AI assistant
Neodecortech — Earnings Release 2022
Nov 3, 2022
4087_rns_2022-11-03_08fe140f-dc62-4d52-b919-ac50d0c534a5.pdf
Earnings Release
Open in viewerOpens in your device viewer
PRESS RELEASE
Neodecortech S.p.A.
Approval and publication of the Consolidated Interim Management Statement at 30 September 2022.
- Revenue € 151.0 million: +20.4% versus 30 September 2021 (€ 125.4 million);
- EBITDA € 15.6 million: +12.5% versus € 13.8 million at 30 September 2021, making for 10.3% of revenue;
- EBITDA margin 10.3% of revenue, down slightly from 11% at 30 September 2021;
- EBIT € 8.4 million (€ 7.2 million at 30 September 2021), making for 5.6% of revenue;
- Consolidated net profit € 9.9 million (€ 4.5 million at 30 September 2021);
- Adjusted net profit € 7.1 million, net of the non-recurring item relating to the write-off of the MICA payable of € 2.8 million;
- Net financial debt at 30 September 2022 € 30.6 million, up slightly versus € 29.3 million at 31 December 2021, after capital expenditure of € 6.2 million, and in line with € 35.8 million at 30 September 2021, which still included the MICA payable of € 5 million;
Establishment of NDT Energy Srl.
Appointment of the acting Financial Reporting Manager
Filago, 3 November 2022
Neodecortech S.p.A. ("Neodecortech" or the "Company"), one of Europe's top players in the production of decorative papers for laminated panels and flooring used in interior design, listed on Euronext Milan, market organized and managed by Borsa Italiana S.p.A. - Euronext STAR Milan segment, announces that the Board of Directors met today and approved the Consolidated Interim Management Statement at 30 September 2022, which will be published within the time limits set forth by the relevant laws, together with the results of the limited audit currently underway.
CEO Luigi Cologni, commenting on the results at 30 September 2022: "With regard to the chain of decorative surfaces related to the furniture and furnishing market, both in terms of furniture and flooring, the growth trend seen since mid-2020 and throughout 2021 has come to a virtual halt since the beginning of July, with a resulting slowdown in incoming orders.
This is the result of a combination of intertwined factors: (i) continued increase in the cost of most of the strategic raw materials purchased by the Group; (ii) increase in energy costs; (iii) rising inflation rate; (iv) spike in interest rates on the capital market; (v) lower propensity to consume related also to the current Russian-Ukrainian conflict.
The deterioration in the macroeconomic sentiment has therefore partly prevented the increases in supply costs to be transferred to the sales prices charged to end customers, which explains the slight decrease in gross operating profit (despite the increase in sales in absolute terms).
More specifically, with regard to energy costs, Neodecortech and Cartiere di Guarcino are energy- and gas-intensive companies; as such, they have obtained tax credits under the various regulatory measures issued by the Government. However, it is only thanks to the remarkable performance of Bio Energia Guarcino that the net impact of the cost increases of the two energy carriers on the consolidated income statement was able to be offset.
The net financial position (approximately € 30.5 million), though up moderately versus the figure at 31 December last year (approximately € 29 million), is absolutely in line with the same period last year net of the effects of the MICA loan (adjusted NFP approximately € 30.8 million). This is a highly positive figure if one considers that, owing to the small decline in margins versus 31 December 2021, the period saw a temporary increase in financial debt due to the greater resort to short-term lines, attributable not only to the need to make advance supplies of a number of
Neodecortech S.p.A. Via Provinciale, 2 24040 Filago, Bergamo tel +39 035996111 fax +39 035995225 Capitale Sociale Euro 18.804.209,37 i.v. C.F. e R.I. 00725270151 P.IVA IT 02833670165 R.E.A. BG - 193331
strategic raw materials, but also to the lower incentives of Bio Energia Guarcino and the time gap of the transfer of cost increases to sales lists.
CONSOLIDATED OPERATING AND FINANCIAL HIGHLIGHTS AT 30 SEPTEMBER 2022
Consolidated net revenue at 30 September 2022 amounted to € 151.0 million, up by 20.4% versus € 125.4 million recorded in the same period of the prior year.
