• Reviewed management performance in the first ten months of the year: turnover up 14.6%

The Board of Directors of algoWatt, GreenTech Solutions Company listed on the Italian Stock Exchange (MTA), met today, following the press release issued on August 4, 2020 to which reference should be made, deemed it appropriate to postpone any decision regarding the approval of the draft financial statements and consolidated financial statements at December 31, 2019, as well as the half-yearly financial report at June 30, 2020, to a later date. This in order to be able to take full account, when approving these financial data, of the impacts arising from the necessary discussions with the creditors, aimed at remodelling and updating the certified Recovery and Relaunch Plan and the related Financial Agreement. The aforementioned update is necessary to allow a realignment of the manoeuvre with respect to the revision of the business model and, as communicated on 21 April 2020, to acquire a complete information picture in light of the impacts of the COVID-19.

The precise date of the Board meeting for the approval of the 2019 financial statements, the 2020 half-yearly report and the call of the Shareholders’ Meeting shall be decided by the Board of Directors within the last ten days of December 2020 and communicated to the market with a subsequent press release, in accordance with the applicable provisions.

The Board of Directors also examined the management figures relating to the sales of AlgoWatt SpA as at 30 October 2020, which showed a significant improvement compared to the previous year’s figures. Specifically, the sales of AlgoWatt SpA as at 30 October 2020, excluding discontinued operations, amounted to 11.5 million Euro, an increase of 14.6% compared to the corresponding figure for the previous year. This figure does not represent the amount of the company’s revenues at the same date, in fact, not taking into account the work carried out and not yet invoiced, as well as the contribution of research projects, which amounted to approximately 1.6 million in the first ten months of 2020. This is a significant figure, especially as an indicator of an improvement in cash generation for the Company in an unfavourable economic context.

Finally, the Board of Directors of algoWatt approved the update of the Company’s Code of Ethics, which will be published on the website www.algowatt.com in the Investor relations/Corporate governance/Corporate documents section and on the 1Info regulated information storage system at the URL www.1Info.it.