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Planetel Earnings Release 2021
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Earnings Release
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| Informazione Regolamentata n. 20204-20-2022 |
Data/Ora Ricezione 01 Aprile 2022 16:14:32 |
Euronext Growth Milan | |
|---|---|---|---|
| Societa' | : | PLANETEL | |
| Identificativo Informazione Regolamentata |
: | 159696 | |
| Nome utilizzatore | : | PLANETELN03 - Michele Pagani | |
| Tipologia | : | 1.1 | |
| Data/Ora Ricezione | : | 01 Aprile 2022 16:14:32 | |
| Data/Ora Inizio Diffusione presunta |
: | 01 Aprile 2022 16:14:33 | |
| Oggetto | : | THE BOARD OF DIRECTORS OF PLANETEL S.P.A. APPROVES THE 31 DECEMBER 2021 |
DRAFT FINANCIAL STATEMENTS AS OF |
| Testo del comunicato |
Vedi allegato.
PRESS RELEASE
THE BOARD OF DIRECTORS OF PLANETEL S.P.A. APPROVES THE DRAFT FINANCIAL STATEMENTS AS OF 31 DECEMBER 2021
RISE IN EARNINGS DRIVEN BY ULTRABROADBAND CONNECTIONS DOUBLE-DIGIT GROWTH IN ALL ECONOMIC AND FINANCIAL PERFORMANCE INDICATORS ORDINARY GENERAL MEETING CALLED FOR 29 APRIL 2022
- Consolidated Earnings: 22.01 million Euro, +24.1% YoY
- Consolidated EBITDA1 : 5.17 million Euro, +58.6% (3.26 year 2020) EBITDA Margin: 23.4%
- Consolidated EBIT: 1.37 million Euro, +88.4% YoY (0.73 year 2020) EBIT Margin 6.20%
- Consolidated Net Profit: 1.05 million Euro, down by -3.8%, compared to 20202
- Group Net Financial Position (NFP) cash negative by 8.58 million Euro (cash negative by 1.04 million in year 2020)
- Parent company revenues of 15.4 million Euro (19.4 due to the merger by incorporation of S.I.T.I.S. srl and Servizi Internet srl).
- Parent company NFP cash negative by 9.12 million Euro
- It is proposed to allocate the profit of 0.95 million to a reserve
Treviolo (Bergamo), 31 March 2022 – Planetel S.p.A., ("the Company" or "Planetel"), the parent company of a group operating nationwide in the telecommunications sector, listed on the Euronext Growth Milan multilateral trading system organised and run by Borsa Italiana S.p.A., announces that the Board of Directors, meeting today, has approved the draft company and consolidated financial statements as of 31 December 2021, currently awaiting legal audit, for submission to the General Meeting to be held at first calling on 28 April 2022 and, if necessary, at second calling on 29 April 2022.
Bruno Pianetti, PLANETEL S.p.A. Chair and CEO, commented: "2021 was a year of commercial, organisational/corporate and infrastructural expansion, in full accordance with the business plan presented, and in some cases we even "lapped" our targets. Thanks to continual investments in R&D, last summer Planetel became the first Provider in Italy to provide ultrabroadband services of up to 2.5 Gb/s to the residential market, and to manage the new IPv6 protocol. The next objective is to develop innovative solutions that will enable the
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1 EBITDA: Alternative Performance Indicator: EBITDA (Earning Before Interest, Taxes, Depreciations and Amortisations) is an alternative performance indicator not defined by Italian accounting standards but used by the company's management to monitor and assess its operating performance because it is unaffected by volatility arising from the effects of the different criteria used to determine taxable income, the amount and characteristics of invested capital, or the relative amortisation policies. This indicator, for Planetel, is defined as the Profit/(Loss) for the period before amortisations and write-downs of tangible and intangible non-current assets, financial costs and income, and income taxes.
2 The fall is explained on page 2 and 3 of the press release, and is due to the new amortisations for the write-ups of the intangible assets applied in 2020 and the positive effects of the sale of the holding in IPcompany during 2020. Net of these effects, there would have been an increase of 123%.
development of new commercial offers, not yet available from competitors, and interactive and automatic customer support tools.
This growth and expansion process has a major focus on sustainability, reflected by the Corporate Social Responsibility (CSR) rating assigned to us by Ecovadis, which gives us great satisfaction and encourages us to work even harder to integrate measurable sustainability goals in our corporate strategy and industrial processes."
