Italeaf

News from Italeaf

04Oct 2022

algoWatt S.p.A., GreenTech Solutions Company listed on the Euronext Milan market of Borsa Italiana, following the press release issued on June 23, 2022, announces that the Board of Directors of the company, during its last meeting, has taken note of the signing of the agreement for the lease, to the subsidiary TerniEnergia Progetti Srl, of the business unit related to the operation of ordinary and extraordinary maintenance of photovoltaic systems.

With the transaction, which envisages an annual consideration of Euro 440,000, 14 highly professionalised employees, the “TerniEnergia” brand licence – which will be used by the new company – the technical office, equipment and software relating to the activities carried out in the photovoltaic sector in Italy and abroad by the Group, as well as the O&M contracts relating to 67 photovoltaic plants for a total installed capacity of approximately 52 MWp aretransferred to the subsidiary.

Dr. Fabrizio Venturi (58) a manager with a consistent track record in the EPC and photovoltaic O&M sectors in Italy and abroad, has been appointed Sole Director of TerniEnergia Progetti Srl and returns to join the Group after his experience as Managing Director of the former TerniEnergia from 2007 to 2017. The company, which was established in 2018 for the enhancement of assets considered no longer strategic as part of algoWatt’s Recovery Plan, will be used by the Group as a General Contractor and as a functional vehicle for field and EPC activities, from the initial design, to the construction the management of bureaucratic procedures up to the testing and commissioning of the plants and maintenance, in the fields of renewable energy, energy efficiency, energy upgrading of buildings and industrial plants and smart and digital plant engineering for the monitoring and remote control of energy production, distribution and management plants.

Through TerniEnergia Progetti Srl, the algoWatt Group intends to promptly seize the opportunities offered by decarbonisation and energy transition, the new challenges posed by the reduction of energy dependence on foreign countries, the development of the prosumer (on-site consumption) market to reduce the cost of electricity supply and the potential growth of renewable energy communities and collective self-consumption, as well as the integration of renewable plants and digital technologies for energy efficiency, maximisation of power generation and reduction of consumption.

Today, the TerniEnergia Progetti website will be published online at the URL: www.ternienergia.com.

29Aug 2022
  • algoWatt will receive a grant of approximately Euro 650,000 for industrial research and experimental development activities, for projects with a total value of approximately Euro 1 million
  • From September 2022, algoWatt will participate as an affiliated entity in the focus areas Technologies for the care and protection of the environment, towards zero emissions and Smart and sustainable ports.
  • The ecosystem, centred on robotics and artificial intelligence, comprises 33 projects with affiliated companies and is promoted by UniGe, IIT and CNR

 

algoWatt S.p.A., a GreenTech Solutions Company listed on the Euronext Milan market of the Italian Stock Exchange, is among the 22 affiliated companies participating in the national innovation ecosystem RAISE, selected by the Ministry of Education, University and Scientific Research within the PNRR, the National Recovery and Resilience Plan, for access to the negotiation and implementation phases of the proposed projects.

The company, starting in September 2022, will take part in industrial research and experimental development activities, relating to projects worth a total of about Euro 1 million, with the disbursement of non-repayable grants of around Euro 650,000. algoWatt will be involved in innovation projects relating to the areas of ‘Technologies for the care and protection of the environment, towards zero emissions’ and ‘Smart and sustainable ports’.

“This first opportunity to access PNRR funds represents an important chance for our company to increase the industrial spin-offs of applied research in the greentech sector” – said algoWatt Chairman and CEO Stefano Neri. “National and European policies outline a framework of opportunities in which our industrial plan fits perfectly. In the RAISE ecosystem, we will have the opportunity to work in the domains of robotics and artificial intelligence as enabling technologies for the development of high value-added applications, in key sectors such as environment, logistics, port, smart city and health”.

The RAISE ecosystem includes 33 projects with affiliated partners represented by small and medium-sized regional enterprises and sees the participation of UniGe, IIT and CNR as founders together with Regione Liguria, FILSE, Liguria Digitale, ANCI Liguria, CIMA Foundation and Job Centre. More than 50 % of the funds received will be dedicated to companies through calls or specific technology transfer projects for the realisation of the ecosystem.

