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Reway Group — Earnings Release 2025
Mar 31, 2026
4545_10-k_2026-03-31_9cb8c64c-8d08-464c-a348-72088a94943e.pdf
Earnings Release
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INFO DIGITAL 2000
rewaygroup
PRESS RELEASE
REWAY GROUP: THE BOARD OF DIRECTORS APPROVES THE ANNUAL FINANCIAL STATEMENTS AND BUDGET AS OF DECEMBER 31, 2025
Double-digit growth across all key economic and financial indicators
MAIN CONSOLIDATED ECONOMIC-FINANCIAL DATA AS OF DECEMBER 31, 2025
- Value of Production: Euro 278.3 million (+19.8% FY2024)
- EBITDA: Euro 49.6 million (+16.4% FY2024); EBITDA Margin 17.8%
- EBIT: Euro 38.7 million (+18.6% FY2024); EBIT Margin 13.9%
- Operating Income: Euro 21.6 million (+20.7% FY2024)
- Net Financial Debt (NFD): Euro 68.2 million (Euro 68.0 million FY2024)
Liciana Nardi (MS), March 31st 2026 – The Board of Directors of Reway Group S.p.A. (EGM: RWY), Italy's largest operator in the road and motorway infrastructure rehabilitation sector and the only one in Italy whose core business also includes railway network maintenance (the "Company" or "Reway Group"), met today and approved the draft financial statements and consolidated financial statements as of December 31, 2025.
Paolo Luccini, President and CEO of Reway Group, commented: "2025 marked another year of significant growth for Reway Group, closing with strong financial results across all key indicators. The increase in production value was driven not only by new orders acquired, totaling 246 million euros, but also by the existing order backlog of 1,024 million euros, which enabled the launch of numerous major projects.
Over the course of the year, we have also strengthened our position in the construction of new infrastructure and expanded our scope of operations by entering the port maintenance sector. We operate in strategic sectors that are at the heart of major national investment plans: a context that allows us to look to the future with confidence and to count on significant revenue visibility for the next five years, based on our current order backlog.
Our work has a tangible impact on the country, contributing to the safety and modernization of road, highway, and rail networks and supporting efficient mobility. This is a source of pride for all of our 680 employees and partners, who work with expertise and determination every dayne."
Main consolidated results as of December 31, 2025
The consolidated results as of December 31, 2025, fully include the financial and balance sheet data of the Reway Group's subsidiaries. It should be noted that the comparative figures as of December 31, 2024, relating to the income statement, do not include the results of Vega Engineering S.r.l. ("Vega"), which had reported €3.3 million in revenue and €1.2 million in EBITDA.
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The Value of Production amounted to €278.3 million, up 19.8% from €232.3 million as of December 31, 2024. The increase is attributable to €39.8 million in organic growth, while €6.2 million is attributable to the consolidation of Vega, which, thanks to the synergies achieved, was able to double its production in one year. The order backlog as of December 31, 2025, amounts to approximately €1,024 million and will be recognized over the next five fiscal years.
EBITDA amounted to €49.6 million, up 16.4% from €42.6 million as of December 31, 2024, with an EBITDA margin of 17.8%.
Net operating profit (EBIT) amounted to €38.7 million, up 18.6% from €32.6 million as of December 31st, 2024, with an EBIT margin of 13.9%, after depreciation, amortization, and impairment charges of €11.0 million.
Net income for the year came in at €21.6 million (€17.9 million in FY2024), representing a 20.7% increase.
Net Financial Debt (NFD) amounted to €68.2 million, a slight decrease from the €68.0¹ million recorded as of December 31st, 2024. The increase is due to the cash outflow from net working capital and extraordinary cash outflows related to the payment of the Gema earn-out of approximately €11 million during the fiscal year. Net financial position consists of €16.9 million in cash, €37.5 million in current financial debt, and €47.6 million in non-current financial debt.
Consolidated equity amounts to €111.4 million, of which €110.3 million pertains to the Group.
Reway Group S.p.A.'s main results as of December 31, 2025
The parent company, Reway Group S.p.A., operated in providing services to its subsidiaries.