Analysis of the group's economic, capital and financial performance
2021 was a year of growth for Planetel, which consolidated its competitive positions on the markets where it operates, pursuing a development strategy supported by the investments, for the construction of the proprietary FTTH optic fibre backbone and for reinforcement of the Cloud services area with a special emphasis on Cyber Security, made in recent years.
2021 also saw a change in the Group's structure further to the acquisition of 25% of the share capital of TRIFOLIO s.r.l., which led to total control of the company, the merger by incorporation into Planetel of the wholly owned subsidiaries S.I.T.I.S. s.r.l. and Servizi Internet s.r.l., and acquisition of 100% of the share capital of the newco Direte s.r.l., established by transferring the business from Direte S.C..
As of 31 December 2021 the Group recorded earnings from its core business of 22.01 million Euro, an increase of +24.1% over the 17.8 million Euro of 2020.
It should be noted that sales revenues for year 2020 included only 4 months of turnover of the controlled enterprises Trifolio srl and Enjoip srl, which only entered the consolidation perimeter from the month of September.
The value of production was 23.62 million Euro, an increase of 30.6% YoY compared to Euro 18.09 for year 2020.
During 2021 the telecommunications market continued to benefit, although to a lesser extent than in the previous year, from the boost from the pandemic, due mainly to the need for working from home and remote learning.
The situation with regard to business connectivity stabilised, enabling progress with the development of the corporate networks and the connected services, especially cloud and cyber security.
During the current year the optic fibre network was extended by about 450 Km of proprietary cables, giving a total length of about 1,880 km at the end of 2021, compared to the 1,430 km as of 31 December 2020 (+31.5% YoY).
As of 31 December 2021, the total number of customers was 35,500, an increase of 86.8% compared to the 19,000 of the same period of 2020. It should be pointed out that the growth in the customer base was also due to the acquisition of DiRete S.r.l., which brought in an additional 9,000 users in the month of December. Net of this acquisition, the increase would have been 39.5%.
2021 also shows a significant improvement in the main economic and financial performance indicators.
EBITDA is 5.17 million Euro, an increase of +58.6% over the 3.26 million Euro of 2020. (Ebitda Margin 23.4%).
EBIT is 1.37 million Euro, an increase of +88.4% over the 0.73 million Euro of 2020 (EBIT Margin 6.2%).
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The Net Result for the period is positive by 1.05 million Euro (incidence on earnings 4.8%), a slight reduction (-3.8%) compared to the result of 1.1 million Euro for the same period of 2020, when the figure was increased by the revenue generated by the sale of the holding in IPCompany, which produced a capital gain of € 0.63 million, as well as the write-up of the brands during 2020, which led to an increase of € 0.255 million in amortisations in 2021. Net of these effects, the variation in the net result compared to 2020 would have been an increase of 123%.
The net working capital flow improved by 2 million Euro compared to the previous year further to the increase in receivables with customers generated by the growth in turnover, and the advance charges on services, entered in the deferred income heading, which amount to a positive flow of € 2.3 million. The other changes in the net working capital are due on the one hand to the increase in tax credits for new investments and research and development, and on the other to the debt arising from the acquisition of corporate holdings.
The Group recorded Net Equity of 17.9 million Euro, compared to 17.6 million Euro for 2020.
The Net Financial Position as of 31 December 2021 was cash negative by 8.17 million Euro, compared to a cash negative position of 1.04 million Euro for 2020.
The difference is due to the payment of 2.65 million Euro for the acquisition of DiRete Srl (75% of the total value) and investments totalling 8.9 million Euro made during the period, mainly for the construction of the optic fibre infrastructure.
Parent Company Financial Statements
The Board of Directors also approved the draft financial statements for 2021 of the parent company Planetel S.p.A.
The company recorded earnings from its core business of 15.4 million Euro, an increase of 2.54 million (+19.7%) over the previous year, to which must be added the 4 million Euro deriving from the merger by incorporation of S.I.T.I.S. srl and Servizi Internet srl. for a total of 19.44 million Euro.
The value of production, which includes the turnover generated by the merger, amounts to 20.91 million Euro, compared to 13.11 million Euro in 2020.
EBITDA, including the effects of the merger, is 4.86 million Euro (3.03 million Euro in 2020).