The project, with a budget of Euro 120 million, to be allocated from the resources provided for the PNRR, aims to take a leading role in the specialisation area outlined (Robotics and AI) at national and international level through the skills already present and consolidated in Liguria.

03Aug 2022
  • Revenues of Euro 9.3 million (Euro 9.8 million as at 30/06/2021; -5%)
  • EBITDA of Euro 0.4 million (Euro 25 thousand as at 30/06/2021) with an EBITDA Margin of 4.5%
  • EBIT of Euro -1.7 million (Euro -2.6 million as at 30/06/2021; +33.1%), Result before tax (EBT) of Euro -2 million (Euro -3.6 million as at 30/06/2021; +43.8%)
  • Net profit of Euro -1.8 million (Euro -3.7 million as at 30/06/2021; +51.2)
  • Net Financial Position of Euro 13.5 million (Euro 12.8 million as of 31/12/2021; +5,73%)
  • Shareholders’ equity of Euro 10.5 million (Euro -12.1 million as at 31/12/2021; -13.4%)
  • EBITDA higher than Plan forecasts expected for year-end*
  • Updating the corporate events calendar

algoWatt S.p.A., GreenTech Solutions Company listed on the Italian Stock Exchange (MTA), announces that the Company’s Board of Directors, which met today, approved the Consolidated Financial Report as at 30 June 2022.

Chairman and CEO of algoWatt, Stefano Neri, said*:

With the results of the first half of 2022, we close the implementation of the first phase of the Recovery Plan and the Financial Agreement and intend, as of now, to demonstrate the proactivity of the new governance in implementing the strategic review envisaged in the 2022-2024 Business Plan. We are confident that the second half of the year, in line with previous years, will lead to significant growth in business and results. In particular, also due to the estimates and forecasts that we can assume in the current economic situation, we believe that at the end of the financial year 2022 we will be able to exceed the EBITDA target that we have indicated in the Industrial Plan (approximately Euro 4.5 million). Finally, in order to increase the symmetry of information between the company and investors, transparency on the actions we are taking and, at the same time, improve the understanding of business decisions and their impact on performance, we have taken the decision to publish quarterly results, providing the market with a prompt information”.

Main economic and financial results

Revenues amounted to Euro 9.3 million (€9.8 million as at 30/06/20 21; -5%). It should be noted that the first part of the financial year was dedicated, following the new Recovery Plan and the Financial Agreement, to implementing the revision of the strategic approach, characterised by a simplification of the corporate structure, with the elimination of the three business units to increase efficiency and optimise costs. In particular, a strong organisational change was imparted, oriented towards customer proximity and support with new structures (software factory, centralised project management, solution delivery and improved business processes). Management expects a boost in business volume growth in the second half of the financial year, also based on the good trend in the acquisition of new orders.

EBITDA amounted to Euro 0.4 million, a considerable increase compared to the same period of the previous year (Euro 25 thousand as of 30/06/2021), with EBITDA Margin of 4.5% growing consistently. Adjusted EBITDA, gross of restructuring-related costs (amounting to €291 thousand) and other operating expenses and contingent liabilities (amounting to €406 thousand) came to about €1 million (€1 million at 30 June 2021). The adjusted EBITDA MARGIN amounted to about 11.2% (10.5% as at 30 June 2021).

The Net Operating Result (EBIT) was negative for Euro -1.7 million, an improvement of almost Euro 0.9 million compared to the corresponding figure of the previous year (Euro -2.6 million as of 30/06/2021; + 33.1%). The change is mainly attributable to the lower incidence of depreciation, amortisation and impairment losses.

Profit before tax (EBT) amounted to Euro -2 million (Euro -3.6 million as of 30 June 2021; an improvement of 43.8%), mainly due to lower financial expenses. Please note that the restructuring agreement with banks and bondholders provided for the accrual of interest on the financially manoeuvred debt only until 30 June 2021.

The Net Profit of Euro -1.8 million, compared to Euro -3.7 million as of 30/06/2021, improved significantly (51.2%) compared to the previous year, due to the effects described above.