More specifically, sales of the Printed Decorative Paper Division were up by 7.1%. Sales of the Decorative Paper Division rose by 36.7%. Sales of the Energy Division grew by 20.4% versus the same period of the prior year.
Regarding Neodecortech and Cartiere di Guarcino alone, geographically speaking, sales performance was as follows:
| (Euro thousands) | 30 SEPTEMBER 2022 |
% | 30 SEPTEMBER 2021 |
% | Chg. | % change |
|---|---|---|---|---|---|---|
| Italy | 48,9 | 40,6% | 40,0 | 40,0% | 8,9 | 22,2% |
| Europe | 55,6 | 46,1% | 52,6 | 52,5% | 3,0 | 5,8% |
| Asia / Middle East | 1,3 | 1,1% | 2,8 | 2,8% | (1,5) | (53,8%) |
| America | 13,9 | 11,6% | 3,7 | 3,7% | 10,2 | 274,2% |
| Africa | 0,8 | 0,6% | 1,0 | 1,0% | (0,2) | (19,9%) |
| Totale | 120,6 | 100,0% | 100,1 | 100,0% | 20,4 | 20,4% |
As the table shows, the changes in Italy and Europe are worthy of note as is the strong improvement in sales in North America.
Other revenue at 30 September 2022 amounted to € 5.7 million (€ 1.6 million at 30 September 2021), increasing by € 4.1 million, due primarily to the recognition and certification at 30 September 2022 of tax credits of € 3.5 million for the first three quarters for energy- and gas-intensive companies to both Neodecortech and the subsidiary Cartiere di Guarcino.
At 30 September 2022, the cost of sales and other net operating costs amounted to € 130.2 million, accounting for 86.2% of revenue, up by 35.6% from € 61.8 million in the same period of the prior year (68.6% of revenue), as a result of price increases in the Group's strategic raw materials (resins, decorative paper, plastic film, pulp, titanium dioxide and animal fat), in transportation, and in energy carrier costs. That said, the increase in the cost of electricity and gas was alleviated by the above tax credits, so the actual increase is 32%.
Personnel expense amounted to € 15.7 million, down versus the same period of the prior year (€ 16.4 million), accounting for 10.4% of revenue (down from 13.1% at 30 September 2021). The number of employees at 30 September 2022 was 393 versus 406 at 31 December 2021.
EBITDA came to € 15.6 million (10.3% of revenue), a 12.5% increase in absolute terms versus € 13.8 million at 30 September 2021 (11% of revenue), and a slight decrease in percentage margin due to the mentioned effects of the increases in raw material prices and energy costs.
EBIT came to € 8.4 million (5.6% of revenue), up by 16.6% versus € 7.2 million (5.7% of revenue) in first nine months 2021.
Financial expense and income at 30 September 2022 reflect the net effect of the write -off of the time-barred financial payable to MICA (€ 5 million) and the related receivable from Andreotti Fotoincisioni (€ 1.3 million) totaling € 3.8 million. Net financial expense therefore amounted to € 0.9 million, down from € 1 million at 30 September 2021.
Profit before tax amounted to € 11.5 million (€ 7.7 million adjusted for the above effects) versus € 6.3 million at 30 September 2021.
The period at 30 September 2022 closes with net profit of € 9.9 million (6.6% of revenue) versus € 4.5 million at 30 September 2021 (3.6% of revenue).
Net profit adjusted from the effects of the write-off of the time-barred financial payable and receivable (net of tax effects) amounted to € 7.1 million, up by € 2.6 million versus 30 September 2021 (+58.5%).
Net financial debt at 30 September 2022 stood at € 30.6 million, increasing by approximately € 1 million versus 31 December 2021 (€ 29.3 million), related to higher cash use of working capital due to the greater difficulties in transferring raw material price increases and the need for advance suppliesof raw materials. Net financial debt was, instead, in line with the figure at 30 September 2021, since the € 35.8 million at such date included the € 5 million in financial payables to MICA written off in first quarter 2022.