EBIT is 1.23 million Euro compared to the 0.70 million Euro of 2020, while net profit is 0.95 million Euro (-18.9% compared to 1.17 million Euro in 2020).
The EBIT is affected by the increased amortisations deriving both from the costs incurred for listing on the Euronext Growth Milan market, for which the company benefited from a tax credit of 50%, and from the writeup of the brands undertake in 2020 in accordance with Decree Law 104/20.
As indicated for the consolidated net result, the negative variation of 18.9% in the net result reflects the influence of the positive effect, in 2020, of the sale of the holding in IPCompany. Net of that event, the variation compared to 2020 would be positive by 75.9%.
The net working capital flow is influenced by the effects of the merger with the former controlled enterprises S.I.T.I.S. s.r.l. and Servizi Internet s.r.l., a one-off operation. The main changes generated by this operation related to inventories, receivables with customers and the debts generated by the acquisition of the corporate holdings.
The Parent Company records Net Equity as of 31 December 2021 of 17.76 million Euro, compared to the 15.01 million Euro of 2020, and a cash negative Net Financial Position of 9.12 million Euro, compared to the cash negative NFP of 0.66 million Euro as of 31 December 2020.
Research and Development Activities and Investments
During 2021, the Company made investments for a total of 8.9 million Euro, most of this deriving from the laying of optic fibre; in 2022 the company intends to proceed with the investments necessary to expand the optic fibre network both in the Province of Bergamo and in the Provinces of Brescia, Verona, Monza-Brianza, Lecco and Milan. In the Lake Garda area, the new acquisition of the controlled enterprise Direte s.r.l. enabled Planetel to increase its market penetration.
With regard to Research and Development activities, the Company invested 0.87 million Euro in new technical, electronic and IT solutions for the pre-competitive development of two innovative platforms of a type not currently on the market, to enable customers to manage and configure their connectivity lines independently, and to create a web interconnection for multi-tenant access, in the corporate network management infrastructure, with the aim of significantly increasing customer numbers.
For its R&D activities, the company intends to make use of the tax credit available under art. 1, par. 198/209 of Law 160/2019 as amended by art. 1, par. 1064 of Law 178/2020 and amendments.
MAIN SIGNIFICANT EVENTS OF 2021 REGARDING THE GROUP
- On 19 April 2021 the Board of Directors of Planetel S.p.A. approved the acquisition of 25% of the share capital of the controlled enterprise Trifolio S.r.l., held by Sitis Immobiliare S.r.l. Further to this operation, the Company, which already held a 75% stake in the equity of Trifolio, gained control of the entire share capital of Trifolio S.r.l. It should be remembered that Sitis Immobiliare S.r.l. has a 13.41% holding in the share capital of Planetel and the Chairman of the Board of Directors, Mr Bruno Mario Pianetti, owns a holding of 51% in the share capital of Sitis Immobiliare.
- On 30 June 2021 the Board of Directors of Planetel S.p.A. approved the merger by incorporation of the wholly owned enterprises Servizi Internet S.r.l. and S.i.t.i.s. S.r.l. On the same date, the merger was also approved by the general meetings of the incorporated enterprises Servizi Internet S.r.l. and S.i.t.i.s. S.r.l. The deed of merger by incorporation of the two aforesaid companies was signed on 11 October 2021. The Merger forms part of the broader corporate reorganisation of the Group headed by Planetel, undertaken to simplify its structure and generate greater benefits from any operating, administrative and corporate synergies, and also enable the achievement of economies of scale, since the companies taking part in the Merger operate synergistically on the same market.
- On 18 November 2021, the Company signed a binding agreement with the Cooperative Direte SC and its partners, for the acquisition from Direte SC of 100% of the share capital of a newco to be called Direte s.r.l., which is to operate in the Lombardy and Veneto regions, and in the Lake Garda area in particular, in the supply of ultrabroadband connectivity, landline telephony, FWA radio connectivity, WI-FI services, IT security services and various digital services to more than 9,000 DiRete SC customers, The acquisition of 100% of the share capital of DiRete S.r.l. was finalised on 21 December 2021.
- On 25 November 2021, the company announced that it had received notification from Eiffel Investment Group, in accordance with art. 5 of the Articles of Association, that the latter had exceeded the significant threshold of 5% of the Company's share capital with voting rights, further to its underwriting of 12,500
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ordinary shares.
