RENO DE MEDICI S.P.A. Financial
Report
09302021
NET REVENUES: €544.1 MILLION
(COMPARED TO €429.9 MILLION AT 30 SEPTEMBER 2020)
GROSS OPERATING INCOME (EBITDA): €28.6 MILLION (COMPARED TO €59.7 MILLION AT 30 SEPTEMBER 2020)
OPERATING INCOME (EBIT): €3.4 MILLION
(COMPARED TO €37.5 MILLION AT 30 SEPTEMBER 2020)
NET PROFIT BEFORE DISCONTINUED OPERATIONS: €12.9 MILLION (COMPARED TO A PROFIT OF €28.3 MILLION BEFORE DISCONTINUED OPERATIONS AT 30 SEPTEMBER 2020)
NET PROFIT (LOSS) FOR THE PERIOD: PROFIT OF €15.5 MILLION (NET PROFIT OF €33.9 MILLION AT 30 SEPTEMBER 2020)
NET FINANCIAL POSITION: €165.1 MILLION (€-8.9 MILLION AT 31 DECEMBER 2020)
Reno De Medici S.p.A.
Milan, Viale Isonzo 25
Share capital €140,000,000
Tax Identification No. and V.A.T. No. 00883670150
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TABLE OF CONTENTS | |
1.CORPORATE BODIES AND AUDITING FIRMS................................................................................................................................ | 3 |
2. GROUP-OWNED OPERATING COMPANIES AT 30 SEPTEMBER 2021 ................................................................................. | 4 |
3. INTRODUCTION...................................................................................................................................................................................... | 5 |
4. MAIN SIGNIFICANT EVENTS............................................................................................................................................................... | 5 |
5. INTERIM REPORT ON OPERATIONS ............................................................................................................................................... | 7 |
BUSINESS PERFORMANCE IN THE THIRD QUARTER 2021...................................................................................................... | 14 |
MAIN RISKS AND UNCERTAINTIES TO WHICH THE RENO DE MEDICI GROUP IS EXPOSED........................................ | 15 |
OTHER SIGNIFICANT EVENTS............................................................................................................................................................. | 15 |
OTHER INFORMATION .......................................................................................................................................................................... | 16 |
BUSINESS OUTLOOK............................................................................................................................................................................... | 19 |
INTERCOMPANY AND RELATED-PARTY TRANSACTIONS........................................................................................................ | 20 |
6. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AT 30 SEPTEMBER 2021................................................... | 22 |
6.1. CONSOLIDATED INCOME STATEMENT ................................................................................................................................... | 22 |
6.2. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME......................................................................................... | 23 |
6.3. CONSOLIDATED BALANCE SHEET............................................................................................................................................. | 24 |
6.4. CHANGES IN CONSOLIDATED SHAREHOLDERS' EQUITY.................................................................................................. | 26 |
6.5. CONSOLIDATED CASH FLOW STATEMENT............................................................................................................................ | 27 |
6.6. EXPLANATORY NOTES .................................................................................................................................................................. | 28 |
6.6.1 ACCOUNTING STANDARDS AND VALUE MEASUREMENT CRITERIA ......................................................................... | 28 |
6.6.2 FINANCIAL RISK MANAGEMENT POLICY ............................................................................................................................. | 30 |
BUSINESS SECTOR DISCLOSURE STATEMENT.............................................................................................................................. | 42 |
1. SALES REVENUES ................................................................................................................................................................................ | 43 |
2. COST OF RAW MATERIALS AND SERVICES................................................................................................................................ | 43 |
3. TANGIBLE FIXED ASSETS................................................................................................................................................................. | 44 |
4. RIGHT-OF-USE ASSETS...................................................................................................................................................................... | 45 |
5. GOODWILL ............................................................................................................................................................................................ | 45 |
