DMAIL GROUP S.P.A. 
By FINANCIAL RELEASE
The General Annual Meeting of Dmail Group S.p.A. approved
Ordinary session
- Financial Statements for period ended 31 December 2011
- Integration of the Board of Directors for the appointment
of Borgogna and Mazzuca
- Appointment of the auditors Deloitte&toucheS.p.A. (
2012-2020)
- First section of the Remuneration Report
- The Extraordinary Meeting of Dmail Group S.p.A. resolved to
postpone the adoption of
the resolutions regarding the items on the agenda of the
extraordinary session to 9.30 on 11
May 2012 at the Centro Fondazione Stelline - Sala Grassi - in
Milan, Corso Magenta
61/63.
Milan, 7 May 2012 - The Annual General Meeting of the Shareholders of Dmail Group S.p.A., company listed in the Star segment of Borsa Italiana, was held today in second calling chaired by Andrea Zanone Poma, on ordinary and extraordinary sessions.
Ordinary Meeting
Financial Statements for 2011
The Ordinary Meeting approved the Financial statements for
period ended 31 December 2011, in the terms proposed by the
Board of Directors and already disclosed on 26 March 2012,
details of which are attached to this release. During the
meeting, the schedules of the consolidated financial
statements of the Group at 31 December 2011, attached below,
were also submitted to the Shareholders. It should be noted
that the Shareholders' Meeting approved the proposal to carry
forward the entire loss for the period of Dmail Group S.p.A.
totalling Euro 7,748,471.76 and to pass the resolutions
required for the purposes of Article 2446 of the Italian
Civil Code and, therefore, the proposal to increase the share
capital by payment in the aforementioned terms.
In the financial statements for year ended 31 December 2011
the Company, however reporting significant uncertainties,
deemed it appropriate to adopt the principle of the
continuity of business, whose adoption, as specified in the
Directors' Report, is subordinated to: (i) the evolution of
tax risks connected to the subsidiary Buy On Web S.p.A. in
liquidation; (ii) the achievement of a situation of economic
and financial balance for the Group, which is also connected
to the achievement of the results of the developing
activities and growth strategies of the Group in the short
and medium term; (iii) the achievement of an agreement for
the suspension of payments and reorganization of credit
facilities with the banking institutions; and (iv) the input
of new financial resources thanks to the recapitalization in
option (subject to the CONSOB authorisation procedures ).
Integration of the Board of Directors
The Shareholders' Meeting resolved to integrate the current
Board of Directors by appointing as Directors Mssrs. Vincenzo
Borgogna (already appointed by cooptation on 23 January 2012)
and Alfonso Saverio Mazzuca (already appointed by cooptation
on 23 April 2012); their office shall terminate with the
approval of the financial statements for year ended 31
December 2013 together with those of the directors currently
in office. Alfonso Saverio Mazzuca declared he is in
possession of the requirements of independence pursuant to
Article 148 (3) of Legislative Decree no.
58/1998 and Article 3 of the Corporate Governance Code. The
curricula vitae of the new members of the Board of
Directors are made available to the public at the offices of
the company or on its internet website
(www.dmailgroup.it).
The Annual General Meeting also passed the following
resolutions: (i) Dott. Vincenzo Borgogna shall receive annual
emoluments of Euro 100,000.00 gross in 2012 and Euro
150,000.00 gross in 2013 and for the residual term of office
of the current Board of Directors, in addition to the
compensations already approved by the Annual General Meeting
held on 9 May 2011, before any withholdings and charges
required by the law and pro rata temporis; and (ii) to
confirm the remuneration of the Directors holding specific
offices.
Appointment Deloitte & Touche S.p.A. of as the new
Independent Auditors for 2012 - 2020
Upon the proposal of the Board of Statutory Auditors, the
Board resolved to appoint Deloitte & Touche S.p.A. as
independent auditors for the years 2012 - 2020 pursuant to
Legislative Decree no. 39/2010
Remuneration Report
The Board approved, by non-binding vote, Section I of the
Remuneration Report, drawn up for the purposes of Article
123-ter of Legislative Decree 58/1998 and 84-quater, and in
compliance with Attachment 3 Schedules 7-bis and 7-ter of
Consob Regulations n.11971/1999.
* * *
With reference to the request received by Consob on 2 May
2012 pursuant to Article 114 (5) of Legislative Decree
no.
