Redelfi Board of Directors approves the half-year financial report at June 30, 2023

What follows is the press release, available (in Italian) in PDF format.

REDELFI BOARD OF DIRECTORS APPROVES THE HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2023

VALUE OF PRODUCTION AT 4.19 MILLION, A 326% GROWTH RATE WITH EBITDA MARGIN OF MORE THAN 43%

Half-year consolidated results on June 30, 2023:

Value of Production at EUR 4.19, with a 326% growth since June 30, 2022 (EUR 1.28 million)
EBITDA of EUR 1.78 million, increased since June 30, 2022 (EUR 26 thousand); EBITDA margin 43,13%
EBIT of EUR 1.57 million, increased since June 30, 2022 (EUR -0.2 million)
Consolidated net profit of EUR 1.37 million, increased since June 30, 2022 (EUR -0.8 million)
Net Financial Position of EUR 3 million (compared to EUR 0.6 million at December 31, 2022 and to EUR 1.3 million, cash positive, at June 30, 2022)

Milan, 25 September 2023

Redelfi S.p.A. (“Redelfi” or the “Company”) – company at the helm of the homonymous Industrial Group with operative quarters in Genova, Italy – committed to the development of innovative and sustainable infrastructures to ease energy transition, and listed in the Euronext Growth Milan segment of Borsa Italiana S.p.A. – approved today the June 30, 2023 Consolidated Half-Year Financial Report.

Davide Sommariva, Chairman of the company Board of Directors, declared: “We are extremely satisfied with the presented results and with the direction the Group is taking. During these months we pursued the goals we set, reaching important milestones that helped the acceleration of the Green Business Unit, core and main engine of our Group. We are confident that we will continue to give satisfaction to our shareholders.”

Economic-financial consolidated results on June 30, 2023:

The Value of Production is EUR 4,19 million and thus a marked growth (+326%) compared to June 30, 2022 (EUR 1,2 million). This result is by EUR 3,12 million due to the Green B.U. compared to June 30, 2022 (EUR 25 thousand).

EBITDA is EUR 1.78 million, with EBITDA margin of 43,13% over the Incomes from Sales, a marked growth compared to June 30, 2022 (positive by EUR 25 thousand).

EBIT is EUR 1,56 (negative by EUR 189 thousand on June 30, 2022) after depreciation, provisions and impairment losses of about EUR 200 thousand, with subsequent EBIT margin touching 38%.

Consolidated Net Result is EUR 1,35 million (of which, EUR 1,37 million pertaining to the Group), after taxation of about EURO 97 thousand. The variation from the previous year, equal to EUR 2 million, is entirely due to the start of the activities of the Green B.U. and its subsequent generation of income.

The Net Financial Position is EUR 3 million (EUR 0,6 on December 31, 2022), mostly influenced by the contracts of financing subscribed with the funds Anthilia BIT III and Anthilia BIT IV Co-Investment Fund for a maximum of EUR 5 million.
The economic-financial results of the Group related to the first half of 2023, considering the forecasts for end-of-year, depict a positive situation, with an increase compared to the hypothesis made in the guidance of the Business Plan shared with the market in November 2022, that will thus be updated also at the light of what communicated la August 21, 2023.

Key events occurred during the last period

On January 11, Redelfi S.p.A. and Altea Green Power S.p.A. (“AGP”) announced that the US company BESS Power Corporation (“BESS Power”), equally controlled by by the two, finalized the purchase of a stand-alone battery energy storage system project (the “Lund Storage Project”) with the acquisition of 100% of the share capital of the American vehicle company Lund Storage Center 1 LLC.

On April 14, Redelfi subscribed a financing contract for a total of EUR 5 million, fully provided by the funds Anthilia BIT III and Anthilia IV Co-Investement Fund, finalized at the completion of the Group’s Business Plan – communicated to the market on November, 2, 2022 – and in particular at the development of the Green Business Unit of the Redelfi Group.

Key events occurred after the period closure

After the closure of the first half of the year, on July 6, 2023, the controlled company CerLab S.r.l. signed a contract for the acquisition of 60 MW of projects authorized within the next three years, to put them at the disposal of the to-be-constituted Renewable Energy Communities. Such an agreement is about the purchase of projects fully complete of any authorization necessary to the building and management of the related PV plants on the roofs of residential and industrial buildings.

