Earnings Release • Mar 15, 2021
Earnings Release
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| Informazione Regolamentata n. 0868-35-2021 |
Data/Ora Ricezione 15 Marzo 2021 16:29:08 |
MTA - Star | ||
|---|---|---|---|---|
| Societa' | : | SERVIZI ITALIA S.P.A. | ||
| Identificativo Informazione Regolamentata |
: | 143543 | ||
| Nome utilizzatore | : | SERVIZIITAN03 - Manti | ||
| Tipologia | : | 1.1; REGEM; 3.1 | ||
| Data/Ora Ricezione | : | 15 Marzo 2021 16:29:08 | ||
| Data/Ora Inizio Diffusione presunta |
: | 15 Marzo 2021 16:29:09 | ||
| Oggetto | : | The Board of Directors of Servizi Italia approves the separate and consolidated financial statements as at 31 December 2020 |
||
| Testo del comunicato |
Vedi allegato.
PRESS RELEASE 15 March 2021
Guaranteed continuity of essential services and the highest level of safety for all employees. Growing in fourth-quarter margins in all operating segments in Italy. Solid performance and organic growth in Brazil and Turkey.
The Board of Directors of Servizi Italia, a company listed on the STAR segment of the Italian Stock Exchange and leading operator in the outsourcing of hospital services in Italy, Brazil, Turkey, India, Albania, Marocco – today approved the Separate and Consolidated Financial Statements as at 31 December 2020.
"2020 – as stated by the President of the Executive Committee, Roberto Olivi – has been influenced by the epidemiological crisis and the effects of the measures taken to contain it in all the countries in which the Group operates, facing the current social and economic context with increasingly adaptability. Performances in the period have been characterized by a gradual recovery, thanks in part to the good performance in Brazil and Turkey, even if negatively offset by exchange rates trends and by the measures implemented by Group management for containing operating and structural costs. We are witnessing the continuation of an exhausting context of general uncertainty and crisis in demand, mainly due to the effects of the pandemic, which – after a recovery in the ordinariness of healthcare services – may be affected, also in 2021, by elements of uncertainty similar to those recorded in a lockdown context. Management, also in the light of recent strategic decisions, has demonstrated a well-defined focus on pursuing growth objectives both in Italy and abroad, pursuing the goal of confirming its position as market leader while preserving the Group's financial solidity. We are confident to be able to effectively manage the temporary effects of the crisis with the continuous search for optimizations and efficiencies in production operations and in the service supply chain in order to improve business marginality and profitability levels, while continuing to support and protect all the stakeholders."
15 March 2021
The consolidated turnover of the Servizi Italia Group amounted to Euro 240.2 million in 2020, registering a decrease of 8.5% compared to 2019, with the following sector trends:
For what concerns geographical distribution, revenues generated from foreign markets amounted to Euro 32.8 million (of which Euro 25.8 million relating to Brazil and Euro 7.0 million relating to Turkey) covering the 13.7% of Group's turnover (15.2% in 2019). In 2020, revenues coming from the Brazilian area were characterized by particularly positive organic growth in local currency (+7.8% compared to 2019), but also strongly impacted by a negative translation effect (-27.1%, for a net negative change in revenues for the year of 19.3%), due to the depreciation of the Brazilian Real against the Euro. Revenues in Turkish area were also characterized by particularly positive organic growth in local currency (up by 13.7%), which was in turn impacted by a negative translation effect (down 23.9%, for a net negative change in revenues for the year of 10.3%).
Consolidated EBITDA decreased from Euro 68.4 million in 2019 to Euro 57.9 millionas at 31 December 2020. Despite the sharp decline in revenues compared to the previous year (-8.5%), the reduction in the EBITDA margin was moderate (-2.0%), from 26.1% to 24.1% (24.5% at constant exchange rates). This figure reflects the positive performance particularly in the areas of Brazil and Turkey and the measures taken to contain operating and structural costs. There was an increase in the ratio of raw material costs to revenues (up 1.2%), primarily linked to the purchase and consumption of disposable equipment and personal protective equipment (PPE) linked to the Covid-19 emergency, and an increase in the ratio of service costs (up 0.9%), although down by 5.8% in absolute terms, primarily due to greater recourse to outsourcing of core services such as external laundries and wardrobe services in support of Covid-19 emergency. Payroll costs as a percentage of revenues fell slightly (down 0.1%), but in absolute terms were down by 8.8% compared to the previous year, due to less use of temporary staff and greater use of vacations, leave and redundancy pay in response to the epidemic. Costs for the period were also affected by one-off items amounting to Euro 0.8 million, including redundancy incentives and estimates regarding dismantling costs coming from the closure of Podenzano (PC, Italy) plant. It should also be noticed the partial release of the provision related to onerous contracts amounting to Euro 1.6 million accrued during 2019. The excellent results of operating margins at an international level are confirmed also in 2020 both in Brazil (EBITDA margin 33.3%), up compared to the figure for 31 December 2019 (32.7%) and in Turkey (EBITDA margin 30.3%).