The value of production amounts to €4.9 million, which essentially corresponds to the company's sales revenue for the fiscal year, generated entirely from transactions with the Group's subsidiaries, to which the Reway Group provides services; this represents a decrease from €5.4 million in 2024.
EBITDA amounted to €0.03 million, down from €1.7 million in 2024, in line with the Group's strategy to cover fixed costs.
Net income for the year amounted to €20.9 million, driven by the revaluation of investments in subsidiaries, up from €17.9 million in the previous year.
Net financial debt amounted to €87.1 million, an improvement from €94.6 million as of December 31, 2024, due to the repayment of the loan related to the acquisition of Gema.
Shareholders' equity amounts to €110.3 million, up from €89.0 million as of December 31st, 2024.
Proposal for the allocation of the net income
The Board of Directors has resolved to propose to the Shareholders' Meeting that the net income for the fiscal year, amounting to €20,885,565, be allocated in full to the "reserve for the revaluation of equity investments," which is non-distributable pursuant to Article 2426, paragraph 1, subparagraph 4), of the Italian Civil Code, and to transfer an amount of €3,809,790 from the "extraordinary reserve" to the same "reserve for the revaluation of equity investments" in order to adjust the non-distributable value of the latter to the amount of the revaluations made on the equity investments in the financial statement.
¹Consolidated net financial debt as of December 31, 2024 differs from the amount reported in the consolidated financial statements as of December 31, 2024, approved on March 28, 2025 (€67.0 million), due to a different classification of an intercompany debt/receivable related to central treasury management transactions, which is subsequently eliminated.
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Significant events that occurred during fiscal year 2025
At the business level, the Group secured contracts through its subsidiaries during the year totaling over €246 million for the rehabilitation and maintenance of road and highway infrastructure, the railway network, and port facilities.
Specifically, the most significant contracts awarded were as follows:
- February 11, 2025: TLS (now part of MGA) – contract for the detailed design and execution of modernization and expansion works at the Bovisa railway hub (Milan), managed by FERROVIENORD S.p.A.. This is a significant contract because, thanks to it, the Reway Group begins working with a major new client in a strategic geographic area for the country (value: 110.5 million euros).
February 27, 2025: GEMA – contract for extraordinary maintenance work on the railway network: Lot 1 Ancona, Lot 13 Palermo, and Lot 16 Rome (value: 97 million euros).
May 28, 2025: GEMA – contract for extraordinary maintenance and renovation work on buildings and facilities at the Florence Santa Maria Novella and Bologna Centrale stations (value: approximately 30 million euros).
- June 20, 2025: MGA and GEMA – contracts awarded by the Port System Authority of the Eastern Ligurian Sea, marking Reway Group's entry into the port maintenance sector (total value: over 9 million euros).
Finally, on February 28, 2025, the merger by absorption of the two wholly-owned subsidiaries, Soteco S.r.l. and TLS S.r.l., into M.G.A. S.r.l.—a wholly-owned subsidiary of the Reway Group—was completed. The merger and corporate reorganization project aims to improve the Group's operational efficiency, ensuring simplified management and administration in the modernization of the highway network. For further information, please refer to the relevant press release.
Significant events since the end of the financial year
On February 13 2026, the subsidiaries MGA and Gema were awarded a new contract for the construction of the bypass on the Abetone and Brenner State Road 12, on the section between Buttapietra and the Verona South Ring Road. (Value: €53.9 million). The contract is of particular significance as it strengthens the Group's position in the sector of new road infrastructure construction.
Foreseeable development of management
The infrastructure rehabilitation market in Italy has undergone a complete overhaul in recent years, reaching levels of scale that, year after year, confirm that this is not a bubble but a systemic trend.
In this context, Reway Group has established itself as a leading player in the rehabilitation of bridges, viaducts, tunnels, stations, and concrete structures throughout the country.
During the period under review, raw material prices remained largely stable. Nevertheless, it should be noted that with the outbreak of war in Iran in March 2026, we witnessed a significant increase in energy costs, which, if the conflict is not resolved immediately, will likely be passed on to other supplies in the coming months. It is important to note, however, that with the entry into force of the new Public Contracts Code (Legislative Decree No. 36/2023), effective July 1, 2023, subsequently amended in December 2024, all new contract awards include an automatic price adjustment mechanism, applicable when reference indices exceed a cumulative inflation threshold of 3%. This mechanism will help mitigate the risk associated with future price increases going forward.
