{"id":4266,"date":"2023-03-15T18:35:08","date_gmt":"2023-03-15T17:35:08","guid":{"rendered":"https:\/\/redelfi.com\/?p=4266"},"modified":"2024-12-12T15:44:54","modified_gmt":"2024-12-12T14:44:54","slug":"redelfi-board-of-directors-approves-results-as-of-dec-31-2022","status":"publish","type":"post","link":"https:\/\/redelfi.com\/en\/press-releases\/redelfi-board-of-directors-approves-results-as-of-dec-31-2022\/","title":{"rendered":"Redelfi board of directors approves results as of Dec. 31, 2022\u00a0"},"content":{"rendered":"

Read the press release in PDF format here (in Italian)<\/a><\/p>\n

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REDELFI BOARD OF DIRECTORS APPROVES RESULTS AS OF DECEMBER 31, 2022<\/span><\/b>\u00a0<\/span><\/p>\n

– Value of Production amounting to Euro 4.5 million, up 390% compared to Dec. 31, 2021 (Euro 0.9 million) and higher than the estimates of the business plan guidance<\/span><\/b>\u00a0<\/span><\/p>\n

– EBITDA (Gross Operating Margin) amounting to Euro 1.7 million, up 288% compared to 12\/31\/2021 (negative Euro 0.9 million) and higher than business plan guidance estimates; EBITDA margin 37.3%<\/span><\/b>\u00a0<\/span><\/p>\n

– EBIT (Earnings before financial expenses) of EUR 1.14 million, up 193% compared to Dec. 31, 2021 (negative EUR 1.2 million); EBIT margin 25.22%<\/span><\/b>\u00a0<\/span><\/p>\n

– Consolidated net income of EUR0.27 million (EUR3.5 million as of 12\/31\/2021)<\/span><\/b>\u00a0<\/span><\/p>\n

– Net Financial Position of Euro 0.6 million (cash positive Euro 0.1 million as of 12.31.21), higher than estimated business plan guidance<\/span><\/b>\u00a0<\/span><\/p>\n

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Milan, March 15, 2023\u00a0<\/em><\/p>\n

\u00a0<\/span>\u00a0<\/span><\/p>\n

The Board of Directors of <\/span>Redelfi S.p.A<\/span><\/b>. (the \u201c<\/span>Company<\/span><\/b>\u201d or \u201c<\/span>Redelfi<\/span><\/b>\u201d), a management company committed to the digital and green transition and listed on the Euronext Growth Milan market, organized and managed by Borsa Italiana S.p.A., today approved the consolidated financial statements and the draft financial statements as of December 31, 2022 to be submitted to the Shareholders’ Meeting, which will be convened on April 18, 2023.<\/span>\u00a0<\/span><\/p>\n

Davide Sommariva<\/span><\/b>, Chairman of the Company’s Board of Directors, said:<\/span>\u00a0<\/span><\/p>\n

\u201c<\/span>At the time of the IPO, we presented a multi-year project to the underwriting Shareholders; we then increased our commitment to the market with the presentation of an ambitious industrial plan in November 2022, and as of today, we can present the first results with satisfaction. We believe that the growth process is just beginning and, therefore, we are confident of giving our Shareholders further elements of gratification<\/span><\/i>.\u201d<\/span>\u00a0<\/span><\/p>\n

Consolidated financial results as of December 31, 2022<\/span><\/b>\u00a0<\/span><\/p>\n

The consolidated financial statements have been prepared on the basis of the Company\u2019s\u00a0financial statements for the year which ended on December 31, 2022 as well as the other Group companies included in the scope of consolidation, such as Enginius S.r.l., RH Hydro S.r.l., Benvenuto S.r.l., Green Earth SA, Jarions S.r.l., Adest S.r.l., CerLab S.r.l. and Dreaming Lab S.a.g.l.<\/span>\u00a0<\/span><\/p>\n

Production Value<\/span><\/b> amounted to EUR 4.5 million and thus showed significant growth (+390%) compared to December 31, 2021 (EUR\u00a00.9 million) and compared to the pro forma consolidated financial statements as of December 31, 2021 (EUR\u00a01.2 million). This result is attributable for EUR 2 million\u00a0to the Green Business Unit (EUR \u00a034 thousand as of December 31, 2021), EUR 1.7 million to the MarTech Business Unit (EUR \u00a00.8 million as of December 31, 2021) and EUR \u00a00.8 million to other revenues (EUR 38 thousand as of December 31, 2021). This value is above the range of the business plan guidance published on November 2, 2022 (EUR\u00a03.5 – 3.7 million), mainly due to the higher contribution of the MarTech Business Unit, which generated higher than expected revenues by approximately EUR\u00a00.4 million and due to the higher contribution of other revenues (resulting from the recognition of higher tax credits, also as a result of regulatory changes – including those brought about by Law no. 197 of 29.12.2022) by an additional EUR\u00a00.4 million.<\/span>\u00a0<\/span><\/p>\n

