EQS-News: Communications pursuant to Article 12 (viii)(b) of the Terms and Conditions of the «Fonderie Mario Mazzucconi S.p.A. – Tasso Fisso – 2018 / 2024» bonds ISIN: IT0005320756
EQS-News: Fonderie Mario Mazzucconi S.p.A. / Key word(s): Half Year
Results/Half Year Results
Communications pursuant to Article 12 (viii)(b) of the Terms and
Conditions of the «Fonderie Mario Mazzucconi S.p.A. – Tasso Fisso – 2018 /
2024» bonds ISIN: IT0005320756
31.10.2023 / 14:26 CET/CEST
The issuer is solely responsible for the content of this announcement.
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Ponte San Pietro (Bg), 30^th October 2023
Communications pursuant to Article 12 (viii)(b) of the Terms and
Conditions of the
«Fonderie Mario Mazzucconi S.p.A. – Tasso Fisso – 2018 / 2024» bonds
ISIN: IT0005320756
Pursuant to Article 12 (viii)(b) of the Terms and Conditions (“T&C”) of
the Fonderie Mario Mazzucconi S.p.A. ‐ Tasso Fisso ‐ 2018 / 2024 bonds
(ISIN: IT0005320756) issued by Fonderie Mario Mazzucconi S.p.A. (“FMM” or
the “Issuer”), please find below the half‐year main data relating to the
income statement and balance sheet of the Issuer on individual basis and
of the Maberfin Group on a consolidated basis, updated as at June 30^th,
2023 ([1][1]).
FMM Income Statement Maberfin Group Consolidated Income
H1 2023 Statement
H1 2023
Value of Production 129,44 MIn € Value of Production 121,34 MIn €
Ebitda Adj. 4,04 MIn € Ebitda Adj. 12,19 MIn €
Ebitda 3,63 MIn € Ebitda 11,69 MIn €
Ebit 1,82 MIn € Ebit 3,78 MIn €
***
FMM Main Balance Sheet IndicatorsH1 Maberfin Group Main Balance Sheet
2023 Indicators
H1 2023
Equity 32,31 MIn € Equity 39,59 MIn €
Net Financial Position 55,22 MIn € Net Financial Position 74,21 MIn €
***
The performance of the Group in the first half of the current year
confirms the improvements achieved already in the last quarter of 2022.
The Value of Production (VdP) of the first 6 months is in line with the
budget. The stability of orders from customers has allowed for more
regular and orderly production planning, with consequent positive effects
on productivity and efficiency ratios.
The turnover from sales in the first half of 2023 amounted to €112.7
million, substantially in line with budget, considering the reduction in
the value of raw materials – aluminum and alloys – incorporated in the
price lists agreed with customers and almost totally indexed in the sales
prices.
The consolidated Adjusted Ebitda was equal to Euro 12.18 million (9.9% on
the VdP – an important improvement compared to 6.2% in the previous year)
and the net Ebitda was equal to Euro 11.69 million (9.50% on the VdP) both
with improvements compared to the budget.
Fixed costs, structure and general expenses, were almost in line with
forecasts.
Depreciation was calculated also considering the greater value attributed
to some fixed assets following the revaluation carried out in the 2020
financial year, for which the corresponding deferred taxes were released.
Financial charges were higher than the forecast budget, due to the
increase in inflation and consequently the Euribor rate, and amounted to
approximately €2.49 million in the half-year.
It is confirmed that the Mazzucconi Group is always interested in various
development and related activities for new recently acquired projects,
also for new important customers and destinated for high standing European
producers, some of which with production start-up expected during 2023 and
others that will go into production in the next few years, all of which
will have a multi-year duration.
In the first half of 2023, investments of approximately €3.5 million were
acquired and realized in line with the provisions of the multi-year
industrial plan.
Inventories increased compared to 31 December 2022 (from €34.6 million to
€38 million) both due to the higher inventories of products at 30 June
2023, in view of the preparation of an adequate level of stocks for the
sales of the month of August when our production will be substantially
stopped for the August holidays, and for the increase recorded in the
value of equipment to be resold to costumers, connected to the development
and start-up of everything necessary for putting the new orders into
production previously mentioned.
Receivables from customers as of 30 June 2023 decreased slightly compared
to the end of 2022 (from €20.1 million to €18.8 million), as did payables
to suppliers (from €30.8 million to €26.9 million).
Payables for staff as of 30 June, as usual, are higher than the
end-of-year values due to the accrual of accruals and related
contributions for additional months (13th and 14th to be paid
subsequently) and for accrued holidays which they will be used especially
in summer and during the end-of-year holidays.
Tax credits dropped significantly, since during the first half of the year
the energy tax credits accrued up to the first quarter of 2023 were used
and those accrued in the second quarter of 2023 were postponed to the
second half (i.e. calculated with a much higher rate lower than that
established for the end of 2022 and the beginning of 2023).
From a financial point of view, the use of short-term commercial lines
(approximately €13.9 million) is in line with the values of the previous
year.
The repayment of bank loans is in line with the provisions of the
respective plans. In the first half of the year, mortgages capital over
€5.1 million were repaid, of which approximately 600 thousand euros for
mortgage loans and over €4.5 million for mortgages guaranteed by SACE and
MCC. It should be noted that, in accordance with the Italian legislative
provisions connected with the so-called “DL Aiuti-bis”, in January 2023
the FMM company obtained two loans of €5 million each, with SACE guarantee
and with a duration of 6 years, one of which is pre-amortisation.
In the first half of 2023, installments relating to specific financing
contracts with supplier counterparties and leasing installments were paid
for approximately 500 thousand euros.
As planned by the new amortization plan of the Bond, the two principal
installments of €2.25 million each were repaid to 31 March and 30 June
2023 respectively. This debt now amounts to €6 million (i.e. at the time
of issue in 2018 it amounted to €15 million). The interest coupons accrued
on the aforementioned BOND were regularly paid as of 30 June 2023 for €323
thousand.
The Net Financial Position improved from €80 million at 31 December 2022
to approximately €74 million at 30 June 2023, in line with the Group’s
Industrial Plan.
_________________
Corporate details:
Edoardo Locatelli – Chief Financial Officer
Email: [2]edoardo.locatelli@mazzucconi.com
Internet website: [3] www.mazzucconi.com
[4]^[1] Terms not otherwise defined herein shall have the same meaning
given in the T&C.
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31.10.2023 CET/CEST This Corporate News was distributed by EQS Group AG.
www.eqs.com
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Language: English
Company: Fonderie Mario Mazzucconi S.p.A.
Via Mazzini n.10
24036 Ponte San Pietro (BG)
Italy
Phone: +390354551211
E-mail: finanza.gruppo@mazzucconi.com
Internet: http://www.mazzucconi.com/
ISIN: IT0005320756
WKN: A19WNQ
Listed: Vienna Stock Exchange (Vienna MTF)
EQS News ID: 1761823
End of News EQS News Service
1761823 31.10.2023 CET/CEST
References
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