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  EDILIZIACROBATICA company press release from 09/05/2019

  09/05/2019 - 18:50

THE BOARD OF DIRECTORS APPROVED THE DRAFT FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018 AND THE CONSOLIDATED FINANCIAL STATEMENTS 2018


THE BOARD OF DIRECTORS APPROVED

THE DRAFT FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018 AND THE CONSOLIDATED FINANCIAL STATEMENTS 2018

VALUE OF PRODUCTION +51% AT € 26.2M 

EBITDA +76.7% AT € 4.4 MILLION:

EBITDA ADJUSTED +59.7% AT € 4.5 MILLION, EXCEEDING THE EBITDA TARGET (€ 4.2 MILLION) EXPECTED BY THE PRICE ADJUSTMENT SHARE MECHANISM

NET PROFIT + 109.4% AT € 2.3M

  • Value of production at €26.2 million, +51% YoY; 
  • EBITDA at €4.4 Million, +76.7% (EBITDA Margin at 16.6%);
  • EBITDA Adjusted at €4.5 Million (EBITDA Adj Margin at 17.1%) exceeding the EBITDA target of €4.2 Million expected by the Price Adjustment Share Mechanism, set out during the listing ( It must be noted that EBITDA Adjusted is already net of the accounting effects of the listing on the stock exchange, as all costs related to the admission process on AIM were capitalised while revenues regarding the tax credit deriving from the listing in stock exchange were not prudently included in 2018. The latter, for its own share, will be included as of 2019 after the approval of the MISE which will express a decision 30 days after 31 March 2019.); EBIT at €3.7 Million, +87.1% (EBIT Margin at 13.9%);
  • Net profit at €2.3 Million, +109.4%; 
  • Net Financial Position positive (cash-flow) totalling €2.1 million compared to a negative Net Financial Position of € 2.3 Million at 31 December 2017 primarily due to an increase in capital implemented during the listing and thanks to the generation of cash-flow deriving from the standard operations, net of investments.

Genoa, 28 March 2019 – The Board of Directors of EdiliziAcrobatica S.p.A. (“Company” or “EDAC”), company specialised in building works using a double safety rope technique, works of which include maintenance and restoration of buildings and other architectural structures, listed in the segment AIM Italia of the Italian Stock Exchange (ticker EDAC) and on Euronext Growth (ticker ALEAC), convened today under the chairmanship of Simonetta Simoni, to examine and approve the draft financial statements for the year ended 31 December 2018, prepared pursuant to the Issuers' Regulation AIM Italia and in accordance with Italian accounting principles.

Riccardo Iovino, CEO and Founder of EDAC, added: “2018 for us EdiliziAcrobatica will be remembered as a decisive year, a year in which the fruit of our work allowed the company to be listed in the stock exchange last 19 November. The numbers shown in the financial statements approved by the Board of Directors are non-recurring and are the results of our strategy which, first of all, is based on the enhancement and growth of our human resources. I am highly convinced that no growth can, in fact, exist without a team where each member commits to give their utmost effort to the best of their ability, which goes from an acrobatic technician all the way to a sales manager, all employees and collaborators of EdiliziAcrobatica are responsible for a growth which in 2018 allowed us to reach a value of production of Euro 26.2 million equals to +51% and a net profit which compared to 2017 rose by 109.4%. If 2018 was a crucial year in Italy, 2019 will be for us, a major turning point abroad with the opening in the French market that was just finalised a few weeks ago with the acquisition of ETAIR – Entreprise de Travaux Aériens et d'Interventions Rapides Méditerranée, company specialised in restructuring works with double safety rope with head office located in Perpignan and yet before the Dual Listing operation that has taken us to the top in Italy to be listed in the Euronext Growth market, a Pan-European stock exchange that includes stock exchanges of Amsterdam, Brussels, Dublin, Lisbon and Paris. The road taken towards internationalisation of our technologies and our business ethics has just started and we are looking for other growth possibilities in other European countries because the goal that we have set is ambitious, but can be definitely pursued: revolutionise the building industry by making it safer and more reliable"

Anna Marras, Shareholder of EdiliziAcrobatica and Managing Director in charge of managing all resources of EDAC: “We believe in our people, we believe in their potential and we are constantly committed to make it stand out by training each of them with dedicated self-improvement courses. Our business ethics and even before our ethics on human rights, is what drives us so that no one is left behind in the shadow and have a change to access the strategies to reach success and achieve personal fulfilment. Part of the results of EdiliziAcrobatica are due to the commitment that Riccardo Iovino and I have ourselves followed to support each of our collaborators towards achieving their personal fulfilment and happiness. Because the happiness of each individual is the fuel that drives us to work to the best of our potential and efforts".

