 10.0% (+0.3% at unchanged perimeter).

Turnover by business sector and geographical area was as follows:

(€/000)	Italy	Rest of Europe	North America	Pacific Area	Rest of the World	Total
4Q2023
Hydraulics	62,987	134,366	98,285	33,572	36,477	365,687
Water-Jetting	18,885	50,229	45,260	22,340	17,196	153,910
Total	81,872	184,595	143,545	55,912	53,673	519,597

⁸ With respect to the corresponding period in 2022, the change in perimeter relates to Eurofluid, Indoshell Automotive System India, I.Mec and the Waikato Group. Eurofluid was acquired in November 2022 and, accordingly, only represents a change in reporting perimeter for the month of October 2023. In terms of 2023 acquisitions, Indoshell Automotive System India was purchased in February, with 31 March designated as the effective acquisition date, while I.Mec and the Waikato Group were acquired at the end of April and end of May respectively: as such, all these acquisitions represent a change of reporting scope for the entire quarter. The first two companies are consolidated by the Hydraulics division of the Group, while the last two are consolidated by the Water-Jetting division.

4Q2022	Italy	Rest of Europe	North America	Pacific Area	Rest of the World	Total
Hydraulics	74,012	145,280	101,886	40,174	31,817	393,169
Water-Jetting	15,002	46,086	44,867	18,779	15,122	139,856
Total	89,014	191,366	146,753	58,953	46,939	533,025
2023/2022 percentage changes
Hydraulics	-14.9%	-7.5%	-3.5%	-16.4%	+14.6%	-7.0%
Water-Jetting	+25.9%	+9.0%	+0.9%	+19.0%	+13.7%	+10.0%
Total	-8.0%	-3.5%	-2.2%	-5.2%	+14.3%	-2.5%
2023/2022 at unchanged perimeter (%)
Hydraulics	-15.4%	-8.5%	-3.5%	-16.4%	+13.7%	-7.5%
Water-Jetting	+1.7%	+1.2%	-4.0%	-0.9%	+10.8%	+0.3%
Total	-12.5%	-6.2%	-3.7%	-11.5%	+12.8%	-5.5%

The organic performance of the Group saw a contraction of 3.4%, since the 3.7% growth of the Water-Jetting division offset the 6.0% decline reported by the Hydraulics division.

Profitability

EBITDA totaled € 111.1 million in 4Q2023, down by 12.7% compared with € 127.2 million in the corresponding period of 2022 (-15.2% at unchanged perimeter) and representing 21.4% of sales (also 21.4% at unchanged perimeter), compared with 23.9% in 4Q2022.

The following table sets out EBITDA by business sector:

	4Q2023 €/000	% on total revenues 3	4Q2022 €/000	% on total revenues3	Increase/ Decrease
Hydraulics	70,434	19.2%	86,675	22.0%	-18.7%
Water-Jetting	40,652	26.9%	40,539	28.8%	0.3%
Total	111,086	21.4%	127,214	23.9%	-12.7%

EBIT totaled € 81.8 million in 4Q2023 compared with € 93.9 million in the corresponding period of 2022, representing 15.7% of sales (17.6% in 4Q2022).

The period closed with a consolidated net profit of € 37.0 million, compared with € 55.0 million in 4Q2022.

UPDATE ON IMPLEMENTATION OF THE ESG PLAN FOR 2023-2025

All 2023 actions included in the ESG Plan for 2023-25 have been implemented.9

ESG PLAN 2023-25
	2023 Actions	Implementation
E.1	Define a carbon neutrality strategy	Approved by the Board of Directors on 10 November 2023
E.4	Launch a pilot project in the circular economy field	Completed
S.5	Pilot project to prepare and implement a vendor rating model that applies environmental and social criteria	Completed
G.1	Establish a Board Sustainability Committee	Shareholders' Meeting resolution adopted on 28 April 2023
G.2	Revise the Code of Ethics	Approved by the Board of Directors on 10 November 2022
G.3	Formalize the succession plan	Approved by the Board of Directors on 10 November 2023 (following the earlier Board resolution adopted on 28 April to separate the Chairman and CEO roles and appoint a Chief Executive Officer)
G.510		Completed

⁹ Via Contarini Leopoldo and Interpump Hydraulics, the Group has expressed close solidarity with approximately 50 employees who suffered personally from the extreme weather phenomena that hit the Emilia-Romagna Region in May. The payroll for the following month included net "one-time" gifts to them totaling about € 215 thousand.

¹⁰ These objectives are addressed annually during the 2023-25 ESG Plan period.