Consolidated operating income (EBIT) decreased from Euro 13.9 million during 2019 (EBIT margin 5.3%) to Euro 3.9 million during the same period in 2020 (EBIT margin 1.6% or 2.0% at constant exchange rates), mainly as a result of the dynamics already described commenting the change in revenues and EBITDA. EBIT also includes provisions for Euro 0.1 million relating to the write-down of assets pertaining to Podenzano plant in view of the planned cessation of operations at the production site, as well as provisions of Euro 0.5 million in relation to the adjustment of the provision for risks for onerous contracts in accordance with IAS 37.
Financial management benefited from capital gains equal to Euro 0.9 million coming from the partial sale of shares in Asolo Hospital Service S.p.A. and Euro 0.3 million coming from the partial sale of shares in Pro.ge.ni. S.p.A., as well as dividends received from other companies for a total of Euro 0.8 million. Exchange rate losses of Euro 0.6 million were recorded, mainly related to the depreciation of the Brazilian Real and the Turkish Lira against the Euro. It should also be noted that the results for 2020 were negatively impacted by the valuation of certain joint ventures using the equity method, whose results had been affected by the Covid-19 emergency and the high exchange rate losses due to the
depreciation of the reference currencies (in particular the Albanian Lek and the Indian Rupee) against the Euro.
Taxes for the period are positive, Euro 1.8 million, mainly due to the recognition in the income statement of deferred tax assets on the tax loss for the period generated by Servizi Italia S.p.A. due to the cumulative effect of the tax benefits deriving, in the Italian area, from the deduction from corporate income of the so-called "super and hyper depreciation" on investments made in previous years, as provided for by the 2017 Budget Law (L. 232/2016).
The Servizi Italia Group's consolidated financial statements as at 31 December 2020 closed with a net income of Euro 2.9 million, compared to Euro 9.5 million in the previous year.
The change in net financial debt, which passed from Euro 127.4 million as at 31 December 2019 to Euro 129.6 million as at 31 December 2020 includes, among other things, the payment of dividends by the Parent Company in the amount of Euro 4.3 million as well as the outlay related to the acquisition of minority interests in the Brazilian companies Maxlav Lavanderia Especializada S.A. and Vida Lavanderia Especializada S.A equal to Euro 3.5 million.
In 2020 Servizi Italia S.p.A. achieved total revenuesequal to Euro 195.6million, down by 8.1% compared to 2019 turnover (Euro 212.8 million).
EBITDA 2020 amounted to Euro 43.2 million, compared to Euro 52.6 million in 2019, down by 4.4% in absolute terms (Ebitda margin -2.6%).
Operating profit(EBIT) 2020 amounted to Euro -0.4 million, compared to Euro 8.7 million in 2019.
Equity as at 31 December 2020 totalled Euro 121.1 million compared to Euro 139.0 million as at 31 December 2019.
The net financial position is equal to Euro 117.0 million, compared to Euro 113.3 million as at 31 December 2019.
The Board of Directors will propose the Shareholders' Meeting to allocate Euro 1.4 million as Reserve for valuation of equity investments using the equity method and carry forward the residual net income for the year. It also proposes to allocate Euro 0.3 million from the Reserve for valuation of equity investments using the equity method as retained earnings, as the restriction on non-distributability no longer applies.
Concerning evolution and impact of Covid-19 epidemic, the indications provided by the Group on the occasion of the publication of the Interim Management Report as at 30 September 2020, to which reference should be made, continue to apply. All Group's activities, while operating in strict compliance with regulations in force, have been influenced during 2020 by the evolution of the contingent epidemiological situation.
