Nella foto da sinistra: Fabio Fazzari – Group Financial Director Newlat Food, Angelo Mastrolia – Presidente Esecutivo Newlat Food, Giuseppe Mastrolia – Amministratore Delegato e Chief Commercial Officer, Simon Harrison – CEO Princes Group, Benedetta Mastrolia – Head Investor Relations Newlat Food.
• New record for combined consolidated1 revenues, which reached €2.8 billion.
• Adjusted combined EBITDA2 at €177.6 million – adj. EBITDA margin at 6.4%, in line with the guidance provided following the acquisition of the Princes Group.
• Combined consolidated EBIT of €194.5 million, an improvement of 10.1% compared to the previous year’s figure of €176.7 million
• Combined consolidated net profit of €142.3 million, up 5.3% compared to the previous year
• Underlying FCF3: €225 million, thanks to a significant improvement in working capital despite substantial CAPEX investments.
• Adjusted consolidated net debt4 as at 31 December 2024: €346 million (ND/EBITDA 1.95x), a significant improvement compared to €437.4 million recorded at the end of September 2024, thanks to cash generation from operating activities and improved working capital of the Princes Group. Excluding IFRS 16 lease liabilities, the consolidated ND as at 31 December 2024, stands at €246.2 million (ND/EBITDA 1.38x).
• Positive performance across all key categories in the first months of the year, strengthening growth prospects for 2025.
1 The combined data for Revenues and EBITDA reflect the aggregated consolidated results of the Newlat Group and the Princes Group
from January 1, 2024.
2 Adjusted EBITDA is defined as the EBITDA for the period, adjusted for income and expenses that, due to their nature,
are reasonably expected not to recur in future periods.
Underlying FCF: Operating Cash Flow (excluding exceptional items) – CAPEX – Minorities 4 Adjusted Net Debt does not include the €200 million shareholder loan granted by the parent company (Newlat Group S.A.) to the subsidiary Newlat Food S.p.A., in support of the acquisition of Princes Ltd.
The Board of Directors of Newlat Food S.p.A. (“Newlat Food” or the
“Company”), which met today at Piazza Affari seat of the Milan Stock Exchange under the chairmanship of Angelo Mastrolia , the Chairman of Newlat Food, examined and approved the Draft Financial Statements and Consolidated Statement for the year ended 31 December 2024.
At the event partecipated also Fabio Fazzari – Group Financial Director o f Newlat Food, Giuseppe Mastrolia AD and Chief Commercial Officer, Simon Harrison – CEO Princes Group and Benedetta Mastrolia – Head Investor Relations of Newlat Food.
Key figures from the Management Report
Below are the financial highlights of the Newlat Group as at 31 December 2024 and as at 31 December 2023.
The Group’s combined consolidated revenues for the 2024 fiscal year amounted to €2.77 billion, in line with the previous year.
The adjusted combined EBITDA was €177.6 million, with an adjusted combined EBITDA margin of 6.4%.
The Group’s combined consolidated EBIT amounted to €194.5 million, improving by 10.1% compared to €176.7 million recorded in the previous year.
The group reports an outstanding cash generation, with Free Cash Flow amounting to €197 million, even exceeding the combined EBITDA figure.
The combined consolidated net profit stood at €142.3 million, an increase of 5.3% compared to the previous year.
The combined consolidated net profit amounts to €142.3 million, marking a 5.3% increase compared to the previous year.
The net result was impacted by an increase of approximately €9 million in financial expenses related to the acquisition financing for the purchase of the Princes Group. Considering the recent bond issuance, the reduction in European Central Bank interest rates, and the strong cash generation, the Company estimates that financial expenses for 2025 will decrease by approximately €15 million, with a significant
positive impact on the Group’s net profit.
Adjusted consolidated net debt as of 31 December 2024 stands at €346 million, showing a significant improvement compared to €437.4 million recorded on 30 September 2024, driven by cash generation from operating activities and the improvement in Princes Group’s working capital.
Excluding the effects of IFRS 16, the consolidated ND as of 31 December 2024 amounts to €246.2 million. The ND/EBITDA ratio
(including IFRS 16) stands at 1.94x, while the ND/EBITDA ratio (excluding IFRS 16) is 1.38x, marking a strong improvement compared to the end of September 2024.
