THE BOARD OF DIRECTORS APPROVES THE 2023 ANNUAL INTEGRATED REPORT
EBITDA Adjusted at Euro 116 million, profit for the year at Euro 39 million, dividend distribution proposal of Euro 0.042 per share
•
Revenues of € 836 million vs € 851 million in 2022 (-1.8%)
•
EBITDA Adjusted1 of € 116 million vs € 104 million in 2022 (+11.6%)
•
EBIT of € 80 milion vs € 77 milion in 2022 (+4.1%)
•
Profit for the year €39 million vs €44 million in 2022 (-11.8%)
•
Dividend distribution proposal of € 0.042 per share (about € 6.8 million of total dividend distribution) and new dividend policy
• Further growth and diversification of EV & Automotive order backlog and pipeline as of February 29, 2024 at 6.4 billion and 5.2 billion respectively2 through acquisition of new customers including 2 Chinese and 1 European OEMs
Baranzate (MI), 28 March 2024 - The Board of Directors of EuroGroup Laminations S.p.A. ("EuroGroup Laminations" or the "Group" or the "Company") - a world leader in the design, manufacture and distribution of stators and rotors for electric motors and generators - approved the Group's Annual Financial Report and the draft of the separate financial statements of EuroGroup Laminations S.p.A. for the financial year ending 31 December 2023.
Marco Arduini, CEO of EuroGroup Laminations, commented: "Thanks to the 2023 performance we announce the first dividend distribution as a listed company. In addition, the Board of Directors has approved a flexible and sustainable dividend policy consistent with our growth and investment plan. We confirm our commitment to create value for shareholders and our confidence in the company's future prospects".
MAIN CONSOLIDATED ECONOMIC AND FINANCIAL RESULTS AS OF 31 DECEMBER 2023
Thousands of euro | FY 2023 | FY 2022 | % change |
Revenues | 835,942 | 851,112 | (1.8%) |
EBITDA Adjusted | 115,983 | 103,909 | +11.6% |
EBIT | 80,327 | 77,177 | +4.1% |
Profit for the year | 38,608 | 43,778 | (11.8%) |
Net financial Debt | 110,786 | 259,377 | (57.3%) |
Equity | 459,187 | 195,625 | +134.7% |
Revenues in 2023 were € 835.9 million, down slightly by 1.8% from 2022 (€ 851.1 million). The in-line result was driven by solid growth in the EV & Automotive segment, which almost completely offset the contraction in the Industrial segment.
Consolidated results by operating segment:
Thousands of euro | FY 2023 | FY 2022 | % change |
EV & Automotive | 477,294 | 317,932 | 50.1% |
1 Net of non-recurring IPO, DS4 related transaction and HR costs
2 Orders in place as of Feb-24 for the period 2024E-2029E (70 months rolling)
1
Industrial | 358,648 | 533,180 | (32.7%) |
Total Revenues | 835,942 | 851,112 | (1.8%) |
The EV & Automotive segment recorded revenues of € 477.3 million, up 50.1% from 2022 (€ 317.9 million), mainly thanks to increased production volumes on new projects related to the growing demand for EV products, consistent with the execution and expansion of the order book, thus confirming the Group's leadership in its key markets. The Industrial segment recorded revenues of € 358.6 million, compared to € 533.2 million in the same period of 2022 (-32.7% y/y). The decline in revenues was mainly due to the continued reduction in volumes as a result of the ongoing de-stocking process carried on by the Group's customers, as well as the decline in raw material prices, which intensified from the second quarter of the year, and regulatory uncertainty for some sub-segments (e.g., heat pumps). The de-stocking process carried out by the Industrial segment customers is expected to continue at least until mid-year in Europe, partly due to the worsening economic context, while the North American market is expected to improve in 2024 based on what was recorded in the last months of 2023.
Consolidated revenues by region:
Thousands of euro | FY 2023 | FY 2022 | % change |
EMEA | 456,323 | 501,176 | (8.9%) |
of which in Italy | 449,111 | 487,954 | (8.0%) |
North America | 328,245 | 305,390 | 7.5% |
of which in Mexico | 273,617 | 203,499 | 34.5% |
of which in the USA | 54,628 | 101,891 | (46.4%) |
Asia | 51,374 | 44,546 | 15.3% |
of which in China | 51,374 | 44,541 | 15.3% |
Total Revenues | 835,942 | 851,112 | (1.8%) |
Revenues in EMEA were € 456.3 million (€ 501.2 million in 2022), down 8.9%; revenues in North America were € 328.2 million (€ 305.4 million in 2022), up 7.5%, thanks to sustained demand in the EV & Automotive segment, which more than offset lower volumes in the Industrial segment.