In view of the fact that services provided by the Group are to be considered essential, crucial and of public utility and therefore defensive with respect to the current epidemiological situation, the Group has implemented risk & project management and project control activities in order to (i) avoid the spread of contagion and protect the health and safety of its personnel and the environment, (ii) ensure business continuity, (iii) mitigate any possible negative impact on economic results coming from a drop in demand for certain types of services; (iv) have an updated mapping of risks, related impacts and mitigation actions in the different areas of Company organization; (v) promptly started monitoring the effects of the epidemic on its results and related analyses, both current and forecast, are still ongoing.
Moreover, management did not detect a worsening of the liquidity risk for the Group that, in the emergency phase, was able to manage its financial needs with the sole use of self-liquidating and shortterm lines without resorting to new medium/long-term finance at worse conditions.
On 3 February 2021, in line with the actions taken for redistributing volumes in order to achieve greater saturation of the production capacity of the sites in the north-west area, the production at Podenzano (PC) plant ceased.
On 26 February 2021, the Parent Company announced to have signed the closing for the sale to Alsco Italia S.r.l. of the workwear business unit (the "Business Unit"), whose preliminarily had been disclosed to the market on 28 January 2021, signing date. The agreement was effective from 1 March 2021 and provides for:
The payment of the price, defined on the basis of the valuation of the components of the Business and envisaged as a minimum of Euro 9.0 million, has been divided as follows: (i) Euro 7.978 million already collected; (ii) the remaining part within 30 days from the date of execution of the closing.
As at 12 March 2021, the Company has purchased a total of 1,675,760 treasury shares, equal to 5.27% of the share capital, on the regulated market managed by Borsa Italiana S.p.A.
The Group's activities are influenced by the general economic conditions and the epidemiological situation of the countries in which it operates. The Group re-adapted its strategy on the basis of the new medium/long-term guidelines, integrating it with the new post-Covid-19 corporate strategy, aligning objectives and targets to the new context. For 2021 as well, a climate of uncertainty remains regarding the possible effects of both the worsening of the pandemic crisis and the governmental measures to contain the contagion and those to support the economy that will be implemented in the meantime in the countries in which the Group operates.
In addition to what has been described above regarding the effects of the Covid-19 viral epidemic, it should be noted that the Italian market for industrial laundries is experiencing a structural contraction related to certain critical issues specific to the healthcare services sector, such as the awarding of contracts with downward economic offers, whose effects have affected the Parent Company, with the failure to reconfirm contracts in portfolio and the awarding of contracts already in portfolio at lower prices than in the past.
Against this general backdrop, whilst maintaining forecasts of an overall positive operating margin in the foreseeable future, management will be affected in the medium term by a reduction in turnover in the domestic wash-hire sector and a reduction in operating margins which, in part, may be offset by the further development of higher-margin sectors and by targets concerning:
o recourse to the institutes and instruments provided by law for personnel management, in dialogue with the trade unions and workers' representatives at company level, with the aim of seeking shared solutions to respond to epidemiological and market situation.
Moreover, the Group, as a whole will be able to benefit from the effects of the internationalization strategy by consolidating the positive results achieved in the countries where it operates, particularly in Brazil and Turkey.
The Group has a solid financial position which, despite the period of crisis, allowed to face the current situation with a wide recourse to self-liquidating and short-term lines without resorting to new medium/long-term finance at worse conditions in terms of onerousness, which would have led to a future burden on financial management, maintaining good creditworthiness with banking institutions.
Following the above considerations, the Group remains confident to be able to effectively manage both the effects of the current epidemiological crisis together and its future objectives.
As of today, the Board of Directors also examined and approved: (i) the Report on Corporate Governance and Ownership Structure for 2020; (ii) the Report on the remuneration policy and remuneration paid, as provided for by art. 123-ter of Legislative Decree no. 58/98 ("TUF"); (iii) the Consolidated Non-financial Report: 2020 Sustainability Report, drawn up pursuant to Legislative Decree 254/16.
The 2020 Annual Financial Report, the Reports of the Board of Statutory Auditors and Independent Auditors, the 2020 Annual Report on Corporate Governance and Ownership Structure, the 2020 Report on Remuneration Policy and Remuneration Paid and the Consolidated Non-Financial Statement "2020 Sustainability Report" are going to be available to the public from 29 March 2021 at Company's registered office, on Company's website www.servizitaliagroup.com, as well as on the authorized storage mechanism eMarket Storage at www.emarkestorage.com.