SIGNIFICANT EVENTS OCCURRING AFTER THE END OF THE FINANCIAL YEAR
- In February 2022, in the context of its plan for corporate sustainability and implementation of ESG factors Planetel S.p.A. received a Corporate Social Responsibility (CSR) rating from Ecovadis, the leading sustainability assessment company operating in accordance with the United Nations Global Compact guidelines, which assigned it a total score of over 45/100, placing it in the top 50 percent of businesses assessed by EcoVadis in terms of sustainability rating.
- Today the extraordinary General Meeting authorised the Board of Directors to increase the share capital, without option right, up to a maximum total amount of 8 million Euro, including any premium, the said increase to be executed in one or more stages within a 5 year period, through the issue of dematerialised ordinary shares without face value and with the same characteristics as those already in circulation and regular dividend rights, against payment, also with exclusion of the option right as per paras 4, 5 and/or 8 of art. 2441 of the Civil Code, and/or free of charge under one or more employee incentive schemes, in accordance with art. 2349 of the Civil Code.
FORECAST FUTURE PERFORMANCE
With regard to the dramatic war between Russia and Ukraine, and leaving aside the human tragedy being caused, the Group does not have any exposure to either country. The greatest impact is deriving from the initial, large increases in energy costs, due to the increase in the price of gas from Russia. Given the lack of clarity surrounding the situation, it is not yet possible to provide precise information about the future direct and indirect effects of the current energy crisis.
In 2022 the Group will continue its investments for the expansion of the network and for its integration with a centralised management system interactive with the customer.
There will be 3 main focuses during 2022:
- enabling customer interactivity on the access backbone;
- transferring all customers to the new IPv6 protocol;
- raising the Cloud area to a new system engineering level which will enable the management of very complex projects with multi-location companies nationwide, using the Planetel connectivity for transport towards the datacenter.
A new management area, to be called ITcare, will be established in the systems engineering area, tasked with managing customers' IT and systems engineering structures, enabling the creation of a deep bond between the customer's needs and Planetel's solutions.
2022 will also see integration with DiRete in terms of both management and server/router networks. The new areas of fibre development necessary to enable the DiRete customers to be transferred to Planetel group proprietary infrastructure, and thus increase margins on the transferred customer base, will be identified.
Another of Planetel's goals for 2022 will be to complete an acquisition within the Cloud business area intended to enable optimal exploitation of the Company's platforms by bringing new senior resources into a fastgrowing area.
ALLOCATION OF 2021 RESULT
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The Board of Directors will advise the General Meeting to allocate the 2021 Operating Result of 0.95 million Euro to a Reserve, in order to further strengthen the company's capital.
CALLING OF ORDINARY GENERAL MEETING.
The Board of Directors has resolved to call the Ordinary General Meeting for 29 April 2021 at first calling and for 30 April 2021 at second calling, at the times and places to be specified in the relative notice of calling, which will be published by the procedures and in accordance with the terms required by the relevant regulatory framework.
The Notice of Calling of the General Meeting, to be published within the terms required by law and the articles of association, will also specify the procedures for attending the meeting, with a view in particular to complying with the requirements of the current ongoing emergency and its persistence, and in accordance with current legal provisions. The documentation relating to the topics on the agenda will be made available to the public at the registered office and on the website www.planetel.it within the terms required by the regulatory framework.
FILING OF DOCUMENTATION
The documentation relating to the General Meeting will be made available to the public by the legal deadlines at the Company's registered office, through Borsa Italiana S.p.A., through the "Emarket Storage" system managed by Spafid Connect at and on the Company's website at: www.planetel.it.
The audit of the financial statements as of 31 December 2021 has not yet been completed, and the auditing company's report will therefore be made available by the legal deadline. To conclude, the enclosed statement of income and balance sheet are in reclassified form, and are therefore not subject to audit.
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This press release is available from Borsa Italiana S.p.A., from the company's registered office and in the Investitori/Investor Relations/Price sensitive press releases section of the website www.planetel.it. For its compulsory reporting, Planetel uses the eMarket SDIR circuit managed by Spafid Connect S.p.A., with registered office at Foro Buonaparte 10, Milan.
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This press release may include forward-looking statements regarding future events and future results of Planetel S.p.A. that are based on current plans, estimates and projections regarding the industry in which the Company operates, and the management's current opinions. These elements involve inherent risks and uncertainties, because they depend on the occurrence of future events. The actual results may differ from those forecast due to multiple factors beyond the control of Planetel, including general economic conditions, the impact of the competition, and political and regulatory developments in Italy and abroad.