Revenues in Mexico were € 273.6 million (€ 203.5 million in 2022) thanks to the strong performance of the EV & Automotive segment. Revenues from the United States (which are entirely related to the Industrial segment) were € 54.6 million (€ 101.9 million in 2022) with a reduction due to the combined and lasting effect of lower volumes, particularly in the Home, Energy, HVAC and Other Industrial sub-segments, and the significant reduction in steel prices.
Revenues in the Asian region, in which the EV and Automotive Segment revenues now represent the majority of the total, amounted to € 51.4 million, a significant increase over the previous year (€ 44.5 million in 2022) due in part to the start of production of new projects for the EV & Automotive segment.
EBITDA Adjusted net of non-recurring IPO, DS4 acquisition and HR costs, in 2023 was € 116.0 million, up 11.6 percent from the previous year (€ 103.9 million) with an EBITDA Adjusted Margin at 13.9%, a marked improvement from 12.2% recorded in 2022. The improvement in consolidated Adjusted EBITDA Margin reflects the shift in business mix, with the EV &Automotive segment having higher margin than the Industrial segment, and also the effects of further operational efficiency actions initiated in the third quarter of 2023 combined with operational synergies between the two business units.
EBITDA Adjusted3 by operating segment: in 2023, the EBITDA Adjusted of the EV &
Automotive segment amounted to € 72.3 million (+69.4% compared to € 42.7 million in 2022),
with an Adjusted EBITDA Margin of 15.1%, a significant improvement from 13.4% in 2022, thanks to the growth in production volumes and the continuation of the various ramp-ups already initiated. The Adjusted EBITDA of the industrial segment stood at € 43.7 million (down 28.6% from € 61.3 million in 2022), with an Adjusted EBITDA Margin of 12.2%, higher than the 11.5% in
2022. The effect of lower production volumes on the Adjusted EBITDA Margin of the industrial segment was limited thanks to the Group's ability to synergistically manage business fluctuations between the two business segments, while the pass-through mechanism offset the negative impact of raw material deflation on the top line.
EBIT in 2023 was € 80.3 million compared to € 77.2 million in 2022 (+4.1%), with the EBIT
Margin increasing from 9.1% in 2022 to 9.6% in 2023. The performance benefits from the evolution of the business mix despite the increase in depreciation and amortization, from € 26.1 in 2022 to € 33.7 in 2023, mainly due to the advancement of the investment plan to support business growth in the EV & Automotive segment.
Profit for the year 2023 reached € 38.6 million, a decrease of 11.8% compared to 2022 (€ 43.8 million), due to the increase of the net financial expenses, which include also € 6.4 million of unrealized forex losses. The Profit attributable to the Group has been equal to € 34.1 million, compared to € 39.3 million in 2022.
Order backlog and pipeline: the EV & Automotive segment order backlog reached an estimated value of € 6.4 billion, thanks to the receipt of orders in all of geographies during the year of 2023, including 2 new Chinese and one new European OEMs, plus € 5.2 billion in the pipeline as of February 29, 20244,significantly growing from the € 5 billion and € 2.5 billion respectively at the time of the IPO.
Financial position
In 2023, net capital expenditures (CAPEX) amounted to € 95.8 million, an increase of 12.6% compared to the same period of the previous year (€ 85.1 million) to support the Group's expansion plans, mainly related to the EV & Automotive segment (about 80% of total investments made).
As of December 31, 2023, Net Trade Working Capital was € 179.1 million (€ 157.0 million as of December 31, 2022) compared to €248.8 million as of September 30, 2023 and € 253.6 million as of June 30, 2023, mainly attributable to the increase in inventories needed to support major EV & Automotive projects in ramp-up phase in Europe and China expected by the end of 2023 and actually started in early 2024.
Net financial debt as of December 31, 2023 decreased by € 148.6 million compared to December 31, 2022 (€ 259.4 million) to € 110.8 million, resulting in an improvement in leverage (1.0x as of December 31, 2023, compared to 2.5x as of December 31, 2022). The trend is mainly due to the effect of proceeds from the listing process completed in February 2023, despite the absorption of working capital and increased operating investments to support growth.
Excluding the effect of the DS4 acquisition and the buyback program, the Net financial debt would be around € 90 million.