	Annual update of information required by GRI 207-4 on Country-by-Country Reporting
G.69	Communicate ESG Plan implementation	Constant updates on ESG initiatives via all financial disclosure tools used by the Group

EVENTS OCCURRING AFTER THE END OF 2023

On 31 January 2024 the Group announced the signature of an agreement with PGIM Inc.11 for a Note Purchase and Private Shelf Agreement ("Shelf Facility") amounting to US\$ 300 million, and the simultaneous issue, in the form of a US Private Placement, of initial bonds backed by the above facility totaling € 100 million.

Specifically, the bonds will mature in ten years (January 2034), having an average duration from issue of 8 years, and will pay a fixed coupon of 4.17% every semester; these bonds do not have a rating and will not be listed in regulated markets.

BUSINESS OUTLOOK

In the current year, the Group expects to consolidate the good results achieved during 2023, even though the international environment remains very complex. Based on available indicators, the Group forecasts that annual turnover will be essentially stable at unchanged perimeter and exchange rates. In terms of profitability, the Group will seek to defend the excellent results achieved in 2023.

S. Ilario d'Enza (RE), 15 February 2024 On behalf of the Board of Directors

The Chairman Fulvio Montipò

¹¹ PGIM Inc is the global investment manager of Prudential Financial Inc, a US insurance company

Mauro Barani, the manager responsible for drafting the company's accounting documents, declares - pursuant to art. 154-(2), subsection 2, TUF - that the accounting disclosures in this press release correspond to the contents of the underlying documents, the accounting books and the accounting entries.

* * *

This press release contains, or may contain, forward-looking statements that are based on current expectations and projections made by the Interpump Group with regard to future events. By their nature, these are inherently subject to a degree of risk and uncertainty. Such declarations relate to events and depend on circumstances that may or may not occur in the future and, as such, it would be inappropriate to rely on them unduly. Actual results may differ significantly from those envisaged in such declarations for many reasons, including the constant volatility and further deterioration of the capital and financial markets, changes in macroeconomic conditions and economic growth, other changes in business conditions, changes in regulations and in the institutional context (in both Italy and other countries), and a large number of additional factors, the majority of which are beyond the control of the Group.

* * *

Pursuant to art. 65-(2) (subsection 2) of Consob resolution 11971/1999 as amended, the Interim Financial Report at 31 December 2023 will be made available to the public at the registered office and may also be consulted on the "Financial Statements and Reports" page of the "Investor relations" section of the corporate website www.interpumpgroup.it, as well as on the website of the authorized repository .

The corporate website will also provide access to several slides presenting the preliminary results for 2023 that will be illustrated today at 4 p.m. CET during a conference call and audio webcast with the financial community.

* * *

Media Relations: Investor Relations: Moccagatta Associati Elisabetta Cugnasca Tel. +39 02 8645.1695 Tel. +39 0522-904433 segreteria@moccagatta.it ecugnasca@interpumpgroup.it

Consolidated income statement for 4Q2023

(€/000)	2023	2022
Revenues	519,597	533,025
Cost of sales	(346,806)	(344,989)
Gross industrial margin	172,791	188,036
Other operating income	10,929	10,536
Distribution expenses	(43,961)	(41,770)
General and administrative expenses	(53,392)	(51,286)
Other operating costs	(4,537)	(11,645)
EBIT	81,830	93,871
Financial income 8	6,183	5,621
Financial charges 8	(28,619)	(22,284)
Equity method contribution	143	120
Profit for the period before taxes	59,537	77,328
Income taxes	(22,587)	(22,312)
Consolidated profit for the period	36,950	55,016
Attributable to:
Shareholders of Parent	36,067	53,940
Minority shareholders of subsidiaries	883	1,076
Consolidated profit for the period	36,950	55,016
Basic earnings per share 9	0.337	0.511
Diluted earnings per share 9	0.337	0.511

Consolidated statement of comprehensive income for 4Q2023

(€/000)	2023	2022
Consolidated profit for Q4 (A)	36,950	55,016
Other comprehensive income (losses) which will subsequently be reclassified to consolidated profit or loss
Gains (losses) on translating the financial statements of foreign companies	(7,696)	(43,667)
Gains (losses) from companies accounted for using the equity method	43	(345)
Applicable taxes	-	-
Total other consolidated income (losses) which will subsequently be reclassified to consolidated profit or loss,
net of the tax effect (B)	(7,653)	(44,012)
Gains (losses) deriving from the remeasurement of defined benefit plans Applicable taxes	(795) 191	3,872 (929)
Total other comprehensive income (losses) which will not subsequently be reclassified to consolidated profit or loss,
net of the tax effect (C)	(604)	2,943
Comprehensive consolidated profit for Q4 (A)+(B)+(C)	28,693	13,947
Attributable to:
Shareholders of Parent	27,812	14,000
Minority shareholders of subsidiaries	881	(53)
Comprehensive consolidated profit for the period	28,693	13,947

