Redelfi board of directors approves half-yearly financial report as of June 30, 2023

Read the press release in PDF format here (in Italian)

REDELFI BOARD OF DIRECTORS APPROVES HALF-YEARLY FINANCIAL REPORT AS OF JUNE 30, 2023

PRODUCTION VALUE OF EUR 4.19 MILLION, UP 326% WITH EBITDA MARGIN OF OVER 43%

Interim consolidated results as of June 30, 2023:

Production Value of EUR 4.19 million, up 326% compared to 06/30/2022 (EUR 1.28 million)
EBITDA (Gross Operating Margin) amounting to EUR 1.78 million, up compared to 06/30/2022 (EUR 26 thousand); EBITDA margin 43.13%
EBIT amounting to EUR 1.57 million, up compared to 06/30/2022 (EUR -0.2 million)
Consolidated net income amounting to EUR1.37 million, up compared to 06/30/2022 (EUR -0.8 million)
Net Financial Position of EUR 3 million (compared to EUR 0.6 million as of 12/31/2022 and EUR 1.3 million, cash positive, as of 06/30/2022)

Milan, September 25, 2023

Today the Board of Directors of Redelfi S.p.A. (“Redelfi” or the “Company”) – the company heading the industrial group of the same name with operational headquarters in Genoa, Italy – engaged in the development of innovative and sustainable infrastructures to facilitate the energy transition, and listed on the Euronext Growth Milan segment of Borsa Italiana S.p.A. – approved the Consolidated Half-Yearly Financial Report as of June 30.

Davide Sommariva, Chairman of the Company’s Board of Directors, said, “We are very pleased with the results presented and the direction the Group is taking. During these months we have pursued the goals we set for ourselves by reaching important milestones that have facilitated the acceleration of the Green Business Unit, the beating heart and engine of our Group. We are confident that we can give further satisfaction to our shareholders.”

Consolidated financial results as of June 30, 2023

Production Value amounted to EUR 4.19 million, thus registering significant growth (+326%) compared to June 30, 2022 (EUR 1.2 million). This result of EUR 3.12 million is attributable to the Green B.U. compared to June 30, 2022 (EUR 25 thousand).

EBITDA (Gross Operating Margin) amounted to EUR 1.78 million, with EBITDA margin of 43.13% on Sales Revenues, a clear increase compared to June 30, 2022 (positive for EUR 25 thousand).

EBIT amounted to EUR 1.56 million (negative for EUR 189 thousand as of June 30, 2022) after depreciation, amortization, provisions and write-downs of approximately EUR 200 thousand, resulting in an EBIT Margin close to 38%.

Consolidated Net Income amounted to EUR 1.35 million (of which EUR 1.37 million pertaining to the Group), after taxes of approximately EUR 97 thousand. The change from the previous year of more than EUR 2 million is entirely attributable to the Green B.U.’s entry into full operation and the consequent generation of revenues.

The Net Financial Position amounted to EUR 3 million (EUR 0.6 million as of December 31, 2022), influenced mainly by the loan agreement signed with the Anthilia BIT III and Anthilia BIT IV Co-Investment Funds for a maximum amount of EUR 5 million.

The Group’s economic and financial results for the first half of fiscal year 2023, considering year-end projections, show a positive and growing situation compared to what was assumed in the guidance of the Business Plan shared with the market in November 2022 and which will therefore also be updated in light of what was communicated last August 21, 2023.

Significant events during the period

On January 11, Redelfi S.p.A. and Altea Green Power S.p.A. (“AGP”) announced that the U.S.-registered BESS Power Corporation (“BESS Power”), an equal subsidiary of the two companies, had completed the purchase of a stand-alone battery energy storage system project (the “Lund Storage Project”) through the acquisition of 100 percent of the share capital of the related U.S.-registered special purpose vehicle Lund Storage Center 1 LLC.

On April 14, Redelfi signed a loan agreement for a total of EUR 5 million, which was disbursed in full through the Anthilia BIT III and Anthilia BIT IV Co-Investment Funds, aimed at the fulfillment of the Group’s Business Plan – disclosed to the market on November 2, 2022 – and in particular at the development of the Redelfi Group’s Green Business Unit

Significant events after the end of the period

After the close of the first half of the fiscal year, on July 6, 2023, the subsidiary CerLab S.r.l. signed an agreement to purchase 60 MW of authorized projects over the next three years in order to put them at the service of the established Renewable Energy Communities. The purpose of this agreement is to purchase projects provided with all necessary authorizations for the construction and operation of the related photovoltaic systems on solar slabs of residential and industrial buildings.