For further information:
PLANETEL S.p.A. Euronext Growth Advisor Michele Pagani Alantra Capital Markets
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CFO ed Investor Relations Manager Milano, Via Borgonuovo 16 +39 035204094 +39 3343903007 [email protected] [email protected]
Investor Relations Media Relations POLYTEMS HIR POLYTEMS HIR Bianca FERSINI MASTELLONI - Silvia MARONGIU Paolo SANTAGOSTINO 06.69923324-066797849 +393493856585 [email protected] [email protected]
Specialist MIT SIM S.p.A. 02.30561270 [email protected]
Holding company of a group that offers telecommunication services at national level, Planetel S.p.A. has developed a proprietary fibre optic network for the ultra-broadband connectivity of about 161 municipalities and provides TLC/IT services to over 35,500 customers in Lombardy, Veneto and Campania, through a multi-channel approach. Among the first Italian Internet Service Providers (ISP and WISP) to gradually develop its position in the telecommunication and system integration market, the company has been able to stand out on the territory as a single player offering integrated digital solutions, ASP / Cloud services and other IT solutions. Planetel, formerly a national phone operator, can now provide Business, Wholesale and Residential customers with fibre optic network connections, with the most advanced ultra-broadband connectivity and integrated communication solutions with FTTH-FTTP (Fibre to the Home – Fibre to the Premises) network architectures; its offer covers the entire value chain of ICT services that allows companies to accelerate their digitization process and time-to-market. Planetel's primary assets include a fibre optic network of approximately 1,880 Km. – CLOUD infrastructure in 3 Datacentres – 110 Planetel Points in 69 Municipalities – 1010 Cabinets on the ground, etc.
Planetel's main objective is the strategic implementation of their own ultra high-speed backbone network - up to 1.4Tb/s – which will enable faster, safer and more stable connections, guaranteeing greater service continuity for its customers.
Ticker: PLT - ISIN Code of ordinary shares: IT0005430951
ANNEXES:
- Consolidated Income Statement
- Consolidated Balance Sheet
- Consolidated Net Financial Position
- Planetel S.p.A. Income Statement
- Planetel S.p.A. Balance Sheet
- Planetel S.p.A. Net Financial Position
Consolidated Income Statement
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| Statement of Income | 31.12.2021 | 31.12.2020 | Change | % Change |
||
|---|---|---|---|---|---|---|
| (Data in Euro/000) | Consolidated | Consolidated | FY21-FY20 | |||
| % | % | |||||
| Earnings from sales | 22.095 | 94% | 17.805 | 98% | 4.290 | 24% |
| Change in inventory | 28 | 0% | 31 | 0% | (3) | -10% |
| Internally generated fixed assets |
722 | 0% | 722 | 100% | ||
| Other earnings and income | 774 | 3% | 255 | 1% | 519 | 204% |
| Value of production | 23.619 | 100% | 18.091 | 100% | 5.528 | 31% |
| Costs for raw, subsidiary and consumable materials |
(2.319) | -10% | (1.346) | -7% | (973) | 72% |
| Costs for services | (9.157) | -39% | (7.413) | -41% | (1.744) | 24% |
| Use of third-party assets | (695) | -3% | (837) | -5% | 142 | -17% |
| Labour costs | (6.011) | -25% | (5.120) | -28% | (891) | 17% |
| Sundry operating costs | (267) | -1% | (117) | -1% | (150) | 128% |
| EBITDA | 5.170 | 22% | 3.258 | 18% | 1.912 | 59% |
| Amortisations and write downs |
(3.800) | -16% | (2.531) | -14% | (1.269) | 50% |
| EBIT | 1.370 | 6% | 727 | 4% | 643 | 88% |
| Financial result | (233) | -1% | 490 | 3% | (723) | -148% |
| EBT | 1.137 | 5% | 1.217 | 7% | (80) | -7% |
| Income taxes | (83) | 0% | (121) | -1% | 38 | -31% |
| Result for the year | 1.054 | 4% | 1.096 | 6% | (42) | -4% |