Consolidated income statement for 2023

(€/000)	Note s 2023	2022
Revenues Cost of sales	2,240,039 (1,460,075)	2,077,964 (1,353,451)
Gross industrial margin	779,964	724,513
Other operating income Distribution expenses General and administrative expenses Other operating costs	42,154 (169,744) (214,587) (8,968)	42,703 (158,047) (198,277) (26,888)
EBIT	428,819	384,004
Financial income Financial charges Equity method contribution Profit for the year before taxes	8 26,515 8 (78,174) 627 377,787	31,887 (47,447) 235 368,679
Income taxes Consolidated profit for the year	(100,271) 277,516	(98,930) 269,749
Attributable to: Shareholders of Parent Minority shareholders of subsidiaries Consolidated profit for the year	274,269 3,247 277,516	266,497 3,252 269,749
Basic earnings per share Diluted earnings per share	9 2.565 9 2.556	2.524 2.519

Comprehensive consolidated income statement for 2023

(€/000)	2023	2022
Consolidated profit (A)	277,516	269,749
Other comprehensive income (losses) which will subsequently be reclassified to consolidated profit or loss
Gains (losses) on translating the financial statements of foreign companies	(6,855)	12,162
Gains (losses) from companies accounted for using the equity method	(273)	75
Applicable taxes	-	-
Total other consolidated income (losses) which will subsequently be reclassified to consolidated profit or loss,
net of the tax effect (B)	(7,128)	12,237
Gains (losses) deriving from the remeasurement of defined benefit plans Applicable taxes	(795) 191	3,872 (929)
Total other comprehensive income (losses) which will not subsequently be reclassified to consolidated profit or loss,
net of the tax effect (C)	(604)	2,943
Comprehensive consolidated profit for the year (A)+(B)+(C)	269,784	284,929
Attributable to:
Shareholders of Parent	267,138	281,788
Minority shareholders of subsidiaries	2,646	3,141
Comprehensive consolidated profit for the year	269,784	284,929

Consolidated statement of financial position - 2023

(€/000) Notes	31/12/2023	31/12/2022
ASSETS
Current assets
Cash and cash equivalents	334,483	358,275
Trade receivables	413,303	433,812
Inventories 4	696,428	683,819
Tax receivables	46,262	45,133
Other current assets	27,693	33,983
Total current assets	1,518,169	1,555,022
Non-current assets
Property, plant and equipment 5	785,911	681,095
Goodwill 1	784,571	754,944
Other intangible assets	70,773	61,863
Other financial assets	3,293	2,961
Tax receivables	4,297	5,051
Deferred tax assets	72,509	66,184
Other non-current assets	2,912	2,648
Total non-current assets	1,724,266	1,574,746
Assets held for sale 6	-	1,291
Total assets	3,242,435	3,131,059

(€/000) Notes	31/12/2023	31/12/2022
LIABILITIES
Current liabilities
Trade payables	262,941	312,222
Payables to banks	52,469	30,928
Interest-bearing financial payables (current portion)	264,911	288,456
Tax liabilities	39,279	60,662
Other current liabilities	157,545	111,553
Provisions for risks and charges	8,525	13,329
Total current liabilities	785,670	817,150
Non-current liabilities
Interest-bearing financial payables	503,600	580,675
Liabilities for employee benefits	21,061	20,088
Deferred tax liabilities	54,524	56,947
Tax liabilities	331	355
Other non-current liabilities	60,990	76,745
Provisions for risks and charges	13,355	12,989
Total non-current liabilities	653,861	747,799
Total liabilities	1,439,531	1,564,949
SHAREHOLDERS' EQUITY 7
Share capital	55,625	55,584
Legal reserve	11,323	11,323
Share premium reserve	46,938	39,444
Remeasurement reserve for defined benefit plans	(5,922)	(5,320)
Translation reserve	11,850	18,379
Other reserves	1,673,764	1,434,138
Group shareholders' equity	1,793,578	1,553,548
Non-controlling interests	9,326	12,562
Total shareholders' equity	1,802,904	1,566,110
Total shareholders' equity and liabilities	3,242,435	3,131,059