“The results achieved in 2024 are clear evidence of the solidity of our Group, which has been able to create value even in a macroeconomic context characterised by deflationary price pressures, reaching a combined revenue of €2.8 billion by the end of 2024. Our extraordinary ability to generate cash, reflected in over €197 million of Free Cash Flow generated during the year, has enabled a significant reduction of more than €90 million in Net Financial Position, strengthening our financial structure and ensuring greater strategic flexibility for the future. A key milestone in our financial strategy was the bond issuance this February, which will allow us to significantly lower the average cost of debt. This will enable us to benefit from a substantial reduction in financial expenses in 2025, positively impacting profitability and value creation for our stakeholders. The integration with Princes is progressing effectively, and the first benefits from synergies—particularly on the production and commercial fronts, as well as through the centralisation of procurement—are already translating into a tangible improvement in Princes’ working capital and an increase in operating margins, with extremely positive effects on EBITDA. Furthermore, our extensive product portfolio opens up new opportunities for intra-group value enhancement, allowing us to seize strategic optimisation and development opportunities both in our core markets and globally. Thanks to proactive management, a solid business model, and a clear strategic vision, we look to the future with confidence, ready to seize new opportunities for growth and consolidation in an ever-evolving market.” Commented Angelo Mastrolia.
Analysis of the combined consolidated revenue
In 2024, Newlat Food achieved consolidated revenues equal to €2.8 billion, split as follows:
Revenues by Business Unit (In € thousand and in %) Proforma at 31 December Change 2024 % 2023 % 2024 vs 2023 %
Pasta 193,328 7.0% 212,934 7.7% (19,606) -9%
Milk Products 274,547 9.9% 259,272 9.3% 15,275 6%
Bakery Products 45,177 1.6% 50,327 1.8% (5,150) -10%
Dairy Products 60,139 2.2% 57,189 2.1% 2,950 5%
Special Products 23,620 0.9% 33,947 1.2% (10,327) -30%
Instant Noodles & Bakery Mixes 151,512 5.5% 165,414 6.0% (13,902) -8%
Foods 645,292 23.2% 669,127 24.1% (23,835) -4%
Drinks 354,544 12.8% 337,773 12.2% 16,770 5%
Fish 465,026 16.8% 427,450 15.4% 37,575 9%
Italian Products 181,492 6.5% 177,172 6.4% 4,321 2%
Oils 366,023 13.2% 373,852 13.5% (7,830) -2%
Other Products 15,026 0.5% 14,256 0.5% 770 5%
Revenues from clients’ contracts 2,775,725 100.0% 2,778,714 100.4% (2,988) (0.1%)
Revenues for the Pasta segment decreased due to a combined effect of a reduction in the average selling price and a slight decline in volumes in Germany and the B2B and Private Label segments.
Milk Products sales increased thanks to a combined effect of higher average selling prices, particularly in the second half of the year (+64%), and increased demand, especially in the traditional sector (+36%).
Revenues for the Bakery Products segment went down following a reduction in the average selling price and a decrease in demand in the domestic and private label markets.
Revenues of Dairy Products increased thanks to higher demand from existing customers and new customers.
Revenues for the Special Products segment declined due to lower sales volumes linked to investments made at the Ozzano Taro plant. However, there was a clear recovery compared to September 30 figures and Q4 sales went up by 44% compared to Q4 2023.
The Instant Noodles & Bakery Mixes segment went down due to a combined effect of a reduction in the average selling price and a slight decrease in volumes in the United Kingdom and in the Organized Large- Scale Distribution and Private Label segments.
Foods sales decreased mainly due to a drop in volume caused by increased competition in baked beans and a reduction in the average selling price to maintain existing contracts.
Sales of canned ready meals declined due to lower sales volumes but were offset by higher selling prices for soups.
Revenues for the Drinks segment increased thanks to sales of the Capri Sun brand and new co-packing contracts, which generated incremental sales of approximately €3 million.
Inflationary orange juice prices, which were passed on to customers, led to a decline in demand.
Sales in the Fish segment increased as a result of higher sales volumes, particularly in the frozen segment in the UK and European markets, especially for canned and frozen tuna.
Revenues for the Italian Products segment increased due to a combination of a decline in sales for the Napolina brand and an increase in Private Label volumes. The decline in Napolina-branded oil sales was offset by higher sales volumes of legumes.
The Oils segment sales decreased mainly due to lower sales volumes, particularly in Poland, offset by strong performance in the UK market.
Revenues for the Other Activities segment increased compared to the previous year due to a rise in the average selling price.
Revenues by Distribution Channel (In € thousand and in %) Proforma at 31 December Change 2024 % 2023 % 2024 vs 2023 %
Large retailers 1.003.830 36.2% 998.667 35.9% 5,163 1%
B2B partners 228.474 8.2% 243.102 8.7% (14,629) -6%
Normal trade 90.853 3.3% 94.308 3.4% (3,454) -4%
Private labels 1.225.131 44.1% 1.202.514 43.3% 22,617 2%
Food services 227.437 8.2% 240.122 8.5% (12,685) -5%
Revenues from clients’ contracts 2.775.725 100.0% 2.778.714 99.8% (2,988) (0.1%)
Large Retailers sales were in line with the previous year, thanks to a strong recovery in the fourth quarter driven by the Fish sector.
