Achievements in 2024

Main economic, financial and management data 31. DEC 24 31. DEC 23
Total revenues 928.605  819.882 
EBITDA from Financial Stetement, including the effect of IFRS 16 (1) 136.641 104.487
EBITDA adjusted, including IFRS16 effect (2) 137.954 112.809
EBITDA adjusted, excluded  IFRS16 122.539 98.293
Operating result 88.919 61.881 
Income before taxes 57.244  34.709
Profit (losse) of the year 30.448  12.473 
Net invested capital 85.356  47.745 
Total net equity 262.264 191.136 
of which: third party 3.973  2.409
Net financial position, excluding the effect of IFRS 16 (97.373) (163.088)

(1) EBITDA: as result of the period before depreciation, amortization, financial profits and cost and third parties effects 
(2) EBITDA adjusted:  as ebitda before not recurrent revenues and costs 

FINANCIAL STATEMENTS AS AT 31 DECEMBER 2024

Euro thousand

Balance Sheet - Assets 31. DEC 24 31. DEC 23
NON CURRENT ASSETS
Property, plant and equipment 90.895 85.485
Goodwill 231.480 231.480
Other intangible assets 69.218 65.697
Equity investments in Joint Ventures accounted for using the equity method - 6.500
Financial assets  330 386
Deferred tax assets  19.986 20.856
Other receivables and non-current assets  13.049 19.365
Non-current Assets  424.958 429.769
Current assets
Trade receivables  280.734 241.332
Current financial assets  14.148 79.668
Inventories 740 646
Other receivables and other current assets 59.928 42.031
Cash and cash equivalents 259.947 195.540
Current assets 615.497 559.217
Total Assets 1.040.455 988.986
Balance Sheet - Liabilities 31. DEC 24 31. DEC 23
Total Equity
Share Capital 69.756 65.641
Translation reserve  (21.742) (20.046)
First time adoption reserve  1.407 1.407
Other reserves  165.641 127.173
Negative reserve for treasury shares in portfolio (379) -
Net profit (loss) of the year  29.084 12.430
Retained earnings (losses) 14.523 2.122
Net Equity of the Group 258.290 188.727
Capital/Reserve of third parties 2.610 2.366
Result of third parties 1.364 43
Non-controlling interests 3.974 2.409
Total Equity 262.264 191.136
Payables due to banks and other lenders  286.507 328.105
Employee benefits  16.957 17.347
Provisions for risk and charges  14.132 11.113
Other payables and other non-current liabilities  22.007 25.459
Non-current liabilities 339.603 382.024
Payables due to banks and other lenders  133.187 155.945
Trade payables  173.588 147.978
Tax payables  23.062 14.527
Other payables and other current liabilities  108.751 97.376
Current liabilities  438.588 415.826
Total Liabilities 1.040.455 988.986

FINANCIAL STATEMENTS AS AT 31 DECEMBER 2024

Euro thousand

Profit and Loss 31. DEC 24 31. DEC 23
Revenues 912.735 799.504
Other revenues 15.870 20.378
Total revenues 928.605 819.882
Change in inventories (79) (76)
Costs for raw materials 15.271 8.889
Service costs 356.206 318.712
Personnel costs 392.962 363.101
Depreciation and amortization 41.992 37.491
Provisions and impairments 4.020 4.221
Other costs 29.314 25.662
Total Costs 839.686 758.000
Operating income 88.919 61.882
Financial income 30.022 34.010
Financial expenses 61.698 61.182
Income (Loss) before taxes 57.243 34.709
Taxes 26.795 22.236
Net income from ongoing assets 30.448 12.473
Profit (loss) for the year 30.448 12.473
Profit (loss) of third parties 1.364 43
Profit (loss) of the group 29.084 12.430
Components of comprehensive income that will not be subsequently reclassified to the income statement
Actuarial Gain/Loss on defined benefit plans 251 (238)
Tax Effect (60) 57
Total components of comprehensive income that will not be subsequently reclassified to the income statement 191 (181)
Components of comprehensive income that will be subsequently reclassified to the income statement
Differences from currencies translations of financial statement in foreign curency (1.698) (7.047)
Derivatives (517) (2.834)
Tax Effect 124 680
Total components of comprehensive income that will be subsequently reclassified to the income statement (2.091) (9.201)
Total comprehensive income 28.548 3.091

FINANCIAL STATEMENTS AS AT 31 DECEMBER 2024

Euro thousand

Statement of Cash Flows 31. DEC 24 31. DEC 23
Profit bef ore taxes from continuing operations 57.243 34.709
Profit before taxes 57.243 34.709
Adjustments to reconcile profit for the year to cash flows from operating activities
Amortization of tangible and intangible assets 41.992 37.491
Provisions and impairments 4.020 4.221
Net financial expenses/(incomes) 31.678 27.320
Income taxes paid (20.678) (17.252)
Other non-monetary changes 1.186 600
Cash flow from operating activities before change in working capital 115.442 87.089 
Net change in working capital
Inventories (94) -
Trade and other receivables (39.977) (23.707)
Trade and other payables 11.458 30.812
Other changes in net working capital 1.903 (2.436)
Personnel funds and provisions for risks (1.635) (1.143)
Cash flow related to operating activities (A) 87.096 90.615
Cash flow from investing activities
Investments of fixed assets
Intangible assets (25.309) (25.885)
Tangible fixed assets (8.804) (6.827)
Acquisitions of the year net of cash and cash equivalents - (3.801)
Cash flow from investing activities (B) (34.113) (36.513)
Cash flow from financing activities
Capital increases 40.346 136.010
Opening of new bank loans and convertible bond loan 109.741 369.260
Repayment of bank loans and finance leasing (189.858) (457.908)
Net financial expenses paid (32.342) 51.948
Changes in financial assets 71.662 (40.295)
Financial income collected 14.742 11.247
Dividends paid  (2.478) (1.783)
Cash flow related to financing activities (C) 11.813 68.479
Net cash flow for the period (A) + (B) + (C ) 64.796 122.581
Cash and cash equivalents at the beginning of the period 195.540 74.280
Exchange rate differences on cash and cash equivalents (389) (1.321)
Cash and cash equivalents at the end of the period 259.947 195.540