Retelit S p A : BOARD OF DIRECTORS APPROVES 2020 HALF-YEAR REPORT

PRESS RELEASE

BOARD OF DIRECTORS APPROVES

2020 HALF-YEAR REPORT

RETELIT CONSOLIDATED WITH THE PA GROUP: REVENUES AND MARGINS GROW

2020 GUIDANCE CONFIRMED

• Revenues and operating income of approx. Euro 67.7 million, compared to Euro 37.7 million in H1 2019
• EBITDA1 of Euro 20.5 million, compared to Euro 14.6 million in H1 2019
• Revenues, EBITDA, EBIT and Net Profit of Retelit alone at like-for-like consolidation scope and net of M&A costs, of Euro 38.6 million, (up 2% YoY), Euro 16.5 million (up 13% YoY), Euro 4.4 million (up 16% YoY) and Euro 4.1 million ( up 25% YoY) respectively
• EBIT of Euro 4.7 million (Euro 3.8 million in H1 2019), despite higher amortisation and depreciation of approx. Euro 2 million concerning the Purchase Price Allocation of PA Group
• Net profit of Euro 2.2 million (Euro 3.3 million in H1 2019), including financial charges of Euro 2 million compared to Euro 0.4 million in the previous period.
• Cash EBITDA2 of Euro 17.6 million, compared to Euro 11.5 million in H1 2019
• Net Debt Position of Euro 72.4 million, compared to cash position of Euro 3.3 million at December 31, 2019
• Orders (TCV) of Euro 46.0 million, compared to Euro 49.4 million (including the PA Group) for H1 2019, down as a result of Covid-19
• 2020 guidance at equity, financial and earnings level confirmed
• Integration with PA Group continues and that with Brennercom initiated, both to be completed by Q1 2021

•

Milan, August 4, 2020 - The Board of Directors of Retelit S.p.A., in a meeting today chaired by Mr. Dario Pardi, reviewed and approved the 2020 Half-Year Report.

Retelit Chairman Dario Pardi commented: "Our analysis of the Group's H1 results cannot be anything but positive. This has been a period of intense work on a number of fronts. On the one hand, this has involved the integration process for the two recently acquired companies, the PA Group and Brennercom (the latter acquisition formally concluded in late July), and on the other the management of business during an unprecedented period which has fundamentally affected people's lives and the way businesses operate. The results that have been achieved, which show growth both for the company individually and following the acquisition of the PA Group, reflect the fact that we have chosen the best possible strategy, and that we are moving in the right direction to ensure that Retelit continues to grow and develop".

"The results for the half year are undoubtedly positive," says Federico Protto, Retelit's Chief Executive Officer, "especially considering the unusual circumstances in which they were achieved. The pandemic has

1Alternative Performance Indicators: EBITDA (Earnings Before Interest Taxes Depreciation and Amortization) is an alternative performance indicator not defined under IFRS but used by company management to monitor and assess the operating performance as not impacted by the effects of differing criteria in determining taxable income, the amount and types of capital employed, in addition to the relative amortization and depreciation policies. Retelit defines this indicator as the profit/(loss) for the period before amortization, depreciation and write-downs, financial charges and income and income taxes.

2 Cash EBITDA, a metric used by Retelit expressing the effective capacity to generate operating cash net of working capital effects, calculated by subtracting from consolidated EBITDA items not producing currently or in the future cash flows and adding items which have produced or may produce additional cash flow over reported EBITDA

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caused a significant slowdown in the world economy, yet despite external difficulties, the Group has been able not only to remain fully operational, but also to respond to the growing needs of its customers. The results we have achieved are testament to this. Every financial indicator has improved, which is especially significant when considering the increased impact of measures adopted by our government in Q2. The slight decrease in net profit is entirely the result of increased amortisation and depreciation linked to the acquisition of the PA Group. In light of these results, and despite uncertainty about the future, we are confident that the Group will be able to meet its guidance forecasts for the year."