The Net Financial Position amounted to Euro 13.5 million (Euro 12.8 million as of 31.12.2021; +5.73%), with debt divided into a short-term portion of Euro 1.3 million and a long-term portion of Euro 12.2 million.

Current debt as of 30 June 2022 mainly includes short-term credit lines used as advances on invoices. The non-current portion of indebtedness mainly includes the residual exposure to banks, due to the effects of the new financial agreement signed by the Company and its parent company Italeaf on 22 June 2021 and which became fully effective upon the fulfilment of all conditions precedent on 30 July 2021.

Shareholders’ Equity amounted to approximately Euro 10.5 million (Euro 12.1 million as at 31/12/2021; -13.4%). Shareholders’ Equity also takes into account treasury shares held in the portfolio, which amount to 1,012,998 (2.15% of the share capital).

Business outlook

The international scenario continues to be characterised by high uncertainty related to the conflict between Russia and Ukraine, strong inflationary pressures driven by energy prices and a change in the tone of monetary policy.

Growth prospects for the coming months appear to be negatively affected by the continuation of the inflationary phase, the deterioration of the trade balance and the fall in household confidence. However, business expectations still show moderate and widespread improvements.

The described geopolitical tensions, inflation, rising interest rates and the latest lockdowns imposed by the Chinese government due to the resurgence of Covid-19 contagions represent the main challenges to overall economic growth that are causing the world’s major Banks and Institutions to revise downward their growth estimates for the current year and adding to the overall environment of uncertainty and turbulence in the markets.

These circumstances and scenarios, open up new potential opportunities for companies like algoWatt that are fully inserted in the emerging Green Tech sector, linked to clean technology, i.e. products and/or services that improve operational performance while reducing costs, energy consumption, waste and negative environmental effects. Having already anticipated this scenario with the simplification of the organisational model – characterised by the identification of the reference markets Green Energy & Utility, Green Enterprise & City and Green Mobility -, algoWatt intends to pursue these strategic choices, fitting in with the growth strands identified by the European Green New Deal, the PNRR, the policies to stimulate digitalisation and those for combating climate change and decarbonising the economy.

The Group is working to implement the Restructuring Plan pursuant to Article 67, paragraph 3, letter d), L.F. and the related Financial Agreement, In particular, compliance with the covenants and targets has been included in the new 2022-2024 plan presented in recent months and represents in its strategic guidelines the company’s main area of commitment in the short and medium term and, in any case, within the horizon of the Plan itself.

As far as algoWatt is concerned, business related to software development and system integration will be consolidated and strengthened for leading customers in the respective sectors. It is precisely in this area that the Group intends to go along with the rapid and profound technological changes and a constant evolution of the composition of professionalism and skills to be combined in the realisation of services and solutions, with the need for continuous development and updating of new products and services, and timeliness in go-to-market.

Added to this is the planned re-launch of TerniEnergia Progetti Srl, which is to operate in the fields of renewable plant installation, energy efficiency, building renovation aimed at energy modernisation and redevelopment, and technological integration, responding to the growing demand for self-consumption, electrification of consumption, production of renewable energy, and reduction of energy dependence on foreign countries.

These prospects, together with the order backlog acquired as at 30 June 2022, as well as a further backlog being formalised, allow the directors to look optimistically at the continuation of the financial year and, more generally, at subsequent years, also with reference to compliance with the financial commitments imposed by the financial manoeuvre.

Finally, the Group will continue to explore the possibility of pursuing extraordinary operations aimed at sustaining continuity and growth.

ADDITIONAL INFORMATION REQUIRED BY CONSOB PURSUANT TO ARTICLE 114 OF LEGISLATIVE DECREE NO. 58/98 (TUF)

Any failure to comply with covenants, negative pledges and any other clause in the Group’s indebtedness involving limits on the use of financial resources, with an updated indication of the degree of compliance with these clauses

On 7 December 2021, following the closing for the sale of the shares representing the entire share capital of three agricultural companies, algoWatt announced that it had met the covenant related to the 2021 Financial Parameter, which envisaged the completion of divestments for a countervalue of at least Euro 9 million, as envisaged by the Financial Manoeuvre related to the Reorganisation Plan.