Revenues for the B2B Partners channel declined mainly due to a contraction in volumes in the Pasta and Foods sectors.
The Normal Trade channel recorded a significant increase following higher sales volumes and a higher average price compared to the 2023 average.
Private Label channel sales increased, primarily driven by growth in the Fish and Dairy segments.
Revenues for the Food Services channel declined, mainly due to a contraction in demand in the Foods sector.
Revenues by Geography
(In € thousand and in %) Proforma at 31 December Change
2024 % 2023 % 2024 vs 2023 %
Italy 439,993 15.9% 471,421 17.0% (31,428) -7%
Germany 195,037 7.0% 172,509 6.2% 22,528 13%
UK 1,488,454 53.6% 1,476,097 53.1% 12,358 1%
Other countries 652,240 23.5% 658,685 23.7% (6,445) -1%
Revenues from clients’ contracts 2,775,725 100% 2,778,714 100.0% (2,987) (0.1%)
Sales in Italy went down mainly due to a decrease in sales in the Pasta, Bakery, and Special Products sectors.
Revenues in Germany increased thanks to higher volumes in the Dairy and Italian Products sectors.
The United Kingdom recorded an increase in sales, driven by strong performance in the Fish sector and an increase in the average selling price.
Revenues in Other Countries contracted mainly due to the performance of the Pasta and Oils sectors.
Analysis of Consolidated Results
In the 2024 fiscal year, the cost of goods sold amounted to €2.3 billion, representing approximately 16.7% of revenues, compared to 17.5% in 2023, thanks to the initial synergies achieved through the optimisation of the Group-wide supply chain.
EBITDA stood at €177.6 million, in line with the guidance provided to the market following the Princes Group acquisition.
The combined consolidated EBIT was €194.5 million, with a 7% margin, up from 6.4% in the consolidated figure as of December 31, 2023.
The combined consolidated net profit amounted to €142.3 million, marking a 5.3% increase compared to the 2023 consolidated figure.
Allocation of Net Profit
During the meeting, the Board of Directors proposed to allocate the Net Profit for the year of the Newlat Food S.p.A. separate financial statements, equal to € 2,185,855, in the following manner: 5% to legal reserve and 95% to extraordinary reserve.
Analysis of Net Debt and Investments
The combined consolidated net debt as of 31 December 2024, stood at €346 million, showing a significant improvement compared to the figure published in the last interim report as of 30 September 2024. This was primarily thanks to the Group’s ability to generate cash from operating activities and the improved management of working capital within the Princes Group.
Throughout 2024, the Group continued its investment policy and efforts to enhance production capacity, aiming to achieve maximum flexibility across its plants and facilities while immediately creating synergies with the Princes Group. Investments in tangible fixed assets were primarily related to the purchase of equipment and machinery, mainly for upgrading and renewing packaging lines.
SIGNIFICANT EVENTS OCCURRED DURING THE YEAR
The significant events that occurred during the year under analysis are illustrated below:
• On 27 May 2024, an agreement was signed for the acquisition of 100% of the share capital of Princes Limited (hereinafter also referred to as “Princes” and, together with its subsidiaries, the “Princes Group”), which was then finalized in July.
• On 30 July 2024, all conditions precedent for the acquisition of Princes were fulfilled, and, as a result, the Company completed the acquisition of the entire share capital of Princes Group Limited. With the finalization of the agreement, Newlat Group SA also transferred 9,319,841 shares of the Company, representing 21.2% of Newlat Food’s capital, to Mitsubishi Corporation for a payment of approximately €58 million.
SIGNIFICANT EVENTS OCCURRED AFTER THE REPORTING DATE
On 1 January 2025, Newlat Food transferred the business activities related to the Pasta, Bakery, and Special Products business units to its subsidiary Princes Italia S.p.A. under a business unit lease agreement with a duration of two years, automatically renewable every two years.
On the same date, 1 January 2025, the subsidiary Symington’s Limited transferred its activities related to the Instant Noodles business unit to Princes Limited under a business unit lease agreement for a duration of three years.
On 7 February 2025, the Company issued a bond loan for a total amount of €350,000,000, at an issue price of 100% of the nominal value, represented by 350,000 bonds, each with a nominal value of €1,000, at an interest rate of 4.75%. The bonds will have a six-year duration, maturing on 12 February 2031, with an option for early voluntary redemption starting from the fourth year.
