BasicNet S p A : BoD approves 2023 Separate Financial Statements and Consolidated Financial Statements5 visualizzazioni

Financial statements (audit not yet complete)

CONSOLIDATED FINANCIAL STATEMENTS

(Euro thousands)

		FY 2023	FY 2022	Changes
Consolidated direct sales	332,758	%	312,711	%	20,048	%
(56.32)	(60.29)	0.60
Cost of sales	(187,407)	100.00	(188,537)	100.00	1,130	6.41
43.69	39.71	17.05
GROSS MARGIN	145,345	124,174		21,171
Royalties and sourcing commissions	62,273	18.71	72,305	23.12	(10,032)	(13.87)
3.27	2.54	36.89
Other income	10,888	(11.78)	7,954	(11.20)	2,934	(12.00)
Sponsorship and media costs	(39,214)	(13.55)	(35,013)	(12.25)	(4,201)	(17.68)
Personnel costs	(45,074)		(38,301)		(6,773)
Selling, general and administrative costs,	(76,087)	(22.87)	(70,187)	(22.44)	(5,900)	(8.41)
royalties expenses	(5.12)	(4.74)	(14.97)
Amortisation & depreciation	(17,039)		(14,821)		(2,218)
EBIT		41,099	12.35	46,111	14.75	(5,012)	(10.87)
Net financial income (charges)	(8,483)	(0.01)	(2,785)	(0.00)	(5,699)	0.00
Management of equity investments	(21)	(2.55)	(6)	(0.89)	(14)	n.a.
PROFIT BEFORE TAXES	32,594	9.80	43,320	13.85	(10,726)	(24.76)
Current income taxes	(8,218)	(2.47)	(13,283)	(4.25)	5,064	38.13
NET PROFIT FOR THE YEAR	24,376	7.33	30,037	9.61	(5,661)	(18.85)
Earnings per share:
-	basic	0.4912		0.5994		(0.108)	(18.05)
-	diluted	0.4912		0.5994		(0.108)	(118.05)

BASICNET GROUP CONSOLIDATED BALANCE SHEET

(Euro thousands)

		December 31, 2023	December 31, 2022
Intangible assets		69,290	67,479
Rights-of-use		35,900	29,911
Goodwill		43,206	41,853
Property, plant and equipment		55,371	56,503
Equity invest. & other financial assets		955	794
Interests in joint ventures		182	184
Deferred tax assets		8,203	7,727
To al non-current assets		213,108	20 ,451
Net inventories		112,239	124,983
Trade receivables		76,329	80,887
Other current assets		14,686	9,852
Prepayments		11,499	12,454
Cash and cash equivalents		31,962	19,476
Derivative financial instruments		930	1,011
Total current assets		247,644	248,663
TOTAL ASSETS		460,752	453,114
		December	, 2023	December , 2022
Share capital		31,717	31,717
Reserve for treasury shares in portfolio		(16,442)	(13,955)
Other reserves		125,137	101,347
Net Profit		24,376	30,037
TOTAL SHAREHOLDERS' EQUITY		16 ,787	149,146
Provisions for risks and charges		4,337	1,792
Loans		39,214	52,014
Payables for rights-of-use		36,778	30,734
Other financial payables		8,146	9,749
Employee and Directors benefits		3,870	3,279
Deferred tax liabilities		7,690	7,004
Other non-current liabilities		2,225	1,976
Total non-current liabilities		102,2	9	106,548
Bank payables		85,351	61,338
Trade payables		76,959	100,074
Tax payables		7,788	9,737
Other current liabilities		13,284	17,069
Accrued expenses		10,055	6,148
Derivative financial instruments		270	3,054
Total current liabilities		193,706	197,420
TOTAL LIABILITIES		295,965	303,968
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		460,752	453,114
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CONSOLIDATED CASH FLOW STATEMENT

(Euro thousands)