Capital expenditure for the period amounted to € 6.2 million, lower than the budgeted plan; some expenditure in new facilities is expected to be postponed to 2023.
| (Euro millions) | 30/09/2022 | % revenues | 30/09/2021 | % revenues | Var. % |
|---|---|---|---|---|---|
| Revenues | 151,0 | 100,0% | 125,4 | 100,0% | 20,4% |
| EBITDA | 15,6 | 10,3% | 13,8 | 11,0% | 12,5% |
| EBIT | 8,4 | 5,6% | 7,2 | 5,7% | 16,6% |
| Net Incom e |
9,9 | 6,6% | 4,5 | 3,6% | 122,7% |
| Adj Net Incom e |
7,1 | 4,7% | 4,5 | 3,6% | 58,5% |
| (Euro millions) | 30.09.2022 | 30.09.2021 | Chg. | 31.12.2020 | Chg. |
| Net F inancial Debt |
30,6 | 35,8 (5,2) |
29,3 | 1,3 | |
| Net F inancial Debt Adj |
30,6 | 30,8 (0,2) |
24,3 | 6,3 | |
With regard to the period from 1 January 2022 to 30 September 2022, revenue and net financial debt are in line with the estimates in the 2022 Budget.
Impacts from the Coronavirus pandemic (COVID -19) and the conflict in Ukraine
The Group's consolidated operating and financial figures at 30 September 2022 confirm not to be greatly affected by the COVID-19 pandemic.
The Group continued to comply with national pandemic containment rules and the adoption and observance of safety protocols on the health of workers and third parties, also managing a few non-serious COVID-19 positive cases reported in September.
Specifically, the safety protocols were further updated following entry into force of the provisions set forth in Law Decree no. 172 of 26 November 2021 "Urgent measures for the containment of the COVID-19 epidemic and for the safe performance of economic and social activities", Law Decree no. 221 of 24 December 2021, Law Decree no. 229 of 30 December 2021 "Urgent measures for the containment of the spread of the COVID-19 epidemic and provisions on health surveillance" and Law Decree no. 1 of 7 January 2022, which required, from 15 February 2022, the obligation to check the "enhanced super green pass" for workers aged over 50. With Law Decree no. 24/2022 effective as from 25 March 2022, the Group adapted its safety protocols to the new provisions, as from 1 April 2022, no longer requiring the obligation to check the "enhanced super green pass" for workers over 50. Under the
tel +39 035996111 fax +39 035995225 Capitale Sociale Euro 18.804.209,37 i.v. C.F. e R.I. 00725270151 P.IVA IT 02833670165 R.E.A. BG - 193331
additional provisions of Law Decree 68/2022 of 16 June 2022, the Group's safety procedures and protocols were updated, strongly recommending the use of masks in the workplace, although this measure is no longer mandatory. On 31 August 2022, the Ministry of Health published Circular no. 37615, which changes the regulation of isolations in case of COVID-19 positivity: isolation is reduced to 5 days regardless of vaccination status, provided the person has tested negative and after at least 2 days with no symptoms.
The Russian-Ukrainian conflict produced direct and indirect impacts on the financial and operating results in first nine months 2022, but the event did not bring any interruption of operations at the Group's three production plants. Specifically, the direct impacts in terms of lower sales were modest, as the Group has no major sales in Russia, Ukraine or Belarus: in 2021, these sales accounted for less than 5% of total turnover.
On the purchasing front, direct impacts were felt on the prices of one of the strategic raw materials used, titanium dioxide, since Ukraine is traditionally one of its producers.
Additionally, the conflict is clearly having a major direct impact on the prices of energy carriers, i.e., electricity and gas.
The indirect impacts, however, as mentioned, are reflected in the lower propensity of users to consume durable goods, including furniture and flooring.
Lastly, with regard to the restrictions and sanctions adopted by the EU in response to the Russian military aggression against Ukraine, it should be noted that the Group is complying with all the measures introduced by the European Union.
From an IT point of view, the Group has long adopted stringent business continuity plans, guaranteeing the full operation of back-ups, including offline solutions, to protect company systems and data from possible cyber-attacks, which could intensify as a result of the Russian-Ukrainian conflict. Additionally, special operational response plans are in place to cope with any disruptions or limitations in the supply of both gas and electricity.