RECLASSIFIED PROFIT AND LOSS ACCOUNT

Below the reclassified profit and loss account compared to the year 2017:

RECLASSIFIED CONSOLIDATED PROFIT AND LOSS ACCOUNT 31/12/2018 31/12/2017
     
     
Value of production 26,205,169 17,355,294
Cost of production net of depreciation and write-downs 21,849,165 14,890,203
EBITDA 4,356,005 2,465,091
Depreciation and write-downs 706,659 512,601
EBIT 3,652,346 1,952,490
Financial proceeds and charges  -275,287 -98,002
Results before taxes 3,377,059 1,854,488
Income taxes 1,113,294 773,673
Net results 2,263,765 1,080,815
Profit (losses) of third parties for the year 39,735 43,227
Profit (losses) of the Group 2,224,030 1,037,588
     
EBITDA % 16.6% 14.2%
EBIT % 13.9% 11.3%
Results before taxes % 12.9% 10.7%
Net results % 8.6% 6.2%

 

EBITDA ADJUSTED 31/12/2018 Effect % on Value of Production 31/12/2017 Effect % on Value of Production
CONSOLIDATED EBITDA  4.356.005 16.6% 2.465.091 14.2%
Non-recurring proceeds 38,902   105,847  
Non-recurring expenses 167,602   448,259  
EBITDA ADJUSTED 4,484,705 17.1% 2,807,503 16.2%

 

EBIT ADJUSTED 31/12/2018 Effect % on Value of Production 31/12/2017 Effect % on Value of Production
CONSOLIDATED EBIT  3,652,346 13.9% 1,952,490 11.3%
Non-recurring proceeds 38,902   105,847  
Non-recurring expenses 167,602   448,259  
EBIT ADJUSTED 3,781,046 14.4% 2,294,902 13.2%

In 2018, value of production settled at € 26.2 million with a growth of 51% compared to the figures in 2017. The increase in revenues continues to be driven by revenues of direct operating headquarters, equals to € 22.9 million which posted a growth of 55.3% (compared to about € 14.7 million in 2017) and affects about 87.5% of the value of production, followed by a growth in revenues from franchising operating headquarters of about € 2.1 million which posted a growth of 24.9% (compared to about € 1.6 million in 2017).

The table below gives a breakdown of value of production:

VALUE OF PRODUCTION (Euro) 31/12/2018 Effect % 31/12/2017 Increase %
Proceeds from direct operational headquarters 14,761,030 85.1% 22,918,934 87.5%
Proceeds from franchising operational headquarters 1,550,543 8.9% 2,065,918 7.9%
Additions on internally produced fixed assets  0 0.0% 56,871 0.2%
Contributions for the year 686,387 4.0% 1,030,557 3.9%
Other proceeds 357,333 2.1% 132,889 0.5%
Total value of production 17,355,293 100.0% 26,205,169 100.0%

The year 2018 ended with 70 executive offices posting a growth of about 45% compared to 49 offices in 2017 and 4,800 construction sites with a growth of about 75% compared to 2,742 sites in 2017. EBITDA in 2018 totalled about € 4.4 million with an EBITDA margin of 16.6% and a growth of 76.7% compared to the EBITDA in 2017. 

Operating income (EBIT) was positive totalling about € 3.7 with an EBIT margin of 13.9%.

Net results in 2018 settled at about € 2.3 million with a growth of 109.4%.