H1 2020 CONSOLIDATED HIGHLIGHTS

(in Euro/000)H1 2020 H1 2019 Change

Value of production	67,743	37,659	80%
Purchase of raw materials and services	(30,302)	(18,019)
Other operating costs	(1,165)	(936)
Value added (1)	36,275	18,703	94%
EBITDA	20,472	14,645	40%
EBIT	4,741	3,831	24%
Result before taxes (EBT)	2,739	3,469	-21%
Net Profit	2,180	3,277	-33%
Net margin percentage (2)	3.2%	8.7%
	30/06/2020	31/12/2019	Change
Parent company shareholders net equity	(166,247)	(162,783)
	No.	No.
Average workforce	514	93

(1) difference between value of production and purchases of raw materials, external services and other operating costs

(2) Net profit/(loss)/value of production

INCOME STATEMENT

The results of the PA Group are consolidated in the first half of 2020, entering the consolidation scope on January 1, 2020 as a result of its acquisition on January 14, 2020. The H1 2020 results of the Retelit Group are therefore not comparable with H1 2019 due to the change in the consolidation scope. For further details on the acquisition of the PA Group, reference should be made to paragraph 1.1.2 Business combinations during the reporting period in the Half-Year Financial Report.

The main economic data of the Retelit group on a stand alone basis are given below at a like for like consolidation scope with the previous year, without including the PA Group.

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	30/06/2020	30/06/2019
(Euro Million)	Retelit stand alone	var %
Retelit
	(*)
Revenues and other income	38,584	37,659	2%
EBITDA	16,527	14,645	13%
EBIT	4,442	3.831	16%
NET PROFIT	4,124	3,305	25%

(*) excluding PA Group consolidation and M&A costs

H1 2020 Revenues and operating income were Euro 67.7 million, compared to Euro 37.7 million in H1 2019; the increase is principally due to the acquisition of the PA Group which contributed approx. Euro 29.1 million to revenues in the first half of the year. At like-for-like consolidation scope with the previous year, Revenues and other income would amount to Euro 38.6 million, up 2%. Other income includes Revenues for infrastructure cessions in the period of Euro 4.9 million and income from the concession of fiber optic, cables duct and transmission system rights-of-use which qualify as finance leases as per IFRS 16.

Core revenue totalled Euro 66.8 million, compared to Euro 36.4 million in the first half of 2019 and, according to new reclassification adopted following the acquisition of the PA Group, broke down as follows: Enterprise & Government revenues of Euro 35.9 million (54%) and Wholesale revenues of Euro 30.9 million (46%).

In the first half of the year, commercial operations generated new orders (TCV - Total Contract Value) worth Euro 46.0 million, including the PA Group, compared to Euro 49.4 million in H1 2019. New orders amounted to Euro 29.5 million (64%) for the Enterprise & Government segment and Euro 16.5 million for the Wholesale segment (36%).

EBITDA in the first six months of 2020 was Euro 20.5 million, compared to Euro 14.6 million in the first half of 2019. At like-for-like consolidation scope, EBITDA would amount to Euro 16.5 million, up 13% on H1 2019. The EBITDA margin was 42.8% (38.9% in H1 2019), following a different Revenues Mix, with differing margins from the integration between the Retelit Group and the PA Group. At like-for-like consolidation scope in fact, the EBITDA Margin would be 39.7%. EBITDA was impacted by higher costs for external consulting for M&A activities related to the Brennercom transaction and integration costs between Retelit and the PA Group for approx. Euro 1.2 million.

Cash EBITDA was Euro 17.6 million, compared to Euro 11.5 million in H1 2019.

EBIT amounted to Euro 4.7 million, compared to Euro 3.8 million in the same period of the previous year, after amortization, depreciation and provisions of Euro 15.7 million (Euro 10.8 million in H1 2019). Amortisation and depreciation reflect an increase of approx. Euro 2 million relating to the amortisation of "customer lists" and the depreciation of "plant and machinery" recorded in the business combination with the PA Group (Purchase Price Allocation).

Against a cost of approx. Euro 71 million and a fair value of Euro 1.1 million for net assets acquired, goodwill of approx. Euro 54 million was recognised and "Customer Lists" and "plant and machinery" of approx. Euro 25 million, which - differing from goodwill - was subject to depreciation.

Net financial charges amounted to Euro 2.0 million, respect to Euro 362 thousand in H1 2019, following the recognition of financial charges maturing for Euro 1.8 million on the medium/long-term loan contract agreed by Retelit Digital Services S.p.A with a Bank Syndicate for a total maximum amount of Euro 156.2

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million for the acquisition of the PA Group, in addition to financial charges for IFRS 16 accounting of approx. Euro 282 thousand.