On 12 February 2025, Newlat Group S.A. announced the successful completion of the accelerated bookbuilding procedure for ordinary shares of the Company. Newlat Group S.A. sold 3,000,000 Newlat Food ordinary shares to institutional investors, corresponding to approximately 6.8% of the Company’s share capital, at a price of €12 per share, for a total consideration of €36 million. The settlement of the transaction was finalised on 14 February 2025.
The proceeds from the aforementioned transaction, received exclusively by Newlat Group S.A., will be used, among other things, to fully execute, by 30 July 2025, the purchase option granted by Mitsubishi Corporation to Newlat Group S.A., under the shareholders’ agreement signed on 30 July 2024, covering 9,319,841 Newlat
Food shares, corresponding to approximately 21.2% of the share capital. In this regard, on 10 February 2025, Newlat Group SA exercised the first tranche of this purchase option for 3,000,000 Newlat Food shares.
BUSINESS OUTLOOK AND CURRENT TRADING
Given the historically short time span covered by the Group’s order portfolio and the challenges and uncertainties of the current global economic situation, it is not easy to make precise forecasts for the next financial year. However, the outlook remains very positive. The Company will continue to focus on cost control, financial management, and the integration process of activities within the Princes Group, with the aim of maximizing free cash flow generation to support both organic growth and external expansion, as well as shareholder remuneration.
These factors have influenced and continue to influence the Group’s commercial strategies and policies, as it operates in a highly dynamic environment where it is difficult to predict the extent to which these events may have a significant impact on the 2025 outlook. However, based on the information available at the time of
preparing this report, the Board of Directors reasonably excludes the possibility of any significant negative impacts.
Going Concern
In reference to the previous section, despite the complexity of a rapidly evolving market environment, the Group considers the going concern assumption to be appropriate and correct. This assessment is based on its ability to generate operating cash flows and meet its obligations in the foreseeable future, particularly over
the next 12 months. The Group’s financial solidity is supported by the following key factors:
• A substantial cash reserve available as of 31 December 2024.
• Unused credit lines granted to Newlat Group S.A., the majority shareholder, and available to the Group as of 31 December 2024.
• Ongoing support from major banks, reinforced by the Group’s leadership position in its sector.
Furthermore, the Group’s cash and cash equivalents, amounting to €455 million as of 31 December 2024, along with the available credit lines and operating cash flows, are considered more than sufficient to meet financial obligations and sustain business operations.
Inflation
The Group’s industry has faced increasing inflationary pressures. While some positive factors, such as an easing of global supply chain constraints due to improved supply conditions and weakened demand, have benefited the global economy, downside risks to economic growth remain.
The Group continuously monitors risks related to a potential slowdown in industrial sectors, to shifts in consumer behavior and to the overall macroeconomic environment.
Despite these challenges, the Group successfully mitigated the impact of rising inflation in 2024 through a favorable sales mix and price increases implemented throughout the year.
OTHER RESOLUTIONS OF THE BOARD OF DIRECTORS
The Board of Directors has also approved (i) the report on the corporate governance system and ownership structures, prepared pursuant to art. 123-bis of the TUF; (ii) the explanatory report by the Board of Directors on the items on the agenda of the Shareholders’ Meeting; (iii) the report on the remuneration policy and the
remuneration paid, pursuant to art. 123-ter of the TUF and, therefore, to proceed with making available it to the public in the manner established by law; and (iv) the Consolidated Non-Financial Statement.
SHAREHOLDERS’ MEETING
The Board of Directors also resolved to call the Shareholders’ Meeting in the ordinary session for Monday 28 April 2025, in the first call, at 12.00 noon, and for Monday 5 May 2025, in the second call, at same hour, availing of the option to allow the Shareholders to participate in the Shareholders’ Meeting exclusively through
the designated representative, to discuss the following topics:
Extraordinary Session
1. Amendments to the Articles of Association and specifically:
1.1 Amendment of the company name to NewPrinces S.p.A.;
1.2 Introduction of regulations for attendance at the meeting and the exercise of voting rights exclusively through the designated representative, pursuant to Article 135-undecies.1 of Legislative Decree No. 58/98 (TUF), as introduced by Law No. 21/2024.
2. Amendment of the Articles of Association to adopt the one-tier administration and control model, effective from the expiration of the corporate bodies to be appointed by the ordinary shareholders’ meeting.
Ordinary Session
1. Approval of the Management Report and Financial Statements as of 31 December 2024, and review of the Statutory Auditors’ Report and related resolutions. Presentation of the Consolidated Financial Statements as of 31 December 2024.