RECLASSIFIED BALANCE SHEET

Below the reclassified balance sheet compared to the year 2017:

RECLASSIFIED BALANCE SHEET 31/12/2018 31/12/2017
(amounts expressed in thousands of Euro)    
     
Trade receivables 9,489,322 6,727,645
Inventory 1,748,546 1,023,970
Trade payables -4,847,544 -2,276,161
Operating net working capital 6,390,324 5,475,454
Other current receivables 3,555,038 2,170,889
Other current payables -2,328,934 -2,244,549
Tax payables -1,331,198 -1,619,890
Working capital 6,285,230 3,781,904
Tangible fixed assets 777,006 750,435
Intangible fixed assets 1,736,962 346,125
Financial assets 0 50,000
Fixed assets 2,513,968 1,146,560
Severance pay indemnity -655,301 -377,716
Provisions for deferred taxes -47,493 -5,213
Long-term tax payables -130,288 -119,437
Net invested capital 7,966,117 4,426,098
Shareholders' equity 10,069,158 2,085,091
Cash and cash equivalents 8,439,616 5,756,420
Current financial receivables 4,018,517  
Current financial liabilities -3,787,560 -2,170,363
Non-current financial liabilities -6,567,534 -5,927,064
Net financial position 2,103,039 -2,341,007
Shareholders' equity and net financial debt 12,172,197 -255,916
Net short-term financial position 8,670,573 3,586,057

The net financial position at 31 December 2018 was positive (cash-flow) totalling about €2.1 million compared to a negative net financial position of € 2.3 million at 31 December 2017 primarily due to an increase in capital implemented during the listing and due to the generation of cash-flow deriving from standard operations, net of investments.

Shareholders' equity at 31 December 2018 totalled about € 10 million, reflecting an increase compared to about € 2 million at 31 December 2017. Shareholders' equity takes account of the effects of the IPO operation concluded in November 2018 which raised resources of about € 5.7 million. 

SIGNIFICANT EVENTS AFTER YEAR-END

On 22 February 2019, EDAC received a favourable decision from the council of Euronext to be admitted to the Growth market as of 28 February 2019 (ticker ALEAC).

Euronext is a Pan-European stock exchange composed of five market places in Amsterdam, Brussels, Dublin, Lisbon and Paris. It has about 1,300 issuers which represent a market capitalisation of about Euro 3,400 billion. Euronext Growth is a market dedicated to small and medium enterprises allowing access to a circle of international investors, hence offering greater visibility to the company.

On 22 February 2019, the share price of EDAC reached 4.2175 and the market capitalisation reached Euro 32,581,453 (figure which includes 1,200.00 price adjustment shares).

On 6 March 2019, through the Newco controlled at 100%, EdiliziAcrobatica France SAs, EDAC took over the assets of ETAIR - Enterprise de Travaux Aériens et d'Interventions Rapides Méditerranée, French company leader in the double rope building sector in the south west of France, under liquidation by court order for an equivalent value of Euro 110,001 with a closing scheduled for the end of June 2019. Thanks to the acquisition of the assets of ETAIR, the company starts to implement its internationalisation strategy by entering the French market. 

Characteristics of ETAIR's assets subject to the acquisition

The company ETAIR - Entreprise de Travaux Aériens et d'Interventions Rapides Méditerranée – under liquidation by court order, was founded in 2002 with head office in Perpignan and operates in the double rope building sector in the south west of France.

In 2018, ETAIR posted revenues for about Euro 6.29 million with EBITDA and a net negative profit of Euro -0.13 million and Euro -0.26 million, respectively.

The acquisition of ETAIR's assets will be finalised with the liquidation procedure by court order, opened with the court of Perpignan. When the procedure is concluded, on 6 March 2019 EdiliziAcrobatica France SAs by appointment of EDAC will take over the assets of ETAIR as per the assets stated in the financial statements thereof and inventory set out by the members of the procedure.

The price agreed of Euro € 110,001 consists of:

  • Intangible fixed assets totalling € 55,000
  • Tangible fixed assets totalling € 40,000
  • Inventory totalling € 15,000
  • Order Book regarding construction sites ongoing since 28/02/2019 equals to € 1.

ETAIR has 52 employees and at 28 February 2019, the value of equipment, tools and order book for ongoing construction sites totalled about Euro 3.18 million.

The operation under discussion is classified as a major operation pursuant to article 12 of the Issuers' Regulation AIM Italia.

The equivalent value of the acquired assets of Euro 110,001 will be paid to ETAIR as price per cash-flow.