3 Net of non-recurring IPO, DS4 acquisition and HR costs
4 Orders in place as of Feb-24 for the period 2024E-2029E (70 months rolling)
MAIN FINANCIAL RESULTS OF EUROGROUP LAMINATIONS S.P.A.'S SEPARATE FINANCIAL STATEMENTS FOR THE YEAR 2023
In 2023, revenues of EuroGroup Laminations S.p.A. amounted to € 9.8 million compared to € 10.6 million in the previous year. EBIT stood at € -1.2 million compared to € 1.1 million in 2022. Profit for the year amounted to € 4.6 million compared to € 2.2 million in 2022.
PROPOSED ALLOCATION OF PROFIT FOR THE YEAR
For the financial year ending 31 December 2023, the Board of Directors resolved to propose to the shareholders' meeting the distribution of a dividend of € 0.042 per share entitled to profits (excluding treasury shares held by the Company), corresponding to a total of around € 6.8 million, while noting that any change in the number of treasury shares held by the Company at the time of distribution will not affect the amount of the dividend per share as established above, but it will increase or decrease the amount allocated to retained earnings. The dividend will be proposed for payment on 22 May 2024 (ex-dividend date 20 May 2024 and record date 21 May 2024).
The Board of Directors also resolved to adopt a dividend distribution policy with reference to the subsequent financial years of the 2023-2026 plan. The objective of this policy is to distribute dividends for an amount of up to 20% of the profit from ordinary operations (net of any disposals, divestments or other extraordinary transactions) resulting from the Company's statutory financial statements, consistent with the group's growth needs and the implementation of the business plan and subject to the group's strategic investment plans, financial and investment needs and in compliance, inter alia, with any limitations provided, from time to time, by the contractual documentation regulating the group's financial debt and provided that there are distributable profits and/or reserves resulting from the Company's statutory financial statements. This policy will be implemented by the board of directors carefully evaluating all these circumstances and will in any case be submitted to the shareholders' meeting for approval in each and every circumstance.
SIGNIFICANT EVENTS DURING THE YEAR
On February 10, 2023, EuroGroup Laminations S.p.A. completed the process of listing its ordinary shares on Euronext Milan following (i) the provision of admission to listing on Euronext Milan of the shares, and the provision of admission to trading of the Company's shares, issued by Borsa Italiana on January 31, 2023 and February 8, 2023, respectively; and (ii) the communication by the Commissione Nazionale per le Società e la Borsa ("CONSOB") of the measure of approval of the Prospectus relating to the admission to listing on Euronext Milan, a market organized and managed by Borsa Italiana S p.A., of the ordinary shares of EuroGroup Laminations S.p.A..
On August 2, 2023, the Group signed a binding agreement with Angelo Petrogalli to purchase 100% of the shares of DS4 S.r.l. ("DS4"), a company based in Pedrengo (BG) and active in the design and implementation of custom software and hardware with applications in the field of industrial automation.
The transaction was closed on October 9, 2023, following the receipt of clearance from the Italian government under the golden power regulations. The process of integration of DS4 with the Group was then initiated to serve the extraction of operational synergies envisaged in the growth plan.
On September 27, the Group announced the start of the share buyback program authorized by the Shareholders' Meeting on July 20, with the goal of reaching 3 percent of the Group's total shares by June 2024.
As of the date of this press release, the Company holds 4,763,725 treasury shares, equal to
2.841% of the share capital.
SIGNIFICANT SUBSEQUENT EVENTS
On January 12, 2024, the inauguration of the new plant in Mexico for the production of stators and rotors for the EV & Automotive segment took place.
On January 17, 2024, the Group announced that it has acquired the status of a listed SME under the CONSOB regulation approved with decision n. 11971 of the 14th of May 1999, while on January 18 2024 the Group announced its membership in the United Nations Global Compact.
On January 24, 2024, the Group's Board of Directors co-opted Dr. Axel Volker Dill, the new CEO of the Industrial division, as director following the resignation of another director.
On February 20, 2024, the Group announced the award of a significant development contract with a public contribution from the Ministry of Enterprise and Made in Italy totaling €13.1 million to cover research and industrialization activities in Italian plants in the coming years.