On August 9, 2023, Redelfi communicated the new composition of the share capital resulting from the allocation- of nr. 21.000 Redelfi common shares, after the exercise of nr. 42.000 Warrant “Redelfi 2022-2025” at the end of their First Period of Exercise (July 3 – 17, 2023). The new Share Capital composition, subsequent the registration of the variation on the Register of Companies at the same date is nr. 8.461.080 common shares, equivalent to EUR 423.054,28.

Furthermore, on August 21, 2023, the controlled company BESS Power Corp. subscribed with the US fund Leyline Renewable Capital L.L.C. (“Leyline”) a funding contract for the maximum amount of USD 15 million for the duration of 3 years extendable to 12 months more, to develop its pipeline of stand-alone BESS projects on the USA, with the objective to increase it up to a total power of 2,4 GW. Consequently, Redelfi will likely update the forecast indicated on the business plan communicated last November 2, 2022.

Foreseeable evolution of the management

The foreseeable evolution of the management sees as protagonist the Green B.U., whose economic relevance within the Group become, with the last half-year just completed, highly predominant and so will continue to be in the future.

BESS USA. The agreement signed with Leyline with give to the controlled BESS Power Corp. the necessary resources to develop the current 900 MW pipeline and with permit to extend it, reaching a 2,4 GW target within the first semester of 2024.
The period to develop the related authorizations will span over about three years, but it is the intention of the Group to locate potential purchasers with whom sign general sale agreements already within the next period.

BESS ITALIA. The Group is evaluating both to acquire a company that would permit to accelerate the development of an important BESS pipeline, and to locate potential financial partner /customer with whom to sign a multi-year agreement that will permit a cash positive result in the income line.

RENEWABLE ENERGY COMMUNITIES. Also, the development of RECs, even if dependent on the enactment of the related implementing decree, continues to raise high interests by the utilities and, thus, CerLab continues with its activities, without excluding the hypothesis to negotiate and close potential agreements with investors and partners in order to start generating the related revenues.

As already mentioned in the 2022 consolidated balance sheet, the GreenTech B.U. with find its identity not before the 2024 balance sheet, since are under development the portal and the business model, to attract interest and/or capitals to dedicate to the eco-system management activities.

Redelfi ESG initiatives

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

The Company decided to support and promote this international film event, started in 2017 and dedicated to the directors under 35, to give its contribution to the cultural development, both international, the participation is open directors from all over the world, and local, considering the choice of the city of Sestri Levante, in the province of Genoa, to host the event.

Redelfi, since always committed to the promotion of ESG initiatives, chose this film kermesse because it identifies with the spirit at the base of the event, the focus on environmental and social themes and the concept of real effort in such direction.

For the second half of 2023, the Company already committed to solid ESG efforts thanks to partnerships with several local entities, in light to continually increase the promotion of ESG initiatives, coherently with its own company mission.

Redelfi is also currently editing the Sustainability Balance, a document that will be published during the first half of 2024, and nominated Ms. Erika Padoan, already Investor Relations Manager of the Company, as ESG Manager of the Group.

The Financial Report on June 30, 2023, will be published according to the terms and conditions described by the Euronext Growth Milan Emitting Regulations, other than on the Company website, www.redelfi.com in section Investor Relations > Financial Statements and Reports, and on the website www.borsaitaliana.it, section Actions/Documents.

This press release is available on website www.redelfi.com, section Investor Relations > Press Release, on the website www.alteagreenpower.it, section Investor Relations > Financial press release and on www.1info.it.

***

Redelfi is the company at the helm of the homonymous Group, engaged in the digital and green transition through a strongly innovative approach in the definition of products, services and processes with special attention on the respect of ESG criteria and governance.

In 2022 the Group achieved a Value of Production of EUR 4,5 million and a Net Result of EUR 0,27 million. The Net Financial Position is EUR 0,6 million and Net Worth is EUR 9,3 million. During 2022 the Group made investments for about EUR 6,4 million.

Contacts:

Redelfi Board of Directors approves the half-year financial report at June 30, 2023

REDELFI BOARD OF DIRECTORS APPROVES THE HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2023

Previous PostRedelfi and Flash (WRM Group) sign an agreement for the development of stand-alone Battery Energy Storage Systems in Italy. The agreement calls for the development of 2.8 GW in three years and marks the start of Redelfi's activity as a developer on the Italian BESS market

Next PostBESS Power Corporation secures financing agreement with Leyline Renewable Capital for up to $15 Million

Menu

Normative