The price which was already deposited by EDAC in a special escrow account, will be paid to ETAIR on the day in which the asset sales agreements are signed which must take place within 4 months after the date in which EdiliziAcrobatica France gains possession of said assets. However, this period may be extended by virtue of a prior agreement between the Court Appointed Administrator and EdiliziAcrobatica France.

The ownership of the assets will be transferred after EdiliziAcrobatica France is awarded the assets, company established ad hoc for said operation on 5 March 2019.

EdiliziAcrobatica France is a simplified joint-stock company with initial share capital of Euro 1,000. Its share capital will be increased when the debt of the company accrued from EDAC is converted into share capital after the asset acquisition of ETAIR is completed.

By virtue of the operation described herein, EdiliziAcrobatica France will acquire 47 employees from ETAIR's operating team, taking over the respective debts due to employees of about Euro 177,778.

Riccardo Iovino will be the CEO of EdiliziAcrobatica France while Paolo Stella will be the General Manager.

***

PROFIT ALLOCATION PROPOSAL

The Board of Directors will propose the shareholders' meeting the allocation of the results for the year to the legal reserve until reaching the limits prescribed by law and the remaining part as reserve for profits carried forward.

CONVENING AN ORDINARY MEETING

The Board of Directors has decided to call an Ordinary Meeting for 26 April, on two calls, the first official call at 4:00 PM and the second call on 14 May at 4:00 PM at the head office of the company located in Viale Brigate Partigiane 18/2, 16121 Genoa, to discuss and decide on the following agenda:

  • Approval of the financial statements for the year ended 31/12/2018 and profit allocation for the year.

FILING DOCUMENTATION

The call notice and the respective documentation required by applicable standards, including the draft financial statements for the year ended 31 December 2018, the management report, reports of directors on the agenda items of the Board, report of the Board of Statutory Auditors and the external audit report, will be made available to the public pursuant to law at the head office located in Viale Brigate Partigiane 18/2, 16121 Genoa and published on the institutional website www.ediliziacrobatica.com under the Investor Relations section and on the authorised storage mechanism 1INFO (www.1info.it).

It must be noted that the auditing activities of the draft financial statements is not yet completed and that the audit report will therefore be provided within the term set out by law. This press release is available under the Investor Relations section of the website www.ediliziacrobatica.com

CONTACT

Press Office 
 
EdiliziAcrobatica S.p.A.
 
Deborah Dirani
 
ufficiostampa@ediliziacrobatica.com
 
C: 393 8911364
Nominated Adviser (Nomad)
 
Banca Profilo S.p.A.
 
ediliziacrobatica@bancaprofilo.it
 
02584081
 
www.bancaprofilo.it

PROFIT AND LOSS ACCOUNT

PROFIT AND LOSS ACCOUNT 31.12.2018 31.12.2017
A. SALES    
1) Revenues from sales of goods and services 24,984,852 16,275,721
2) Change in inventory levels of finished goods and work in progress - -
3) Variations in contracts in progress - -
4) Work performed for internal purposes and capitalized 56,871 -
5) Other revenues and income    
a) grants received during the year 1,030,557 686,387
b) others 132,889 393,186
Total revenues and proceeds 1,163,446 1,079,573
TOTAL SALES (A) 26,205,169 17,355,294
     
B. COST OF PRODUCTION    
6) For raw materials, consumables and goods for resale 3,676,443 2,387,063
7) For services 6,181,335 4,349,861
8) For use of third-party assets 1,458,763 797,187
9) For employees: - -
a) wages and salaries 5,581,820 4,093,844
b) social security costs 3,348,649 2,483,774
c) provision for severance indemnity 353,531 299,199
d) pension costs and similar - -
e) other personnel costs 1,510,126 650,559
Total costs of personnel 10,794,126 7,527,376
10) Depreciation amortization and write-downs    
a) amortization of intangible fixed assets 305,043 298,424
b) depreciation of tangible fixed assets 115,102 76,342
c) write-downs of intangible and tangible fixed assets 2,828 -
d) write-down of receivables shown under current assets 277,485 137,835
11) Changes in inventory levels of raw materials, consumables and goods for resale - 724,574 - 551,506
12) Provisions for risks and charges - -
13) Other provisions 3,200 -
14) Other operating costs 463,072 380,222
TOTAL COST OF PRODUCTION (B) 22,552,823 15,402,804
     