BUSINESS OUTLOOK
Given the evolution observed in the dynamics of the two business segments, with the robust development expected for EV & Automotive with the expectation of around 20 start of production by 2025, with weak demand and negative raw materials' price effects in Europe in 1H '24, recovery in North America and growth in Asia for the Industrial segment, with persistent consolidated profitability, and consistently with the execution of EV & Automotive capacity expansion plan, the 2024 Guidance5 include:
• Revenues: 900-960 € Mln
• EBITDA: 120-130 € Mln
• CAPEX: about 80€ Mln
• Net Trade Working Capital: 180-200 € Mln
Given what specified above, the medium-term targets5 are:
• Revenues: growth with 2024-2026 CAGR6 between 24% and 27%
• EBITDA: growth with 2024-2026 CAGR6 between 24% and 27%
• CAPEX: approximately 140 € Mln in cumulative investments to 2025 and 2026
FURTHER RESOLUTIONS PASSED BY THE BOARD OF DIRECTORS
Approval of the Annual Report on Corporate Governance and of the Ownership Structures, of the remuneration report and of the consolidated non-financial statement
The Board of Directors reviewed and approved the Annual Report on Corporate Governance and Ownership Structure, the Remuneration Report pursuant to Article 123-ter of Legislative Decree 58/98 (TUF), and the Consolidated Non-Financial Statement (NFS) pursuant to Legislative Decree 254/2016, included in the 2023 Annual Integrated Report. The reports will be made available to the public within the terms and in the manner required by current regulations.
5 2024 Guidance and Mid-term targets not including potential M&A transactions
6 Compounded Annual Growth Rate
Call of the ordinary shareholders' meeting
The Board of Directors resolved to call the Shareholders' Meeting for 6 May 2024 to resolve on the following items on the agenda:
1. Separate Financial Statements and Consolidated Financial Statements as of 31
December 2023;
1.1. Approval of the Financial Statements of EuroGroup Laminations S.p.A. as of 31
December 2023, and presentation of the Consolidated Financial Statements as of 31
December 2023, accompanied by the Directors' Report on Operations for the year 2023, the Report of the Board of Statutory Auditors, and the Independent Auditors' Reports. Related and consequent resolutions. Submission of the consolidated non-financial statement prepared pursuant to Legislative Decree 254/2016. Related and consequent resolutions;
1.2. Allocation of the result for the financial year ended 31 December 2023. Related and consequent resolutions;
2. Report on the remuneration policy and compensation paid pursuant to Article 123-ter, paragraphs 3-bis and 6, of Legislative Decree 58/98;
2.1. Binding resolution on the first section on remuneration policy prepared pursuant to Article 123-ter, paragraph 3, of Legislative Decree no. 58/1998;
2.2. Non-binding resolution on the second section on remuneration prepared pursuant to Article 123-ter, paragraph 4, of Legislative Decree no. 58/1998;
3. Appointment of a director following resignation and co-optation pursuant to Article 2386 of the Italian Civil Code and Article 13.4 of the Articles of Association; related and consequent resolutions;
4. Approval of the new regulation for the conduct of the shareholders' meeting.
For more information see the Notice of Call, accompanied by all the information required by Article 125-bis of the Consolidated Law on Finance, and the documentation that will be submitted to the Shareholders' Meeting pursuant to Articles 125-ter and 125-quater of the Consolidated Law on Finance, which will be made available to the public within the terms of law at the Company's registered office, Via Stella Rosa 48, 20021 Baranzate (MI), and on the Company's websitehttps://euro-group.it/,"Governance - Shareholders' Meetings" section. An abstract of the Notice of Call will also be published on an Italian national newspaper within the terms of law.
***
Pursuant to paragraph 2 of Article 154-bis of the Consolidated Finance Act, the manager in charge of preparing the company's accounting documents, Isidoro Guardalà, declares that the accounting information contained in this press release corresponds to the documented results, books and accounting records.
***
The income statement, balance sheet and financial position information was prepared in accordance with the International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board ("IASB") and endorsed by the European Union.
In this document, in addition to the financial measures envisaged by International Financial Reporting Standards (IFRS), a number of measures derived from the latter are presented even though they are not envisaged by IFRS (Non-GAAP Measures) in line with ESMA's guidelines on Alternative Performance Indicators (ESMA/2015/1415 Guidelines, adopted by Consob with Notice no. 92543 of 3 December 2015) published on 5 October 2015. These measures are presented in order to enable a better assessment of the Group's operating performance and should not be regarded as alternatives to IFRS.
***
The Draft Financial Statements of EuroGroup Laminations S.p.A. and the Group's
Consolidated Financial Statements as of 31 December 2023 approved by the Board ofDirectors today will be available to the public as per the relevant regulations at the company's registered office at Via Stella Rosa 48, 20021 Baranzate (MI), as well as published on the Company's website athttps://euro-group.it/ Investor section.