As far as the financial commitments (covenants) for the year ending 31 December 2022 are concerned, it should be noted that the parent company algoWatt is obliged to comply with a NFP/Ebitda ratio of no more than 4 (which, in subsequent years, will increase to 3) and that its parent company Italeaf is committed to repaying debts to banks for a minimum amount of Euro 6 million through the sale of industrial assets. For more details on the covenants, please refer to Paragraph 3.3.1 “Going Concern Assessments” of the Notes to the Financial Statements.

With regard to the covenant on algoWatt, based on the actual results as of 30 June 2022, the orders acquired and in progress as of the same date, the directors believe that compliance with the covenant is reasonably foreseeable.

The status of implementation of any industrial and financial plans of the AlgoWatt Group, highlighting any deviations of final figures from the planned ones

Reference should be made to the 2022-2024 business plan “Leading the clean energy transition”, which was released on 29 March 2022 by the company and simultaneously presented to the market, as well as to section 3.3.1. of the Explanatory Notes, in which updates on the implementation of the new Business Plan and the Financial Agreement are reported.

***

Filing documentation

We inform you that the Consolidated Financial Report as at 30 June 2022 of algoWatt, approved by the Board of Directors today, will be made available to the public, together with the auditors’ report, in the manner required by current regulations.

Updating the corporate events calendar

algoWatt S.p.A., in order to facilitate the activities of financial market operators, pursuant to Article 2.6.2 of the Borsa Italiana S.p.A. Regulations, announces the following update to the Corporate Events Calendar released on 3 February 2022:

10 November 2022 – Meeting of the Board of Directors to approve the Interim Management Report as at 30 September 2022.

Any changes to the above calendar, as well as information on meetings with financial analysts and institutional investors, will be promptly communicated.

The corporate events calendar is available to the public on the Company’s website www.algowatt.com, in the ‘Investor Relations/Financial Calendar’ section as well as at the authorised storage mechanism 1INFO, http://www.1info.it.

***

Pursuant to paragraph 2 of Article 154-bis of the Consolidated Law on Finance, the Financial Reporting Officer, Mr. Filippo Calisti, declares that the accounting information contained in this press release corresponds to the documented results, books and accounting records.

Filing documentation

We inform you that the Consolidated Financial Report as at 30 June 2022 of algoWatt, approved by the Board of Directors today, will be made available to the public, together with the auditors’ report, in the manner required by current regulations.

*) This statement contains objectives and forecasts that reflect management’s current estimates of future events. Such forecasts include, but are not limited to, all information other than factual data, including, without limitation, information regarding operating results, strategy, plans, objectives and future developments in the markets in which the Group operates or intends to operate. The Group’s ability to achieve expected results and targets depends on external factors. Actual results may differ from those predicted or implied by the forecast data.

25Jul 2022

The Board of directors of Italeaf, a holding company active in the cleantech and smart innovation sectors, met today under the chairmanship of Fabrizio Venturi, and took note of the resignation from the role of CEO and member of the board of directors. with immediate effect, submitted by Monica Federici.

Commenting on Dr. Federici’s resignation, Chairman Venturi, on behalf of the Board of Directors and shareholders, said: “I would like to express our sincerest thanks to Monica for her unconditional dedication in her role as our CEO and as a member of the Board of Directors since the company’s establishment. Her passion for the growth and development projects of Italeaf has been particularly significant and, under her leadership, the company has pursued and achieved challenging goals, such as the listing and regeneration of the Nera Montoro industrial site, which today represents a unicum of integration of multiple productive plants, all operating in the cleantech and circular economy sectors. We wish you and your family a future full of satisfaction’.

Subsequently, the Board of Directors proceeded to co-opt Manlio Neri as a new member of the administrative body, also appointing him as the new Chief Executive Officer (CEO). The co-optation of the new member of the administrative body, Manlio Neri – who will remain in office until the next Shareholders’ Meeting of the Company – took place upon the proposal of President Venturi on behalf of the reference shareholder Skill & Trust Srl and with a resolution approved by the Board of Statutory Auditors, in compliance with the provisions of the law and the Articles of Association.

