PRESS RELEASE 5 AUGUST 2016 ITALEAF: Interim Report January-June 2016 The Board of Directors approved the results as at 30 June, 2016. Net income amounted to Euro -3.3 million, due to write-downs of non-core banking shareholdings
- Revenues amounted to € 1.9 million (€ 51.2 million for the Italeaf Group consolidated)
- EBITDA equal to € 0.4 million (€ 9.6 million for the Italeaf Group consolidated)
- EBIT amounted to € 0.07 million (€ 2.3 million for the Italeaf Group consolidated)
- EBT equal to € -3.3 million (€ -0.7 million for the Italeaf Group consolidated)
- Net profit amounted to € -3.3 million (€ -2.6 million for the Italeaf Group consolidated)
- Shareholders' Equity amounted to € 25.7 million (€ 60.6 million for the Italeaf Group consolidated)
- NFP of € 16.9 million (€ 96.2 million for the Italeaf Group consolidated)
- NAV equal to € 20.7 million
The board of directors of Italeaf , holding company and first Italian company builder active in cleantech and smart innovation sectors, listed on on NASDAQ OMX First North, has approved today the interim report as at 30 June, 2016.
Financial highlights*
| As at June 30, 2016 | As at June 30, 2015 | Change | |
| in Euro | |||
| Revenues from sales and services | 1,928,473 | 2,068,392 | (139,919) |
| EBITDA | 366,354 | 310,595 | 55,759 |
| EBIT | 65,245 | (35,163) | 100,408 |
| EBT | (3,262,516) | 810,092 | (4,072,608) |
| Net profit/(loss) | (3,314,038) | 608,218 | (3,922,256) |
| As at 30 June 2016 | As at 31 December 2015 | Change | |
| Net working capital | (2,091,803) | (1,231,758) | (860,044) |
| Shareholders' equity | 25,713,921 | 29,954,599 | (4,240,678) |
| Total net financial debt | 16,952,226 | 16,144,394 | 807,832 |
*Separated Interim Report prepared in accordance with accounting principles ITALIAN GAAP
The NAV of Italeaf amounted to Euro 20.7 million as at June 30, 2016.
The Board of Directors, in its analysis of the data for the first half 2016, examined the evidence of the value of the process of alignment of its assets, implementing a write-down of approximately 3.4 million euro. This non-recurring reduction in value concerns investments in the portfolio related to minority stakes in Banca Popolare di Vicenza and Veneto Banca, resulting in the well known crises that have hit the two credit institutions. As a result of these write-downs, the Board believes unattainable the financial performance for the current year indicated in the three-year strategic plan 2015-17, whilst providing for some important improvements in the second half. The Board of Directors has deferred to a later time the monitoring of the actions to be taken to protect the Company's economic and legal standing, in respect of the above mentioned banks. The Board also noted that the non-recurring write-downs do not affect the strategic development and the Group ordinary industrial activity, as evidenced by the recent investment in the newco Numanova. The Chairman of Italeaf, Mr Stefano Neri , stated: " Italeaf intends to strengthen its strategic role of operator for the Italian and international ecosystem of innovation with a focus in the development of its company builder business (smart and open innovation). In the second half, according to the visibility that today we have in the markets in which the Group operates, it will be evident the positive impact of the industrial action taken in the core business. In this regard, we believe it will be possible to produce a significant improvement in the main economic and financial indicators. Italeaf has identified and is implementing, at the Group level, a series of implementation of its development programs interventions and initiatives. We believe, therefore that, in the second half the Company's core business leads to achieve a recovery of the effects of write-downs of the minority stakes in the two banks. Among the above-mentioned actions worth mentioning the extraordinary operation triggered by TerniEnergia to complete its positioning along the entire value chain of the energy sector, with the entry into the digital energy sector through the acquisition of Softeco Sismat and Selesoft Consulting. From the management point of view, the second half of the year will, therefore, focus on strengthening Italeaf as a reference point in the creation of new cleantech industries, with important programs of internationalization of its core business ".
The Interim Report as at June 30, 2016 in full version and in English, attached to this press release, will be published on the Company's website.
This press release is also available on the Company website: www.italeaf.com .
Certified Adviser Mangold Fondkommission AB is the Certified Adviser of Italeaf on NASDAQ OMX First North.
For further information please contact: Filippo Calisti CFO - Italeaf S.p.A. E-mail: calisti@italeaf.com
Mangold Fondkommission AB Tel. +46 (0)8 5030 1550 info@mangold.se
Italeaf SpA, established in December 2010, is a holding company and a business accelerator for companies and startups in the areas of innovation and cleantech. Italeaf operates as a company builder, promoting the creation and development of industrial startups in the fields of cleantech, smart energy and technological innovation. Italeaf has headquarters and plants in Italy at Nera Montoro (Narni), Terni, Milano and Lecce; has international offices in London and Hong Kong and a research and development centre in the Hong Kong Science and Technology Park. The company controls TerniEnergia, listed on the STAR segment of the Italian Stock Exchange and active in the fields of renewable energy, energy efficiency and waste management, WiSave in the "internet of things" field, for the development and production of thermostats and smart technologies for the remote control of electrical and heating items of buildings managed through a cloud infrastructure, and Skyrobotic, in the business development and manufacture of civil and commercial drones in mini and micro classes for the professional market, Numanova, operating in the field of innovative metallurgy and additive manufacturing and Italeaf RE, a real estate company.
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