***
ATTACHMENTS: Attached to this press release are the consolidated and separate financial statements (EuroGroup Laminations S.p.A.), statement of financial position, income statement and statement of cash flows as of 31 December 2023, currently being audited by the auditing company.
***
The press release is available on the Group's websitehttps://euro-group.it/,in the Investors/Press Release section, as well as on the authorized storage devicewww.1info.it.
FOR FURTHER INFORMATION
EUROGROUP LAMINATIONS - INVESTOR RELATIONS
Matteo Picconeri | Investor Relations Manager |ir@euro-group.it
PRESS OFFICE | COMMUNITY - COMMUNICATION ADVISORS
Giulia Polvara |giulia.polvara@community.it | T. +39 334 2823 514 Valeria Longo |valeria.longo@community.it | T. +39 351 1410 677
ABOUT EUROGROUP LAMINATIONS
EuroGroup Laminations is a world leader in the design, production and distribution of the motor core (stators and rotors) for electric motors and generators. The Group's business is organized along two segments: (i) EV & AUTOMOTIVE, which designs and produces the motor core of electric motors used in electric vehicle traction, as well as a wide range of non-traction automotive applications; and (ii) INDUSTRIAL, which designs and manufactures products used in various applications including among others industrial applications, home automation, HVAC equipment, wind energy, logistics and pumps. With registered office in Baranzate (MI), EuroGroup
Laminations recorded revenues of approximately € 836 million in 2023, currently has a workforce of approximately 3,000 employees, 8 production plants in Italy and 6 abroad (2 in Mexico, 2 in China, 1 in the United States and 1 in Tunisia) and an Order Book for the EV & AUTOMOTIVE segment with an estimated value of approximately € 6.4 billion, and a pipeline of orders under discussion at approximately € 5.2 billion.
Consolidated Statement of Financial Position as of 31 December 2023
(Amounts in thousands of Euro) | 31 December 2023 | of which with related parties | 31 December 2022 | of which with related parties |
Goodwill | 10,543 | - | ||
Intangible assets | 7,517 | 2,774 | ||
Tangible assets | 269,341 | 206,550 | ||
Rights of use | 61,122 | 29,706 | 55,115 | 33,158 |
Non-current financial assets and | 3,649 | 5,931 | ||
receivables Deferred tax assets | 20,810 | 23,325 | ||
Other non-current assets | 2,241 | 1,834 | ||
TOTAL NON-CURRENT ASSETS | 375,223 | 295,529 | ||
Inventories | 357,044 | 335,733 | ||
Trade receivables | 117,544 | 150 | 150,573 | 43 |
Cash and cash equivalents | 204,836 | 116,503 | ||
Other current assets and receivables | 66,710 | 53,499 | ||
Current financial assets and receivables | 50,736 | 5,684 | 5,684 | |
Tax receivables | 3,188 | 4,223 | ||
Total current assets | 800,058 | 666,215 | ||
TOTAL ASSETS | 1,175,281 | 961,744 | ||
Share capital | 6,112 | 6,112 | ||
Share premium reserve | 270,288 | 34,410 | ||
Other reserves | (4,016) | 4,963 | ||
Retained earnings | 151,966 | 118,020 | ||
Total Group's equity | 424,350 | 163,505 | ||
Total equity of third parties | 34,837 | 32,120 | ||
Total equity | 459,187 | 195,625 | ||
Non-current financial liabilities | 167,589 | 190,778 | ||
Financial liabilities from non-current | 40,117 | 26,888 | 41,202 | 23,568 |
rights of use Employee benefits | 4,657 | 119 | 4,070 | 49 |
Provisions for risks and charges | 637 | 1,230 | ||
Deferred tax liabilities | 17,811 | 12,825 | ||
Other non-current liabilities | 6,802 | 5,085 | 549 | |
Total non-current liabilities | 237,613 | 255,190 | ||
Current financial liabilities | 147,303 | 142,279 | ||
Financial liabilities from current rights of | 11,178 | 3,518 | 7,192 | 2,571 |
use Trade payables | 295,448 | 1,448 | 329,292 | |
Tax liabilities | 999 | 9,849 | ||
Other current liabilities | 23,553 | 586 | 22,317 | 685 |
Total current liabilities | 478,481 | 510,929 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 1,175,281 | 961,744 |
Consolidated Income Statement as of 31 December 2023