EVENTS AFTER THE END OF THE QUARTER
On 19 October 2022, NDT Energy S.r.l., a wholly-owned subsidiary of Neodecortech S.p.A., was established to build and operate a boiler for the recovery of processing waste at the Casoli (TE) production plant for the generation of thermal energy. Its commissioning will allow said plant to achieve self-sufficiency of thermal consumption. The plant will also allow for a major reduction in the environmental impact from waste disposal and methane gas consumption.
Neodecortech and Cartiere di Guarcino renewed the Tax Consolidation option with Finanziaria Valentini S.p.A. for the three-year period 2022-2024. For Bio Energia Guarcino, the option for the three-year period 2020-2022 remains in effect.
OUTLOOK FOR THE YEAR
The production plants of Neodecortech and Cartiere di Guarcino operated at full capacity throughout the first nine months of the year and are expected to be operational during the final months of the year. For Neodecortech, however, the reduction in incoming orders, which began at the start of the second half of the year, led to an initial reduction in production, thus in sales, as from end September. This decline will be felt in the last quarter of the year, forcing partial closures of the production plants in Filago (BG) and Casoli (TE), with a resort to the redundancy fund. Both Neodecortech and Cartiere di Guarcino are monitoring the potential risks of rationing and partial availability of electricity and gas.
tel +39 035996111 fax +39 035995225 Capitale Sociale Euro 18.804.209,37 i.v. C.F. e R.I. 00725270151 P.IVA IT 02833670165 R.E.A. BG - 193331
Against this backdrop, despite the changed macroeconomic sentiment and the abovementioned related critical issues, but taking also account of the good performance recorded in the first nine months, the Group believes that it can close 2022 basically in line with the results forecast in the 2022 Budget, leveraging on the fact of being an integrated supply chain Group and having within its scope a power plant producing electricity from renewable sources, which guarantees full availability of electricity and partial availability of thermal energy to Cartiere. On the financial front too, it continues to pursue the policy of monitoring financial costs (despite the current increase in interest rates), optimizing short- and medium-long term lines of credit, and containing the net financial position.
The Group continues to pursue its policy of sustainability laid out in the 2021-2023 ESG Plan, by implementing a number of ongoing projects, especially in the area of emission reduction and in the social sphere.
No particularly negative impacts are expected from the trend of the COVID-19 pandemic, despite a slight resurgence.
***
ALTERNATIVE PERFORMANCE MEASURES
The definition of the main APMs used by the Neodecortech Group is given below:
- EBITDA and EBIT: alternative performance measures not defined by IFRS but used by Group Management to monitor and measure its performance, as they are not affected by volatility, due to the effects of the range of criteria for determining taxable income, the amount and characteristics of the capital employed and - for EBITDA - the amortization/depreciation policies. These measures are also commonly used by analysts and investorsto assess company performance;
- ADJUSTED EBITDA and ADJUSTED NET PROFIT: measures used by Management to strip EBITDA and net income respectively of the effect of non-recurring cost and revenue components;
- OPERATING WORKING CAPITAL, NET WORKING CAPITAL, FIXED ASSETS and NET INVESTED CAPITAL: they allow a better assessment of both the ability to meet short-term trade commitments through current trade assets and the consistency of the structure of loans and sources of financing in terms of time;
- NET FINANCIAL DEBT: the figure shown is in line with the value of net financial debt determined in accordance with the recommendations of CESR (Committee of European Securities Regulators) of 10 February 2005 and referred to by CONSOB. This measure allows a better assessment of the overall level of debt, capital strength and debt repayability.
The Consolidated Interim Management Statement at 30 September 2022 of the Neodecortech Group, approved by the Board of Directors today, will be published, in accordance with current regulations, at the Company's registered office and made available on the Company website at www.neodecortech.it, as well as at the authorized storage mechanism ., within the time limits set forth by the relevant laws, together with the results of the limited audit currently underway.
