The Board of Directors approved the financial statements as at 31 December 2018

NAV of Euro 5.5 million. Ebitda of Euro -0.5 million. Net result equal to Euro -14.4 million

• Revenues amount to Euro 1.7 million (Euro 25.5 million in the consolidated financial statements).
• EBITDA of Euro -0.5 million (Euro 0.65 million in the consolidated financial statements)
• EBIT is Euro -12.2 million (Euro -22.3 million in the consolidated financial statements).
• EBT amounted to Euro -17.1 million (Euro -28.1 million in the consolidated financial statements).
• Net profit of Euro -14.4 million (Euro -25.8 million in the consolidated financial statements)
• Shareholders’ equity of Euro 13.3 million (Euro 1.6 million in the consolidated financial statements)
• NFP of Euro 17.8 million (Euro 84.1 million in the consolidated financial statements)
• NAV of approximately Euro 5.5 million; NAV per share Euro 0.32

The Board of Directors of Italeaf, holding company and first Italian company builder, active in the cleantech and smart innovation sectors, listed on Nasdaq First North, approved today the Annual Financial Report as at December 31, 2018

Financial highlights*

* Annual Financial Report prepared in accordance with accounting principles ITALIAN GAAP

Italeaf’s NAV was Euro 5.5 million at 31 December 2018 (Euro 24.1 million at 31 December 2017); Nav per share Euro 0.32.

Italeaf’s Recovery and Relaunch Plan and Business Continuity

The Company’s net loss of Euro 14.5 million at December 31, 2018 was largely affected by write-downs and adjustments made to property, plant and equity investments, in order to align their book value to their realisable value, in accordance with the guidelines of the Recovery Plan that the company has prepared with the help of KPMG as industrial and financial advisor and Orrick law firm as legal advisor, and which was negotiated at length with its financial creditors and which, as indicated below, management believes may be finalised shortly. This Recovery Plan has been approved by the Board of Directors on March 28, 2019 and subsequently amended on October 30, 2019, as communicated with press releases to the market, in accordance with negotiations with the creditors.

At present, the discussions with the credit institutions for the approval of the above restructuring proposal are nearing completion. Italeaf’s management believes it is reasonable to expect that, after negotiations lasting more than 1 year, these discussions can be concluded in the short term, considering that:

(a) the parties have reached an agreement on all the substantive issues of the financial measures, also thanks to Italeaf’s willingness to accept the requests raised by the banking industry; and

(b) the management is not aware of any issues or circumstances that could prevent the restructuring agreement of the Restructuring Plan from being finalized in the near future.

Considering the expected formalisation of the Recovery Plan and the agreement with the banking sector in the near future and the ability of this plan to resolve Italeaf’s current financial difficulties, the Board of Directors, on the basis of all the information available to date, has therefore adopted the assumption that the Group will continue as a going concern in the preparation of these consolidated financial statements, confident that the financial tensions in which the Group finds itself can be overcome through the above actions taken and to be taken.

The Board of Directors will in any case closely monitor the continuation of the negotiations of the Recovery Plan in order to promptly take the necessary actions if, for reasons not reasonably foreseeable at present, the Recovery Plan proves to be no longer feasible.

The full version of the Interim Report as at 30 December 2018 will be published in English on the Company’s website www.italeaf.com and published in GlobeNewswire Intrado | Release Publishing.