Manlio Neri was born in Spoleto (PG) in 1993 and lives in Milan. He is Sole Director of Sundrone Srl, a subsidiary of algoWatt, a company specialising in aerial surveys using drones. He is Head of Business Intelligence at algoWatt S.p.A., a company listed on the Euronext Milan Market of the Italian Stock Exchange. He was Chief Executive Officer of Italeaf HK Limited (Hong Kong), a subsidiary of Italeaf S.p.A.. He was also Managing Director of two industrial companies in South Africa of the TerniEnergia Group. He has lived in London and Hong Kong and holds master’s degrees in business administration, leadership and communication from LUISS Business School in Rome, Università Cattolica in Milan, Il Sole 24 Ore Business School and SDA Bocconi in Milan.

The curriculum vitae of the newly appointed Director is available to the public on the Company’s website at www.italeaf.com (Section Corporate Governance/Documents).

20Jul 2022
  • The orders on behalf of IREN Smart Solutions, an Esco of the IREN Group, include the construction of turnkey plants, without the supply of panels for a total of 1.22 MWp and a fee of approximately Euro 520 thousand

 

algoWatt S.p.A., a GreenTech Solutions Company listed on the Euronext Milan market of the Italian Stock Exchange, as part of its activities in the Green Enterprise & City market, in which the company operates as a supplier of solutions for energy efficiency, self-consumption, system integration between plants and hardware components, and management software platforms, has been awarded a contract worth a total of approximately Euro 520,000 for the construction of three utility-scale photovoltaic plants with a total capacity of 1.22 MWp without the supply of panels. The client of the interventions is IREN Smart Solutions, a company of the Iren Group, which offers integrated solutions for energy efficiency aimed at condominiums, businesses, public administration, non-profit and welfare bodies, and is E.S.Co. certified according to UNI CEI 11352.

The plants will be installed in Lombardy, respectively in Salerano sul Lambro (LO), Pero and Lodi to cover production plants owned by the same end customer of IREN Smart Solutions. The order envisages the turnkey supply of photovoltaic modules for self-consumption on site, with a consequent reduction of energy withdrawal from the grid and reduction of the client’s energy dependence.

15Jul 2022
  • Resignation for personal reasons of CEO Paolo Piccini
  • Luca Maria Tonelli appointed Senior Technical Advisor reporting directly to the CEO

 

The Board of Directors of algoWatt S.p.A., GreenTech Solutions Company listed on the Euronext Milan market of Borsa Italiana, met today under the chairmanship of Stefano Neri and announced that Paolo Piccini has resigned, for personal reasons and with immediate effect, from the role of CEO and member of the BoD.

Commenting on Mr Piccini’s resignation, Chairman Stefano Neri said: “I would like to express our thanks to Paolo Piccini for his dedication in his role as CEO since 2021 and as an independent member of the BoD since 2018.

We wish Mr Piccini the best of professional success in the continuation of his career”.

The Board of Directors of algoWatt, taking note of this decision, resolved to entrust the Chairman, Stefano Neri, with the powers previously held by Eng. Piccini, appointing him as CEO. The new CEO will be assisted by Senior Technical Advisor Mr Luca Maria Tonelli, a long-standing expert in technological innovation and digital transformation, who will contribute to the further growth of the Company on the Italian and European markets, through the implementation of efficient processes and the search for development and exploitation opportunities in the areas of software development and application solutions for algoWatt’s target markets. Mr. Tonelli’s CV will be available on the algoWatt website in the Investor Relations / Corporate Documents section.   

The BoD of algoWatt also resolved to terminate the employment relationship with Mr. Idilio Ciuffarella, who will consequently no longer hold the position of General Manager and Manager with strategic responsibilities of algoWatt as of today. The Board of Directors also expressed its best wishes for his future professional commitments. 

 

This press release is also available on the Company’s website www.algowatt.com and on the regulated information dissemination system 1INFO www.1info.it.