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Consolidated Balance Sheet
| Balance Sheet | 31.12.2021 31.12.2020 |
% Change | ||
|---|---|---|---|---|
| (Data in Euro/000) | Consolidated | Consolidated | HY21-FY20 | |
| Intangible fixed assets | 8.688 | 5.515 | 58% | |
| Tangible fixed assets | 23.800 | 17.315 | 37% | |
| Financial fixed assets | 5 | 4 | 25% | |
| Net fixed Assets | 32.493 | 22.834 | 42% | |
| Inventory | 897 | 839 | 7% | |
| Commercial receivables | 7.165 | 6.476 | 11% | |
| Commercial payables | (5.705) | (5.620) | 2% | |
| Commercial Current Assets | 2.357 | 1.695 | 39% | |
| Other current receivables | 220 | 92 | 139% | |
| Other current liabilities | (3.487) | (2.002) | 74% | |
| Tax receivables and payables | 336 | 3 | 11100% | |
| Net accruals and deferrals | (4.481) | (2.810) | 59% | |
| Net Current Assets | (5.055) | (3.022) | 67% | |
| Contingency funds | (17) | (72) | 100% | |
| Severance Pay | (974) | (776) | 26% | |
| Net Invested Capital (Investments) | 26.447 | 18.964 | 39% | |
| Liquid assets | (3.888) | (12.833) | -70% | |
| Financial payables | 12.064 | 13.878 | -13% | |
| Net Financial Position | 8.176 | 1.045 | 682% | |
| Share capital | 134 | 134 | 0% | |
| Reserves | 16.670 | 16.234 | 3% | |
| Consolidation reserve | 202 | 195 | 100% | |
| Profit (Loss) | 861 | 1.058 | -19% | |
| Group Net Equity | 17.867 | 17.621 | 1% | |
| Third-party capital | 4 | 15 | 100% | |
| Reserves | 206 | 170 | 100% | |
| Third party Profit / (Loss) | 194 | 113 | 100% | |
| Third-party Net Equity | 404 | 298 | 100% | |
| Total Sources of Funding | 26.447 | 18.964 | 39% |
| Cash flow statement, indirect method | 31.12.2021 | 31.12.2020 |
|---|---|---|
| (Data in Euro/000) | Cons. | Cons. |
| A) Cash flows deriving from the company's business (indirect | ||
| method) | ||
| Year profit (loss) | 1.054 | 1.096 |
| Income taxes | 83 | 121 |
| Interest payable/(receivable) | 240 | 200 |
| (Dividends) | – | (61) |
| (Capital gains)/Capital losses deriving from the disposal of assets | – | (629) |
| 1) Profit (Loss) for the financial year before income taxes, interest, dividends and capital gains/losses from disposals |
1.377 | 727 |
| Adjustments for non-monetary items with no effects on net current assets | ||
| Allocations to funds | 33 | 23 |
| Amortisations of fixed assets | 3.766 | 2.508 |
| Write-downs due to impairment loss | 1 | 21 |
| Adjustments to value of financial assets and liabilities from derivative financial instruments which do not imply monetary transactions |
– | – |
| Other upward/(downward) adjustments for non-monetary items | – | – |
| Adjustments for non-monetary items with no effects on net current assets |
3.800 | 2.552 |
| 2) Cash flow prior to variations in net current assets | 5.177 | 3.279 |
| Variations in net current assets | ||
| Decrease/(Increase) in inventory | (28) | (31) |
| Decrease/(Increase) in receivables from customers | (689) | (1.377) |
| Increase/(Decrease) in payables to suppliers | 85 | 1.266 |
| Decrease/(Increase) in accrued income and deferred charges | (682) | (72) |
| Increase/(Decrease) in accrued liabilities and deferred income | 2.353 | 987 |
| Other decreases/(Other increases) in net current assets | 895 | 455 |
| Total variations in net current assets | 1.934 | 1.228 |
| 3) Cash flow after variations in net current assets | 7.111 | 4.507 |
Consolidated Net Financial Position
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| Other adjustments | ||
|---|---|---|
| Interest collected/(paid) | (240) | (200) |
| (Income taxes paid) | (83) | (121) |
| Dividends collected | – | 61 |
| (Drawings on funds) | – | – |
| Other collections/(payments) | – | – |
| Total other adjustments | (323) | (260) |
