SECO S.p.A.
HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2023
SECO S.p.A.
Registered office in Arezzo, via A. Grandi 20
Share capital Euro 1,296,333.53
VAT No. 00325250512
Arezzo Companies' Registration No. 4196
CONTENTS | |
Research and Development and Technological Innovation | 7 |
H1 Operating performance | 8 |
Sales revenues by region | 8 |
Alternative operating performance measures | 8 |
Alternative financial performance measures | 10 |
SECO on the stock exchange | 11 |
Subsequent events | 11 |
Outlook | 12 |
CONDENSED CONSOLIDATED HALF-YEAR FINANCIAL STATEMENTS AT JUNE 30, 2023 | 13 |
Consolidated Balance Sheet | 13 |
Consolidated Income Statement | 14 |
Consolidated Comprehensive Income Statement | 15 |
Consolidated cash flow statement | 16 |
Consolidated Statement of Changes in Equity | 17 |
NOTES TO THE CONDENSED CONSOLIDATED HALF-YEAR FINANCIAL STATEMENTS AT JUNE 30, 2023.. | 19 |
Accounting standards and basis of preparation | 19 |
Notes to the Balance Sheet | 30 |
Notes to the income statement | 40 |
Related party transactions | 43 |
Remuneration of Directors, Statutory Auditors and independent audit firm | 48 |
Subsequent events | 48 |
DECLARATION OF THE HALF-YEAR FINANCIAL REPORT PURSUANT TO ARTICLE 81-TER OF CONSOB | |
REGULATION NO. 11971 OF MAY 14, 1999 AND SUBSEQUENT AMENDMENTS AND SUPPLEMENTS | 49 |
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CORPORATE BOARDS
Board of Directors
Office held until the approval of the 2023 annual accounts
Chairperson | Daniele Conti |
Chief Executive Officer | Massimo Mauri |
Directors | Claudio Catania |
Emanuela Sala | |
Luca Tufarelli | |
Luciano Lomarini | |
Michele Secciani | |
Elisa Crotti | |
Valentina Montanari1 | |
Diva Tommei | |
Tosja Zywietz |
Board of Statutory Auditors
Office held until the approval of the 2023 annual accounts
Statutory Auditors | Pierpaolo Guzzo (Chairperson) |
Gino Faralli | |
Fabio Rossi | |
Alternate Auditors | Marco Badiali |
Maurizio Baldassarini | |
Executive Officer for Financial Reporting | Lorenzo Mazzini |
Independent Audit Firm | Deloitte & Touche S.p.A. |
1 Co-opted by the Board of Directors on December 22, 2022, to replace Giovanna Mariani, who passed away on November 4, 2022. This director will remain in office until the next meeting of shareholders called to confirm the appointment until the end of the term of the full board.
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Office held until the approval of the 2029 annual accounts
THE GROUP AND ITS OPERATIONS
The SECO Group (hereinafter also referred to as the "Group" or "SECO") consists of the parent company SECO S.p.A., hereinafter also referred to as the "Company" or "Parent Company", and its subsidiaries, as presented below:
The Company's registered office is located in Arezzo (AR), via Achille Grandi 20.
SECO is a high-tech enterprise that develops and delivers cutting-edge solutions for the digitization of industrial products and processes. SECO's hardware and software offerings enable B2B enterprises to introduce edge computing, Internet of Things, data analytics and artificial intelligence into their businesses. Within a quickly and broadly evolving marketplace, SECO's technologies encompass many fields of application, with innovative and customized solutions provided to its more than 450 customers, in sectors such as the Medical, Industrial Automation, Fitness, Vending and Transportation areas, in addition to many others.
It is indicated that the company Aidilab Inc. is inactive.
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DIRECTORS' REPORT
Market Overview
As digital technologies become ubiquitous, we are entering an era of interconnected devices, analytics, and artificial intelligence. The increasing number of intelligent devices - which can process data at the source (edge computing) and are connected to the cloud - is opening the door to new business models, creating major development opportunities, and helping to improve people's overall safety and quality of life.
The evolution of technologies such as the Cloud, Big Data and Analytics, Artificial Intelligence and the Internet of Things has accelerated the digital transformation of business processes worldwide, and the way in which companies approach the creation, provision and use of ICT products and services.
In the current environment, speed of execution and time to market are key aspects not only for competitivity, but also for a business's survival. We are witnessing across the globe a strong drive towards digitalization.
In our post-pandemic climate, this trend has significantly accelerated, with digitalization spreading to many sectors and environments of daily life which historically were far removed from this world. This trend has also advanced significantly in the industrial environment, where businesses across all sectors increasingly require more innovation, digitalization and interconnection among their products.
Climate change and issues surrounding raw material and energy supply have combined to make accelerating the digital transition increasingly crucial. Against this backdrop, digitalization will play a key role. Through Artificial Intelligence, it will offer advanced tools to support renewable energy, energy efficiency, and reduced consumption of industrial and personal devices.
The many relaunch and investment incentives programs underway in numerous countries shall contribute to further speeding up these trends, ensuring growth of the connected devices and IoT market comfortably in the double-digits, as indicated by all of the most trusted sector studies.
Operational overview
The Group's solid expansion over recent years was again confirmed in H1 2023. The development of new edge computing products and new CLEA (the proprietary IoT software platform) functionalities continued in the first six months of 2023. CLEA is a key linchpin in the strategy we have undertaken at SECO with the goal of increasing the value created for our customers by offering a growing range of end-to-end, integrated, customizable solutions, thanks to the integration of micro-computing,human-machine interfaces, software platforms and digital services based on Artificial Intelligence models.
Along this strategic line of action, we are committed at SECO to further strengthening our presence and position in the IoT and AI market through a number of major agreements to add weight to our commercial offerings.
In January, SECO was selected by Axelera AI B.V. - a Netherlands-based company specializing in the development of technologies for edge-AI - as the sole developer for Europe of edge AI solutions based on the AI MetisTM AI
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Seco S.p.A. published this content on 13 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 September 2023 17:36:01 UTC.