 

algoWatt (ALW), a GreenTech solutions company, designs, develops and integrates solutions for managing energy and natural resources in a sustainable and socially responsible manner. The company provides management and control systems that integrate devices, networks, software and services with a clear sectoral focus: digital energy and utilities, smart cities & enterprises and green mobility. algoWatt was born from the merger of TerniEnergia, a leading company in the renewable energy and environmental industry, and Softeco, an ICT solutions provider with over 40 years of experience for customers operating in the energy, industry and transport sectors. The company, with more than 200 employees in 7 locations in Italy and investments in research and innovation amounting to more than 12% of its turnover, operates with an efficient corporate organisation, focused on its reference markets: Green Energy Utility: renewable energies, digital energy, smart grids; Green Enterprise&City: IoT, data analysis, energy efficiency, building and process automation; Green Mobility: electric, sharing and on demand. Different markets, one focus: sustainability. algoWatt is listed on the Euronext Milan market of Borsa Italiana S.p.A..

30Jun 2022

The Shareholders’ Meeting of Italeaf, an investment holding company active in the cleantech and smart innovation sectors, met today under the chairmanship of Fabrizio Venturi, and unanimously examined and approved the financial statements of Italeaf S.p.A. and took note of the presentation of the consolidated financial statements as at 31 December 2021.

The Shareholders’ Meeting also unanimously approved the proposal to adjust the directors’ remuneration.

23Jun 2022
  • Through the subsidiary’s activities, the Group intends to seize opportunities related to the reduction of foreign energy dependence, decarbonisation and energy transition, growth in self-consumption and the Energy Communities business
  • Marco Boero appointed Chief Innovation Data Officer

The Board of Directors of algoWatt S.p.A., a GreenTech Solutions Company listed on the Euronext Milan market of Borsa Italiana, met today under the chairmanship of Stefano Neri and resolved to re-launch the activity of the newco TerniEnergia Progetti Srl, into which the assets of the former TerniEnergia were merged, represented by highly skilled employees, intellectual property and certifications, technical office, equipment and software related to the activities carried out in the photovoltaic sector in Italy and abroad.

The company (set up in 2018 for the enhancement of activities considered no longer strategic under the TerniEnergia Relaunch Plan, prior to the merger by incorporation with Softeco Sismat and the change of company name to algoWatt and the current Recovery Plan and Financial Agreement) will be used by the Group as a General Contractor and as a functional vehicle for field and EPC activities, from initial design to the construction, to the management of bureaucratic procedures up to the testing and commissioning of plants and maintenance, in the fields of renewable energy, energy efficiency, energy upgrading of buildings (Superbonus and Ecobonus) and industrial plants and smart and digital plant engineering for the monitoring and remote control of energy production, distribution and plants management.

Through the strategic objective of re-launching its subsidiary TerniEnergia Progetti Srl, the algoWatt Group intends to promptly seize the opportunities offered by decarbonisation and the energy transition, the new challenges posed by the reduction of energy dependence on foreign countries, the development of the prosumer market (on-site consumption) to reduce the cost of electricity supply and the potential growth of Renewable Energy Communities and collective self-consumption, as well as the integration of renewable plants and digital technologies for energy efficiency, maximisation of power generation and reduction of consumption.

The Board of Directors also appointed Mr. Marco Boero, algoWatt’s current senior advisor for the Green Mobility sector, as the new Chief Innovation Data Officer.

07Jun 2022
  • Revenues amounted to Euro 1.46 million (Euro 24.2 million in the consolidated financial statements)
  • EBITDA of Euro -0.5 million (Euro 2.7 million in the consolidated financial statements)
  • EBIT amounted to Euro -1.5 million (Euro -6.7 million in the consolidated financial statements)
  • Net profit of Euro 2.7 million (Euro 16.8 million in the consolidated financial statements)
  • Shareholders’ equity of Euro 6.4 million (Euro 0.8 million in the consolidated financial statements)
  • NFP of Euro 18.5 million (Euro 31.4 million in the consolidated financial statements)

 

The board of directors of Italeaf, a holding company active in the cleantech and smart innovation sectors, today approved the consolidated financial report as at 31 December 2021 and the financial statements for the year 2021.