6. INTANGIBLE FIXED ASSETS ............................................................................................................................................................ | 46 |
7. NET FINANCIAL POSITION............................................................................................................................................................... | 47 |
8. SHAREHOLDERS' EQUITY ................................................................................................................................................................ | 52 |
9. SHORT AND LONG-TERM PORTIONS OF PROVISIONS FOR RISKS AND CHARGES...................................................... | 52 |
10. NON-RECURRING TRANSACTIONS............................................................................................................................................. | 52 |
11. CONTINGENT LIABILITIES AND COMMITMENTS AND OTHER GUARANTEES GRANTED TO THIRD | |
PARTIES ............................................................................................................................................................................................... | 52 |
6.7 RELATED-PARTY TRANSACTIONS............................................................................................................................................. | 53 |
6.8. JUDICIAL AND ARBITRATION PROCEEDINGS....................................................................................................................... | 55 |
6.9. SUBSEQUENT EVENTS ................................................................................................................................................................... | 55 |
7. LIST OF EQUITY INVESTMENTS IN SUBSIDIARY AND ASSOCIATED COMPANIES ....................................................... | 56 |
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1.CORPORATE BODIES AND AUDITING FIRMS
Board of Directors | |
Eric Laflamme | Chairman |
Michele Bianchi | Chief Executive Officer |
Giulio Antonello | Director |
Laura Guazzoni | Director |
Marc Becker | Director |
Monta Ozolina | Director |
Jordan Lubkeman | Director |
Board of Statutory Auditors | |
Diana Rizzo | Chairmain |
Gian Carlo Russo Corvace | Statutory Auditor |
Tiziana Masolini | Statutory Auditor |
Domenico Maisano | Deputy Statutory Auditor |
Alessandra Pederzoli | Deputy Statutory Auditor |
Independent Auditing Firm | |
PricewaterhouseCoopers S.p.A. |
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2. GROUP-OWNED OPERATING COMPANIES AT 30 SEPTEMBER 2021
The following chart shows the companies in the Reno De Medici Group ("RDM Group" or "Group").
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3. Introduction
This financial report at 30 September 2021 was drawn up pursuant to Legislative Decree No. 58/1998, as subsequently amended, and to the Issuers' Regulations issued by Commissione Nazionale per le Società e la Borsa (C.O.N.S.O.B., Italian stock exchange supervisory authority).
The Condensed Consolidated Financial Statements at 30 September 2021 were prepared in compliance with the International Accounting Standards ("IFRS") issued by the International Accounting Standards Board ("IASB") and approved by the European Union and with all the interpretations of the International Financial Reporting Interpretations Committee ("IFRIC"), including interpretations previously issued by the Standing Interpretations Committee, and were drawn up in accordance with IAS 34 - Interim Financial Reporting, adopting the same accounting standards as those adopted in the preparation of the Consolidated Financial Statements at 31 December 2020, except as may be described in the paragraph "New Accounting Standards, Amendments and IFRS and IFRIC Interpretations Already Approved by the European Union" in the Explanatory Notes.
Starting from July 2021 the newly acquired company Papelera del Principado S.A. and three smaller-sized subsidiaries operating in the same business sector, Ondupacart S.A, Cogeneracio del Pla S.A. e Fergerdell S.L. (hereinafter "Paprinsa") and the Eska Group were consolidated. The impact on the consolidated revenues, EBITDA and net result are showed below.
4. Main Significant Events
On 1 July 2021, the RDM group finalized the purchase of 100% of the share capital of four companies incorporated under Spanish law on the part of the subsidiary RDM Barcelona Cartonboard S.A.U. The acquisition concerns one of the main European players in the lined cardboard sector, Papelera del Principado S.A., and three smaller- sized companies operating in related business sectors. The provisional acquisition price is based on an overall "Enterprise Value" of €30.4 million, calculated on the 2020 EBITDA of €5.1 million, and on a net financial debt of €18.9 million at 31 December 2020. An initial amount of €5.9 million was paid at the closing. The price was subject to adjustments provided for in the contract according to the level of NFP, working capital
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Reno De Medici S.p.A. published this content on 08 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 November 2021 17:27:05 UTC.