Consolidated cash flow statement - 2023

(€/000)	2023	2022
Cash flows from operating activities Profit before taxes	377,787	368,679
Adjustments for non-cash items:
Losses (gains) on the sale of fixed assets	(2,753)	(5,795)
Amortization and depreciation	103,510	98,420
Costs recognized in the income statement relative
to stock options that do not involve
monetary outflows for the Group	5,290	4,995
Losses (profits) from investments	(627)	(235)
Net change in risk provisions and allocations to employee
benefit provisions	(4,869)	7,139
benefit provisions Expenditures for tangible assets to be leased	(14,035)	(4,915)
Proceeds from the disposal of leased tangible assets	7,663	10,808
Net financial charges (revenues)	51,659	15,560
Other	5	-
	523,630	494,656
(Increase) decrease in trade receivables and other current assets	40,262	(93,054)
(Increase) decrease in inventories	(6,688)	(158,552)
Increase (decrease) in trade payables and other current liabilities	(76,367)	59,678
Interest paid	(32,901)	(8,653)
Realized exchange differences	(7,015)	1,599
Taxes paid	(110,660)	(91,802)
Net cash from operating activities	330,261	203,872
Cash flows from investing activities
Payments for the purchase of investments net of cash received and
net of treasury shares assigned	(40,153)	(39,400)
excluding treasury shares assigned Capital expenditure on property, plant and equipment	(161,702)	(125,410)
Proceeds from the sale of property, plant and equipment	3,382	3,086
Increase in intangible assets	(6,608)	(7,155)
Financial income received	4,377	1,056
Other	3,049	2,359
Net cash (used in) investing activities	(197,655)	(165,464)
Cash flows from financing activities
Disbursements (repayments) of loans	(120,189)	36,484
Dividends paid	(34,761)	(31,239)
Disbursements for purchase of treasury shares	-	(94,793)
Proceeds from the sale of treasury shares to stock option beneficiaries	2,246	63,027
(Disbursements) repayments of shareholder loans	(946)	(482)
Change in other financial assets	(555)	(36)
Payment of finance lease installments (principal)	(20,548)	(25,915)
Net cash generated by (used in) financing activities	(174,753)	(52,954)
Net increase (decrease) in cash and cash equivalents	(42,147)	(14,546)

(€/000)	2023	2022
Net increase (decrease) in cash and cash equivalents	(42,147)	(14,546)
Translation differences for cash held by non-EU companies	(3,186)	638
Opening cash and cash equivalents of companies consolidated
on a line-by-line basis for the first time	-	-
Cash and cash equivalents at the beginning of the year	327,347	341,255
Cash and cash equivalents at the end of the year	282,014	327,347

Cash and cash equivalents consist of the following:

	31/12/2023 €/000	31/12/2022 €/000
Cash and cash equivalents as per the consolidated statement of financial position	334,483	358,275
Bank payables (overdrafts and subject-to-collection advances)	(52,469)	(30,928)
Cash and cash equivalents as per the consolidated cash flow statement	282,014	327,347

Statement of changes in consolidated equity - 2023

	Share capital	Legal reserve	Share premium reserve	Remeasurement reserve for defined benefit plans	Translation reserve	Other reserves	Group shareholders' equity	Non controlling interests	Total
At 1 January 2022	55,327	11,323	66,472	(8,170)	6,013	1,197,234	1,328,199	11,465	1,339,664
Recognition in income statement of fair value
of stock options granted and exercisable	-	-	4,995	-	-	-	4,995	-	4,995
Purchase of treasury shares	(1,082)	-	(93,711)	-	-	-	(94,793)	-	(94,793)
Sale of treasury shares to stock option beneficiaries	1,339	-	61,688	-	-	-	63,027	-	63,027
Transfer of treasury shares as payment for equity				-
investments	-	-	-		-	-	-	-	-
Winding up of subsidiaries	-	-	-	-	-	-	-	-	-
Purchase of residual interests in subsidiaries	-	-	-	(75)	-	65	(10)	(534)	(544)
Dividends paid	-	-	-	-	-	(29,658)	(29,658)	(1,510)	(31,168)
Dividends resolved	-	-	-	-	-	-	-	-	-
Comprehensive income (loss) for 2022	-	-	-	2,925	12,366	266,497	281,788	3,141	284,929
At 31 December 2022	55,584	11,323	39,444	(5,320)	18,379	1,434,138	1,553,548	12,562	1,566,110
Recognition in income statement of fair value
of stock options granted and exercisable	-	-	5,289	-	-	-	5,289	-	5,289
Purchase of treasury shares	-	-	-	-	-	-	-	-	-
Sale of treasury shares to stock option beneficiaries	41	-	2,205	-	-	-	2,246	-	2,246
Purchase of residual interests in subsidiaries	-	-	-	-	-	(2,569)	(2,569)	(3,431)	(6,000)
Dividends paid	-	-	-	-	-	(32,074)	(32,074)	(2,451)	(34,525)
Comprehensive income (loss) for 2023	-	-	-	(602)	(6,529)	274,269	267,138	2,646	269,784
At 31 December 2023	55,625	11,323	46,938	(5,922)	11,850	1,673,764	1,793,578	9,326	1,802,904

Fine Comunicato n.0159-9-2024	Numero di Pagine: 20
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