OPERATING MARGIN (A – B) 3,652,346 1,952,490
     
C. FINANCIAL INCOME AND CHARGES    
15) Income from equity investments - -
16) Other financial income:    
a) from loans shown under fixed assets - -
b) from securities shown under fixed assets other than equity investments 7,620 -
c) from securities shown under current assets other than equity investments - -
d) other income not included above    
- interest and commission from subsidiary companies - -
- interest and commission from associated companies - -
- interest and commission from parent companies - -
- interest and commission from others and sundry income 13,327 4,195
17) Interest and other financial charges    
a) to subsidiary companies - -
b) to associated companies - -
c) to parent companies - -
d) to others - 314,736 - 102,197
17-bis) gains and losses on exchange - 15 -
TOTAL INCOME AND FINANCIAL CHARGES (C) - 293,804 - 98,002
     
D. VALUE ADJUSTMENTS OF FINANCIAL ASSETS    
18) Revaluations    
a) of shareholdings - -
b) of financial fixed assets other than equity investments - -
c) of securities included in current assets other than equity investments - -
d) financial derivatives - -
19) Write-downs    
a) of shareholdings - -
b) of financial fixed assets other than equity investments - -
c) of securities included in current assets other than equity investments 18,517 -
d) financial derivatives - -
TOTAL VALUE ADJUSTMENTS OF FINANCIAL ASSETS (D) 18,517 -
     
PROFIT BEFORE TAXES (A-B+-C+-D) 3,377,059 1,854,488
     
20) Current, deferred and advanced corporation tax for the year 1,113,294 773,673
     
21) RESULTS FOR THE YEAR, INCLUDING MINORITY INTERESTS 2,263,765 1,080,815
PROFITS (LOSS) FOR THE YEAR DUE TO MINORITIES 39,735 43,227
GROUP PROFIT (LOSS) 2,224,030 1,037,588

BALANCE SHEET

ASSETS 31.12.2018 31.12.2017
     
A. SUBSCRIBED CAPITAL UNPAID - -
     
B. FIXED ASSETS    
I. Intangible fixed assets    
1) Formation and start-up costs 910,005 34,734
2) Development costs 95,796 151,591
3) Industrial patent rights and rights to use patents of others 90,750 107,125
4) Concessions, licenses, trademarks and similar rights - 32,699
5) Goodwill - -
6) Intangible assets in progress and payments on account 56,871 62,726
7) Other intangible fixed assets 581,194 361,560
8) Difference from the consolidation - -
Total intangible fixed assets 1,736,962 750,435
II. Tangible fixed assets    
1) Land and buildings - -
2) Plant and machinery 49,290 6,404
3) Other fixtures and fittings, tools and equipment 107,093 3,791
4) Other assets 620,623 335,930
5) Tangible assets in course of construction and payments on account - -
Total tangible fixed assets 777,006 346,125
III. Investments    
1) Equity investments in:    
a) subsidiary companies - -
a) associated companies - -
c) parent companies - -
d) companies under the control of parent companies - -
d-bis) other companies - -
Total shareholdings - -
2) Loans due from:    
a) subsidiary companies    
Due in less than 12 months - -
Due in more than 12 months - -
Total receivables from subsidiaries - -
b) associated companies    
Due in less than 12 months - -
Due in more than 12 months - -
Total receivables from associated companies - -
c) parent companies    
Due in less than 12 months - -
Due in more than 12 months - -
Total receivables from parent companies - -
d) companies under the control of parent companies    
Due in less than 12 months - -
Due in more than 12 months - -
Total receivables from companies subject to control by parent companies - -
d-bis) other companies    
Due in less than 12 months - -
Due in more than 12 months - -
Total receivables from others    
3) Other securities - 50,000
4) financial derivative assets - -
Total financial fixed assets - 50,000
TOTAL FIXED ASSETS (B) 2,513,968 1,146,560
     