2. Allocation of the net result and related resolutions.
3. Report on the Remuneration Policy and Compensation Paid, pursuant to Article 123-ter of Legislative
Decree No. 58/1998 (TUF):
3.1 Binding vote on Section I;
3.2 Advisory vote on Section II.
4. Appointment of the Board of Directors for the 2025-2027 term and determination of related compensation:
4.1 Determination of the number of Board members;
4.2 Determination of the term of office of the Board of Directors;
4.3 Appointment of the members of the Board of Directors;
4.4 Appointment of the Chairman of the Board of Directors;
4.5 Determination of remuneration.
5. Appointment of the Board of Statutory Auditors for the 2025-2027 term and determination of related fees:
5.1 Appointment of Standing Auditors, including the Chairman of the Board of Statutory Auditors, and of Alternate Auditors;
5.2 Determination of remuneration.
6. Authorization for the purchase and disposal of treasury shares, subject to revocation of the previous authorization, and related resolutions.
DECLARATION OF THE MANAGER RESPONSIBLE FOR PREPARING THE CORPORATE ACCOUNTING DOCUMENTS
The manager responsible for preparing the corporate accounting documents Rocco Sergi declares, pursuant to and for the purposes of Article 154-bis, paragraph 2, of Legislative Decree no. 58 of 1998, that the information contained in this press release corresponds to the document results, books and accounting records.
The “Financial Annual Report as at 31 December 2024” will be made available on the Company’s website at www.newlat.it as well as at the authorized storage mechanism eMarket Storage at www.emarketstorage.com.
The Newlat Group
The Newlat Group is a leading multinational, multi-brand, multi-product and multi-channel player in the Italian and European food industry, with a portfolio of more than 30 historic and internationally recognised brands. The Group is a leader in several categories, including pasta and bakery products, dairy products, fish and canned food, edible oils, ready meals and specialty products such as infant nutrition and wellness foods.
With an established presence in 4 key markets and exports to more than 60 countries, Newlat serves more than 30,000 of Europe’s leading retailers. In 2023, the Group generated pro-forma revenues of € 2.8 billion, thanks to a workforce of more than 8,800 employees and 31 plants spread across Italy, the UK, Germany, France, Poland and Mauritius.
Newlat Food, with its strong production and distribution network, is one of the leading players in the European food industry, with a clear focus on innovation and quality.
For more information, please visit: www.newlat.it and www.princesgroup.com.
ATTACHMENT – CONSOLIDATED COMBINED INCOME STATEMENT
(In € thousand and as a percentage of revenues
from contracts with customers)
Combined income statement from and for the year ended at 31 December
2024 % 2023 % 2024 vs 2023 %
Revenues from clients’ contracts 2,775,725 100.0% 2,778,714 100.0% (2,988) (0.1%)
Cost of goods sold (2,311,747) (83.3%) (2,292,943) (82.5%) (18,804) 0.8%
Gross profit 463,978 16.7% 485,771 17.5% (21,793) (4.5%)
Sales and distribution costs (182,975) (6.6%) (189,502) (6.8%) 6,527 (3.4%)
Administrative expenses (241,626) (8.7%) (286,469) (10.3%) 44,844 (15.7%)
Net impairment losses on financial assets (374) 0.00% (1,378) 0.00% 1,004 (72.9%)
Other revenues and income 7,723 0.3% 14,519 0.5% (6,795) (46.8%)
Income from business combinations 155,479 5.6% 160,272 5.8% (4,793) 100.0%
Other operational costs (7,672) (0.3%) (6,496) (0.2%) (1,177) 18.1%
EBIT) 194,534 7.0% 176,718 6.4% 17,817 10.1%
Financial income 12,239 0.4% 9,777 0.4% 2,462 25.2%
Financial expense (63,147) (2.3%) (54,474) (2.0%) (8,674) 15.9%
EBT 143,627 5.2% 132,021 4.8% 11,606 8.8%
Gross income tax (1,317) – 3,110 0.1% (4,427) (142.3%)
Net Income 142,310 5.1% 135,132 4.9% 7,178 5.3%
ATTACHMENT – CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Statement of Financial Position
(In € thousand) At 31 December 2024 2023
Non-current assets
Property, plant and equipment 580,410 164,732
Right of use 96,496 43,773
Of which towards related parties 11,488 14,105
Intangible assets 129,589 91,548
Investments in associated companies 10,090 1,401
Non-current financial assets valued at fair value with impact on I/S 2,038 777
Financial assets at amortized cost 803 800
Of which towards related parties 735 735
Deferred tax assets 7,806 6,362
Total non-current assets 827,233 309,392
Current assets
Inventory 486,942 74,099
Account receivables 258,544 84,634
Of which towards related parties 6,191 2,493