In light of the Group's significant growth, supported by the acquisition of numerous contracts, management plans to further strengthen the workforce and continue the process of managerialization both.
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Shareholders' Meeting Convocation
The Board of Directors has resolved to convene an Ordinary and Extraordinary Shareholders' Meeting on April 30, 2026, in a single call, at the times and locations to be specified in the relevant notice of meeting, which will be published in accordance with the procedures and deadlines set forth in applicable laws and regulations. The notice of the meeting, which will be published within the timeframes set forth by law and the Articles of Association, will also specify the procedures for participating in the meeting. The documentation relating to the items on the agenda will be made available to the public at the company's registered office and on the website www.rewaygroup.com, in the Investor Relations/Shareholders' Meetings section, as well as on the website www.borsaitaliana.it, in the Shares/Documents section, within the timeframes provided for by applicable law.
The following are the reclassified figures for the Income Statement, Balance Sheet, Net Financial Debt, and Cash Flow Statement as of December 31, 2025, both consolidated and for the fiscal year, for Reway Group S.p.A.; these figures are currently being audited by the appointed auditing firm.
For the dissemination of regulated information, Reway Group uses the dissemination system (), managed by Computershare S.p.A., with registered office in Milan, via Lorenzo Mascheroni 19 and authorized by CONSOB.
This press release is available on the Company's website https://www.rewaygroup.com/ in the Investor Relations section – Press releases and on .
Reway Group, — the Parent Company of the Group of the same name — is Italy's largest operator specialised in rehabilitation and maintenance of road and highway infrastructures, as well as the only organisation in Italy capable of handling all the activities related to the chain of restoration of bridges, tunnels and viaducts, and to also have in its core business the maintenance of the railway network.
- Established in 2021 from the contribution of the shares of several major companies active in Italy in the maintenance and rehabilitation of road and highway infrastructure, Reway Group now operates through three subsidiaries:
- M.G.A. S.r.l., which specializes in the maintenance and rehabilitation of road tunnels and viaducts, and, following the incorporation of Soteco and TLS, in the installation of safety and sound-absorbing barriers, and special works such as, for example, seismic retrofitting of viaducts, bridges and tunnels;
- Gema S.p.A., among the leading operators active in the maintenance of infrastructure and civil works in the railway sector;
- Vega Engineering S.r.l., a multidisciplinary engineering company that has in its core business the engineering design of road and rail infrastructures, civil and industrial works, support services to R.U.P. and management of orders.
The company provides services for its subsidiaries, including financial planning and strategy, procurement of goods and services, and technical accounting management. Reway Group has a workforce of 600 people and has a modern fleet with over 300 operating vehicles.
Contacts
Reway Group S.p.A.