Estimated income taxes net of the deferred component were approx. Euro 559 thousand in H1 2020, compared to Euro 192 thousand in the same period of the previous year.

Net profit was impacted by increased amortisation and depreciation, financial charges and taxes, totalling Euro 2.2 million compared to Euro 3.3 million in H1 2019. Net of amortisation and depreciation related to the Purchase Price Allocation, net of the related tax effect, the net profit for the half-year would have been Euro 3.7 million, up approx. 13% on the result for the first half of 2019.

BALANCE SHEET

The Group's net financial position was a debt position of Euro 72.4 million, compared to a cash position of Euro 3.3 million at December 31, 2019. The movement mainly relates to the loan contract, subscribed for a total maximum amount of Euro 156,2 million and issued for Euro 87 million, between Retelit Digital Services and a banking syndicate, signed on October 21, 2019 and amended on March 18, 2020. The loan was obtained to support the acquisition of the PA Group and Brennercom and to refinance the existing debt.

Group financial assets amount to Euro 41.1 million, principally comprising entirely of cash and cash equivalents, compared to Euro 24.5 million at December 31, 2019. The increase in cash and cash equivalents of Euro 16.6 million, in addition to the consolidation of the PA Group for the first time (positive change of Euro 5.5 million), was impacted by the above loan.

Group shareholders' equity decreased from Euro 162.8 million at December 31, 2019 to Euro 166.3 million at June 30, 2020.

Investments in the period totalled Euro 12.7 million, of which Euro 11.1 million in infrastructure and Euro 1.6 million in the AAE-1 Strategic Area.

Investments mainly concern the construction of customer connections, the acquisition of IT infrastructure and the development of the metropolitan network and the backbone. The number of sites reached by fiber increased from 4,544 at the end of 2019 to 6,341 at June 30, 2020, of which 45 other operator Data Centers, 4,504 customer sites (of which 3,686 Business and 818 Residential FTTH), 1,306 telecommunication towers and 451 cabinets, with 16 owned Data Centers. Network infrastructure kilometres was therefore stable at approx. 13,659 KM (equivalent to approx. 357,000 KM of fiber optic cables, considering all primary and secondary optical cables of the MAN network and the cables installed on the Long-Distance Network).

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OPERATING PERFORMANCE

The acquisition of the PA Group led to the creation of a leading Italian ICT integrated services operator, highly diversified between added value infrastructure and services, leveraging the offer and expertise of two perfectly complementary enterprises. Specifically, a new business organisation was designed on the basis of the target customers, Enterprise & Government customers and Wholesale customers and the offer areas: "Platforms and Infrastructures" and "Solutions" or managed ICT services.

The "Platforms and Infrastructures" business (65% of total revenues) is focused on the capacity to support the customer through services ranging from fiber optic connectivity to the Multicloud, Cyber Security services and Application Performance Monitoring to SD-WAN technology based network services and co- location services, and finally the connectivity services on the AAE-1 cable.

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The "Solutions" business (35% of total revenues) includes complete and integrated solutions, such as operating software (SAP, Microsoft Dynamics, software and proprietary products, etc.), CRM, Business Analytics, Networking, Cybersecurity and Cloud and Datacenter services.

Enterprise & Government

In the first half of 2020, revenues totalled Euro 35.9 million (54% of total revenues), of which Euro 12.7 million in the Platform and Infrastructure business - and Euro 23.2 million in the Solutions business. Revenues stemmed from major enterprises and PMI's, belonging mainly to the Finance, Industry and Public Sector segments. Operations generated new orders (TCV) for Euro 29.5 million (64% of total orders), of which Euro 15.9 million concerning platforms and infrastructure and Euro 13.6 million concerning the Solutions business.

Wholesale

In the first half of 2020, revenues totalled Euro 30.9 million (46% of total revenues), of which Euro 16.2 million National and Euro 14.7 million International. Operations generated new orders (TCV) for Euro 16.5 million (36% of total orders), of which Euro 9.5 million National and Euro 7.0 million International.