	December 31, 2023	December 31, 2022
A) OPENING SHORT-TERM BANK DEBT	(26,438)	6,325
B) CASH FLOW FROM OPERATING ACTIVITIES	24,376	30,037
Profit (Loss) for the year
Amortisation & depreciation	17,039	14,821
Management of equity investments	21	6
Changes in working capital:	4,558	(26,254)
. (Increase) decrease in trade receivables
. (Increase) decrease in inventories	12,744	(55,741)
. (Increase) decrease in other receivables	(5,022)	3,560
. Increase (decrease) in trade payables	(22,573)	29,799
. Increase (decrease) in other payables	8,132	1,843
Net changes in employee and director benefits	592	(1,624)
Others, net	(286)	82
C) CASH FLOW FROM INVESTING ACTIVITIES	39,582	(3,471)
(4,054)	(4,044)
Investm nts in fixed assets:
- tangible assets
- intangible assets	(6,853)	(13,346)
- financial assets	(159)	-
- acquisition K-Way France	(7,343)	(11,886)
Re lisable value for fixed asset disposals:	-	-
- tangible assets
- intangible assets	54	-
- financial assets	-	-
	(18,355)	(29,275)
D) CASH FLOW FROM FINANCING ACTIVITIES	900	31,500
New medium/long term loans
Loan repayments	(14,790)	(12,066)
Repayment of loans for rights-of-use	(8,470)	(6,822)
Treasury share purchases	(2,488)	(6,537)
Dividend payments	(8,999)	(6,093)
	(33,847)	(17)
E) CASH FLOW IN THE YEAR	(12,620)	(32,763)
F) CLOSING SHORT-TERM NET BANK DEBT	(39,059)	(26,438)

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BASICNET GROUP SUMMARY NET FINANCIAL POSITION

(Euro thousands)

	December 31, 2023	December 31, 2022	Changes
Net financial position with banks - Short-term	(53,390)	(41,862)	(11,528)
Financial payables - Medium-term	(39,136)	(51,756)	12,619
Finance leases	(77)	(259)	181
Long-term payables for the acquisition of shares	(9,738)	(17,081)	7,343
Net financial position with banks	(92,603)	(93,876)	1,272
Payables for rights-of-use	(36,778)	(30,734)	(6,044)
Total net financial position	(139,119)	(141,691)	2,571
Net Debt/Equity ratio (Net financial	0.84	0.95	(0.11)
position/Shareholders' equity)

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BASICNET S.P.A. FINANCIAL STATEMENTS

BASICNET S.p.A. - INCOME STATEMENT

(in Euro)

	FY 2023	FY 2022	Changes
Services to Group companies	14,634,685	11,371,302	3,263,383
Royalties and sourcing commissions	2,197,639	24,052,072	(21,854,433)
Direct sales	160,545	2,632,441	(2,471,896)
Cost of sales	(244,283)	(2,295,002)	2,050,719
Other income	1,147,676	460,977	686,699
Sponsorship and media costs	(268,307)	(657,363)	389,055
Personnel costs	(10,755,681)	(10,159,935)	(595,746)
Selling, general and administrative costs,	(13,516,536)	(17,168,763)	3,652,227
royalties expenses
Amortisation & depreciation	(3,967,682)	(4,373,895)	406,213

EBIT	(10,611,945)	3,861,834	(14,473,779)
Net financial income (charges)	(208,387)	(94,050)	(114,377)
Dividends	3,000,000	7,000,000	(4,000,000)
Investment income (charges)	25,578,604	-	25,578,604

PROFIT BEFORE TAXES	17,758,272	10,767,784	6,990,488
Income taxes	2,318,741	387,712	1,931,029
NET PROFIT FOR THE YEAR	20,077,014	11,155,496	8,921,517

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BASICNET S.p.A. - BALANCE SHEET

(in Euro)