58/98, the Meeting provided the following information:
1. holding into account that - as indicated in the report of
the directors - the shareholders Smalg S.p.A., Norfin S.p.A.
and Banfort Consultadoria e Servicos Lda "declared that
they would be available" to subscribe a share of the
proposed capital increase for a total of 4.2 euro/mln,
"subject to the equity and financial rebalancing of the
Group to be achieved thanks to an agreement with the banking
system" please provide details on the conditions upon
satisfaction of which the mentioned shareholders are prepared
to subscribe to the aforementioned recapitalization,
clarifying whether at the date of the meeting formal and
irrevocable commitments to this effect have already been
undertaken.
The subscription commitment by the shareholders Smalg S.p.A.,
Norfin S.p.A. and Banfort Consultadoria e Servicos Lda
required "that an agreement were entered into between
the company and the credit institutions with a view to the
renegotiation of existing debts".
Subscription commitments were formally undertaken by:
(i) SmalgS.p.A. on 15 March 2012 for an overall total of Euro
2,592,000; (ii) NorfinS.p.A. on 15 March 2012 for an overall
total of Euro 1,455,000;
(iii) Banfort Consultadoria e Servicos Lda on 15 March 2012
for an overall amount of Euro 200,000.
The aforementioned commitments will be binding for the
shareholders from the date of subscription and until the
earlier between: (i) the complete execution of the operations
regarding the Capital Increase in option and (ii)
31 December 2012.
The Company initiated the activities to reach agreements for
the suspension and renegotiation of medium - long term credit
relationships with the banking sector, involving a moratorium
on payment of the principal and interest amounts in order to
ensure the implementation of the 2012-2016 industrial plan,
the terms and
2
conditions of which are still being negotiated, at the time
being, with the banking institutions. The shareholders'
commitments are therefore conditional upon the achievement of
an agreement between the Company and the above banking
institutions.
2. considering that - according to observations put forward
by the Board of Statutory Auditors for the purposes of
Article 2446 of the Italian Civil Code - the Company
"requested and obtained that some shareholders
undertook to provide the Company with sufficient financial
resources for the next few months and anyway for the period
necessary to complete the recapitalization
operations", please clarify whether, at the date of
the meeting, such shareholders have already contributed any
amounts towards the future capital increase or loans in
favour of your Company, or whether any commitments have been
undertaken to such effect.
The shareholders Smalg S.p.A., Norfin S.p.A. and Banfort
Consultadoria e Servicos Lda separately undertook to make
available to the Company the following amounts: as to Smalg
S.p.A., up to a maximum of Euro 518,400, as to Norfin S.p.A.,
up to a maximum of Euro 291,000 and as to Banfort
Consultadoria e Servicos Lda, up to a maximum of Euro
40,000.
At the date of the Meeting the following amounts have already
been paid: (i) Smalg S.p.A. Euro 235,000;
(ii) Norfin S.p.A Euro 132,000;
(iii) Banfort Consultadoria e Servicos Lda Euro 18,000.
The aforementioned amounts were paid towards the future
capital increase and can be set off any amounts to be paid at
the time of the recapitalization in option.
3. considering that - as stated in the directors' report -
the financial resources arising from the proposed
recapitalization are intended to "finance the commercial
operations suitable to support the necessary investment for
developing the business, in addition to providing the
financial requirements connected to any tax liabilities
arising from the current assessments" , (i) please put
forward the directors' considerations on the suitability, to
that effect, of the financial means arising from the capital
increase, also assuming that such recapitalization is
subscribed in the said amount of 4.2 million euro; (ii)
please provide an update on the state of the litigation with
the Revenue Agency on 3.4.2012 (including, among other
things, on the value added tax relating to purchases of a
specific category or products) to which reference is made in
the consolidated financial statements for year ended
31.12.2011.
(i) The maximum capital amount has been determined with a
view to ensuring that the 2012 - 2016 business plan approved
by the company is fully implemented. It should be pointed out
that the business plan also provides for the settlement, with
the tax authorities, of the tax liabilities of Buy On Web
S.p.A., in liquidation (in the measure of the provisions
already made in the financial statements) and the achievement
of an agreement for the renegotiation of bank borrowings.