SIGNIFICANT EVENTS IN THE PERIOD

On January 14, 2020, Retelit, through the entirely held subsidiary Retelit Digital Services, acquired 100% of the shares held by the previous shareholders of the PA Group, which included Ennio Baracetti (founder, with a 46% stake), RiverRock IHCF and FVS (27% in total) and Roberto Cella (14%). The bid price for 100% of the PA Group was approx. Euro 60 million, based on a valuation of Euro 74 million, equal to the Enterprise Value of the PA Group and an earn-out of a maximum Euro 13 million over 3 years on achieving the 2019, 2020 and 2021 performance objectives.

On February 17, 2020, the wholly-owned subsidiary Retelit Digital Services signed a contract for the full acquisition of 100% of the shares with voting rights of Brennercom S.p.A. ("Brennercom"), the ICT and TLC provider based in Bolzano and the Munich-Tyrol-Milan axis market leader. The acquisition was completed on July 30, 2020.

On February 24, 2020, Retelit signed a joint venture agreement with Libyan Telecommunications & Information Technology Company ("LPTIC"), which indirectly holds 14.37% of the share capital of Retelit - through which a company was incorporated under Italian law called Retelit Med S.r.l. (the "JV"), 50% owned by Retelit and 50% by LPTIC.

On February 26, 2020, Retelit S.p.A. became a shareholder of MIX S.r.l, with a 1.12% stake through an inter- company transfer following the acquisition of the PA Group last January. On May 6, 2020 this investment rose to 3.28% following the acquisition of a further holding of 2.16%, sold by Utility Line Italia.

On March 20, 2020, the wholly-owned subsidiary Retelit Digital Services signed a loan contract with a banking syndicate for the acquisition of Brennercom S.p.A.. The loan of Euro 53.2 million was signed at market conditions syndicate of banks formed by Unione di Banche Italiane S.p.A., Intesa Sanpaolo S.p.A., MPS Capital Services Banca per le Imprese S.p.A. and Banco BPM S.p.A (with Banca IMI S.p.A. as arranger and agent). Financial support for the acquisition of Brennercom S.p.A. will be provided, for Euro 53.2 million, through the two additional credit lines signed and for the remainder through a credit line made available by the same bank syndicate as the loan signed on October 21, 2019.

On March 23, 2020, Retelit announced that, in accordance with the latest Prime Ministerial Decree dated March 22, 2020, which introduced new measures to contain Covid-19 contagion in Italy, all Group companies will continue as usual their operations, as they are included among those permitted ("Annex 1", ATECO codes 61 and 62).

On March 20, 2020, the wholly-owned subsidiary Retelit Digital Services, in accordance with Article 102,

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paragraph 1 of the CFA and Article 37 of the Issuers' Regulation, announced the decision to promote a partial voluntary public purchase offer pursuant to Articles 102 and subsequent of the CFA ("PPO") on a maximum 11,875,000 ordinary Retelit shares, equal to 7.23% of Retelit share capital, which was completed on July 8 as announced to the market (see the "subsequent events" paragraph below).

As part of the integration between the two groups, Retelit and the PA Group on May 4, 2020 launched the rebranding of the Retelit logo, bringing together all of the Group companies in order to increase the sense of belonging of its employees and to convey to the outside market the concept of a single provider of a range of expertise.

SUBSEQUENT EVENTS

On July 2, 2020, Retelit Digital Services announced the final results of its PPO promoted on March 23, 2020 and concerning a maximum 11,875,000 ordinary shares of the parent company Retelit S.p.A., equal to 7.23% of the share capital of Retelit. A total of 8,762,774 Shares were contributed to the PPO, equal to 73.792% of the Shares subject to the PPO and 5.335% of the share capital of Retelit, for a total value of Euro 15,597,737.72. On conclusion of the PPO, considering the Retelit Shares already held by Retelit Digital Services, the latter held a total of 12,612,602 Shares, equal to approx. 7.678% of Retelit's share capital.

On July 6, 2020, the Management Committee of the AAE-1 Consortium, made up of 19 global telecommunications operators, has appointed Giuseppe Sini as Chairman of the AAE-1 Management Committee (Vice-Chairman since 2018).

On July 24, 2020, the Lazio Regional Administrative Court accepted Retelit's challenge against Prime Ministerial Decree of June 7, 2018, by which the special powers provided for in Article 2 of Decree Law No. 21 of March 15, 2012 were exercised, as well as against the Prime Ministerial Decree of November 30, 2018, by which a fine of Euro 140,137.15 was imposed on the Company.