Current tax assets 6,930 1,323
Other receivables and current assets 53,591 22,529
Current financial assets valued at fair value with impact on I/S 1,576 69
Financial receivables valued at amortized cost 263,775 13,099
Of which towards related parties 263,775 13,099
Cash and cash equivalents 455,135 312,459
Of which towards related parties 93,586
Total current assets 1,526,493 508,212
TOTAL ASSETS 2,353,726 817,604
Equity
Share capital 43,935 43,935
Reserves 126,006 102,079
Currency reserve translation 5,270 (1,703)
Net Income 157,934 14,325
Total Group Equity 333,145 158,636
Equity attributable to non-controlling interest 62,797 16,022
Total consolidated equity 395,943 174,658
Non-current liabilities
Provisions for employees 13,056 10,951
Provisions for risks and charges 3,723 2,337
Deferred tax labilities 48,500 22,868
Non-current financial liabilities 581,229 290,466
Non-current lease liabilities 79,758 37,160
Of which towards related parties 8,692 14,092
Shareholder financing 206,100 –
Of which towards related parties (206,100) –
Total non-current liabilities 932,366 363,783
Current liabilities
Account payables 445,434 172,198
Of which towards related parties 3,782 823
Current financial liabilities 385,486 64,653
Of which towards related parties 7 3,916
Current leasing liabilities 20,230 7,694
Of which towards related parties 2,554 2,457
Current tax liabilities 4,946 2,988
Other current liabilities 169,321 31,630
Of which towards related parties 8,784 0
Total current liabilities 1,025,418 279,163TOTAL EQUTIY AND LIABILITIES 2,353,726 817,604
Consolidated Income Statement
(In € thousand) At 31 December 2024 2023
Revenues from clients’ contracts 1,641,109 793,339
Cost of goods sold (1,369,712) (656,186)
Of which towards related parties (2,644) (2,839)
Gross profit 271,397 137,154
Sales and distribution costs (123,973) (89,912)
Administrative expenses (104,704) (23,801)
Of which towards related parties (306) (168)
Net impairment losses on financial assets (374) (1,378)
Income from business combinations 7,555 10,920
Other income 155,479 4,793
Other operational costs (7,673) (6,496)
EBIT 197,709 31,280
Financial income 12,224 9,777
Of which towards related parties 3,914 1,501
Financial expense (42,432) (21,341)
Of which towards related parties (6,238) (493)
Valuations of associated companies using the equity method (19)
EBT 167,482 19,715
Gross income tax (7,240) (4,203)
Net Income 160,241 15,513
Net income attributable to non-controlling interest 2,308 1,188
Group Net Income 157,933 14,325
Basic EPS 3.60 0.33
Diluted EPS 3.60 0.33
Consolidated Statement of Comprehensive Income
(In € thousand) At 31 December 2024 2023
Net Profit (A) 160,241 15,513
B) Other comprehensive income that will not be reclassified to profit or loss
Tax effects on profit / (actuarial losses) 391 78
Total other comprehensive income that will not be reclassified to profit
or loss: 391 78
C) Comprehensive income components that will not be subsequently
reclassified to the income statement:
Hedging instruments net of tax effects 1,102 (251)
Translation reserve 6,457 1,315
Total other comprehensive income that will not be reclassified to profit
or loss: 7,559 1,065 D) Total other comprehensive income for the period, net of tax (B+C) 7,951 1,143
Total comprehensive income for the period (A)+(D) 168,191 16,655
Net income attributable to non-controlling interest 5,078 2,187
Group Net Income 163,112 14,469
Consolidated Statement of Changes in Equity
(In € thousand) Share
capital Reserves Net
Income
Group
Total
Equity
Equity
attributable to non-
controlling interest
Total
Ended 31 December 2022 43,935 74,313 6,223 124,472 14,834 139,306
Income allocation from the previous year 6,223 (6,223) – –
Buy Back 18,853 18,853 18,853
Total Buy Back 18,853 18,853 18,853
Others movements – – – –
Net income 14,325 14,325 1,188 15,513
Hedge Accounting (251) (251) (251)
Currency reserve translation 1,315 1,315 1,315
Actuarial gains / (losses) net of tax (78) (78) – (78)
Total comprehensive income for the period 987 14,325 15,312 1,188 16,500
Ended 31 December 2023 43,935 100,376 14,325 158,636 16,022 174,658
Income allocation from the previous year 14,325 (14,325) –
Buy Back 8,663 8,663 8,663
Total Buy Back 8,663 8,663 8,663
Others movements 44,429 44,429 44,429
Net income 157,934 157,934 2,308 160,242
Hedge Accounting 1,102 1,102 1,102
Currency reserve translation 6,457 6,457 6,457
Actuarial gains / (losses) net of tax 354 354 37 391
Total comprehensive income for the period 7,913 157,934 165,847 2,345 168,192
Ended 31 December 2024 43,935 161,381 172,259 333,145 62,796 395,943
.