*****
The Executive Responsible for the preparation of the corporate accounting documents, Angelo Minotta, declares in accordance with Article 154 bis, paragraph 2, of the Consolidated Finance Act, that the accounting information contained in the present press release corresponds to the underlying accounting documents, records, and accounting entries.
15 March 2021
The present document uses an "alternative performance indicator" not provided by the IFRS accounting standards. Here is the calculation method used and the composition of these ratios, in line with the guidelines of the European Securities and Market Authority (ESMA). The Group management has defined: (i) EBITDA as the difference between the value of sales and services and operating costs before depreciation, amortisation, writedowns, impairment, and provisions; (ii) net financial debt as the sum of amounts Due to banks and other lenders net of Cash and cash equivalents and Current financial receivables.
With reference to the data set out in this press release, it should be noted that these are data for which the audit work has not been completed.
This press release is disclosed using emarket SDIR system and it is now available on Company's website (www.servizitaliagroup.com) as well as on eMarket STORAGE system ().
Servizi Italia S.p.A., a company based in Castellina di Soragna (PR) and listed on the STAR segment of the MTA of Borsa Italiana S.p.A., has been a leader in Italy in the field of integrated rental, washing and sterilization services for textile materials and medical devices in the healthcare sector for over thirty years. The company, which together with its Italian and foreign subsidiaries forms the Servizi Italia Group, has also expanded its services to the industrial, community and hotel sectors. The Group has a highly technological production platform, articulated in over 50 production plants in 7 countries and counts about 3,700 employees and collaborators: these are the numbers with which Servizi Italia contributes daily to the health and safety of professionals, patients and workers, respecting ethics and the environment in which it operates.
| Investor Relations | Media Relations |
|---|---|
| Servizi Italia | iCorporate |
| Giovanni Manti, Pietro Giliotti | Arturo Salerni, Ilaria Mastrogregori |
| Tel: +39 0524598511 | Tel. + 02 4678 749 |
| [email protected] | [email protected] |
Giovanni Manti, Pietro Giliotti Arturo Salerni, Ilaria Mastrogregori
15 March 2021
| 31 December | 31 December | |
|---|---|---|
| (thousands of Euros) | 2020 | 2019 |
| ASSETS | ||
| Non-current assets | ||
| Property, plant and equipment | 168,821 | 175,575 |
| Intangible assets | 5,238 | 5,901 |
| Goodwill | 65,639 | 71,025 |
| Equity-accounted investments | 24,582 | 25,372 |
| Equity investments in other companies | 3,018 | 3,677 |
| Financial receivables | 5,663 | 6,577 |
| Deferred tax assets | 8,091 | 4,960 |
| Other assets | 4,342 | 5,821 |
| Total non-current assets | 285,394 | 298,908 |
| Current assets | ||
| Inventories | 7,996 | 6,882 |
| Trade receivables | 62,974 | 72,126 |
| Current tax receivables | 2,019 | 2,085 |
| Financial receivables | 6,521 | 8,310 |
| Other assets | 9,752 | 9,604 |
| Cash and cash equivalents | 4,441 | 7,141 |
| Total current assets | 93,703 | 106,148 |
| TOTAL ASSETS | 379,097 | 405,056 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | ||
| Group shareholders' equity | ||
| Share capital | 30,259 | 30,935 |
| Other reserves and retained earnings | 83,331 | 94,728 |
| Profit (loss) for the year | 2,761 | 8,990 |
| Total shareholders' equity attributable to shareholders of the parent company | 116,351 | 134,653 |
| Total shareholders' equity attributable to non-controlling interests | 2,235 | 3,604 |
| TOTAL SHAREHOLDERS' EQUITY | 118,586 | 138,257 |
| LIABILITIES | ||
| Non-current liabilities | ||
| Due to banks and other lenders | 56,262 | 68,558 |
| Deferred taxes liabilities | 2,500 | 2,408 |
| Employee benefits | 9,582 | 10,321 |