In the event 4.2 million euro capital increase is subscribed
and paid, provided the tax liabilities of Buy On Web S.p.A.
in liquidation are settled with the tax authorities and an
agreement is reached for the negotiation of bank borrowings,
the company will have the necessary resource for running
current operations for the present year and will have to
pinpoint alternative objectives and strategies which might
include extraordinary operations suitable to improve the
exploitation of the group's assets.
(ii) A litigation is currently ongoing with the Revenue
Agency, also in the light of the recent provisions of Law
Decree 16/2012 (as converted into law by Law no. 44 dated 26
April 2012), aiming at assessing the existence of the
conditions for an agreement with the said Agency.
In particular, we are considering a possible agreement which,
for the purposes of Value Added Tax, could involve a
confirmation of the findings contained in the tax assessment
documents and, for the purposes of Direct Tax and IRAP, the
acknowledgment that the conduct held by the Company was
legitimate.
3
4. please put forward the considerations of the directors on
the impact of a failure to successfully proceed to the
proposed recapitalization on the renegotiation of the current
financial indebtedness and on the continuation in business of
your Company and of the group.
To date, based on the ongoing negotiations, no requests have
been put forward to guarantee the full subscription of the
proposed recapitalization as the basic condition for the
success of the renegotiation of bank borrowings (to this
effect, please refer to the contents of point 3 (i)).
With reference to the continuation in business of the
company, the relevant manners will be affected by the actual
amount of the capital increase and therefore, in
consideration of such amount, the Company will adopt
different strategic measures which are not, at the time
being, defined in terms of scale and contents.
5. considering that - according to the contents of the
directors' report - the "2012 - 2016 industrial plan
progressively provides for the achievement of an economic and
financial balance and a better Debt/Equity ratio, assuming
that the capital is increased and bank borrowings
renegotiated" please clarify times and manners for the
achievement of such financial and economic balance.
The plan, based on the developed assumptions, provides for
the achievement of the economic balance, in terms of
operating results, as early as the current period, whereas,
in terms of net profits, the re-balancing is forecast
starting from 2014, through a process of group-wide
restructuring of the operating costs and revenues.
With regard to the financial balance, based on the
assumptions of the plan (agreement for the renegotiation of
bank borrowings; agreement with the tax authorities) the full
subscription and payment of the capital increase would allow
for the achievement and maintenance of the balance throughout
the entire time span of the business plan.
DECLARATION OF THE COMPLIANCE OFFICER
For the purposes of Article 154 (2) of the Italian
Consolidated Finance Law, Dr. Mauro Albani, the compliance
officer in charge of drawing up the company's accounting
documents, declares that the accounting information disclosed
in this press release matches the results of
the accounting books and records of the company.
§
The Financial statements and the consolidated financial statements for period ended 31 December 2011 of Dmail S.p.A., the Directors' Report, the Report of the Board of Statutory Auditors and of the Independent Auditors and Corporate Governance Report, are available to the public, at the Company's registered offices, at the offices of Borsa Italiana, and by publication on the company's website: www.dmailgroup.it.(section Company's data Deposit of meetings' documents).
Attachments:
1. Consolidated Balance Sheet
2. Separate Consolidated Profit And Loss Account
3. Consolidated Statement Of Comprehensive Income
4. Consolidated cash flow statement
5. Balance Sheet Of Dmail Group S.P.A.
6. Separate Profit And Loss Account Of Dmail Group S.P.A.
7. Statement Of Comprehensive Income - Dmail Group S.P.A.
8. Cash Flow Statement Of Dmail Group S.P.A.
4
Dmail Group S.p.A. Image Building S.r.l.
Francesco Berti Simona Raffaelli, Alfredo Mele, Valentina Bergamelli
Investor Relator Media Relations Tel. 02 5522941 Tel. 02 89011300 investor.relations@dmailgroup.it dmail@imagebuilding.it
Dmail Group S.p.A., listed in the Star segment of Borsa Italiana, conducts its business in the segments of Media Commerce and
Local Media.
In the Media Commerce area, the Group is leader in the direct, multi-channel sales, particularly online, in Italy and abroad, of
innovative and good value products branded "Dmail - Idee utili e introvabili - www.dmail.it", "Dcomfort - Idee per vivere meglio -
www.dcomfort.it", "DGarden - Idee per vivere il tuo spazio verde - www.dgarden.it", "DPets - Idee per chi ama gli animali" -
www.dpets.it".