Consolidated Cash Flow Statement (In € thousand) At 31 December 2024 2023
Profit before income tax 167,482 19,715
– Adjustments:
Depreciation and amortization 62,890 41,665
Capital gain / (loss) from disposal of assets 30,208 11,564
Of which towards related parties (2,324) 1,131
Other non-monetary changes from business combinations (155,479) (4,793)
Cash flow from operating activities before changes in net
working capital 105,101 68,152
Changes in inventory 3,823 14,231
Changes in trade receivables 71,821 11,462
Changes in trade payables 72,800 (29,836)
Change in other assets and liabilities 27,828 4,026
Uses of employee benefit obligations and provisions for risks
and charges (989) (1,039)
Income tax paid (3,003) (4,606)
Total cash flow provided / (used in) operating activities 277,351 62,391
Investments in property, plant and equipment (23,055) (22,807)
Investments in intangible assets (3,433) (2,132)
Investments in financial assets (22,968) 6,648
Acquisition net of acquired cash 5,737 (1,000)
Net cash flow provided by / (used in) investing activities (43,720) (19,290)
Proceeds from long-term borrowings 578,000 34,882
Repayment of long-term borrowings (624,300) (50,266)
Repayment of lease liabilities (19,812) (10,368)
Of which towards related parties (4,470) (3,601)
Net financial expenses paid (30,208) (11,564)
Purchase of own shares 5,364 18,854
Net cash flow provided by / (used in) financing activities (90,956) (18,463)
Total cash flow provided / (used) in the year 142,676 24,637
Cash and cash equivalents at the beginning of the period 312,459 287,820
Of which towards related parties 93,586 97,909
Total change in cash and cash equivalents 142,676 24,637
Cash and cash equivalents at the end of the period 455,135 312,459
Of which towards related parties 0 80,987
ATTACHMENT – SEPARATE FINANCIAL STATEMENTS
Separate statement of financial position (In Euro) 31 December 2024 2023
Non-current assets
Property, plant and equipment 23,968,408 22,292,645
Right of use 12,080,825 14,428,585
Of which towards related parties 8,611,364 10,576,706
Intangible assets 6,336,509 5,242,131
Investments in subsidiaries 164,348,455 162,025,904
Non-current financial assets valued at fair value with impact on I/S 74,192 74,192
Financial assets stated at amortized cost 416,866,201 616,593
Of which towards related parties 416,797,937 552,000
Deferred tax assets 1,921,305 1,721,764
Total non-current assets 625,595,895 206,401,814
Current assets
Inventory 27,689,204 24,728,392
Account receivables 54,696,400 82,460,465
Of which towards related parties 18,983,974 49,568,352
Current tax assets 1,116,171 1,138,236
Other receivables and current assets 14,832,373 10,094,825
Of which towards related parties 3,885,641 1,185,131
Current financial assets valued at fair value with impact on I/S 4,240 4,240
Currency financial receivables at amortized cost 275,714,125 12,574,790
Of which towards related parties 275,714,125 12,574,790
Cash and cash equivalents 209,404,411 270,674,069
Of which towards related parties 50,875,928 63,108,000
Total current assets 583,456,924 401,675,017
TOTAL ASSETS 1,209,052,819 608,076,831
Equity
Share capital 43,935,050 43,935,050
Reserves 127,556,458 108,009,797
Net income 2,185,855 5,752,301
Total equity 173,677,363 157,697,149
Non-current liabilities
Provisions for employees 4,165,120 4,540,513
Provisions for risks and charges 276,639 268,059
Non-current financial assets 548,129,865 246,812,083
Non-current lease liabilities 8,043,479 11,154,094
Of which towards related parties 6,759,870 11,024,205
Shareholders financing 206,100,154
Of which towards related parties 206,100,154
Total non-current liabilities 766,715,258 262,774,749
Current liabilities
Account payables 75,849,088 67,781,265
Of which towards related parties 9,792,921 7,679,596
Current financial liabilities 164,539,960 92,986,665
Of which towards related parties 61,181,981 47,050,580
Current lease liabilities 2,605,298 2,513,069
Of which towards related parties 1,918,865 1,845,469
Current tax liabilities 4,176,868 1,817,485
Other current liabilities 21,488,985 22,506,451
Of which towards related parties 5,504,285 5,544,844
Total current liabilities 268,660,199 187,604,934
TOTAL EQUITY AND LIABILITIES 1,209,052,819 608,076,831
Separate income statement
(In Euro) 31 December 2024 2023
Revenues from clients’ contracts 201,769,020 232,652,425
Of which towards related parties 48,669,747 61,801,550