On July 30, 2020, Retelit, in execution of the share purchase agreement signed on February 17, 2020, completed the closing for the full acquisition of 100% of the shares with voting rights of Brennercom. A total of 8,426,966 Retelit shares from the PPO, corresponding to 5.13% of the share capital, were allocated to the sellers as part of the purchase price.

OUTLOOK FOR THE CURRENT YEAR

The 2020-2024 Business Plan provides for organic growth for all three groups. This will be achieved through further development of the business segments of Retelit Digital Services, the PA Group and Brennercom. In creating these synergies, the Company intends to provide a direct, joint offering to the business infrastructure and managed services market. The plan targets also the acquisition of market share on the domestic and international wholesale segments, leveraging the AAE-1 cable system and international partnerships.

The Plan sets out the achievement of the following targets by 2024:

• Forecast revenues of Euro 232-242 million
• EBITDA of Euro 87-92 million
• Unlevered Free Cash Flow of Euro 185-195 million

The guidance forecasts for 2020 revenues of between Euro 165 and 175 million and EBITDA of between Euro 51 and Euro 56 million. At balance sheet level, investments are confirmed in the range between Euro

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28 and Euro 33 million and an Unlevered Free Cash Flow of between Euro 17 and Euro 22 million.

COVID-19 RELATED RISKS

The results achieved in Q2 were substantially in line with those reported in Q1, despite the lockdown and the critical period following the pandemic which caused a significant slowdown in global economic activity. During this period, the Group was able not only to remain fully operational, but also to respond to the growing needs of its customers. It is recalled that the services provided by the Group, inter alia, support the implementation of ICT systems for companies, in terms of the management of services for the digitization of business activities, and therefore support, e.g. remote working (e.g. ERP, videoconferencing, collaboration systems).

The Company currently expects a slowdown in some activities as a result of the general economic environment, both domestically and internationally, where the outlook continues to appear negative.

On the other hand, the Company considers that in the future the adaptation of ICT systems, once the conditions are determined, will be one of the priorities for many Italian companies that in this situation have understood the importance of having an adequate and highly-performing ICT structure.

Therefore, it is expected that commercial orders, and consequently Retelit's turnover and margins, may be affected to a limited extent by the situation in 2020.

Therefore, on the basis of the results for the first half of 2020 and the operating and financial results to date, the Directors consider the guidance objectives as achievable, both in terms of earnings and the balance sheet, although in the lower end of the range, subject to the need to constantly monitor any impact which the current general economic crisis may have on Customer payment times and, therefore, on the capacity to generate Group operating cash, also in terms of upcoming measures to be issued by the Italian government.

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This press release contains forward-looking statements concerning plans, opinions or current Group expectations in relation to results and other aspects of the activities and strategies of the Group. Readers of this press release should not place an undue reliance on such forward-looking statements as results may differ significantly from such forecasts due to a number of factors, most of which are outside of the Group's control.

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The 2020 Half-Year Report is subject to limited audit and is available according to the applicable legal conditions at the registered office, on the "1Info" storage mechanism authorised by Consob at www.1info.it, and in the "Investors / Investor Relations / Financial Statements and periodic reports" section of the company website at www.retelit.it.

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Mr. Mirko Endrizzi, as Executive Officer for Financial Reporting, declares, in accordance with paragraph 2 of Article 154-bis of the CFA, that the accounting information contained in this press release corresponds to the underlying accounting documents, records and accounting entries.

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The H1 2020 results will be illustrated today, August 4, 2020, at 4PM in a conference call involving the Chairman of the Company, Dario Pardi and the Chief Executive Officer, Federico Protto.

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The details for participation in the conference call are as follows:

• for Italy: [phone]
• for the United Kingdom: + 44 121 281 8003
• for the United States (local number): [phone]
• for the United States (green number): [phone]

The support documents will be made available on the website at the beginning of the conference call.

Retelit Group

Retelit is the Italian leader in constructing tailor-made digital transformation projects, executed on entirely Group-managed platforms. In our 20 years we have been the ideal partner for enterprises, the public sector and operators seeking to tackle head-on the challenges of innovation, thanks to a range which covers the entire value chain of ICT and digitalisation services. The combination of Retelit's proprietary assets (a comprehensive fiber optic network in Italy and across the world and a nationwide Data Center network) and the innovation and digital expertise of the PA Group (becoming part of the Retelit Group in 2020) has created a unique player in Italy which can offer integrated digital solutions, from infrastructure to data management and from networks to applications. Retelit has been listed on the Italian Stock Exchange since 2000 and on the STAR segment since September 26, 2016.