The Financial Reporting Manager, Fabio Zanobini, declares, pursuant to paragraph 2 of Article 154 -bis of the Consolidated Finance Law, that the accounting information contained herein is consistent with the underlying accounting documents, books and records.
Attached are the consolidated income statement, consolidated statement of financial position, and consolidated statement of cash flows at 30 September 2022, the limited audit of which is still underway.
APPOINTMENT OF THE ACTING FINANCIAL REPORTING MANAGER
The Board of Directors also resolved, with the positive opinion of the Board of Statutory Auditors, on the appointment of Francesca Terrinoni, Group Head of Administration, as acting Financial Reporting Manager pursuant
Neodecortech S.p.A. Via Provinciale, 2 24040 Filago, Bergamo tel +39 035996111 fax +39 035995225 Capitale Sociale Euro 18.804.209,37 i.v. C.F. e R.I. 00725270151 P.IVA IT 02833670165 R.E.A. BG - 193331
to Article 154-bis of Legislative Decree no. 58 of 24 February 1998 ("TUF") and Article 26 of the Company Bylaws, effective until the appointment of the new Financial Reporting Manager, given that the procedure for the selection of the candidate to replace Fabio Zanobini is underway.
The appointment of Francesca Terrinoni as acting Financial Reporting Manager will take effect from the date of termination of employment of Fabio Zanobini with the Company and his role as Financial Reporting Manager, therefore from 6 November 2022.
Ms. Terrinoni's curriculum vitae is available on the Company website (www.neodecortech.it) Investors/Corporate-Governance section.
In accordance with the requirements of the Instructions to the Italian Stock Exchange Regulation, it is hereby announced that, to the best of the Company's knowledge, to date Ms. Terrinoni holds no. 25,450 shares of the Company.
C.F. e R.I. 00725270151 P.IVA IT 02833670165 R.E.A. BG - 193331
CONSOLIDATED INCOME STATEMENT AT 30 SEPTEMBER 2022
| CONSOLIDATED INCOME STATEMENT AT 30 SEPTEMBER 2022 | ||||||
|---|---|---|---|---|---|---|
| (Euro thousands) | 30 SEPTEM BER 2022 |
% | 30 SEPTEM BER 2021 |
% | Chg. | % change |
| R evenue fro m sales and services |
150.976 | 100,0% | 125.383 | 100,0% | 25.593 | 20,4% |
| Changes in work in progress, semi-finished and finished products | 4.730 | 3,1% | (729) | (0,6%) | 5.459 | (748,8%) |
| Other revenue | 5.740 | 3,8% | 1.604 | 1,3% | 4.136 | 257,9% |
| Value o f P ro ductio n |
161.447 | 106,9% | 126.258 | 100,7% | 35.189 | 27,9% |
| Raw and ancillary materials and consum. | (104.368) | (69,1%) | (78.422) | (62,5%) | (25.946) | 33,1% |
| Other operating expense | (25.827) | (17,1%) | (17.621) | (14,1%) | (8.206) | 46,6% |
| Value A dded |
31.251 | 20,7% | 30.215 | 24,1% | 1.036 | 3,4% |
| Personnel expense | (15.681) | (10,4%) | (16.378) | (13,1%) | 697 | (4,3%) |
| EB IT D A |
15.570 | 10,3% | 13.837 | 11,0% | 1.733 | 12,5% |
| Amortization and depreciation | (7.119) | (4,7%) | (6.561) | (5,2%) | (558) | 8,5% |
| Allocations | (55) | (0,0%) | (77) | (0,1%) | 22 | (28,6%) |
| EB IT |
8.396 | 5,6% | 7.199 | 5,7% | 1.197 | 16,6% |
| Financial expense | (2.196) | (1,5%) | (1.042) | (0,8%) | (1.154) | 110,7% |
| Financial income | 5.332 | 3,5% | 167 | 0,1% | 5.165 | 3092,8% |
| P ro fit/ (lo ss) befo re tax |