Company | Federico Della Gatta – Investor Relations Manager | [email protected]
Integrae SIM S.p.A. | T +39 02 80506160
Euronext Growth Advisor & Specialist | [email protected] | Piazza Castello 24 - 20121 Milano
Barabino & Partners – Media e Investor Relations
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Stefania Bassi
E-mail: [email protected]
mob: +39 335 6282667
Jacopo Pedemonte
E-mail: [email protected]
mob: +39 347 0691764
Elena Magni
E-mail: [email protected]
mob: +39 348 4787490
Reclassified Consolidated Income Statement
| Consolidated Income Statement
(Amounts in Thousands of Euros) | 31/12/2025 | 31/12/2024 | Change |
| --- | --- | --- | --- |
| Revenue from sales | 241.790 | 215.122 | 26.668 |
| Change in inventory | 30.631 | 11.723 | 18.908 |
| Other revenue and income | 5.904 | 5.474 | 430 |
| Cost of goods sold | 278.325 | 232.319 | 46.006 |
| Cost of raw materials, supplies, and merchandise, net of change in inventory | (57.136) | (46.418) | (10.718) |
| Cost of services | (103.442) | (81.737) | (21.705) |
| Rent and lease expenses | (29.345) | (26.136) | (3.209) |
| Personnel expenses | (37.923) | (34.439) | (3.484) |
| Other operating expenses | (844) | (955) | 112 |
| EBITDA | 49.634 | 42.633 | 7.002 |
| Depreciation, Amortization, and Impairment | (10.975) | (10.024) | (951) |
| Provisions | - | - | - |
| EBIT | 38.659 | 32.609 | 6.050 |
| Financial Income and (Expenses) | (3.775) | (4.101) | 326 |
| EBT | 34.884 | 28.508 | 6.377 |
| Income Taxes | (13.294) | (10.617) | (2.676) |
| Net Income | 21.590 | 17.890 | 3.700 |
| of which attributable to the Group | 20.886 | 17.890 | 2.996 |
| of which attributable to minority interests | 705 | - | 705 |
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Reclassified Consolidated Balance Sheet
| Consolidated Balance Sheet
(Amounts in Thousands of Euros) | 31/12/2025 | 31/12/2024 | Change |
| --- | --- | --- | --- |
| Intangible assets | 63.256 | 67.540 | (4.284) |
| Property, plant, and equipment | 11.574 | 10.171 | 1.403 |
| Financial assets | 2.688 | 3.655 | (967) |
| Net fixed assets | 77.518 | 81.365 | (3.848) |
| Inventories | 95.015 | 55.574 | 39.441 |
| Trade receivables | 128.725 | 125.022 | 3.703 |
| Trade payables | (90.057) | (71.225) | (18.832) |
| Trade working capital | 133.683 | 109.371 | 24.312 |
| Other current assets | 1.975 | 3.817 | (1.842) |
| Other current liabilities | (46.666) | (35.554) | (11.112) |
| Tax receivables and payables | 19.284 | 14.225 | 5.060 |
| Net accruals and deferrals | 1.456 | 109 | 1.346 |
| Net working capital | 109.733 | 91.968 | 17.765 |
| Provisions for risks and charges | (4.115) | (12.946) | 8.830 |
| Employee severance indemnities | (3.577) | (3.037) | (539) |
| Net invested capital (Assets) | 179.559 | 157.350 | 22.208 |
| Current financial debt | 19.911 | 14.931 | 4.980 |
| Current portion of non-current financial debt | 17.558 | 16.085 | 1.473 |
| Non-current financial debt | 47.617 | 57.162 | (9.545) |
| Total financial debt | 85.086 | 88.178 | (3.092) |
| Cash and cash equivalents | (16.911) | (20.206) | 3.295 |
| Securities held for trading | - | - | - |
| Net financial debt | 68.175 | 67.972 | 203 |
| Share capital | 715 | 715 | - |
| Reserves | 88.747 | 70.442 | 18.305 |
| Net income for the year | 20.886 | 17.890 | 2.995 |
| Group equity | 110.348 | 89.047 | 21.300 |
| Minority interest in capital and reserves | 332 | 332 | - |
| Minority interest in net income | 705 | - | 705 |
| Minority interest | 1.037 | 332 | 705 |
| Consolidated equity | 111.384 | 89.379 | 22.005 |
| Total sources | 179.559 | 157.350 | 22.208 |
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Consolidated net financial debt
| Consolidated Net Financial Debt
(Amounts in thousands of euros) | 31/12/2025 | 31/12/2024 | Var % |
| --- | --- | --- | --- |
| A. Cash | (16.911) | (20.206) | -16% |
| B. Other cash equivalents | - | - | - |
| C. Trading securities | - | - | - |
| D. Cash and cash equivalents (A) + (B) + (C) | (16.911) | (20.206) | -16% |