Investor Relations	Retelit Communication
Dario Pardi	Letizia Cilente
Tel. [phone]	Mob. [phone]
[e-mail]	[e-mail]
CDR Communication	[e-mail]
Vincenza Colucci
Mob. [phone]
[e-mail]

Institutional Media Relations	Media Relations ICT
CDR Communication	Laura Poggi
Angelo Brunello	Tel. [phone]
Mob. [phone]	[e-mail]
[e-mail]	Francesca Negri
	Tel. [phone]
	[e-mail]

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The Income Statement, Balance Sheet and Cash Flow Statement of the Retelit Group are attached.

Consolidated income statement

	INCOME STATEMENT	H1 2020	H1 2019
	(Euro thousands)
	Revenues	61,951	32,153
	Other income	5,792	5,506
	TOTAL REVENUES AND OPERATING INCOME	67,743	37,659
	Purchase of raw materials and services	(30,302)	(18,019)
	Personnel costs	(15,803)	(4,058)
	Other operating costs	(1,165)	(936)
	EBITDA	20,472	14,645
	Amortisation, depreciation and write-downs of tangible and
	intangible assets	(15,339)	(10,464)
	Other provisions and write-downs	(392)	(350)
	EBIT	4,741	3,831
	Financial income	72	65
	Financial charges	(2,074)	(400)
	Investment Charge	(1)	(28)
	PRE-TAX PROFIT	2,739	3,469
	Income taxes	(1,095)	(192)
	Deferred tax income/(charge)	536	-
	NET PROFIT FOR THE PERIOD	2,180	3,277
	Group net profit	2,177	-
	Minority interest result	3	-

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Consolidated Balance Sheet

	BALANCE SHEET	30/06/2020	31/12/2019
	(Euro thousands)
	Network infrastructure	135,954	125,960
	Property, plant and equipment	2,990	-
	Other tangible assets	2,401	1,018
	Concessions, licenses, trademarks & similar rights	5,506	2,817
	Right-of-use	72,339	67,036
	Goodwill	53,727	-
	Investments measured using the equity method	88	83
	Investments measured at fair value	361	-
	Deferred tax assets	14,654	12,373
	Other non-current assets	4,019	593
	Non-current financial assets	212	-
	Business List	16,321	-
	Other intangible assets	1,149	0
	TOTAL NON-CURRENT ASSETS	309,719	209,880
	Trade receivables, other receivables and other current assets	55,113	35,473
	Tax receivables, VAT receivables and current direct taxes	2,939	511
	Cash and cash equivalents	41,100	24,454
	Current financial assets	43	-
	Inventories	1,552	-
	TOTAL CURRENT ASSETS	100,748	60,438
	TOTAL ASSETS	410,466	270,318
	Share capital issued	144,209	144,209
	Net equity reserves and net result	19,891	7,698
	Profit (loss)	2,177	10,877
	TOTAL GROUP SHAREHOLDERS' EQUITY	166,276	162,783
	Minority interest share capital, net equity reserves and net result		96	-
	Minority interest net profit		3	-
	TOTAL MINORITY INTERESTS SHAREHOLDERS' EQUITY	99	-
	Non-current financial liabilities	82,024	236
	Non-current leasing financial payables	18,293	14,567
	Post-employment benefits and employee provisions	7,373	1,820
	Provisions for risks and future charges	5,570	1,620
	Deferred tax liabilities	11,462	5,743
	Liabilities from non-current contracts	23,218	24,543
	Other non-current liabilities	8,686	-
	TOTAL NON-CURRENT LIABILITIES	156,626	48,529
	Current financial liabilities	6,766	633
	Current leasing financial payables	6,506	5,714
	Trade and other payables and other current liabilities	66,641	47,472
	Provisions for risks and future charges - short-term	7	-
	Tax payables, VAT payables and current direct taxes	2,812	489
	Liabilities from current contracts	4,734	4,698
	TOTAL CURRENT LIABILITIES	87,466	59,006
	TOTAL LIABILITIES	410,466	270,318