Publishing activities are managed by Dmedia Group which controls Netweek, the first local media circuit in Northern Italy. Consisting of 42 local publications, Netweek has a circulation of 600 thousand copies and more than 3.5 million weekly readers. Dmedia also publishes the Netweek.it website, the local news portal. Further information on the company is available on the website: www.dmailgroup.it.
5
CONSOLIDATED BALANCE SHEETASSETS - BALANCE SHEET (amounts in thousands of Euro) | 31/12/2011 | 31/12/2010 |
Non current assets | ||
Intangible assets | ||
Goodwill and other intangible assets with indefinite useful life | 14,890 | 16,339 |
Indefinite life intangible assets | 6,262 | 6,234 |
Tangible assets | ||
Property, plant and equipment | 11,325 | 11,649 |
Other non current assets | ||
Shareholdings | 529 | 526 |
Securities and loans receivable | 365 | 374 |
Miscellaneous amounts receivable and other non current assets | 0 | 17 |
Deferred tax assets | 1,798 | 2,534 |
TOTAL NON CURRENT ASSETS (A) | 35,169 | 37,674 |
Current assets | ||
Stocks | 11,053 | 9,880 |
Due from tax authorities | 3,120 | 272 |
Trade receivables and other current assets | 22,559 | 19,453 |
Held-for-trading securities | 0 | 0 |
Loans receivable and other current financial assets | 98 | 0 |
Cash and cash equivalents | 1,358 | 2,423 |
TOTAL CURRENT ASSETS (B) | 38,189 | 32,027 |
TOTAL DISCONTINUED OPERATIONS/ASSETS HELD FOR SALE(C) | 1,147 | 6,987 |
TOTAL ASSETS (A + B + C) | 74,504 | 76,688 |
LIABILITIES - BALANCE SHEET (amounts in thousands of Euro) | 31/12/2011 | 31/12/2010 |
Shareholders' equity | ||
Attributable to the Parent Company | 3,475 | 12,821 |
attributable to Minority Interests | 1,192 | 1,271 |
TOTAL SHAREHOLDERS' EQUITY (D) | 4,667 | 14,092 |
Non-current liabilities | ||
Non-current financial liabilities | 520 | 624 |
Post employment benefit (TFR) and other staff-related reserves | 1,959 | 1,937 |
Reserve for deferred tax liabilities | 1,905 | 1,954 |
Provisions for risks and charges | 1,005 | 705 |
Finance lease liabilities | 1,125 | 1,224 |
Miscellaneous amounts payable and other non current liabilities | ||
TOTAL NON-CURRENT LIABILITIES (E) | 6,513 | 6,444 |
Current liabilities | ||
Current financial liabilities | 30,731 | 27,472 |
Finance lease liabilities | 160 | 158 |
Due to tax authorities | 659 | 1,229 |
Trade and other current payables | 20,531 | 17,499 |
TOTAL CURRENT LIABILITIES (F) | 52,081 | 46,358 |
TOTAL LIABILITIES (H= E + F) | 58,594 | 52,802 |
TOTAL DISCONTINUED / HELD FOR SALE LIABILITIES (G) | 11,244 | 9,794 |
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES (D+H+G) | 74,504 | 76,688 |
6
SEPARATE CONSOLIDATED PROFIT AND LOSS ACCOUNTPROFIT AND LOSS ACCOUNT (amounts in thousands of Euro) | 31/12/2011 | 31/12/2010 |
Revenues | 73,707 | 73,402 |
Other revenues | 3,118 | 3,014 |
Cost of goods | (24,517) | (23,284) |
Cost of services | (38,539) | (38,719) |
Staff costs | (8,191) | (8,499) |
Other operating expenses | (2,532) | (2,441) |
Depreciation, amortisation, provisions and write-downs | (5,058) | (3,322) |
Operating income | (2,010) | 152 |
Net financial income (expense) | (2,150) | (1,320) |
Profit before tax and minority interests | (4,160) | (1,168) |
Income taxes | (1,204) | (210) |
Net profit from continuing activities | (5,364) | (1,379) |
Net profit from discontinued operations | (3,958) | (1,704) |
Profit for the year | (9,322) | (3,083) |
Attributable to: | ||
- Net profit (loss) for the period - Group | (9,328) | (3,069) |
- - Consolidated net profit (loss) for the period - Minorities | 6 | (14) |
Basic profit (loss) per share attributable to ordinary Parent Company shareholders | (1,245) | (0,410) |