	December 31, 2023	December 31, 2022
Intangible assets	4,227,329	3,969,048
Rights-of-use	3,564,117	7,072,144
Plant, machinery and other assets	1,822,148	1,966,254
Equity invest. & other financial assets	137,834,060	112,250,455
Deferred tax assets	1,403,510	1,664,351
To al non-current assets	148,851,163	126,922,252
Net inventories	-	-
Trade receivables	2,154,889	3,462,679
Other current assets	75,150,808	48,285,960
Prepayments	652,806	3,277,898
Cash and cash equivalents	1,525,834	541,699
Total current assets	79,484,336	55,568,236
TOTAL ASSETS	228,335,499	182,490,488
	December 31, 2023	December 31, 2022
Share capital	31,716,673	31,716,673
Treasury shares	(16,442,464)	(13,954,869)
Other reserves	120,048,939	117,902,283
Net Profit	20,077,014	11,155,496
TOTAL SHAREHOLDERS' EQUITY	155,400,1 2	146,819, 83
Provision for risks and charges	45,569	45,569
Loans	2,426,994	5,472,715
Payables for rights-of-use	3,670,479	7,124,087
Employee and Directors benefits	1,750,460	1,218,015
Total non-current liabilities	7,893,502	13,86 ,386
Bank payables	26,152,370	4,630,255
Trade payables	3,893,092	5,545,163
Tax payables	3,554,607	5,161,019
Other current liabilities	31,276,550	6,404,124
Accrued expenses	75,217	69,958
Total current liabilities	65,041,835	21,810,519
TOTAL LIABILITIES	72,935,337	35,670,905
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	228,335,499	182,490,488

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BASICNET S.p.A. - CASH FLOW STATEMENT

(in Euro)

December 31, 2023	December 31, 2022

1. OPENING SHORT-TERM NET BANK DEBT
2. CASH FLOW FROM OPERATING ACTIVITIES
   Net Profit (Loss) for the year Amortisation & depreciation Reversal of impairment losses Changes in working capital:
3. • (increase) decrease in trade receivables
   • (increase) decrease in inventories
   • (increase) decrease in other receivables
   • increase (decrease) in trade payables
   • increase (decrease) in other payables

Net changes in employee and Directors benefits Others, net

1. CASH FLOW FROM INVESTING ACTIVITIES Investments in fixed assets:
2. • tangible assets
   • intangible assets
   • financial assets

Realisable value for fixed asset disposals:

1. • tangible assets
   • intangible assets
   • financial assets
2. CASH FLOW FROM FINANCING ACTIVITIES
   Net change in inter-company payables/receivables Reimbursement of finance leases Medium/long term loans (repayments) Repayments of medium/long term loans Repayment of debts for rights-of-use
   Treasury share purchases Distribution of dividends
3. CASH FLOW IN THE YEAR
4. CLOSING SHORT-TERM NET BANK DEBT

536,445(6,559,358)

20,077,01411,155,496

3,967,8624,373,895

(25,578,604)-

1,307,7902,949,117

• (448,061)
  (19,412,274)(4,303,385)
  (1,562,071)1,222,893
  3,605,199(215,613)

522,722	(1,015,574)
-	45,569
(17,072,993)	13,764,338
(384,878)	(747,040)
(204,768)	(2,429,450)
(5,000)	(5,047,030)
15,818	161
	-
(578,829)	(8,223,359)
-
15,099,883	21,022,852
(45,721)	(53,585)
-	-
(3,812,500)	(5,468,750)
(3,453,608)	(1,316,606)
(2,487,595)	(6,536,517)
(8,999,118)	(6,092,570)
(3,698,658)	1,554,824
(21,350,480)	7,095,803
(20,814,035)	536,445

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BASICNET S.P.A. SUMMARY NET FINANCIAL POSITION

(Euro thousands)

		December 31, 2023	December 31, 2022	Changes
Net financial position - Short-term	(24,627)	(4,089)	(20,538)
Financial payables - Medium-term	(2,406)	(5,406)	3,000
Finance leases	(21)	(66)	46
Group financial receivables/(payables)	21,249	36,349	(15,100)
Net fina	position with nks	( 7,054)	(9,561)	( 7,492)
Payables for rights-of-use	(3,670)	(7,124)	3,454
Financial position with the Group	17,579	29,225	(11,646)
Total net financial position	(9,475)	19,664	(29,139)

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