Financials​ 

FINANCIALS

IN THOUSANDS OF EUR 31. DEC 23 31. DEC 22
Total revenues 819.957 663.864
Ebitda from Financial statements included IFRS 16 impact (1) 104.487 78.006
Ebitda adjusted included IFRS 16 impact (2) 112.809 90.659
Ebitda adjusted proforma included IFRS 16 (3) 112.809 92.335
Ebitda adjusted  proforma , IFRS16 impact not included 98.293 79.610
Operating profit 61.881 31.332
Income/(loss) before tax 34.709 29.720
Profit for the year  12.473 12.522
Net invested capital  47.745 (31.899)
 Total net equity  191.136 49.773
 - of which: third party  2.409 3.070
 Net financial position  (163.088) (293.310)

(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 
(3) EBITDA adjusted proforma: as ebitda rettified for the companies sold and acquired during the year 

Euro thousand

ASSETS 31. DEC 23 31. DEC 22
NON CURRENT ASSETS
Property, plant and equipment 85.485 88.874
Goodwill 231.480 227.226
Other intangible assets 65.697 48.680
Equity investments in Joint Ventures accounted for using the equity method 6.500 6.500
Financial assets  386 748
Deferred tax assets  20.856 18.733
Other receivables and non-current assets  19.365 4.918
Non current Assets  429.769 395.679
NON CURRENT ASSETS
Trade receivables  241.978 228.836
Financial assets  461 1.005
Other receivables and other current assets  121.238 175.709
Cash and cash equivalents  195.540 74.280
Current assets  559.217 479.830
ASSETS 988.986 875.509
Liabilities    31. DEC 23  31. DEC 22
EQUITY
Issued share capital  65.640 49.518
Translation reserve  (20.045) (12.999)
First time adoption reserve  1.407 1.407
Other reserves  127.173 96.342
Negative reserve of own shares () (143.591)
Retained earnings  2.122 45.614
Net profit (loss) of the year  12.430 10.412
Net Equity of the group  188.727 46.703
Capital and reserve of third parties  2.366 960
Result of third parties  43 2.110
Third parties equity  2.409 3.070
Equity  191.136 49.773
Non Current Liabilities
Payables due to banks and other lenders  328.105 376.780
Employee benefits  17.347 16.828
Provisions for risk and charges  11.113 10.182
Other payables and other non-current liabilities  25.459 23.788
Non Current Liabilities  382.024 427.578
CURRENT LIABILITIES
Payables due to banks and other lenders  155.945 182.520
Trade payables  147.978 123.819
Tax payables  14.527 12.006
Other payables and other current liabilities  97.376 79.813
Current liabilities  425.826 398.158
LIABILITIES 988.986 875.509

Euro thousand

Profit and Loss 31. DEC 23 31. DEC 22
Revenues 799.580 651.556
Other revenues 20.378 12.308
Total revenues 819.958 663.864
Cost of raw materials 8.889 9.672
Costs of services 318.712 266.005
Personnel costs 363.101 289.050
Depreciation and amortization 37.491 39.529
Provisions and impairments  4.221 5.827
Other costs  25.662 22.449
Total costs  758.076 632.532
Operating income 61.882 31.332
Equity values of investments
Financial revenues 34.010 31.091
Financial charges 61.182 32.703
Result before taxes 34.709 29.720
Income taxes for the year 22.236 17.198
Net income from ongoing assets 12.473 12.522
Profit and loss for the year 12.473 12.522
Profit (loss) of third parties 43 2.110
Profit (loss) of the group 
 12.430 10.412
Components of comprehensive income that will not subsequently be  reclassified to the income statement 
Actuarial Gain/Loss on defined benefit plans net of fiscal effect 181 474
Total components of comprehensive income that will not subsequently be  reclassified to the income statement
Components of comprehensive income that will subsequently be reclassified to the income statement
Differencies from currencies translation of financial statement on foreign currency 7.047 (3.685)
Derivatives 2.834 2.580
Tax Effect 680 (619)
Total components of comprehensive income that will subsequently be reclassified to the income statement 9.201 (1.724)
Total items of comprehensive income statement 3.091 11.272
Comprehensive net Income of the Group  3.048 9.162
Comprehensive net Income of third parties  43 2.110

Euro thousand

Cash flow 31. DEC 23 31. DEC 22
Profit before taxes from continuing operations 34.709 29.720
Profit before taxes (from continuing and held for sale operations) 34.709 29.720
Adjustments to reconcile profit for the year to cash flows from operating activities
Amortization of tangible and intangible assets 37.491 39.529
Provisions and impariments 4.221 7.144
Net financial expenses/(incomes) 27.320 1.612
Income taxes paid 17.252 (17.453)
Other non-monetary changes  600 0
Cash flow from operating activities before changes in working capital 87.089 60.552
Net change in working capital: 
- Trade and other receivables (23.707) (27.338)
- Trade and other payables 30812 35.240
- Other changes in net working capital (2.436) (5.404)
- Employee benefits and provisions for charges (1.143) (3)
Cash flow related to operating activities (A) 90.615 63.047
Cash flow from investing activities
 Investments (net of disposals) of fixed assets: 
- Intangible (25.885) (17.878)
- Tangible (6.827) (6.944)
Acquitions net of cash acquired (3.801) (36.883)
Cash flow related to investing activities  (B)  (36.513) (61.705)
Cash flow from financing activities
Capital increase 136.010 0
Openings of new bank loans  369.260 449.183
Repayment of bank loans and finance leases  (457.908) (189.819)
Changes in financial assets  51.948 (86.335)
Financial charges paid  (40.295) (12.642)
Financial income collected  11.247 4.754
Own share acquisition 0 (143.124)
Dividends paid  (1.783) (2.148)
 Cash flow related to financing activities (C )  68.479 19.869
 Net cash flow for the period (A) + (B) + (C )  122.581 21.211
of which change in cash and cash equivalents arising from assets and liabilities held for sale
Net cash flow for the period (A) + (B) + (C) excluding change of cash and cash equivalents resulting from assets and liabilities held for sale 
Cash at the beginning of the period  74.280 53.376
Exchange rate differences on cash and cash equivalents  (1321) (307)
Cash and cash equivalents at the end of the period  195.540 74.280