Dexelance MIL:DEX
Dexelance S p A : Interim financial information as at 30 September 2025
Source: MarketScreener
INTERIM FINANCIAL INFORMATION AS AT 30 SEPTEMBER 2025
12 NOVEMBER 2025
Registered Office in Milan (MI) - Corso Venezia, 29 Share Capital EUR 26,926,298
Milan Economic and Administrative Index No. 2062252
Tax code and registration no. in the Milan Business and Trade Registry: 09008930969
INTERIM FINANCIAL INFORMATION AS AT 30 SEPTEMBER 2025Table of contents
General information 3
The Group 3
Information on operations 6
Business combinations 18
Shareholders' equity 20
Strategic business areas 21
Related parties 22
Treasury shares and shares of parent companies 22
Dexelance S.p.A. on the Stock Exchange 23
Consolidated financial statements as at 30 September 2025 25
Main risks and uncertainties to which the Group is exposed 31
Subsequent events 35
Business outlook 36
Declaration of the Director in charge of drawing up the corporate accounting documents pursuant to Article 154-bis, paragraph 2 of Legislative Decree No. 58 of 24 February 1998 37
General information
The GroupDexelance S.p.A. has its registered office in Milan. It was first listed for trading on the Borsa Italiana stock exchange on 18 May 2023. Dexelance stock forms part of the FTSE Italia Small Cap Index. The Company was established on 10 March 2015 with the aim of promoting an Italian design hub in the furniture and lighting segment. Its scope has also included high-end modular kitchen solutions and systems that can implement dimensional, organisational, managerial, strategic and distribution synergies, which allow Dexelance to compete internationally in a segment where Italy has a competitive advantage and excellent creative and product skills.
The structure of the Dexelance Group as at 30 September 2025 is provided below:
DEXELANCE
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100% 100%
3B9%
100%
61.1% 100% 55%
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100"@
/1@o
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25%
1O0"@
1oo%
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100% /00%
40OO
00% 99% 65%
The financial report as at 30 September 2025 includes the financial statements of the parent company, Dexelance S.p.A., and the companies over which the parent company has the right to exercise control, determining their financial and management decisions and obtaining the related benefits. The fully consolidated companies as at 30 September 2025 are listed below. Please note that the criteria adopted for the consolidation of subsidiaries is consistent with the criteria used for the preparation of the financial statements for the period ended 31 December 2024.
Company name | Registered office | Share capital | SBA | % direct ownership | % indirect ownership |
Gervasoni S.p.A. | Pavia di Udine (Udine) | 1,000,000 | furniture | 100% | 0% |
Meridiani S.r.l. | Misinto (Monza and Brianza) | 120,000 | furniture | 61.11% | 38.89% |
Dexelance France SARL | Paris (France) | 100,000 | furniture | 100% | 0% |
Dexelance UK Ltd. | London (UK) | GBP 779,950 | furniture | 100% | 0% |
Cenacchi International S.r.l. (*) | Ozzano dell'Emilia (Bologna) | 10,000 | luxury contract | 99% | 0% |
Davide Groppi S.r.l. | Piacenza | 20,000 | lighting | 100% | 0% |
Saba Italia S.r.l. | S. Martino di Lupari (Padua) | 50,000 | furniture | 100% | 0% |
Modar S.p.A. | Barlassina (Monza and Brianza) | 500,000 | luxury contract | 100% | 0% |
IDB Suzhou Co. Ltd. | Suzhou (China) | CNY 21,177,351 | other | 100% | 0% |
Flexalighting S.r.l. | Pontassieve (Florence) | 10,000 | lighting | 100% | 0% |
Borman Lighting S.r.l. | Pontassieve (Florence) | 10,000 | lighting | 0% | 100% |
Dexelance USA Corp. | New York (USA) | USD 10,000 | other | 100% | 0% |
Flexalighting North America Ltd. (*) | Surrey (Canada) | CAD 105 | lighting | 0% | 51% |
Gamma Arredamenti S.p.A. (*) | Forlì (Forlì-Cesena) | 2,000,000 | furniture | 55% | 0% |
Gamma Arredamenti Inc. (*) | High Point (USA) | USD 5,000 | furniture | 0% | 55% |
Cubo Design S.r.l. (*) | Notaresco (Teramo) | 84,000 | kitchen & systems | 60% | 0% |
Axo Light S.r.l. | Scorzè (Venice) | 119,000 | lighting | 100% | 0% |
Axo Light USA Corp. | New York (USA) | USD 100,000 | lighting | 0% | 100% |
Turri S.r.l. (*) | Carugo (Como) | 1,000,000 | furniture | 51% | 0% |
Turri UK Ltd. (*) | London (UK) | GBP 10,000 | furniture | 0% | 51% |
Turri USA Corp. (*) | Miami (USA) | USD 100 | furniture | 0% | 51% |
Shanghai Turri Furnitures (*) | Shanghai (China) | CNY 8,576,479 | furniture | 0% | 51% |
Mollura & C. S.p.A. (*) | Messina | 65,104 | omnichannel | 65% | 0% |
(*) Fully consolidated companies due to the put and call agreement with minority shareholders; the outstanding amount of the financial debts arising from these agreements is recognised under Other current and non-current financial liabilities. The Parent Company currently holds the majority of the shares, but based on the agreements signed with the minority shareholders and the put option that they may exercise, it has the obligation to repurchase the remaining shares held under predefined contractual conditions.