Cost of goods sold (168,047,853) (197,496,834)
Of which towards related parties (3,381,531) (4,533,536)
Gross profit 33,721,167 35,155,590
Sales and distribution costs (17,681,933) (17,160,398)
Administrative expenses (8,040,441) (10,591,234)
Of which towards related parties (345,217) (1,477,810)
Net impairment losses on financial assets (176,797) (446,259)
Other income 7,944,102 8,858,451
Of which towards related parties 5,156,086 4,050,224
Other operational costs (1,552,469) (1,862,407)
EBIT 14,213,629 13,953,743
Financial income 28,234,042 8,232,599
Of which towards related parties 21,264,694 2,530,263
Financial expense (38,217,738) (14,807,211)
Of which towards related parties (7,363,397) (939,716)
EBT 4,229,934 7,379,131
Income tax expense (2,044,078) (1,626,829)
Net income 2,185,855 5,752,301
Basic EPS 0.05 0.14
Diluted EPS 0.05 0.14
Separate statement of comprehensive income
(In Euro) 31 December 2024 2023
Net income (A) 2,185,855 5,752,301
a) Other comprehensive income that will not be reclassified to profit or loss
Actuarial gains / (losses) on post-employment benefit obligations 155,298 (84,229)
Tax effect (43,328) 23,500
Currency translation – Total other comprehensive income that will not be reclassified to profit or loss 111,970 (60,729)
Total other comprehensive income for the period, net of tax (B) 111,970 (60,729)
Total comprehensive income for the period (A)+(B) 2,297,825 5,691,572
Separate statement of changes in equity
(In Euro) Share capital Reserves Net Profit Total Equity
Ended 31 December 2022 43,935,050 85,915,982 3,301,855 133,152,888
Income allocation of the previous year 3,301,855 (3,301,855) –
Buy back 18,852,688 18,852,688
Total buy back 18,852,688 18,852,688
Net income 5,752,301 5,752,301
Actuarial gains/(losses), net of tax (60,729) (60,729)
Ended 31 December 2023 43,935,050 108,009,797 5,752,301 157,697,149
Income allocation of the previous year 5,752,301 (5,752,301) –
Buy Back 7,990,564 7,990,564
Total Buy Back 7,990,564 7,990,564
Net income 2,185,855 2,185,855
Capital gain from sale of own shares 2,392,546 2,392,546
Derivates 3,299,280 3,299,280
Actuarial gains/(losses), net of tax 111,970 111,970
Other movimentations –
Ended 31 December 2024 43,935,050 127,556,458 2,185,855 173,77,363
Separate cash flow statement
(In Euro) 31 December
2024 2023
Profit before income tax 4,229,934 7,379,131
– Adjustments for:
Depreciation and amortization 6,969,530 11,587,413
Capital losses / (capital gains) from disposal – –
Financial expense/ (income) 9,983,696 6,574,613
Of which towards related parties (7,363,397) (939,716)
Other non-monetary changes from business combinations – –
Other non-monetary changes – –
Cash flow from operating activities before changes in net working capital 21,183,159 25,541,157
Changes in inventory (2,960,812) 6,656,292
Changes in trade receivables 27,587,269 (8,505,641)
Changes in trade payables 8,067,824 (16,629,720)
Changes in other assets and liabilities (168,787) 2,349,966
Uses of employee benefit obligations and provisions for risks and charges (211,515) (704,906)
Income tax paid (2,192,446) (858,534)
Net cash flow provided by / (used in) operating activities 51,304,692 7,848,613
Investments in property, plant and equipment (5,892,962) (7,318,245)
Investments in intangible assets (1,322,151) (635,416)
Investments in financial assets (487,158,620) 2,148,856
Acquisition of companies net of cash acquired – (1,000,000)
Net cash flow provided by / (used in) investing activities (494,373,733) (6,804,805)
Proceeds from long-term borrowings 610,080,149 29,500,000
Repayment of long-term borrowings (31,108,917) (22,304,141)
Changes in financial debts – –
Repayment of lease liabilities (3,018,386) (2,432,612)
Of which towards related parties (1,769,000) (2,420,000)
Net financial expenses paid (9,983,696) (6,574,613)
Buy Back (838,951) 18,852,688
Net cash flow provided by / (used in) financing activities 565,130,199 17,041,323
Total cash flow provided / (used) in the year 122,061,157 18,085,131
Cash and cash equivalents at the beginning of the period 270,674,069 252,588,939
Of which towards related parties 63,108,000 81,133,033
Cash and cash equivalent compensation (183,330,815)
Total cash flow provided / (used) in the year 122,061,157 18,085,131
Cash and cash equivalents at the end of the period 209,404,412 270,674,069
Of which towards related parties 50,875,928 63,108,000
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