EBITDA<\/span><\/b> (Gross Operating Margin) amounted to EUR\u00a01.7 million, with EBITDA margin of 37.3%, significantly higher than the December 31, 2021 (negative EUR\u00a00.9 million) and the pro-forma consolidated figure as of December 31, 2021 (negative EUR\u00a00.8 million). EBITDA is significantly higher than the values of the business plan guidance published last November (EUR\u00a00.4 – 0.6 million), in addition to the reasons mentioned above regarding the deviation of the Value of Production, also due to the postponement to 2023 of the acquisition of the first project for the development of a BESS plant on the American market (Lund Storage Center LLC, see in this regard the press release of last January 11, 2023), initially planned to be completed by the end of 2022, resulting in cost savings in that year of approximately EUR\u00a00.4 million.<\/span>\u00a0<\/span><\/p>\n

In light of the above and the non-foreseeability of these variances, the Board of Directors considers the business plan guidance presented on November 2 to be still consistent with the business development forecasts for the next four years and therefore has not provided for an update of the same, which are therefore confirmed.<\/span>\u00a0<\/span><\/p>\n

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EBIT<\/span><\/b> amounted to EUR\u00a01.14 million (negative EUR\u00a01.2 million as of December 31, 2021, and pro forma) after depreciation, amortization, provisions and write-downs of approximately EUR 0.5 million.<\/span>\u00a0<\/span><\/p>\n

Consolidated Net Income<\/span><\/b> amounted to EUR 0.27 million (of which EUR 0.26 million was attributable to the Group), after taxes of approximately EUR 100 thousand. The change from the previous year (EUR\u00a03.5 million as of December 31, 2021 and December 31, 2021 pro forma) is attributable to the fact that in fiscal year 2021 the consolidated net income was affected by the capital gain from the sale of the shares held in Renergetica S.p.A. by the Company, which occurred for approximately EUR 7 million (for more information, please refer to the financial statements as of December 31, 2021 and the admission document, which can be found on the Company’s website).<\/span>\u00a0<\/span><\/p>\n

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Net Financial Position<\/span><\/b> amounted to EUR 0.6 million, compared to EUR 0.1 million (cash positive) as of December 31, 2021, and EUR 1.3 (cash positive) as of June 30, 2022. This value is higher than the business plan guidance (EUR 0.1 – 0.3 million) because the investment in BESS Power Corp. – initially planned for the beginning of 2023 – was brought forward to the end of 2022.<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>\u00a0<\/span><\/p>\n

Economic and financial results of Redelfi S.p.A. as of December 31, 2022.<\/span><\/b>\u00a0<\/span><\/p>\n

Production Value,<\/span><\/b> amounting to\u00a0EUR\u00a02.8 million (EUR 74 thousand as of December 31, 2021), is growing significantly mainly in relation to services provided to Group companies for the development of the three Business Units.<\/span>\u00a0<\/span><\/p>\n

EBITDA<\/span><\/b> amounted to EUR 1.6 million (negative EUR 0.8 million as of December 31, 2021).<\/span>\u00a0<\/span><\/p>\n

EBIT<\/span><\/b> amounted to EUR 1.2 million (negative EUR 1 million as of December 31, 2021).<\/span>\u00a0<\/span><\/p>\n

Net Income<\/span><\/b> is Euro 0.46 million, down from the result as of December 31, 2021 (Euro 3.7 million as of December 31, 2021), which, however, reflected the capital gain from the sale of the investment in Renergetica S.p.A., as reported above.<\/span>\u00a0<\/span><\/p>\n

Net Financial Position<\/span><\/b> is cash positive and amounted to EUR 22 thousand (cash positive EUR 120 thousand as of December 31, 2021).<\/span>\u00a0<\/span><\/p>\n

Proposed usage of profit for the year of Redelfi S.p.A<\/span><\/b>. <\/span>\u00a0<\/span><\/p>\n

The Board of Directors resolved to propose to the Shareholders’ Meeting that the profit for the year, amounting to EUR 457,992, be appropriated to the legal reserve in the amount of EUR 22,900\u00a0and to retained earnings in the amount of EUR 435,092.<\/span>\u00a0<\/span><\/p>\n

Significant events that occurred during the year<\/span><\/b>\u00a0<\/span><\/p>\n

The main events that took place during the year are summarized below: – on June 8, trading of the ordinary shares and \u201cRedelfi 2022- 2025\u201d warrants began on the Euronext Growth Milan segment, organized and managed by Borsa Italiana S.p.A. (RDF.MI), following the placement of a total of 2,760,000 ordinary shares, for a total value of the resources raised of\u00a0EUR\u00a03.45 million;<\/span>\u00a0<\/span><\/p>\n

– on June 20, Redelfi acquired, through its Swiss-registered subsidiary Green Earth S.A., a majority stake in the company Piano Green S.r.l., with the aim of launching a partnership aimed at implementing the GreenTech B.U.;<\/span>\u00a0<\/span><\/p>\n

– on June 30, the Company established – through its subsidiary RH Hydro S.r.l. – the company CerLab S.r.l., in which it holds a 70% stake, focused on the investment and management of renewable energy communities;<\/span>\u00a0<\/span><\/p>\n

– on July 7, the Global Coordinator Integrae SIM fully exercised the greenshoe option in the capital increase; as a result of the exercise of the greenshoe option, the number of ordinary outstanding shares is 8,440,080;<\/span>\u00a0<\/span><\/p>\n