PRESS RELEASE 22 MAY 2017
ITALEAF: Interim Report January-March 2017
EBITDA doubles. Net result in balance. Reduction of the NFP. Stefano Neri appointed Chief Executive Officer.
- Revenues amounted to € 0.92 million (€ 30.1 million for the Italeaf Group consolidated)
- EBITDA equal to € 0.24 million (€ 3.4 million for the Italeaf Group consolidated)
- EBIT amounted to € 90 thousand (€ 1.2 million for the Italeaf Group consolidated)
- EBT equal to € -139 thousand (€ -4 thousand for the Italeaf Group consolidated)
- Net profit amounted to € 4 thousand (€ 0.27 million for the Italeaf Group consolidated)
- Shareholders' Equity amounted to € 27 million (€ 64.2 million for the Italeaf Group consolidated)
- NFP of € 16.5 million (€ 108.2 million for the Italeaf Group consolidated)
- NAV equal to € 32.8 million; NAV per share equal to € 2.12
- Remodution of the bank debt with MPS, consistent with the PFN Reduction Guidelines
The board of directors of Italeaf, holding company and first Italian company builder active in cleantech and smart innovation sectors, listed on on NASDAQ OMX First North, has approved today the interim report as at 31 March, 2017.
Financial highlights*
| As at march, 31 2017 | VS march 31, 2016 | |
| in Euro | ||
| Net revenues from sales and services | 918,092 | -3.2% |
| EBITDA | 243,456 | 102.7% |
| EBIT | 90,443 | 395.3% |
| EBT (Pre-tax result) | (139,302) | -197.7% |
| Net profit | 4,698 | -97.2% |
| VS December, 31 2016 | ||
| Shareholders' Equity | 27,044,786 | Unchanged % |
| Total net financial position | 16,477,989 | -3.1% |
*Separated Interim Report prepared in accordance with accounting principles ITALIAN GAAP
The NAV of Italeaf amounted to Euro 32.8 million as at 31 March 2017 (Euro 29.5 million as at December 31, 2016; +11%); NAV per share equal to Euro 2.12. The values reported do not take into account the "holding discount" that had previously been calculated by 20%.
The Interim Report as at March 31, 2017 in full version and in English will be published on the Company's website and on Nasdaq Inpublic.
Other resolutions of the Board
The Board of Directors has appointed the chairman Stefano Neri as CEO and confirmed the powers of the executive director Monica Federici. The Board has also verified the existence of independence requirements by Domenico De Marinis.
The Board of Directors of Italeaf, in line with the guidance of progressive reduction of NFP, has also approved an agreement for the bank debt restructuring of about Euro 8 million with Monte dei Paschi di Siena S.p.A., that provides - inter alia - a modification of the technical forms of loan, with the improvement of the economic conditions applied. The agreement provides, in fact, a halving of annual interest expense of approximately Euro 0.4 million for the same loan. From a financial point of view, Italeaf's commitment will be substantially unchanged from the current situation, taking into account the gradual capital reimbursement.
The current guarantee structure that already attends this loan has been confirmed, and provides for pledge on TerniEnergia shares for a countervalue of about Euro 9 million. The agreement also provides for Italeaf's commitment to an extraordinary capital repayment equal to 50% of the distributed dividends if the Shareholders' Meeting decides on the distribution of dividends.
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 20.00 CET on 22 May 2017.
This press release is also available on the Company's website: www.italeaf.com
Certified Adviser
Mangold Fondkommission AB, +46 (0)8 5030 1550, is the Certified Adviser of Italeaf SpA on Nasdaq First North.
For further information please contact:
Filippo Calisti
CFO - Italeaf S.p.A.
E-mail: calisti@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, Milano and Lecce; has international offices in London and Hong Kong and a research and development centre in the Hong Kong Science and Technology Park.
The company controls TerniEnergia, listed on the STAR segment of the Italian Stock Exchange and active in the fields of renewable energy, energy efficiency and waste management, and Skyrobotic, 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 a minority stake in Vitruviano LAB, a research center active in the R&D sector for special materials, green chemistry, digital transformation and cleantech.