| E. Current financial debt | 19.911 | 14.931 | 33% |
| F. Current portion of non-current debt | 17.558 | 16.085 | 9% |
| G. Current financial debt (E) + (F) | 37.469 | 31.016 | 21% |
| H. Net current financial debt (D) + (G) | 20.558 | 10.810 | 90% |
| I. Non-current financial debt | 47.617 | 57.162 | -17% |
| J. Debt instruments | - | - | - |
| K. Trade payables and other non-current liabilities | - | - | - |
| L. Non-current financial debt (I) + (J) + (K) | 47.617 | 57.162 | -17% |
| M. Total financial debt (H) + (L) | 68.175 | 67.972 | 0% |
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Consolidated Cash Flow Statement, Indirect Method (Amounts in euros)
| 31/12/2025 | 31/12/2024 | |
|---|---|---|
| Cash Flow Statement, Indirect Method | ||
| A) Cash flows from operating activities (indirect method) | ||
| Net income (loss) for the year | 21.590.477 | 17.890.147 |
| Income taxes | 13.293.601 | 10.617.421 |
| Interest expense/(income) | 3.774.843 | 4.101.080 |
| 1) Net income (loss) for the year before income taxes, interest, dividends, and gains/losses on disposals | 38.658.920 | 32.608.647 |
| Adjustments for non-cash items not reflected in net working capital | ||
| Depreciation and amortization of fixed assets | 10.297.705 | 9.460.865 |
| Provisions | 539.373 | 147.912 |
| Other | (131.016) | - |
| Total adjustments for non-cash items not reflected in net working capital | 10.706.062 | 9.608.777 |
| 2) Cash flow before changes in net working capital | 49.364.982 | 42.217.424 |
| Changes in net working capital | ||
| Decrease/(Increase) in inventories | (39.441.389) | (12.455.511) |
| Decrease/(Increase) in accounts receivable | (3.702.945) | (31.374.822) |
| Increase/(Decrease) in accounts payable | 19.979.578 | 20.539.867 |
| Decrease/(Increase) in prepaid expenses and deferred income | (1.468.097) | (1.804.647) |
| Increase/(Decrease) in accrued expenses and deferred revenue | 121.624 | 545.559 |
| Other decreases/(Other increases) in net working capital | 6.367.836 | 12.466.875 |
| Total changes in net working capital | (18.143.394) | (12.082.679) |
| 3) Cash flow after changes in net working capital | 31.221.588 | 30.134.746 |
| Other adjustments | ||
| Interest received/(paid) | (3.774.843) | (4.101.080) |
| (Income taxes paid) | (13.293.601) | (10.617.421) |
| (Use of funds) | (8.284.594) | (12.237.532) |
| Total other adjustments | (25.353.037) | (26.956.033) |
| Cash flow from operating activities (A) | 5.868.551 | 3.178.713 |
| B) Cash flows from investing activities | ||
| Property, plant, and equipment | ||
| (Investments) | (4.292.230) | (1.309.280) |
| Intangible assets | ||
| (Investments) | (3.124.680) | (1.840.272) |
| Financial assets and other financial assets | ||
| (Investments) | 966.894 | (1.661.748) |
| Investment in business units, net of cash | (30.643.709) | |
| Cash flow from investing activities (B) | (6.450.016) | (35.455.009) |
| C) Cash flows from financing activities | ||
| Borrowings | ||
| Increase/(Decrease) in short-term bank debt | 7.007.110 | 14.107.487 |
| New loans | (9.720.367) | 11.052.204 |
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| Equity | ||
|---|---|---|
| Paid-in capital increase | ||
| (Dividends and interim dividends paid) | - | 0 |
| Cash flow from financing activities (C) | (2.713.257) | 25.159.691 |
| Increase (decrease) in cash and cash equivalents (A ± B ± C) | (3.294.722) | (7.116.605) |
| Cash and cash equivalents at the beginning of the year | ||
| Bank and postal deposits | 20.195.152 | 27.319.731 |
| Cash on hand | 10.462 | 2.486 |
| Total cash and cash equivalents at the beginning of the year | 20.205.614 | 27.322.218 |
| Cash and cash equivalents at the end of the year | ||
| Bank and postal deposits | 16.900.675 | 20.195.152 |
| Cash on hand | 10.216 | 10.462 |
| Total cash and cash equivalents at the end of the year | 16.910.891 | 20.205.614 |
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Reclassified Income Statement of Reway Group S.p.A.