11.532 | 7,6% | 6.324 | 5,0% | 5.208 | 82,4% |
| Income tax | (1.586) | (1,1%) | (1.857) | (1,5%) | 271 | (14,6%) |
| P ro fit/ (lo ss) fo r the perio d |
9.947 | 6,6% | 4.467 | 3,6% | 5.480 | 122,7% |
C.F. e R.I. 00725270151 P.IVA IT 02833670165 R.E.A. BG - 193331
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 30 SEPTEMBER 2022
| CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 30 SEPTEMBER 2022 | ||||||
|---|---|---|---|---|---|---|
| A ssets |
30 SEPTEM BER 2022 |
% | 31 DECEM BER 2021 |
% | Chg. | % change |
| (Euro thousands) | ||||||
| Intangible assets | 960 | 0,6% | 1.551 | 0,9% | (591) | (38,1%) |
| Tangible assets | 78.287 | 46,7% | 78.561 | 46,5% | (274) | (0,3%) |
| Other non-current assets | 485 | 0,3% | 19 | 0,0% | 466 | 2452,6% |
| Non-current financial receivables | 445 | 0,3% | 1.757 | 1,0% | (1.312) | (74,7%) |
| Deferred tax assets | 1.542 | 0,9% | 1.985 | 1,2% | (443) | (22,3%) |
| N o n-current assets |
81.720 | 48,7% | 83.873 | 49,6% | (2.153) | (2,6%) |
| Inventory | 45.968 | 27,4% | 40.603 | 24,0% | 5.365 | 13,2% |
| Trade receivables | 26.231 | 15,6% | 26.632 | 15,7% | (401) | (1,5%) |
| Receivables from tax consolidation | 564 | 0,3% | 1.129 | 0,7% | (565) | (50,0%) |
| Tax receivables | 4.340 | 2,6% | 2.299 | 1,4% | 2.041 | 88,8% |
| Current financial receivables | 0 | 0,0% | 0 | 0,0% | 0 | 0,0% |
| Other current receivables | 1.522 | 0,9% | 1.084 | 0,6% | 438 | 40,4% |
| Cash funds | 7.410 | 4,4% | 13.491 | 8,0% | (6.081) | (45,1%) |
| C urrent assets |
86.034 | 51,3% | 85.238 | 50,4% | 796 | 0,9% |
| T o tal assets |
167.754 | 100,0% | 169.111 | 100,0% | (1.357) | (0,8%) |
| Equity and liabilities | 30 SEPTEM BER 2022 |
% | 31 DECEM BER 2021 |
% | Chg. | % change |
| Equity and liabilities | 30 SEPTEM BER |
|||||
|---|---|---|---|---|---|---|
| 2022 | % | 31 DECEM BER 2021 |
% | Chg. | % change | |
| (Euro thousands) | ||||||
| Share capital | 18.804 | 11,2% | 18.804 | 11,1% | 0 | 0,0% |
| Share premium reserve | 18.864 | 11,2% | 18.864 | 11,2% | 0 | 0,0% |
| Other reserves | 24.995 | 14,9% | 17.348 | 10,3% | 7.647 | 44,1% |
| Prior years' profit (loss) | 6.201 | 3,7% | 8.761 | 5,2% | (2.560) | (29,2%) |
| Profit (loss) for the period | 9.947 | 5,9% | 6.688 | 4,0% | 3.259 | 48,7% |
| Equity | 78.811 | 47,0% | 70.465 | 41,7% | 8.346 | 11,8% |
| Provisions for risks and charges | 704 | 0,4% | 977 | 0,6% | (273) | (27,9%) |
| Deferred tax | 6.206 | 3,7% | 6.150 | 3,6% | 56 | 0,9% |
| Post-employment benefits | 2.099 | 1,3% | 2.587 | 1,5% | (488) | (18,9%) |
| Non-current financial liabilities | 14.080 | 8,4% | 23.220 | 13,7% | (9.140) | (39,4%) |
| N o n-current liabilities |
23.089 | 13,8% | 32.934 | 19,5% | (9.845) | (29,9%) |
| Trade payables | 34.706 | 20,7% | 39.832 | 23,6% | (5.126) | (12,9%) |
| Payables from tax consolidation | 965 | 0,6% | 816 | 0,5% | 149 | 18,3% |
| Tax payables | 691 | 0,4% | 773 | 0,5% | (82) | (10,6%) |
| Current financial liabilities | 23.908 | 14,3% | 19.616 | 11,6% | 4.292 | 21,9% |
| Other current payables | 5.584 | 3,3% | 4.674 | 2,8% | 910 | 19,5% |
| C urrent liabilities |
65.854 | 39,3% | 65.711 | 38,9% | 143 | 0,2% |
| T o tal equity and liabilities |
167.754 | 100,0% | 169.111 | 100,0% | (1.357) | (0,8%) |