| Provisions for risks and charges | 4,804 | 4,429 |
| Other financial liabilities | 2,905 | 3,877 |
| Total non-current liabilities | 76,053 | 89,593 |
| Current liabilities | ||
| Due to banks and other lenders | 84,307 | 74,301 |
| Trade payables | 76,934 | 72,364 |
| Current tax payables | 124 | 191 |
| Employee benefits | 67 | - |
| Other financial liabilities | 3,353 | 9,269 |
| Provisions for risks and charges | 1,523 | 1,453 |
| Other payables | 18,150 | 19,628 |
| Total current liabilities | 184,458 | 177,206 |
| TOTAL LIABILITIES | 260,511 | 266,799 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 379,097 | 405,056 |
15 March 2021
| 31 December | 31 December | |
|---|---|---|
| (thosands of Euros) | 2020 | 2019 |
| Sales revenues | 240,160 | 262,403 |
| Other income | 5,467 | 5,140 |
| Raw materials and consumables | (27,607) | (27,137) |
| Costs for services | (75,974) | (80,639) |
| Personnel expense | (81,627) | (89,539) |
| Other costs | (2,481) | (1,841) |
| Depreciation/amortisation, impairment and provisions | (54,065) | (54,538) |
| Operating profit | 3,873 | 13,849 |
| Financial income | 2,292 | 2,213 |
| Financial expenses | (5,409) | (7,264) |
| Income/(expense) from equity investments | 2,105 | 698 |
| Share of profit/(loss) of equity-accounted investments | (1,663) | 480 |
| Profit before tax | 1,198 | 9,976 |
| Current and deferred taxes | 1,756 | (462) |
| Profit (loss) for the year | 2,954 | 9,514 |
| of which: Attributable to shareholders of the parent company | 2,761 | 8,990 |
| Attributable to non-controlling interests | 193 | 524 |
| Basic earnings per share (in Euros) | 0.09 | 0.29 |
| Diluted earnings per share (in Euros) | 0.09 | 0.29 |
| (thosands of Euros) | 31 December | 31 December |
|---|---|---|
| 2020 | 2019 | |
| Profit (loss) for the year | 2,954 | 9,514 |
| Other comprehensive income that will not be reclassified to the Income Statement | ||
| Actuarial gains (losses) on defined benefit plans | (229) | (262) |
| Income taxes on other comprehensive income | 55 | 63 |
| Other comprehensive income that may be reclassified to the Income Statement | ||
| Gains (losses) from translation of foreign financial statements | (15,565) | (2,030) |
| Share of comprehensive income of the investments measured using the equity | (377) | (882) |
| method | ||
| Income taxes on other comprehensive income | ||
| Total other comprehensive income after taxes | (16,116) | (3,111) |
| Total comprehensive income for the period | (13,162) | 6,403 |
| of which: Attributable to shareholders of the parent company | (13,081) | 6,001 |
| Attributable to non-controlling interests | (81) | 402 |
15 March 2021
| (thosands of Euros) | 31 December 2020 |
31 December 2019 |
|---|---|---|
| Cash flow generated (absorbed) by operations | ||
| Profit (loss) before tax | 1,198 | 9,976 |
| Payment of current taxes | (557) | (1,544) |
| Depreciations | 53,013 | 51,349 |
| Impairment and provisions | 1,051 | 3,189 |
| Gains/losses on equity investments | (441) | (1,177) |
| Gains/losses on disposal | (719) | (482) |
| Interest income and expense accrued | 3,117 | 5,051 |
| Interest income collected | 890 | 919 |
| Interest expense paid | (2,432) | (3,096) |
| Interest paid on leasing liabilities | (2,163) | (2,234) |
| Provisions for employee benefits | (221) | (63) |
| 52,736 | 61,888 | |
| (Increase)/decrease in inventories | (1,597) | (667) |
| (Increase)/decrease in trade receivables | 1,760 | 2,793 |
| Increase/(decrease) in trade payables | 9,110 | (1,574) |
| Increase/(decrease) in other assets and liabilities | (7,654) | (1,182) |
| Settlement of employee benefits | (669) | (809) |
| Cash flow generated (absorbed) by operations | 53,686 | 60,449 |
| Net cash flow generated (absorbed) from investment activities in: | ||
| Intangible assets | (911) | (1,527) |
| Property, plant and equipment | (54,252) | (52,144) |
| Dividends received | 903 | 230 |
| Acquisitions | (418) | (1,940) |
| Equity investments | 1,960 | (2,133) |
| Net cash flow generated (absorbed) by investment activities | (52,718) | (57,514) |