Diluted earnings (loss) per share attributable to ordinary Parent Company shareholders | (1,245) | (0,410) |
Basic profit (loss) per share from continuing activities | (0,717) | (0,184) |
Diluted profit (loss) per share from continuing activities | (0,717) | (0,184) |
STATEMENT OF COMPREHENSIVE INCOME (amounts in thousands of Euro) | 31/12/2011 | 31/12/2010 |
Profit (loss) for the period | (9,322) | (3,083) |
Profit (loss) from translation of foreign companies' financial statements | 16 | (28) |
Other components of comprehensive income | 16 | (28) |
Total overall profit (loss) for the period | (9,306) | (3,111) |
Attributable to: | ||
- Parent company shareholders | (9,312) | (3,097) |
- Minorities | 6 | (14) |
7
CONSOLIDATED CASH FLOW STATEMENTCONSOLIDATED CASH FLOW STATEMENT (amounts in thousands of Euro) | 31/12/2011 | 31/12/2010 |
Result for the period | (5,364) | (1,379) |
amortisation of intangible assets | 960 | 844 |
depreciation of tangible assets | 1,063 | 1,006 |
provisions and write-downs | 4,281 | 1,864 |
income from financial activities | 2,150 | 1,268 |
Gains (losses) on disposal | (15) | 0 |
Cash flow from operating activities | 3,076 | 3,604 |
Changes in current amounts receivable and other receivables | (7,475) | 3,025 |
Changes in stocks | (1,173) | 2,098 |
Changes in payables to suppliers and other payables | 3,089 | (1,766) |
Changes in Post-employment Benefit (TFR) and other employee reserves | (888) | (953) |
Changes in assets and liabilities for the period | (6,448) | 2,404 |
Cash flow from operating activities for the period | (3,372) | 6,008 |
Investments in tangible and intangible assets | (2,041) | (2,034) |
Purchase (sale) of financial and other fixed assets | (0) | 0 |
Sale of tangible assets | 180 | 0 |
Proceeds from the sale of shareholdings | 200 | 0 |
Purchase of subsidiaries net of acquired debt | 0 | 0 |
Cash flow utilised for investment activities | (1,661) | (2,034) |
New financing from medium/long-term borrowings | 1,035 | 4,500 |
Repayment of medium/long-term borrowings | (4,239) | (4,054) |
Interest paid | (2,222) | (1,404) |
Instalments on finance leases | (97) | (141) |
Purchase of own shares | 0 | 0 |
Dividends paid | (85) | (89) |
Cash flow from financing activities | (5,608) | (1,187) |
Changes in net financial resources | (10,642) | 2,787 |
Net cash flow from the discontinued operation | (705) | (1,089) |
Net financial resources at beginning of period | (13,013) | (14,711) |
Changes in the scope of consolidation | 40 | 0 |
Net financial resources at end of period | (24,320) | (13,013) |
8
BALANCE SHEET OF DMAIL GROUP S.P.A.BALANCE SHEET - ASSETS (amounts in Euro) | 31/12/2011 | 31/12/2010 |
Non current assets | ||
Intangible assets | ||
Indefinite life intangible assets | 312 | 1,510 |
Tangible assets | ||
Property, plant and equipment | 4,642,215 | 4,857,710 |
Other non current assets | ||
Shareholdings | 35,813,573 | 36,743,573 |
Miscellaneous amounts receivable and other non current assets | 426 | 310 |
Deferred tax assets | 254,692 | 1,110,939 |
TOTAL NON CURRENT ASSETS (A) | 40,711,218 | 42,714,042 |
Current assets | ||
Due from tax authorities | 2,947,486 | 4,797 |
Trade receivables and other current assets | 1,789,764 | 1,574,623 |
Cash and cash equivalents | 184,499 | 156,360 |
TOTAL CURRENT ASSETS (B) | 4,921,749 | 1,735,781 |
TOTAL ASSETS (A+B) | 45,632,967 | 44,449,823 |
BALANCE SHEET - LIABILITIES (amounts in Euro) | 31/12/2011 | 31/12/2010 |
TOTAL SHAREHOLDERS' EQUITY (D) | 7,058,442 | 14,806,914 |
Non-current liabilities | ||
Non-current financial liabilities | 639,253 | |
Post employment benefit (TFR) and other staff-related reserves | 115,627 | 93,540 |