C. CURRENT ASSETS    
I. Inventory    
1) Raw materials and consumables 1,748,546 1,023,970
2) Work in progress and components - -
3) Contract work in progress - -
4) Finished products and goods for resale - -
5) Advances  - -
Total inventory 1,748,546 1,023,970
II. Accounts receivable    
1) Trade receivables    
Due in less than 12 months 9,489,322 6,727,645
Due in more than 12 months - -
Total trade receivables 9,489,322 6,727,645
2) Receivables from subsidiary companies    
Due in less than 12 months - -
Due in more than 12 months - -
Total receivables from subsidiaries - -
3) Receivables from associated companies    
Due in less than 12 months - -
Due in more than 12 months - -
Total receivables from associated companies - -
4) Receivables from parent companies    
Due in less than 12 months - -
Due in more than 12 months - -
Total receivables from associated companies - -
5) Receivables from companies under the control of parent companies    
Due in less than 12 months - -
Due in more than 12 months - -
Total receivables from companies subject to control by parent companies - -
5-bis) Tax receivables    
Due in less than 12 months 2,534,496 1,566,168
Due in more than 12 months - -
Total tax receivables 2,534,496 1,566,168
5-ter) Deferred tax assets 105,573 54,853
5-quater) Receivables from others 845,476 495,923
Total accounts receivable 12,974,867 8,844,589
III. Financial assets that do not constitute fixed assets    
1) Investments in subsidiary companies - -
2) Investments in associated companies - -
3) Investments in parent companies - -
3-bis) Investments in companies under the control of parent companies -  
4) Other shareholdings - -
5) financial derivative assets - -
6) Other securities 4,018,517 -
Total current asset investments 4,018,517 -
IV. Cash and cash equivalents    
1) Bank and postal current accounts 8,425,242 5,737,679
2) Checks to be deposited - 565
3) Cash on hand 14,374 18,176
Total cash and cash equivalents 8,439,616 5,756,420
TOTAL CURRENT ASSETS (C) 27,181,546 15,624,979
     
D. ACCRUED INCOME AND PREPAID EXPENSES 69,494 33,683
     
TOTAL ASSETS 29,765,008 16,825,484
     
LIABILITIES 31.12.2018 31.12.2017
A. SHAREHOLDERS' EQUITY    
I – Share capital 772,530 600,000
II – Share premium reserve 5,547,771 -
III – Revaluation reserves - -
IV – Legal reserve 120,000 90,917
V – Reserves provided for by the articles of association - -
VI – Other reserves, with separate indication 116 116
VII – Reserve for expected hedging transactions - -
VIII – Profit (loss) brought forward 1,282,431 273,927
IX – Profit (loss) for the year 2,224,030 1,037,587
X – Negative reserve for treasury stock owned - -
TOTAL GROUP NET CONSOLIDATED CAPITAL AND RESERVES 9,946,878 2,002,548
Minority interest capital and reserves 82,545 39,316
PROFITS (LOSS) FOR THE YEAR DUE TO MINORITIES 39,735 43,226
GROUP AND MINORITY INTEREST NET CONSOLIDATED CAPITAL AND RESERVES 10,069,158 2,085,090
     
B. PROVISIONS FOR RISKS AND CHARGES    
1) lay-off funds and similar - -
2) Provisions for taxation, including deferred taxation 44,293 5,213
3) Derivative financial instrument liabilities - -
4) Others 3,200 -
TOTAL PROVISIONS FOR RISKS AND CHARGES 41,522 2,592
     
C. EMPLOYEE SEVERANCE INDEMNITY 655,301 377,716
     
D. PAYABLES    
1) Bonds    
Due in less than 12 months - -
Due in more than 12 months 5,000,000 5,000,000
Total bonds 5,000,000 5,000,000
2) Convertible bonds - -
3) Shareholders' loan payables - -
4) Amounts owed to banks    
Due in less than 12 months 3,735,313 2,131,196
Due in more than 12 months 1,552,041 859,309
Total payables to banks 5,287,354 2,990,505
5) Amounts owed to other financiers    
Due in less than 12 months 52,247 39,167
Due in more than 12 months 15,493 67,755
Total payables to other lenders 67,740 106,922
6) Advances 815,039 263,939
7) Trade payables    
Due in less than 12 months 4,032,505 2,276,161
Due in more than 12 months - -
Total trade payables 4,032,505 2,276,161
8) Debts represented by bills of exchange - -
9) Amounts owed to subsidiary companies    
Due in less than 12 months - -
Due in more than 12 months - -
Total payables from subsidiaries - -
10) Amounts owed to associated companies - -
11) Amounts owed to parent companies - -
11-bis) Amounts owed to companies under the control of parent companies - -
12) Taxation payables    
Due in less than 12 months 1,331,198 1,561,035
Due in more than 12 months 130,288 119,437
Total tax payables 1,461,486 1,680,472
13) Amounts owed to social security institutions 829,160 493,558
14) Other payables 1,444,168 1,487,052
TOTAL DEBTS 18,937,452 14,298,609
     