C.F. e R.I. 00725270151 P.IVA IT 02833670165 R.E.A. BG - 193331
CONSOLIDATED STATEMENT OF NET FINANCIAL DEBT AT 30 SEPTEMBER 2022
| (Euro thousands) | 30 SEPTEM BER 2022 |
31 DECEM BER 2021 |
Chg. | 30 SEPTEM BER 2021 |
Chg. | |
|---|---|---|---|---|---|---|
| A. Cash funds | ||||||
| B. Cash and cash equivalents | (7.410) 0 |
(13.491) 0 |
6.081 0 |
(8.801) 0 |
1.391 0 |
|
| C. Other current financial assets | (12) | 0 | (12) | (64) | 52 | |
| D . C ash (A ) + (B ) + (C ) |
(7.422) | (13.491) | 6.069 | (8.865) | 1.443 | |
| E. Current financial debt | 16.955 | 13.608 | 3.347 | 13.652 | 3.303 | |
| F. Current portion of non-current debt | 6.966 | 6.008 | 958 | 5.905 | 1.061 | |
| G. C urrent financial debt (E)+(F ) |
23.921 | 19.616 | 4.305 | 19.557 | 4.364 | |
| H. Net current financial debt (G)-(D) | 16.499 | 6.125 | 10.374 | 10.692 | 5.807 | |
| I. Non-current financial debt | 14.080 | 23.220 | (9.140) | 25.090 | (11.010) | |
| J. Debt instruments | 0 | 0 | 0 | 0 | 0 | |
| K. Trade payables and other non-current payables | 0 | 0 | 0 | 0 | 0 | |
| L. N o n-current financial debt (I)+(J)+(K) |
14.080 | 23.220 | (9.140) | 25.090 | (11.010) | |
| M . T o tal financial debt (H )+(L) |
30.579 | 29.345 | 1.234 | 35.783 | (5.204) |
C.F. e R.I. 00725270151 P.IVA IT 02833670165 R.E.A. BG - 193331
CONSOLIDATED STATEMENT OF CASH FLOWS AT 30 SEPTEMBER 2022
| 30 SEPTEMBER | 30 SEPTEMBER | |
|---|---|---|
| (Euro thousands) | 2022 | 2021 |
| Profit (loss) for the period | 9.947 | 4.467 |
| Income tax | 1.307 | 1.998 |
| Deferred/(prepaid) tax | 279 | (141) |
| Interest expense/(interest income) | (3.136) | 1.305 |
| (Dividends received) | 0 | 0 |
| (Gains)/losses from disposal of assets | (15) | (210) |
| 1 Profit (loss) for the period before income tax, interest, | 8.381 | 7.419 |
| dividends and gains/losses from disposals | ||
| Adjustments for non-monetary items that had no | ||
| balancing entry in net w orking capital: |
||
| Allocation to post-employment benefits | 123 | 61 |
| Allocations to other provisions | 162 | 263 |
| Amortization and depreciation of fixed assets | 7.119 | 6.561 |
| Write-dow ns for impairment losses |
0 | 0 |
| Other adjustments for non-monetary items | (1.259) | (1.509) |
| 2 Cash flow before changes in NWC | 14.526 | 12.794 |
| Changes in net w orking capital |
||
| Decrease/(increase) in receivables from customers | 502 | (3.835) |
| Decrease/(increase) in inventory | (5.560) | (280) |
| Increase/(decrease) in payables to suppliers | (5.126) | 4.835 |
| Decrease/(increase) in other receivables | (1.576) | (2.302) |
| Increase/(decrease) in other payables | 958 | 1.728 |
| Other changes in net w orking capital 3 Cash flow after changes in NWC |
0 3.725 |
0 12.940 |
| Other adjustments | ||
| Interest received/(paid) | (715) | (504) |
| (Income tax paid) | (326) | (103) |
| (Gains)/losses from disposal of assets | 0 | 0 |
| Dividends received | 0 | 0 |
| (Utilization of provisions) | (295) | (454) |
| (Utilization of provisions for post-employment benefits) | (123) | (120) |
| 4 Cash flow after other adjustments | 2.265 | 11.758 |
C.F. e R.I. 00725270151 P.IVA IT 02833670165 R.E.A. BG - 193331
| A Cash flow from operations | 2.265 | 11.758 |
|---|---|---|
| Property, plant and equipment | (6.057) | (6.184) |