With reference to the scope of consolidation, the following transactions took place in 2025:
on 12 June 2025, Meridiani S.r.l. transferred all of the shares of Meridiani France SARL, representing 100% of its capital, to the parent company Dexelance S.p.A. Following the transaction, the proposal to change the company name to Dexelance France SARL was also approved;
on 24 June 2025, Dexelance S.p.A. signed an agreement to acquire an initial 25% stake of the capital of Roda S.r.l., the parent company of the Roda Group, a leader in high-end outdoor furniture. Please note that the transaction was then completed on 17 July 2025.
The company is valued using the equity method as of its acquisition date;
on 24 September 2025, 65% of the capital of Mollura & C. S.p.A. (Mohd) was acquired, a Made in Italy brand of excellence operating globally with an innovative omnichannel model that includes an online platform with over 12 million annual sessions and a large team of specialised designers. In partnership with over 500 top brands, through showrooms, an online boutique, and a dedicated design service, Mohd manages residential and contract projects worldwide.
The Group has drawn up its interim financial statements as at 30 September 2025 in compliance with the recognition and measurement principles of IFRS and in accordance with the principles applied in the preparation of the annual consolidated financial statements as at 31 December 2024.
The information contained in this financial report regards the nine-month period ended 30 September 2025, which is compared with the same period in 2024 for the income statement, and with the result achieved at 31 December 2024 for the statement of financial position.
The values shown in the accounting statements are in thousands of euros.
Information on operations
This financial information as at 30 September 2025 was approved by the Company's Board of Directors on 12 November 2025 and has not been audited, as this is not required by current legislation. This report on operating performance should be read
in conjunction with the consolidated summary financial statements as at 30 September 2025, which are recorded below.
To gain the best understanding of the Group's situation and operating performance, the tables below show a brief analysis of the consolidated financial statements for the period ended 30 September 2025, made up of the reclassified income statement and the reclassified statement of financial position.
To enable a better assessment of operating performance, the Dexelance Group uses and monitors some alternative performance indicators.
The indicators represented are not identified as accounting measures under IFRS and should therefore not be considered as alternative measures to those provided in the model financial statements for assessing the performance of the Group and its financial position. The Group considers that the financial information set out below is an additional important benchmark for assessing the Group's performance, as it allows for a more analytical monitoring of the Group's economic and financial performance. Since such financial information is not a measure that can be determined by the underlying accounting standards for the preparation of the consolidated financial statements, the criterion applied for its determination may not be consistent with that adopted by other groups, and therefore such data may not be comparable.
The definition of these alternative performance indicators is as follows.
Added value is defined as the sum of revenue for goods and services and other revenue and income less the sum of costs for the purchases of raw materials, changes in inventories, costs for services and use of third-party goods and other operating costs.
EBITDA is defined as the sum of the net profit for the year, plus the profit (loss) of discontinued assets, plus income taxes, financial income and expenses, plus amortisation, depreciation and writedowns of fixed assets.
Adjusted EBITDA is defined as the sum of net profit for the year, plus the profit (loss) of discontinued assets; income taxes; financial income and expenses; amortisation, depreciation and writedowns of fixed assets and excluding non-recurring costs/revenues.
EBIT is defined as the sum of net profit for the year, plus the profit (loss) of discontinued assets, plus income taxes, financial income and expenses.