| Cash flow generated (absorbed) from financing activities in: | ||
| Financial receivables | 2,947 | 908 |
| Dividends paid | (4,738) | (5,152) |
| Net (purchase)/sales of treasury shares | (1,645) | (1,555) |
| Share capital increase | - | 515 |
| Other changes in equity | - | - |
| Current liabilities to banks and other lenders | 16,222 | 8,040 |
| Non-current liabilities to banks and other lenders | (11,066) | (2,358) |
| Repayments on leasing liabilities | (3,601) | (3,088) |
| Cash flow generated (absorbed) from financing activities | (1,881) | (2,690) |
| (Increase)/decrease in cash and cash equivalents | (913) | 245 |
| Opening cash and cash equivalents | 7,141 | 7,003 |
| Effect of exchange rate fluctuations | 1,787 | 107 |
| Closing cash and cash equivalents | 4,441 | 7,141 |
15 March 2021
| (thosands of Euros) | As at 31 December 2020 |
As at 31 December 2019 |
|---|---|---|
| Cash and cash equivalents in hand | 22 | 44 |
| Cash at bank | 4,419 | 7,097 |
| Cash and cash equivalents | 4,441 | 7,141 |
| Current financial receivables | 6,521 | 8,310 |
| Current liabilities to banks and other lenders | (84,307) | (74,301) |
| of which financial liabilities from IFRS 16 | (3,441) | (3,707) |
| Current net financial debt | (77,786) | (65,991) |
| Non-current liabilities to banks and other lenders | (56,262) | (68,558) |
| of which financial liabilities from IFRS 16 | (29,502) | (32,552) |
| Non-current net financial debt | (56,262) | (68,558) |
| Net financial debt | (129,607) | (127,408) |
15 March 2021
| (Euro) | 31 December | 31 December |
|---|---|---|
| ASSETS | 2020 | 2019 |
| Non-current assets | ||
| Property, plant and equipment | 134,466,554 | 131,263,731 |
| Intangible assets | 3,844,465 | 3,974,693 |
| Goodwill | 44,575,158 | 44,575,157 |
| Equity-accounted investments | 48,709,122 | 57,532,230 |
| Equity investments in associates, joint ventures | ||
| companies and other companies | 28,817,629 | 30,344,594 |
| Financial receivables | 5,663,382 | 6,726,223 |
| Deferred tax assets | 7,110,159 | 3,919,046 |
| Other assets | 2,817,693 | 3,529,413 |
| Total non-current assets | 276,004,162 | 281,865,087 |
| Current assets | ||
| Inventories | 6,358,455 | 5,027,385 |
| Trade receivables | 55,300,409 | 61,159,715 |
| Current tax receivables | 1,902,975 | 1,899,376 |
| Financial receivables | 8,015,167 | 9,190,279 |
| Other assets | 7,389,608 | 6,319,444 |
| Cash and cash equivalents | 996,458 | 2,162,045 |
| Total current assets | 79,963,072 | 85,758,244 |
| TOTAL ASSETS | 355,967,234 | 367,623,331 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | ||
| Shareholders' equity | ||
| Share capital | 30,258,991 | 30,935,240 |
| Other reserves and retained earnings | 88,256,340 | 100,071,225 |
| Profit (loss) for the year | 2,586,270 | 8,019,702 |
| TOTAL SHAREHOLDERS' EQUITY | 121,101,601 | 139,026,167 |
| LIABILITIES | ||
| Non-current liabilities | ||
| Due to banks and other lenders | 50,856,910 | 62,276,691 |
| Deferred tax liabilities | 2,025,881 | 1,892,728 |
| Employee benefits | 8,316,752 | 9,167,248 |
| Provisions for risks and charges | 978,532 | 1,115,342 |
| Other financial liabilities | 696,075 | 1,189,425 |
| Total non-current liabilities | 62,874,150 | 75,641,434 |
| Current liabilities | ||
| Due to banks and other lenders | 75,190,178 | 62,387,994 |
| Trade payables | 76,839,609 | 67,909,475 |
| Current tax payables | - | - |
| Employee benefits | 66,602 | - |
| Other financial liabilities | 3,272,044 | 4,668,681 |
| Provisions for risks and charges | 1,523,187 | 1,452,816 |
| Other payables | 15,099,863 | 16,536,764 |
| Total current liabilities | 171,991,483 | 152,955,730 |
| TOTAL LIABILITIES | 234,865,633 | 228,597,164 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 355,967,234 | 367,623,331 |
15 March 2021
| (Euro) | 31 December 2020 |
31 December 2019 |
|---|---|---|
| Sales revenues | 195,573,894 | 212,811,478 |
| Other income | 6,129,111 | 5,514,745 |
| Raw materials and consumables | (22,727,750) | (21,684,484) |