| Income Statement
(Amounts in Thousands of Euros) | 31/12/2025 | 31/12/2024 | Change |
| --- | --- | --- | --- |
| Revenues from sales | 4.776 | 5.246 | (470) |
| Change in inventories | - | - | - |
| Change in internal assets | 92 | 105 | (13) |
| Production value | 4.868 | 5.351 | (483) |
| Cost of raw materials, supplies, and merchandise, net of change in inventory | (44) | (35) | (9) |
| Service Costs | (2.935) | (2.012) | (923) |
| Third Part Services Costs | (436) | (389) | (47) |
| Staff Costs | (1.378) | (1.200) | (178) |
| Other operating expenses | (41) | (39) | (2) |
| EBITDA | 34 | 1.677 | (1.642) |
| Depreciation, Amortization, and Impairment | (347) | (330) | (17) |
| Provisions | - | - | - |
| EBIT | (313) | 1.348 | (1.659) |
| Financial Income and (Expenses) | (3.726) | (4.131) | 405 |
| Equity Method Valuation of Investments | 24.695 | 20.192 | 4.503 |
| EBT | 20.657 | 17.409 | 3.250 |
| Income Taxes | 229 | 481 | (252) |
| Net Income | 20.886 | 17.890 | 2.998 |
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Reclassified Balance Sheet of Reway Group S.p.A.
| Balance Sheet 2025
(Amounts in thousands of euros) | 31/12/2025 | 31/12/2024 | change |
| --- | --- | --- | --- |
| Intangible Assets | 703 | 937 | (234) |
| Property, Plant, and Equipment | 19 | 15 | 4 |
| Financial Assets | 194.905 | 191.144 | 3.761 |
| Net Fixed Assets | 195.627 | 192.097 | 3.530 |
| Inventories | - | - | - |
| Trade Receivables | 5.754 | 2.771 | 2.983 |
| Trade Payables | (2.276) | (487) | (1.789) |
| Commercial Working Capital | 3.478 | 2.284 | 1.194 |
| Other Current Assets | 4 | - | 4 |
| Other Current Liabilities | (148) | (145) | (3) |
| Tax Receivables and Payables | 2.865 | 2.582 | 283 |
| Net Accruals and Deferrals | (115) | (57) | (58) |
| Net Working Capital | 6.084 | 4.663 | 1.421 |
| Provisions for Risks and Charges | (4.083) | (12.913) | 8.830 |
| Employee Severance Pay | (184) | (168) | (16) |
| Net invested capital | 197.443 | 183.679 | 13.764 |
| Current financial debt | 125.408 | 56.527 | 68.881 |
| Current portion of non-current financial debt | 13.501 | 13.495 | 6 |
| Non-current financial debt | 41.150 | 54.651 | (13.501) |
| Total financial debt | 180.059 | 124.673 | 55.386 |
| Current financial assets | (78.316) | (20.169) | (58.147) |
| Cash and cash equivalents | (14.647) | (9.873) | (4.774) |
| Net financial debt | 87.096 | 94.632 | (7.536) |
| Share capital | 715 | 715 | 0 |
| Reserve | 88.747 | 70.442 | 18.305 |
| Net profit | 20.886 | 17.890 | 2.996 |
| Total Equity | 110.348 | 89.047 | 21.301 |
| Total Financing Sources | 197.443 | 183.679 | 13.764 |
Net Financial Debt of Reway Group S.p.A.