Adjusted EBIT is defined as the sum of net profit for the year, plus the profit (loss) of discontinued assets, plus income taxes, financial income and expenses, excluding non-recurring costs, amortisation and depreciation of intangible assets with a finite useful life, models and customer lists, recorded during Purchase Price Allocation (PPA), and which will terminate at the end of the relevant depreciation process.
The adjusted net result from operating assets is defined as the net result from operating assets excluding (i) non-recurring costs/revenue; (ii) amortisation of intangible assets with a finite useful life, models and customer lists, recorded during Purchase Price Allocation (PPA), and which will terminate at the end of the relevant amortisation process; (iii) depreciation of intangible assets recorded after the performance of the impairment tests; (iv) the effects of the remeasurements of put and call options and earn-outs; and (v) the related tax effects.
Operating working capital is calculated as the net balance of customer relationships, supplier relationships, inventories and assets and liabilities arising from contracts, customer advances, while net working capital is calculated by adding to operating working capital income tax credits and/or income tax payables and other current assets and liabilities.
Invested capital is calculated as the balance between net working capital, non-current assets, liabilities for employee benefits, and provisions for risks and charges and other non-current liabilities.
The net financial position is represented by financial debts, net of cash and other cash equivalents.
Reclassified income statement
The income statement is reclassified in multiple-step format to show the gross operating profit (EBITDA) generated by the Group, namely the difference between revenue and costs associated with the purchase/transformation/sales cycle, regardless of amortisation, depreciation and writedowns, the financing methods adopted and the level of taxation.
Please note that the income statement does not include the results of Mollura & C.
S.p.A. for the period since the acquisition date because it is not material and, therefore, the figures shown are on a like-for-like basis with respect to the same period last year.
Reclassified income statement amounts are shown in €/1,000 | Nine months 2024 | Nine months 2025 | Change | |||
amount | % | amount | % | amount | % | |
Revenue | 231,842 | 100.0% | 220,291 | 100.0% | (11,551) | -5.0% |
Other income | 3,410 | 1.5% | 2,976 | 1.4% | (434) | -12.7% |
Total revenue and income | 235,252 | 101.5% | 223,267 | 101.4% | (11,985) | -5.1% |
External operating costs (*) | (163,483) | -70.5% | (164,924) | -74.9% | (1,441) | 0.9% |
Added value | 71,768 | 31.0% | 58,343 | 26.5% | (13,426) | -18.7% |
Staff costs | (39,785) | -17.2% | (41,899) | -19.0% | (2,114) | 5.3% |
Provisions and writedowns | (381) | -0.2% | (326) | -0.1% | 55 | -14.4% |
Gross operating profit (EBITDA) | 31,602 | 13.6% | 16,117 | 7.3% | (15,485) | -49.0% |
Amortisation, depreciation and writedowns of fixed assets | (15,890) | -6.9% | (27,465) | -12.5% | (11,575) | 72.8% |
Operating profit (EBIT) | 15,712 | 6.8% | (11,348) | -5.2% | (27,059) | -172.2% |
Financial result | (7,640) | -3.3% | 2,432 | 1.1% | 10,072 | -131.8% |
Gross result | 8,072 | 3.5% | (8,916) | -4.0% | (16,987) | -210.5% |
Income tax | (4,066) | -1.8% | (732) | -0.3% | 3,335 | -82.0% |
Group consolidated net result | 4,006 | 1.7% | (9,647) | -4.4% | (13,653) | -340.8% |
(*) includes the following income statement items: materials consumption, costs for services and leased assets and other operating costs.
Revenues for the first nine months of 2025 have decreased compared with the same period during the previous year, going from EUR 231.8 million to EUR 220.3 million, a slight decrease of EUR 11.6 million, equal to -5.0%.
The Group's revenue by operating segment or strategic business area (SBA) and by geographic area in the first nine months of 2025 and in the previous nine-month period are broken down as follows:
a 12% decrease in the 'Furniture' sector due to the slowdown in the reference market;
a 3% increase in the 'Lighting' segment as a result of the ongoing growth trend;
a 5% decrease in the 'Luxury Contract' segment compared to the previous period, due to the postponement in the realisation of some projects requested by clients;
A 7% increase in the 'Kitchens and Systems' sector, tied to the performance by the company Cubo Design compared with the same period during the previous year.
amounts are shown in €/1,000 | Nine months 2024 | Nine months 2025 |
Furniture | 101,620 | 89,070 |
Lighting | 23,747 | 24,460 |
Luxury Contract | 62,591 | 59,611 |
Kitchen & Systems | 43,884 | 47,150 |
Total | 231,842 | 220,291 |
amounts are shown in €/1,000 | Nine months 2024 | Nine months 2025 |
Italy | 61,733 | 55,223 |
EU | 52,757 | 53,412 |
Non-EU | 117,351 | 111,656 |
Total | 231,842 | 220,291 |
Considering the impact of some non-recurring economic components on the result for the period, the management also wishes to highlight the following economic values: Adjusted EBITDA, Adjusted EBIT and Adjusted Net Result.