On August 9, 2023, Redelfi announced the new composition of the share capital resulting from the allotment of 21,000 Redelfi ordinary shares because of the exercise of 42,000 “Redelfi 2022-2025” Warrants at the end of the First Exercise Period of the same (July 3 – July 17, 2023). The new composition of the Share Capital following the certificate of change filed with the competent Companies’ Register on the same date is 8,461,080 ordinary shares, with a countervalue of EUR 423,054.28.

In addition, on Aug. 21, 2023, the subsidiary BESS Power Corp. signed with the U.S.-registered fund Leyline Renewable Capital L.L.C. (“Leyline”) a financing agreement for a maximum amount of $15 million and a term of three years with the possibility of extension for an additional 12 months, to be used in the development of its pipeline of stand-alone BESS projects in the U.S., with the aim of increasing it to a total capacity of 2.4 GW. Due to this transaction, Redelfi will likely update the estimates included within the business plan communicated last November 2, 2022.

Foreseeable evolution of operations

The foreseeable evolution of operations sees B.U. Green as the protagonist, whose relevance in economic terms within the Group has become, with the six-month period just ended, strongly preponderant and will remain so for the future.

BESS USA. The agreement signed with Leyline will provide the subsidiary BESS Power Corp. with the necessary resources for the development of the current pipeline of 900 MW and enable its expansion to a target of 2.4 GW by the first half of 2024. The development period for the relevant authorizations will cover a period of approximately three years, but it is the Group’s intention to identify potential buyers with whom to enter into framework sale agreements as early as next year.

BESS ITALY. The Group is considering both the purchase of a company to accelerate the development of a major pipeline of BESS and the identification of a financial partner/customer with whom to enter into a multi-year agreement that would allow a cash positive result on the specific revenue line.

ENERGY COMMUNITIES. The development of CERs, although subject to the issuance of the relevant implementing decree, also continues to arouse the strong interest of utilities and, therefore, CerLab continues its activities, without excluding the possibility of negotiating and concluding potential agreements with investors and partners in order to be able to start generating the relevant revenues.

As mentioned in the 2022 Consolidated Budget, the GreenTech B.U., will find its application no earlier than the 2024 budget, as the portal and the definition of the business model is being developed to raise expressions of interest and/or capital to be allocated to eco-system management activities.

Redelfi’s ESG initiatives

During the first half of 2023 Redelfi S.p.A. supported as the main sponsor the seventh edition of the “Riviera International Film Festival” from May 9 to 14, 2023.

The company decided to support and promote this international film event, which started in 2017 and is dedicated to filmmakers under 35, in order to make its own contribution to cultural development, both internationally, given by the open participation of filmmakers from all over the world, and locally, considering the choice of the city of Sestri Levante, in the province of Genoa, to host the event.

Redelfi, in fact, which has always been committed to the promotion of ESG issues, chose this film festival because it espouses the ideas behind the birth of this event, namely the focus on environmental and social issues and the concept of concrete commitment in this direction.

For the second half of 2023, the company has already made concrete commitments of an ESG nature with the establishment of partnerships and sponsorships with various entities in the area, planning to increase the promotion of ESG initiatives, in line with its corporate mission.

Redelfi is also working on the preparation of the Sustainability Report, a document that will be made public in the first half of 2024, and has appointed Dr. Erika Padoan, formerly the company’s Investor Relations Manager, as the Group’s ESG Manager.

The Financial Report as of June 30, 2023 will be made available to the public within the terms and in the manner prescribed by the Euronext Growth Milan Issuers’ Regulations, as well as on the Company’s website, www.redelfi.com in the Investor Relations > Financial Statements and Reports section and at www.borsaitaliana.it, in the Shares/Documents section. This press release is available on the website www.redelfi.com, Investor Relations > Press Releases section and at www.1info.it.

Redelfi is the parent company of the Redelfi Group active in the digital and green transition by taking a highly innovative approach to defining products, services and processes with a strong focus on adherence to ESG principles in business management. In the 2022 fiscal year, the Group achieved a Production Value of EUR 4.5 million and a Net Income of EUR 0.27 million. Its Net Financial Position was EUR 0.6 million and its Net Equity was EUR 9.3 million. In 2022, the Group made investments of approximately EUR 6.4 million.

EURONEXT GROWTH ADVISOR & SPECIALIST
Integrae SIM | info@integraesim.it | T: +39 02 96846864 | Piazza Castello, 24 – 20121 Milano

Redelfi board of directors approves half-yearly financial report as of June 30, 2023

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