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Cash Flow Statement

(migliaia di euro)	30/06/2020	30/06/2019
Utile (perdita) di periodo	2.180	3.277
Rettifiche per:
Imposte	559
Ammortamenti	15.339	10.464
Altri accantonamenti e svalutaioni	300	350
Variazione del fondo T.F.R.	292	117
Variazione fondi per rischi e oneri	(337)	(431)
Interessi e oneri finanziari maturati	2.002	(334)
Interessi e oneri finanziari incassati/(pagati)	(870)	334
Imposte pagate	(162)	192
Accantonamento Piano LTI	120	0
Adeguamento partecipazioni ad Equity	0	(28)
FLUSSO MONETARIO GENERATO (ASSORBITO) DALL'ATTIVITA' OPERATIVA	19.423	13.941
(Incremento)/Decremento rimanenze di magazzino
(Incremento)/Decremento crediti commerciali e altre attività correnti	5.444	397
(Incremento)/Decremento crediti tributari, crediti IVA e imposte dirette	(1.138)	57
Incremento/(Decremento) debiti fornitori e ricavi differiti	(4.516)	(2.502)
Incremento/(Decremento) Debiti tributari, debiti IVA e imposte dirette correnti	(767)	(86)
VARIAZIONE NETTA DELLA ATTIVITA' E PASSIVITA' CORRENTI E ALTRE VARIAZIONI	(977)	(2.134)
FLUSSO FINANZIARIO NETTO GENERATO (ASSORBITO) DALL'ATTIVITA' OPERATIVA	18.446	11.807
FLUSSO MONETARIO DA ATTIVITA' DI INVESTIMENTO
(Investimenti) in Infrastruttura di rete e altre immobilizzazioni materiali	(12.922)
(8.813)
Disinvestimenti in Infrastruttura di rete e altre immobilizzazioni materiali	64	128
Variazione per effetti monetari degli investimenti	0	0
(Investimenti) in Concessioni, licenze e diritti simili e Diritti D'uso	0	(1.491)
Disinvestimenti in Concessioni, licenze e diritti simili e Diritti D'uso	0	62
Flusso di cassa per aggregazioni aziendali	(49.181)	0
Partecipazioni valutate con il metodo del PN	(6)	30
Partecipazioni valutate con il metodo del fair valure	(38)	0
Variazione per effetti monetari degli investimenti	(1.804)	(4.446)
Investimenti netti in altre attività non correnti	(123)	(18)
FLUSSO MONETARIO GENERATO (ASSORBITO) DALL'ATTIVITA' DI INVESTIMENTO	(64.011)	(14.548)
FLUSSO MONETARIO DA ATTIVITA' DI FINANZIAMENTO
(Incremento)/decremento netto attività finanziarie	0	0
Erogazione e (rimborsi mutui)	84.794	0
Incremento/ (Decremento) Debiti finanziari in lease	(4.946)	(3.094)
Accensione (rimborsi) finanziamenti	(17.640)	(3.524)
Acquisto Azioni Proprie		(4.479)
Distribuzione dividendi		(3.235)
Variazioni capitale sociale e riserve	(0)	0
Acquisto Azioni proprie	0	0
Distribuzione dividendi	0	0
FLUSSO MONETARIO GENERATO (ASSORBITO) DALL' ATTIVITA' DI FINANZIAMENTO	62.208	(14.332)
FLUSSO DI CASSA COMPLESSIVO	16.643
(17.073)
DISPONIBILITA' LIQUIDE ALL'INIZIO DELL'ESERCIZIO	24.454
47.355
DISPONIBILITA' LIQUIDE AL TERMINE DELL'ESERCIZIO	41.100	30.282

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Net Cash Position

COMPOSITION NET FINANCIAL POSITION	30/06/2020	31/12/2019	Changes
(Euro thousands)
A. Cash	41,100	24,454	16,646
D. Liquidity	41,100	24,454	16,646
E. Current financial receivables	43	-	43
G. Current portion of non-current debt	13,272	6,347	6,925
I. Current debt	13,272	6,347	6,925
J. Net current financial debt I-E-D	(27,871)	(18,107)	(9,764)
K. Non-current bank payables	100,317	14,803	85,514
N. Non-current debt	100,317	14,803	85,514
O. Net debt J+N	72,446	(3,304)	75,750

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