| Cash flow from business (A) | 6.788 | 4.247 |
| B) Cash flow from investments | ||
| Tangible fixed assets | (9.215) | (5.117) |
| (Investments) | (9.215) | (5.117) |
| Disinvestments | – | – |
| Intangible fixed assets | (4.209) | (1.095) |
| (Investments) | (4.209) | (1.095) |
| Disinvestments | – | – |
| Financial fixed assets | – | 629 |
| (Investments) | – | – |
| Disinvestments | – | 629 |
| Financial assets not included in fixed assets | – | – |
| (Investments) | – | – |
| Disinvestments | – | – |
| (Acquisition of controlled enterprises net of liquid assets) | (1.561) | (441) |
| Disposal of controlled enterprises net of liquid assets | – | – |
| Cash flow from investments (B) | (14.985) | (6.024) |
| C) Cash flow from financing operations | ||
| Indebtedness | ||
| Increase/(Decrease) in short-term debts to banks | 1.067 | (44) |
| New loans | – | 6.173 |
| (Loan repayments) | (1.814) | (1.065) |
| Shareholders' equity | ||
| Capital increase with payment | – | 7.509 |
| (Capital repayment) | – | – |
| Disposal/(Purchase) of own shares | – | – |
| (Dividends and advances on dividends paid) | – | – |
| Cash flow from financing activities (C) | (747) | 12.573 |
| Increase (decrease) in liquid assets (A ± B ± C) | (8.944) | 10.796 |
| Liquid assets at start of year |
12.833 | 2.037 |
| Liquid assets at end of year | 3.889 | 12.833 |
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| Statement of Income | 31.12.2021 | 31.12.2020 | Change | % Change |
||
|---|---|---|---|---|---|---|
| (Data in Euro/000) | FY21-FY20 | |||||
| % | % | |||||
| Earnings from sales |
19.441 | 93% | 12.900 | 98% | 6.541 | 51% |
| Change in inventory | (2) | 0% | 1 | 0% | (3) | -300% |
| Internally generated fixed assets |
722 | 3% | 0 | 0% | 722 | 100% |
| Other earnings and income | 747 | 4% | 209 | 2% | 538 | 257% |
| Value of production | 20.908 | 100% | 13.110 | 100% | 7.798 | 59% |
| Costs for raw, subsidiary and consumable materials |
(1.388) | -7% | (187) | -1% | (1.201) | 642% |
| Costs for services | (8.080) | -39% | (6.803) | -52% | (1.277) | 19% |
| Use of third-party assets | (670) | -3% | (622) | -5% | (48) | 8% |
| Labour costs | (5.657) | -27% | (2.384) | -18% | (3.273) | 137% |
| Sundry operating costs | (252) | -1% | (84) | -1% | (168) | 200% |
| EBITDA | 4.861 | 23% | 3.030 | 23% | 1.831 | 60% |
| Amortisations and write downs |
(3.630) | -17% | (2.326) | -18% | (1.304) | 56% |
| EBIT | 1.231 | 6% | 704 | 5% | 527 | 75% |
| Financial result | (219) | -1% | 513 | 4% | (732) | -143% |
| EBT | 1.012 | 5% | 1.217 | 9% | (205) | -17% |
| Income taxes | (60) | 0% | (43) | 0% | (17) | 40% |
| Result for the year | 952 | 5% | 1.174 | 9% | (222) | -19% |
Page 12 of 15
Planetel S.p.A. Balance Sheet
| Balance Sheet | 31.12.2021 | 31.12.2020 | % Change |
|---|---|---|---|
| (Data in Euro/000) | HY21-FY20 | ||
| Intangible fixed assets | 5.081 | 2.070 | 145% |
| Tangible fixed assets | 23.126 | 16.797 | 38% |
| Financial fixed assets | 3.980 | 1.077 | 270% |
| Net fixed Assets | 32.187 | 19.944 | 61% |
| Inventory | 511 | 203 | 152% |
| Commercial receivables | 6.261 | 4.500 | 39% |
| Commercial payables | (4.703) | (4.979) | -6% |
| Commercial Current Assets | 2.069 | (276) | -850% |
| Other current receivables | 112 | 51 | 120% |
| Other current liabilities | (3.391) | (1.114) | 204% |
| Tax receivables and payables | 295 | 104 | 184% |
| Net accruals and deferrals | (3.617) | (2.611) | 39% |
| Net Current Assets | (4.532) | (3.846) | 18% |
| Contingency funds | (18) | (63) | 100% |
| Severance Pay | (757) | (364) | 108% |
| Net Invested Capital (Investments) | 26.880 | 15.671 | 72% |
| Liquid assets | (2.272) | (11.062) | -79% |
| Financial payables | 11.397 | 11.721 | -3% |