The main economic and financial results of the Group and of the company Italeaf S.p.A. are reported below:

 

Economic and Financial Highlights Separate Financial Statements 2021

 

2021

2020

Variation

 

Economic Data

 

 

 

Net revenues from sales and services

1.451.501

1.938.235

(486.734)

EBITDA

(582.845)

105.879

(688.724)

EBIT

(1.489.806)

(307.045)

(1.182.761)

Net Result

2.696.423

(278.982)

2.975.405

Financial Data

 

 

 

NFP

18.522.693

18.804.258

(281.565)

Shareholders’ Equity

6.386.413

3.689.991

2.696.422

*According to ITALIAN GAAP accounting principles

 

Economic and Financial Highlights of the Consolidated Annual Financial Report 2021

 

2021

2020

Variation

 

Economic Data

 

 

 

Net revenues from sales and services

24.161.570

19.925.524

4.236.046

EBITDA

2.738.158

(1.727.028)

4.465.186

EBIT

(6.698.257)

(4.398.752)

(2.299.505)

Net Result

16.842.912

(6.923.273)

23.766.185

Financial Data

 

 

 

NFP

31.409.431

84.257.745

(52.848.314)

Shareholders’ Equity

776.883

(33.296.824)

34.073.707

*Annual financial report prepared in accordance with IFRS-EU accounting standards

10May 2022

Growing EBITDA and return to profit: success of the recovery plan and financial manoeuvre, strengthening of governance and new organisational structure

  • Approval of the First Section of the Remuneration Report required by art. 123-ter of italian TUF
  • Remuneration and incentive policies approved
  • Appointed the Board of Directors of algoWatt S.p.A., which will remain in office for the financial years 2022, 2023 and 2024. Stefano Neri confirmed as Chairman
  • Appointed the Board of Statutory Auditors of algoWatt S.p.A., which will remain in office for the financial years 2022, 2023 and 2024
  • Authorised the use of treasury shares for extraordinary transactions aimed at competitive positioning and strengthening of the company

 

The Ordinary Shareholders’ Meeting of algoWatt S.p.A., a GreenTech Solutions Company listed on the Euronext Milan market of Borsa Italiana, met today under the chairmanship of Stefano Neri. The Shareholders’ Meeting examined and approved, by unanimous resolution, the draft financial statements and acknowledged the presentation of the consolidated financial statements as at 31 December 2021.

 

ALGOWATT’S RESULTS AS AT 31 DECEMBER 2021

Revenues amounted to €22 million (€19.4 million at 31/12/20 20; +13%). The year 2021 was characterised by the completion of the drafting, approval and entry into force of the Reorganisation Plan and the related Financial Agreement with the creditors. It should be noted that, with the strengthening of governance and the revision of the strategic approach, a simplification of the corporate structure was launched in the last part of the financial year, eliminating the three business units to increase efficiency and optimise costs, with new business segments (software factory, centralised project management, solution delivery and improved processes).

EBITDA amounted to Euro 3.2 million, an increase of approximately 75% compared to the previous year (Euro 1.8 million at 31/12/2020), with an EBITDA margin of 14.68%.

The Net Operating Result (EBIT) was negative at -€3.4 million, a decrease of €3.7 million compared to the corresponding figure for the previous year (€0.3 million at 31/12/2020).

Profit before tax (EBT) amounted to EUR 9.4 million (EUR -2.3 million at 31/12/2020.

The Net result of €8.5 million, compared to -€3.5 million at 31/12/2020, a significant improvement on the previous year due to the effects described above, also includes the loss of €0.7 million from assets held for sale or disposal.

The Net Financial Position amounted to Euro 14.2 million (Euro 66.9 million at 31/12/2020), with debt divided into short-term portion of Euro 2 million and long-term portion of Euro 12.2 million.

Shareholders’ Equity amounts to approximately 12 million Euro (-28.5 million Euro as at 31/12/2020), with an increase compared to the previous year of 40,589 thousand Euro mainly due to the effects of the restructuring agreement. Shareholders’ Equity also takes into account treasury shares held in portfolio, which amount to 1,012,998 (2.15% of the share capital).