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| Net Financial Debt 2025
(Amounts in thousands of euros) | 31/12/2025 | 31/12/2024 | Change |
| --- | --- | --- | --- |
| A. Cash | 14.647 | 9.873 | 4.774 |
| B. Other Cash items | - | - | - |
| C. Securities held for trading | 78.316 | 20.169 | 58.147 |
| D. Cash and cash equivalents (A) + (B) + (C) | 92.963 | 30.042 | 62.921 |
| E. Current financial debt | 125.408 | 56.527 | 68.881 |
| F. Current portion of non-current debt | 13.501 | 13.495 | 6 |
| G. Current financial debt (E) + (F) | 138.909 | 70.022 | 68.887 |
| H. Net current financial debt (G) – (D) | 45.946 | 39.980 | 5.966 |
| I. Non-current financial debt | 41.150 | 54.651 | (13.501) |
| J. Debt instruments | - | - | - |
| K. Trade payables and other non-current liabilities | - | - | - |
| L. Non-current financial debt (I) + (J) + (K) | 41.150 | 54.651 | (13.501) |
| M. Total financial debt (H) + (L) | 87.096 | 94.632 | (7.536) |
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Reway Group S.p.A. Cash Flow Statement, Indirect Method (Amounts in euros)
| 31/12/2025 | 31/12/2024 | |
|---|---|---|
| Cash Flow Statement, Indirect Method | ||
| A) Cash flows from operating activities (indirect method) | ||
| Net income (loss) for the year | 20.885.564 | 17.890.148 |
| Income taxes | 229.035 | (481.130) |
| Interest expense/(income) | 3.726.219 | 4.130.807 |
| 1) Net income (loss) for the year before income taxes, interest, dividends, and gains/losses on disposals | 24.840.818 | 21.539.825 |
| Adjustments for non-cash items not reflected in net working capital | ||
| Depreciation and amortization of fixed assets | 317.702 | 460.766 |
| Provisions | 16.547 | 315.793 |
| Other | (24.280.470) | 1.381.998 |
| Total adjustments for non-cash items not reflected in net working capital | (23.946.221) | 2.158.557 |
| 2) Cash flow before changes in net working capital | 894.596 | 23.698.382 |
| Changes in net working capital | ||
| Decrease/(Increase) in inventories | 0 | |
| Decrease/(Increase) in accounts receivable | 0 | |
| Increase/(Decrease) in accounts payable | (106.735) | (870.610) |
| Decrease/(Increase) in prepaid expenses and deferred income | 60.596 | 6.826 |
| Increase/(Decrease) in accrued expenses and deferred revenue | (2.558) | (42.533) |
| Other decreases/(Other increases) in net working capital | 9.348.526 | 53.914.427 |
| Total changes in net working capital | 9.299.830 | 53.009.110 |
| 3) Cash flow after changes in net working capital | 10.194.426 | 76.706.492 |
| Other adjustments | ||
| Interest received/(paid) | (3.726.219) | (4.130.807) |
| (Income taxes paid) | (229.035) | (2.111.620) |
| (Use of funds) | (8.830.494) | (12.665.360) |
| Dividends received | 20.935.182 | |
| Total other adjustments | 8.149.435 | (18.907.787) |
| Cash flow from operating activities (A) | 18.343.861 | 57.798.705 |
| B) Cash flows from | ||
| Cash Flow Statement, Indirect Method | ||
| A) Cash flows from operating activities (indirect method) | (9.202) | (10.152) |
| Net income (loss) for the year | ||
| Income taxes | (78.405) | |
| Interest expense/(income) | ||
| 1) Net income (loss) for the year before income taxes, interest, dividends, and gains/losses on disposals | 0 | (32.641.221) |
Adjustments for non-cash items not reflected in net working capital
rewaygroup
| Depreciation and amortization of fixed assets | (87.607) | (52.820.145) |
|---|---|---|
| Provisions | ||
| Other | ||
| Total adjustments for non-cash items not reflected in net working capital | 18.655 | 9.310.712 |
| 2) Cash flow before changes in net working capital | (13.501.071) | 12.997.553 |
| Changes in net working capital | ||
| Decrease/(Increase) in inventories | (18.706.191) | |
| Decrease/(Increase) in accounts receivable | - | |
| Increase/(Decrease) in accounts payable | (13.482.416) | 3.602.074 |
| Decrease/(Increase) in prepaid expenses and deferred income | 4.773.838 | 8.580.634 |
| Increase/(Decrease) in accrued expenses and deferred revenue | ||
| Other decreases/(Other increases) in net working capital | 9.872.884 | 1.292.250 |
| Total changes in net working capital | 0 | |
| 3) Cash flow after changes in net working capital | 9.872.884 | 1.292.250 |
| Other adjustments | ||
| Interest received/(paid) | 14.646.722 | 9.872.884 |
| (Income taxes paid) | 0 | |
| (Use of funds) | 14.646.722 | 9.872.884 |