(Amount in thousands of Euro) | 31 December 2023 | of which with related parties | 31 December 2022 | of which with related parties |
Revenues | 835,942 | 289 | 851,112 | 126 |
Other revenues and income | 4,006 | 5,270 | ||
Changes in inventories of finished and semi-finished products | 24,436 | 37,345 | ||
Raw material costs | (545,895) | (576,657) | ||
Costs for services | (94,596) | (3,034) | (98,714) | (2,318) |
Personnel costs | (107,821) | (3,280) | (105,990) | (5,531) |
Other operating expenses | (2,015) | (1) | (4,942) | (1) |
Impairment of fixed assets | - | (4,946) | ||
Depreciation and amortisation | (33,730) | (4,547) | (26,091) | (2,694) |
Operating profit | 80,327 | 76,387 | ||
Financial expenses | (24,199) | (716) | (14,117) | (405) |
Financial income | 5,746 | 12 | 2,561 | 90 |
Exchange gains (losses) | (6,432) | (1,213) | ||
Profit before tax | 55,442 | 63,618 | ||
Taxes | (16,834) | (19,840) | ||
Profit for the year | 38,608 | 43,778 | ||
Profit attributable to the Group | 34,057 | 39,287 | ||
Profit attributable to third parties | 4,551 | 4,491 | ||
Earnings per share | 0.21 | 0.32 |
Consolidated Cash Flow Statement as of 31 December 2023
(Amounts in thousands of Euro) | 31 December 2023 | 31 December 2022 |
Profit for the period | 38,608 | 43,778 |
Income taxes | 16,834 | 19,840 |
Depreciation and amortisation | 33,730 | 26,091 |
Difference between pension contributions paid and pension charges | (500) | (169) |
Financial income | (5,746) | (2,561) |
Financial expenses | 24,199 | 14,117 |
Capital (gains)/losses from the disposal of tangible assets | (71) | - |
Net changes in provisions for risks and charges | (275) | 828 |
Provision for bad debts | 702 | 1,712 |
Inventory write-down | 1,100 | 13,778 |
Share-based compensation expenses | 273 | 2,161 |
Impairment of fixed assets | - | 4,946 |
Cash flow before changes in Net Working Capital | 108,854 | 124,521 |
(Increase)/decrease in trade receivables | 35,225 | (55,266) |
(Increase)/decrease in inventories | (20,016) | (129,563) |
Increase/(decrease) in trade payables | (46,002) | 89,082 |
Increase/(decrease) in tax payables | 5,162 | (6,771) |
(Increase)/decrease in other receivables | (14,936) | (27,004) |
Increase/(decrease) in other payables | (1,154) | (13,395) |
Cash flow after changes in Net Working Capital | 67,133 | (18,396) |
Income taxes paid | (19,879) | (2,452) |
Cash flow from operating activities (A) | 47,254 | (20,848) |
(Investments) in tangible assets | (94,245) | (84,354) |
Disposal of tangible assets | 300 | - |
(Investments) in intangible assets | (1,576) | (754) |
(Investments) in current financial assets | (50,603) | - |
(Investments) in non-current financial assets | (945) | - |
Business combination | (12,041) | - |
Interests collected | 5,669 | 455 |
Dividends received | 43 | - |
Cash flow from investing activities (B) | (153,398) | (84,653) |
Equity increase | 243,750 | - |
Purchase of own shares | (6,511) | - |
New bank loans | 37,442 | 108,756 |
Repayment of bank loans | (32,773) | (63,034) |
Increase in current financial liabilities | 32,951 | 66,901 |
Repayment of current financial liabilities | (57,605) | (12,647) |
Change in scope of consolidation | - | 6,580 |
Collection of financial receivables | 6,641 | - |
Repayments of financial liabilities arising from leases | (10,821) | (9,863) |
Dividends paid | (1,002) | (5,329) |
Interests paid | (20,834) | (12,162) |
Cash flow from financing activities (C) | 191,238 | 79,202 |
Increase (decrease) in cash and cash equivalents (A+B+C) | 85,094 | (26,299) |
Cash and cash equivalents at the beginning of the period | 116,503 | 137,662 |
Effect of changes in exchange rates | 3,239 | 5,140 |
Cash and cash equivalents at the end of the period | 204,836 | 116,503 |
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Euro Group Laminations S.p.A. published this content on 28 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 March 2024 07:53:04 UTC.