PRESS RELEASE 21 FEBRUARY 2020
The Board of Directors approved the financial statements as at 31 December 2018. NAV of Euro 5.5 million. Ebitda of Euro -0.5 million. Net result equal to Euro -14.4 million
- Revenues amount to Euro 1.7 million (Euro 25.5 million in the consolidated financial statements).
- EBITDA of Euro -0.5 million (Euro 0.65 million in the consolidated financial statements)
- EBIT is Euro -12.2 million (Euro -22.3 million in the consolidated financial statements).
- EBT amounted to Euro -17.1 million (Euro -28.1 million in the consolidated financial statements).
- Net profit of Euro -14.4 million (Euro -25.8 million in the consolidated financial statements)
- Shareholders' equity of Euro 13.3 million (Euro 1.6 million in the consolidated financial statements)
- NFP of Euro 17.8 million (Euro 84.1 million in the consolidated financial statements)
- NAV of approximately Euro 5.5 million; NAV per share Euro 0.32
The Board of Directors of Italeaf, holding company and first Italian company builder, active in the cleantech and smart innovation sectors, listed on Nasdaq First North, approved today the Annual Financial Report as at December 31, 2018
Financial highlights*
| As at December 31, 2018 | As at December 31, 2017 | Change % | |
| in Euro | |||
| Revenues from sales and services | 1,778,430 | 3,709,545 | (52.1)% |
| EBITDA | (514,203) | 724,510 | (171)% |
| EBIT | (12,211,072) | (152,390) | n.a. |
| EBT | (17,140,878) | (1,091,899) | n.a. |
| Net profit/(loss) | (14,449,706) | (936,122) | n.a. |
| As at December 31, 2017 | |||
| Shareholders’ equity | 13,354259 | 27,803,967 | n.a. |
| Total net financial debt | 17,776,227 | 16,878,275 | 5.3% |
* Annual Financial Report prepared in accordance with accounting principles ITALIAN GAAP
Italeaf's NAV was Euro 5.5 million at 31 December 2018 (Euro 24.1 million at 31 December 2017); Nav per share Euro 0.32.
Italeaf's Recovery and Relaunch Plan and Business Continuity
The Company's net loss of Euro 14.5 million at December 31, 2018 was largely affected by write-downs and adjustments made to property, plant and equity investments, in order to align their book value to their realisable value, in accordance with the guidelines of the Recovery Plan that the company has prepared with the help of KPMG as industrial and financial advisor and Orrick law firm as legal advisor, and which was negotiated at length with its financial creditors and which, as indicated below, management believes may be finalised shortly. This Recovery Plan has been approved by the Board of Directors on March 28, 2019 and subsequently amended on October 30, 2019, as communicated with press releases to the market, in accordance with negotiations with the creditors.
At present, the discussions with the credit institutions for the approval of the above restructuring proposal are nearing completion. Italeaf's management believes it is reasonable to expect that, after negotiations lasting more than 1 year, these discussions can be concluded in the short term, considering that:
(a) the parties have reached an agreement on all the substantive issues of the financial measures, also thanks to Italeaf's willingness to accept the requests raised by the banking industry; and
(b) the management is not aware of any issues or circumstances that could prevent the restructuring agreement of the Restructuring Plan from being finalized in the near future.
Considering the expected formalisation of the Recovery Plan and the agreement with the banking sector in the near future and the ability of this plan to resolve Italeaf's current financial difficulties, the Board of Directors, on the basis of all the information available to date, has therefore adopted the assumption that the Group will continue as a going concern in the preparation of these consolidated financial statements, confident that the financial tensions in which the Group finds itself can be overcome through the above actions taken and to be taken.
The Board of Directors will in any case closely monitor the continuation of the negotiations of the Recovery Plan in order to promptly take the necessary actions if, for reasons not reasonably foreseeable at present, the Recovery Plan proves to be no longer feasible.
The full version of the Interim Report as at 30 September 2018 will be published in English on the Company's website www.italeaf.com and published in GlobeNewswire Intrado | Release Publishing.
This press release is also available on the Company website: www.italeaf.com
Italeaf SpA is obliged to make public this information pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 19.00 CET on 21 February 2020.
Certified Adviser
Mangold Fondkommission AB, +46 (0)8 5030 1550, email: ca@mangold.se, is the Certified Adviser of Italeaf SpA on Nasdaq First North.
For further information please contact:
Claudio Borgna CFO – Italeaf S.p.A.
Email: borgna@italeaf.com
Italeaf SpA, established in December 2010, is a holding company and a business accelerator for companies and startups in the areas of innovation and cleantech. Italeaf operates as a company builder, promoting the creation and development of industrial startups in the fields of cleantech, smart energy and technological innovation. Italeaf has headquarters and plants in Italy at Nera Montoro (Narni), Terni, and at Milano.
The company controls the smart energy company TerniEnergia, listed on the MTA of the Italian Stock Exchange, Skyrobotic, active in the business development and manufacture of civil and commercial drones in mini and micro classes for the professional market, Numanova, operating in the field of innovative metallurgy and additive manufacturing, and Italeaf RE, a real estate company. Italeaf holds, among others, a minority stake in Vitruviano LAB, a research center active in the R&D sector for special materials, green chemistry, digital transformation and cleantech.
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