Reserve for deferred tax liabilities | 1,316,515 | 1,315,000 |
Provisions for risks and charges | 4,529,599 | 576,262 |
Finance lease liabilities | 10,023 | 26,060 |
TOTAL NON-CURRENT LIABILITIES (E) | 5,971,764 | 2,650,114 |
Current liabilities | ||
Current financial liabilities | 31,128,136 | 24,584,500 |
Finance lease liabilities | 11,162 | 27,237 |
Due to tax authorities | 66,294 | 658,797 |
Trade and other current payables | 1,397,169 | 1,722,260 |
TOTAL CURRENT LIABILITIES (F) | 32,602,761 | 26,992,794 |
TOTAL LIABILITIES (H= E + F) | 38,574,525 | 29,642,909 |
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES (D+H) | 45,632,967 | 44,449,823 |
9
SEPARATE PROFIT AND LOSS ACCOUNT OF DMAIL GROUP S.P.A.SEPARATE PROFIT AND LOSS ACCOUNT (amounts in €000's) | 31/12/2011 | 31/12/2010 | Changes |
Revenues | 449,828 | 634,502 | (184,674) |
Other revenues | 448,134 | 405,102 | 43,032 |
Total revenues and other income | 897,962 | 1,039,604 | (141,642) |
Cost of goods | (11,938) | (14,375) | 2,437 |
Cost of services | (1,428,012) | (1,577,674) | 149,662 |
Staff costs | (620,162) | (725,737) | 105,575 |
Other operating expenses | (149,810) | (112,805) | (37,005) |
Depreciation, amortisation, provisions and write-downs | (5,103,067) | (2,208,125) | (2,894,942) |
Operating income | (6,415,026) | (3,599,113) | (2,815,914) |
Financial income | 340,608 | 1,145,880 | (805,272) |
Net financial expense | (1,380,339) | (850,676) | (529,663) |
Profit before tax | (7,454,757) | (3,303,909) | (4,150,848) |
Tax | (293,714) | 586,954 | (880,668) |
Profit (loss) for the period | (7,748,472) | (2,716,945) | (5,031,527) |
STATEMENT OF COMPREHENSIVE INCOME (amounts in Euro) | 31/12/2011 | 31/12/2010 |
Profit (loss) for the period | (7,748,472) | (2,716,945) |
Changes in the fair value of derivatives. | 0 | 0 |
Other components of comprehensive income | 0 | 0 |
Total overall profit (loss) for the period | (7,748,472) | (2,716,945) |
10
CASH FLOW STATEMENT OF DMAIL GROUP S.P.A.CASH FLOW STATEMENT (in thousands of Euro) | 31/12/2011 | 31/12/2010 |
Result for the period | (7,748) | (2,717) |
Dividends | (335) | (1,145) |
income from financial activities | 1,375 | 850 |
Gains /losses on disposal | (55) | 0 |
Depreciation of tangible assets | 63 | 34 |
Depreciation of intangible assets | 1 | 8 |
Provisions to Post-employment benefit (TFR) | 29 | 38 |
Provisions and write-downs of shareholdings | 5,710 | 2,165 |
Cash flow from operating activities | (959) | (768) |
Change in trade receivables and other receivables | (2,978) | 798 |
Changes in trade and other payables | (988) | 176 |
Changes in Post-employment Benefit (TFR) and other employee reserves | (157) | (34) |
Changes in assets and liabilities for the period | (4,122) | 935 |
Cash flow from operating activities for the period | (5,081) | 165 |
Purchase of tangible assets | 0 | (81) |
Sale of tangible assets | 202 | 0 |
Capital increase in subsidiaries | 0 | (5,050) |
Cash flow utilised for investment activities | 202 | (5,131) |
Loans received from / issued to subsidiaries | 10,393 | 220 |
Instalment payments on finance leases | (32) | (16) |
New financing, medium/long-term borrowings | 0 | 4,500 |
Repayment of medium/long-term borrowings | (3,417) | (3,335) |
Interest paid | (1,376) | (850) |
Dividends received | 335 | 1,145 |
Dividends paid | 0 | 0 |
Sale (purchase) of own shares | 0 | 0 |
Cash flow from financing activities | 5,904 | 1,664 |
Changes in net financial resources | 1,024 | (3,296) |
Net financial resources at beginning of period | (15,364) | (12,068) |
Net financial resources at end of period | (14,340) | (15,364) |
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