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Redelfi Shareholders’ Meeting Approves Annual Report 2023

By 24 April 2024May 29th, 2024No Comments

Read the press release in PDF format (in Italian)

 

REDELFI SHAREHOLDERS’ MEETING APPROVES 2023 OPERATING BUDGET

Milan, April 24, 2024

The Shareholders’ Meeting of Redelfi S.p.A. (“Redelfi” or the “Society), the parent company of the industrial group of the same name with operational headquarters in Genoa – engaged in the development of innovative and sustainable infrastructures to promote energy transition, and listed on the Euronext Growth Milan of Borsa Italiana – met in ordinary session today under the chairmanship of Dr. Davide Sommariva.

 

CONSOLIDATED AND STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023

The Shareholders’ Meeting reviewed and approved the Annual Report and reviewed the Consolidated Financial Statements as of December 31, 2023.

 

Consolidated Financial Statements as of December 31, 2023 – Highlights

Value of Production amounted to 11 million euros, thus registering a 142% growth compared to December 31, 2022 (4.5 million euros). This result is attributable to 8.5 million euros from the Green B.U. (2 million euros as of December 31, 2022), an increase of more than 4 times.

EBITDA (Gross Operating Margin) amounted to €5.1 million, with EBITDA margin of 46.3 percent, a clear increase compared to December 31, 2022 (amounting to €1.7 million).

EBIT, at €4.6 million, grew by 301% compared to Dec. 31, 2022 (€1.1 million), due to depreciation and amortization remaining essentially constant during the year, which resulted in substantial growth and an EBIT margin of 41.9%.

Consolidated Net Income amounted to 3 million euros (including 2.2 million euros attributable to the Group), after taxes of approximately 1.3 million euros. The change of more than 2.6 million euros from the previous year is entirely attributable to the activities of B.U. Green.

The Net Financial Position is cash negative by €4.8 million, increased by €4.1 million, mainly attributable to the bond loan subscribed by Anthilia on April 14, 2023 (the “Anthilia Loan”) and investments made during the year.

 

Annual financial statements as of December 31, 2023 – Highlights

Value of Production amounted to Euro 4.1 million, thus showing significant growth (+144%) compared to December 31, 2022 (Euro 2.8 million). This result is attributable to the Green B.U. in the amount of 3.9 million euros (2 million euros as of December 31, 2022), an increase of 100%.

EBITDA (Gross Operating Margin) was 1.2 million euros, with EBITDA margin of 29.03%.

EBIT was €1 million (equal to €1.2 million as of Dec. 31, 2022) after depreciation and amortization of €0.3 million, resulting in an EBIT margin of 22.35%.

Net income was 0.6 million euros, after taxes of 0.2 million euros, in line with the previous result.

Net Financial Position is cash negative by EUR 4.3 million, mainly influenced by the Anthilia Loan.

 

ALLOCATION OF PROFIT FOR THE YEAR OF REDELFI S.P.A.

The shareholders resolved to allocate the profit for the year, amounting to 568,335 euros, to the legal reserve in the amount of 28,417 euros and to retained earnings in the amount of 539,918 euros.

 

FILING

The Minutes of the Shareholders’ Meeting and the Summary Voting Report will be made available to the public at the registered office and on the website www.redelfi.com (Investor Relations section > Shareholders’ Meeting), as well as on the website www.borsaitaliana.it (Shares section > Documents) within the timeframe prescribed by current regulations.

 

FURTHER COMMUNICATIONS

The Company, following the receipt of the notice about the transfer of shares held by the shareholder Gieffe S.r.l. to the natural person of Gianluca Ferrara (hereinafter the “Share Transfer”), legal representative and sole shareholder of the transferor company, hereby notifies, pursuant to Art. 26 of the Euronext Growth Milan Issuers’ Regulations, that from the latest findings in its possession, the share capital is composed as follows:

Shareholder n. stocks %
Marinetta S.r.l. * 3.321.814 39,26%
Intersidera S.r.l. ** 653.306 7,72%
Gianluca Ferrara 568.056 6,71%
Davide Sommariva 526.128 6,22%
Alessandro Ivaldi 98.400 1,10%
Domenico Giacobino 93.247 1,10%
Flottante 3.200.129 37,82%
Totale 8.461.080 100,00%

* 72.34% attributable to the Chairman of the Board of Directors Davide Sommariva
** Company 50% attributable to the Chief Executive Officer Raffaele Palomba

The Company will update the composition of the shareholder base and provide timely information if any communications are received from shareholders.

It should be noted that in execution of the authorization of the Annual General Meeting of Shareholders on December 23, 2022 (see press release of December 23, 2022 for more details), as of today’s date the Company owns no. 247,500 treasury shares, corresponding to 2.92 percent of the share capital, with a total value of 397,300 euros.

This press release is available on website www.redelfi.com, section , and on www.1info.it.>

***

Redelfi is the company at the helm of the homonymous Group, engaged in the energy and digital transition, with a strong innovative approach in the definition of products, services and processes, and high focus on compliance with ESG principles. In the financial year 2023, the Group realized a Value of Production of Euro 11 million and a Net Profit of Euro 3 million. The Net Financial Position is cash negative in the amount of Euro 4.8 million and the Net Equity is Euro 25 million.

Contacts:

ISSUER
Redelfi | Investor Relations Manager | Erika Padoan | investor-relations@redelfi.com | T: +39 320 7954739 | via A. Scarsellini, 119 Tower B “I Gemelli” 11 floor, 16149 Genoa
Redelfi | Media Relations | Carolina Beretta | carolina.beretta@redelfi.com | via A. Scarsellini, 119 Tower B “I Gemelli” 11 floor, 16149 Genoa

INVESTOR & FINANCIAL MEDIA RELATIONS
IR Top Consulting | Investor Relations | ir@irtop.com | T: + 39 02 4547 3884/3 | Via Bigli, 19 – 20121 Milan, Italy
IR Top Consulting | Media Relations | d.gentile@irtop.com | T: + 39 02 4547 3884/3 | Via Bigli, 19 – 20121 Milan, Italy

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