 

ALGOWATT GROUP’S CONSOLIDATED RESULTS AT 31 DECEMBER 2021

Net revenue amounted to €23 million (€19.2 million as at 31 December 2020). EBITDA amounted to €3.3 million (€0.8 million as at 31 December 2020). Net profit amounted to €6.6 million (€6 million as at 31 December 2020).

 

The Manager responsible for preparing the company’s financial reports, Mr Filippo Calisti, declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law on Finance, that the accounting information contained in this press release corresponds to the document results, books and accounting records.

 

REPORT ON REMUNERATION PURSUANT TO ART. 123-TER D. LGS. 58/98

The Shareholders’ Meeting examined the Report on remuneration policy and compensation paid (the “Remuneration Report”) prepared by the Company’s Board of Directors pursuant to Article 125-ter of Legislative Decree no. 58 of 24 February 1998 and Articles 72 and 84-ter of Consob Regulation no. 11971 of 14 May 1999, as amended.

The Shareholders’ Meeting unanimously voted in favour of the first section of the Remuneration Report and approved the remuneration policy for the members of the Company’s governing bodies, the General Manager and key management personnel.

The Shareholders’ Meeting also unanimously voted in favour of the second section of the Remuneration Report.

With reference to the termination of the office of Chief Executive Officer of Laura Bizzarri due to expiry of the terms, it should be noted that no agreements have been entered into between the Company and the executive directors that provide for compensation in the event of termination of the relationship. The Board has also evaluated the advisability of not adopting succession plans for executive directors, as reported in the specific paragraph of the Report on Corporate Governance and Ownership Structure for the year 2021.

 

RENEWAL OF CORPORATE BODIES

The Shareholders’ Meeting unanimously appointed the members of the Board of Directors, which will remain in office for the financial years 2022, 2023 and 2024, until the date of the Shareholders’ Meeting called to approve the financial statements as at 31 December 2024, and confirmed the number of members at 5. The directors, proposed in the list submitted by the majority shareholder Italeaf S.p.A., and voted by the Shareholders’ Meeting are: Stefano Neri, who assumed the position of Chairman; Paolo Piccini; Michele Costabile; Stefania Bertolini; Laura Neri. Stefania Bertolini and Michele Costabile declared that they meet the requirements of independence set forth in current legislation, including the Consolidated Finance Act, and in the Corporate Governance Code.

The Shareholders’ Meeting also resolved to set the total annual taxable emolument of the Board of Directors at a maximum of EUR 290,000 in addition to the charges and contributions provided for by law, including those in favour of directors holding special offices and members of the board committees.

Also appointed were the three members of the Board of Statutory Auditors and two alternate auditors indicated from list no. 1, who will remain in office for the 2022, 2023 and 2024 financial years: Andrea Bellucci, who took on the role of Chairman of the Board of Statutory Auditors; Simonetta Magni; Marco Chieruzzi. Caterina Brescia and Massimo Pannacci were elected alternate auditors.

The Shareholders’ Meeting unanimously resolved in favour of the members of the Board of Statutory Auditors, for the entire duration of their office, a total annual gross emolument of Euro 70 thousand in addition to the reimbursement of expenses incurred in connection with the appointment.

The curricula vitae of the members of the Board of Directors and the Board of Statutory Auditors are available on the Company’s website at www.algowatt.com (Corporate Governance/Corporate Documents section).

 

AUTHORISATION TO USE TREASURY SHARES

Lastly, the Shareholders’ Meeting resolved by majority vote to authorise the Board of Directors, pursuant to Article 2357-ter of the Italian Civil Code, to use treasury shares for extraordinary transactions, including for the purpose of improving the Company’s operations and competitive positioning, in the event that investment opportunities arise, including through exchange, swap, contribution, sale or other act of disposal of treasury shares for the acquisition of equity investments or share packages.

 

The summary voting report and the minutes of the Shareholders’ Meeting will be made available to the public, within the time limits and in the manner required by law, at the Company’s registered office and on the Company’s website at www.algowatt.com (Investor Relations and Corporate Governance/Assembly sections, as well as on the authorised storage mechanism 1Info (www.1info.it).