In particular, Adjusted EBITDA is determined without reflecting non-recurring costs and revenues.
Adjusted EBIT was calculated gross of both non-recurring costs and the amortisation and depreciation of intangible assets with a finite useful life (models, order book and customer relations) recorded during the Purchase Price Allocation (PPA) and which will terminate at the end of the relevant amortisation process.
Finally, the Adjusted Net Result is calculated excluding non-recurring costs/revenues and of the aforementioned amortisation of certain intangible assets with a finite useful life and without taking into account the positive and negative economic effects resulting from the restatement of "figurative" financial charges for put and call options and earn-outs of minority shareholders.
amounts are shown in €/1,000 | Nine months 2024 | Nine months 2025 | ||
Effective data | Adjusted data | Effective data | Adjusted data | |
Revenue | 231,842 | 231,842 | 220,291 | 220,291 |
Other income | 3,410 | 3,410 | 2,976 | 2,976 |
Total revenue and income | 235,252 | 235,252 | 223,267 | 223,267 |
External operating costs | (163,483) | (162,898) | (164,924) | (163,960) |
Added value | 71,768 | 72,354 | 58,343 | 59,307 |
Staff costs | (39,785) | (39,768) | (41,899) | (41,623) |
Provisions and writedowns | (381) | (381) | (326) | (326) |
Gross operating profit (EBITDA) | 31,602 | 32,204 | 16,117 | 17,357 |
Amortisation, depreciation and writedowns of fixed assets | (10,343) | (10,343) | (10,517) | (10,517) |
Amortisation, depreciation and writedowns of fixed assets arising from the PPA process | (5,547) | - | (16,948) | - |
Operating profit (EBIT) | 15,712 | 21,861 | (11,348) | 6,841 |
Financial result | (7,640) | (3,867) | 2,432 | (3,972) |
Gross result | 8,072 | 17,995 | (8,916) | 2,869 |
Income tax | (4,066) | (5,572) | (732) | (2,424) |
Group consolidated net result | 4,006 | 12,423 | (9,647) | 445 |
The reconciliation of the above values is shown below. Starting with the actual amounts, the components taken into account to calculate the adjusted values as at 30 September 2024 and September 2025 are listed below:
amounts are shown in €/1,000 | Effective data, nine months 2024 | Non-recurring costs/revenues | PPA depreciation, amortisation and writedowns | Remeasurement of put and call options and earn-outs | Adjusted data, nine months 2024 |
Revenue | 231,842 | 231,842 | |||
Other income | 3,410 | - | 3,410 | ||
Total revenue and income | 235,252 | - | - | - | 235,252 |
External operating costs | (163,483) | 585 | (162,898) | ||
Added value | 71,768 | 585 | - | - | 72,354 |
Staff costs | (39,785) | 17 | (39,768) | ||
Provisions and writedowns | (381) | (381) | |||
Gross operating profit (EBITDA) | 31,602 | 602 | - | - | 32,204 |
Amortisation, depreciation and writedowns of fixed assets | (10,343) | (10,343) | |||
Amortisation, depreciation and writedowns of fixed assets arising from the PPA process | (5,547) | 5,547 | - | ||
Operating profit (EBIT) | 15,712 | 602 | 5,547 | - | 21,861 |
Financial result | (7,640) | (369) | 4,142 | (3,867) | |
Gross result | 8,072 | 234 | 5,547 | 4,142 | 17,995 |
Income tax | (4,066) | (77) | (1,428) | (5,572) | |
Group consolidated net result | 4,006 | 156 | 4,119 | 4,142 | 12,423 |
amounts are shown in €/1,000 | Effective data, nine months 2025 | Non-recurring costs/revenues | PPA depreciation, amortisation and writedowns | Remeasurement of put and call options and earn-outs | Adjusted data, nine months 2025 |
Revenue | 220,291 | 220,291 | |||
Other income | 2,976 | 2,976 | |||
Total revenue and income | 223,267 | - | - | - | 223,267 |
External operating costs | (164,924) | 964 | (163,960) | ||
Added value | 58,343 | 964 | - | - | 59,307 |
Staff costs | (41,899) | 276 | (41,623) | ||
Provisions and writedowns | (326) | (326) | |||
Gross operating profit (EBITDA) | 16,117 | 1,240 | - | - | 17,357 |
Amortisation, depreciation and writedowns of fixed assets | (10,517) | (10,517) | |||
Amortisation, depreciation and writedowns of fixed assets arising from the PPA process | (16,948) | 16,948 | - | ||
Operating profit (EBIT) | (11,348) | 1,240 | 16,948 | - | 6,841 |
Financial result | 2,432 | (6,404) | (3,972) | ||
Gross result | (8,916) | 1,240 | 16,948 | (6,404) | 2,869 |
Income tax | (732) | (77) | (1,615) | (2,424) | |
Group consolidated net result | (9,647) | 1,163 | 15,332 | (6,404) | 445 |
During the first nine months of the year, the Group incurred non-recurring costs of EUR 1,240 thousand, of which EUR 276 thousand concerned extraordinary staff expenses and EUR 363 thousand, acquisition transactions carried out in the third quarter.