| (Purchase) | (6.057) | (6.223) |
| Disposal | 0 | 39 |
| Intangible fixed assets | (126) | (280) |
| (Purchase) | (126) | (280) |
| Disposal | 0 | 0 |
| Financial fixed assets | (30) | (287) |
| (Purchase) | (30) | (363) |
| Disposal | 0 | 76 |
| Current financial assets | 0 | 0 |
| (Purchase) | 0 | 0 |
| disposal | 0 | 0 |
| Proceeds from disposal of assets | 15 | 210 |
| B Cash flow from investing activities | (6.198) | (6.541) |
| Liabilities | 149 | (2.746) |
| Increase (decrease) in short-term bank payables | 2.522 | 1.023 |
| New loans |
2.500 | 0 |
| Repayment of loan | (3.323) | (2.809) |
| Financial liabilities to other lenders | (1.550) | (1.008) |
| Change in financial receivables from other lenders | 0 | 47 |
| Equity | (2.298) | (1.206) |
| Share capital increase | 0 | 0 |
| Sale (purchase) of treasury shares | (320) | 0 |
| Other changes in equity | (1.978) | (1.206) |
| C Cash flow from financing activities | (2.149) | (3.952) |
| Increase (decrease) in cash funds (A ± B ± C) | (6.081) | 1.265 |
| Cash funds at 1 January 2022 | 13.491 | 7.536 |
| Cash funds at 30 September 2022 | 7.410 | 8.801 |
C.F. e R.I. 00725270151 P.IVA IT 02833670165 R.E.A. BG - 193331
Neodecortech S.p.A.
Neodecortech is one of Europe's top players in the production of decorative papers for laminated panels and flooring used in interior design. The Group's business is in the production of complete and technologically advanced solutions for the realization of interior design projects, covering all stages of the production process for the production of decorative paper, from raw material management, through surface finishing and impregnation, up to the finished product and the management of end-of-line logistics. The Group offers 7 product categories: decorative papers; decorative printings; finish foil; melamine film; PPF and PPLF; laminates; EOS anti-fingerprint surfaces. (www.neodecortech.it).
ISIN Code ordinary shares: IT0005275778
For further information:
| Investor Relator |
|---|
| Neodecortech S.p.A. |
| T +39 035 99 63 02 |
| F +39 035 99 52 25 |
| Luigi Cologni |
| [email protected] |
| www.neodecortech.it |
* * *
This press release is for informational purposes only and does not constitute an offer to the public or an invitation to subscribe or purchase financial instruments in Italy or any other country where such offer or solicitation would be subject to restrictions or authorization by local authorities or otherwise prohibited by law. This press release may not be published, distributed or transmitted to the United States, Canada, Australia or Japan. The shares mentioned in this press release cannot be offered or sold in either Italy or the United States or any other jurisdiction without registration under the applicable provisions or an exemption from the obligation to register under the applicable provisions. The shares mentioned in this press release have not been and will not be registered under the US Securities Act of 1933 nor under the applicable provisions in Italy, Australia, Canada, Japan or any other jurisdiction.
There will be no offer to the public of the Company's shares either in Italy or in the United States, Australia, Canada or Japan or elsewhere.
C.F. e R.I. 00725270151 P.IVA IT 02833670165 R.E.A. BG - 193331