| Costs for services | (68,189,848) | (70,665,272) |
| Personnel expense | (66,159,456) | (72,118,786) |
| Other costs | (1,427,609) | (1,261,850) |
| Depreciation/amortisation, impairment, and provisions | (43,554,043) | (43,941,149) |
| Operating profit | (355,701) | 8,654,682 |
| Financial income | 1,688,626 | 1,643,206 |
| Financial expenses | (3,324,174) | (2,800,484) |
| Share of profit/loss of equity-accounted investments | 2,158,765 | 928,144 |
| Income/(expense) from equity investments in other companies | 165,744 | (842,896) |
| Profit before tax | 333,260 | 7,582,652 |
| Current and deferred taxes | 2,253,010 | 437,050 |
| Profit (loss) for the year | 2,586,270 | 8,019,702 |
| (Euro) | 31 December 2020 |
31 December 2019 |
|---|---|---|
| Profit (loss) for the year | 2,586,270 | 8,019,702 |
| Other comprehensive income that will not be reclassified to the Income Statement | ||
| Actuarial gains (losses) on defined benefit plans | (228,913) | (261,954) |
| Share of comprehensive income of the investments measured using the equity method | ||
| Income taxes on other comprehensive income | 54,939 | 62,869 |
| Other comprehensive income that may be reclassified to the Income Statement | ||
| Share of comprehensive income of the investments measured using the equity method | (15,115,342) | (1,831,248) |
| Income taxes on other comprehensive income | ||
| Total other comprehensive income after taxes | (15,289,316) | (2,030,333) |
| Total comprehensive income for the period | (12,703,046) | 5,989,369 |
15 March 2021
| (Euro) | 31 December 2020 |
31 December 2019 |
|---|---|---|
| Cash flow generated (absorbed) by operations | ||
| Profit (loss) before tax | 333,260 | 7,582,652 |
| Payment of current taxes | - | (535,627) |
| Depreciations | 42,631,926 | 40,761,603 |
| Impairment and provisions | 922,117 | 3,179,547 |
| Gains/(losses) on equity investments | (2,324,509) | (85,248) |
| Gains/(losses) on disposal | (687,766) | (235,428) |
| Interest income and expense accrued | 1,635,549 | 1,157,277 |
| Interest income collected | 384,824 | 299,688 |
| Interest expense paid | (895,234) | (959,823) |
| Interest paid on leasing liabilities | (1,633,897) | (1,686,930) |
| Provisions for employee benefits | (538,505) | (255,721) |
| 39,827,765 | 49,221,990 | |
| (Increase)/decrease in inventories | (1,331,070) | (121,666) |
| (Increase)/decrease in trade receivables | 2,296,955 | 4,432,905 |
| Increase/(decrease) in trade payables | 12,131,067 | 595,020 |
| Increase/(decrease) in other assets and liabilities | (5,027,264) | 388,069 |
| Settlement of employee benefits | (505,355) | (759,735) |
| Cash flow generated (absorbed) by operations | 47,392,098 | 53,756,583 |
| Net cash flow generated (absorbed) from investment activities in: | ||
| Intangible assets | (801,901) | (1,327,085) |
| Property, plant and equipment | (44,061,239) | (39,650,799) |
| Dividends received | 1,049,462 | 617,241 |
| Sale of equity investments | 1,959,458 | - |
| Purchase of equity investments | (5,015,066) | (9,362,972) |
| Net cash flow generated (absorbed) by investment activities | (46,869,286) | (49,723,615) |
| Cash flow generated (absorbed) from financing activities in: | ||
| Financial receivables | 2,853,802 | (76,354) |
| Net (purchase)/sales of treasury shares | (1,645,013) | (1,554,745) |
| Dividends paid | (4,279,591) | (5,008,083) |
| Share Capital increase | - | - |
| Current liabilities to banks and other lenders | 15,457,618 | 5,645,957 |
| Non-current liabilities to banks and other lenders | (11,419,781) | (65,168) |
| Repayments on leasing liabilities | (2,655,434) | (2,483,859) |
| Cash flow generated (absorbed) from financing activities | (1,688,399) | (3,542,252) |
| (Increase)/decrease in cash and cash equivalents | (1,165,587) | 490,716 |
| Opening cash and cash equivalents | 2,162,045 | 1,671,329 |
| Incorporated cash | - | - |
| Closing cash and cash equivalents | 996,458 | 2,162,045 |
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