E. ACCRUALS AND DEFERRED INCOME 55,604 58,855
     
TOTAL LIABILITIES 29,765,008 16,825,484

CASH FLOW STATEMENT

  31.12.2018 31.12.2017
Cash flow statement, indirect method    
A) Cash flow from operating activities (indirect method)    
Profit (loss) for the year 2,263,765 1,080,814
Corporation tax 1,113,294 773,673
Interest charges (income) 275,287 98,002
(Dividends)   -
(Gains) losses deriving from the disposal of assets   -
1) Profit (loss) for the year before taxation, interest, dividends and gains/losses on disposals 3,652,346 1,952,489
Adjustments for non-cash elements without a corresponding entry from among net working capital    
Provisions 319,865 436,559
Amortization of intangible fixed assets 420,145 374,766
Write-downs for permanent diminutions in value 2,828 -
Adjustments to the value of derivative financial instrument assets and liabilities not giving rise to flows of cash   -
Other increasing (decreasing) adjustments for non-cash elements   -
Total adjustments for non-cash elements without a corresponding entry from among net working capital 742,838 811,325
2) Cash flow before variations in net working capital 4,395,184 2,763,814
Variations in net working capital    
Decrease/(increase) in inventory - 724,576 - 551,506
Decrease/(increase) in trade receivables - 2,761,677 - 1,624,714
Increase/(decrease) in trade payables 1,756,344 815,471
Decrease/(increase) in prepayments and accrued income - 35,811 - 18,968
Increase/(decrease) in accruals and deferred income - 3,251 40,578
Other decreases/(other increases) in net working capital - 1,824,518 - 819,750
Total variations in net working capital - 3,593,489 - 2,158,889
3) Cash flow after variations in net working capital 801,695 604,925
Other adjustments    
Interest received/(paid) - 275,287 - 98,002
(Corporation tax payments) - 12,282 - 132,580
Dividends received   -
(Utilization of provisions)   - 205,316
Other receipts/(payments)   -
Total other adjustments - 287,569 - 435,898
Cash flow from operating activities (A) 514,126 169,027
B) Cash flow from investing activities    
Tangible fixed assets    
(Investments) - 532,066 - 233,971
Disinvestments   -
Intangible fixed assets    
(Investments) - 1,308,315 - 618,758
Disinvestments   -
Investments    
(Investments) - -
Disinvestments 50,000 -
Non-fixed asset investments    
(Investments) - 4,018,517 -
Disinvestments - -
(Purchase of business units net of cash at bank and in hand) - -
Disposal of business units net of cash at bank and in hand - -
Cash flow from investing activities (B) - 5,808,898 - 852,729
C) Cash flow from financing activities    
Third party finance    
Increase/(decrease) of short-term debt owed to banks 1,564,935 -
Opening of loans 2,800,000 6,693,008
(Repayment of loans) - 2,107,268 - 474,499
Own resources    
Increase in share capital for consideration 5,720,301 12,262
(Share capital buy-back) - -
Disposal/(purchase) of treasury shares - -
(Dividends and payments on account on paid dividends)   - 720,000
Cash flow from financing activities (C) 7,977,968 5,510,771
Increase (decrease) in cash at bank and in hand (A ± B ± C) 2,683,196 4,827,069
Effect of exchange rates on cash at bank and in hand    
Cash at bank and in hand at the start of the year    
Bank and postal current accounts 5,737,679 891,282
Cheques to be deposited 565 -
Cash on hand 18,176 38,069
Total cash at bank and in hand at the start of the year 5,756,420 929,351
Portion which is not freely usable   -
Cash at bank and in hand at the end of the year    
Bank and postal current accounts 8,425,242 5,737,679
Cheques to be deposited - 565
Cash on hand 14,374 18,176
Total cash at bank and in hand at the end of the year 8,439,616 5,756,420
Portion which is not freely usable   -