| Net Financial Position | 9.125 | 659 | 1285% |
| Share capital | 134 | 134 | 0% |
| Reserves | 16.669 | 13.704 | 22% |
| Profit (Loss) | 952 | 1.174 | -19% |
| Net Equity | 17.755 | 15.012 | 18% |
| Total Sources of Funding | 26.880 | 15.671 | 72% |
Planetel S.p.A. Net Financial Position
Page 13 of 15
| Cash flow statement, indirect method | 31.12.2021 | 31.12.2020 |
|---|---|---|
| (Data in Euro/000) | Cons. Proforma |
Cons. Proforma |
| A) Cash flows deriving from the company's business (indirect method) |
||
| Year profit (loss) |
952 | 1.174 |
| Income taxes | 60 | 43 |
| Interest payable/(receivable) | 218 | 177 |
| (Dividends) | – | (61) |
| (Capital gains)/Capital losses deriving from the disposal of assets | (1) | (615) |
| 1) Profit (Loss) for the financial year before income taxes, interest, dividends and capital gains/losses from disposals |
1.229 | 718 |
| Adjustments for non-monetary items with no effects on net current assets | ||
| Allocations to funds | – | – |
| Amortisations of fixed assets | 3.598 | 2.304 |
| Write-downs due to impairment loss | – | – |
| Adjustments to value of financial assets and liabilities from derivative financial instruments which do not imply monetary transactions |
– | – |
| Other upward/(downward) adjustments for non-monetary items | (8) | 5 |
| Adjustments for non-monetary items with no effects on net current assets |
3.590 | 2.309 |
| 2) Cash flow prior to variations in net current assets | 4.819 | 3.027 |
| Variations in net current assets | ||
| Decrease/(Increase) in inventory | (308) | (1) |
| Decrease/(Increase) in receivables from customers | (1.761) | (932) |
| Increase/(Decrease) in payables to suppliers | (207) | 1.134 |
| Decrease/(Increase) in accrued income and deferred charges | (607) | (47) |
| Increase/(Decrease) in accrued liabilities and deferred income | 1.613 | 893 |
| Other decreases/(Other increases) in net current assets | 1.754 | 160 |
| Total variations in net current assets | 484 | 1.207 |
| 3) Cash flow after variations in net current assets | 5.303 | 4.234 |
Planetel S.p.A. Net Financial Position
| Other adjustments | ||
|---|---|---|
| Interest collected/(paid) | (218) | (177) |
| (Income taxes paid) | 150 | 51 |
| Dividends collected | – | 61 |
| (Drawings on funds) | 347 | 105 |
| Other collections/(payments) | – | – |
| Total other adjustments | 279 | 40 |
| Cash flow from business (A) | 5.582 | 4.274 |
| B) Cash flow from investments | ||
| Tangible fixed assets | (8.909) | (5.152) |
| (Investments) | (8.909) | (5.232) |
| Disinvestments | – | 80 |
| Intangible fixed assets | (4.027) | (1.179) |
| (Investments) | (4.027) | (1.179) |
| Disinvestments | – | – |
| Financial fixed assets | (2.902) | 459 |
| (Investments) | (2.902) | (170) |
| Disinvestments | – | 629 |
| Financial assets not included in fixed assets | – | – |
| (Investments) | – | – |
| Disinvestments | – | – |
| (Acquisition of controlled enterprises net of liquid assets) | – | – |
| Disposal of controlled enterprises net of liquid assets | – | – |
| Cash flow from investments (B) | (15.838) | (5.872) |
| C) Cash flow from financing operations |
||
| Indebtedness | ||
| Increase/(Decrease) in short-term debts to banks | 1.599 | (203) |
| New loans | – | 3.812 |
| (Loan repayments) | (1.922) | – |
| Shareholders' equity | ||
| Capital increase with payment | 1.790 | 7.509 |
| (Capital repayment) | – | – |
| Disposal/(Purchase) of own shares | – | – |
| (Dividends and advances on dividends paid) | – | – |
| Cash flow from financing activities (C) | 1.467 | 11.118 |
| Increase (decrease) in liquid assets (A ± B ± C) | (8.789) | 9.520 |
| Liquid assets at start of year | 11.063 | 1.543 |
| Liquid assets at end of year | 2.274 | 11.063 |
Page 15 of 15