Regarding Group's growth by external lines, a full-year income statement has been prepared assuming that the Mohd acquisition had taken place on 1 January 2025. Please note that, as there were no changes in the scope of consolidation the first nine months of 2024, no further disclosures were necessary as at 30 September 2024.
Full income statement (audited) amounts are shown in €/1,000 | Nine months 2024 | Nine months 2025 | Change | Change | ||||
9M full | 9M full adjusted | 9M full | 9M full adjusted | 9M full | % | 9M full adjusted | % | |
Revenue | 231,842 | 231,842 | 272,835 | 272,835 | 40,994 | 17.7% | 40,994 | 17.7% |
Other income | 3,410 | 3,410 | 3,449 | 3,449 | 39 | 1.1% | 39 | 1.1% |
Total revenue and income | 235,252 | 235,252 | 276,284 | 276,284 | 41,033 | 17.4% | 41,033 | 17.4% |
External operating costs | (163,483) | (162,898) | (208,912) | (207,948) | (45,429) | 27.8% | (45,050) | 27.7% |
Added value | 71,768 | 72,354 | 67,372 | 68,336 | (4,396) | -6.1% | (4,018) | -5.6% |
Staff costs | (39,785) | (39,768) | (45,353) | (45,077) | (5,568) | 14.0% | (5,309) | 13.4% |
Provisions and writedowns | (381) | (381) | (326) | (326) | 55 | -14.4% | 55 | -14.4% |
Gross operating profit (EBITDA) | 31,602 | 32,204 | 21,692 | 22,932 | (9,910) | -31.4% | (9,272) | -28.8% |
Amortisation, depreciation and writedowns of fixed assets | (10,343) | (10,343) | (12,315) | (12,315) | (1,972) | 19.1% | (1,972) | 19.1% |
Amortisation, depreciation and writedowns of fixed assets arising from the PPA process | (5,547) | - | (16,948) | - | (11,401) | 205.5% | - | |
Operating profit (EBIT) | 15,712 | 21,861 | (7,571) | 10,617 | (23,283) | -148.2% | (11,244) | -51.4% |
Financial result | (7,640) | (3,867) | 2,296 | (4,108) | 9,936 | -130.0% | (241) | 6.2% |
Gross result | 8,072 | 17,995 | (5,275) | 6,509 | (13,347) | -165.4% | (11,485) | -63.8% |
Income tax | (4,066) | (5,572) | (1,888) | (3,580) | 2,178 | -53.6% | 1,992 | -35.7% |
Group consolidated net result | 4,006 | 12,423 | (7,163) | 2,929 | (11,169) | -278.8% | (9,494) | -76.4% |
Reclassified statement of financial position
The statement of financial position is reclassified in order to highlight the investment structure and the composition of the financing sources.
Reclassified statement of financial position amounts are shown in €/1,000 | 31/12/2024 | 30/09/2025 | ||
amount | % | amount | % | |
Intangible assets | 235,484 | 87.8% | 270,750 | 77.0% |
Right of use | 34,427 | 12.8% | 36,677 | 10.4% |
Property, plant and equipment | 28,223 | 10.5% | 36,069 | 10.3% |
Holdings and other non-current assets | 8,708 | 3.2% | 18,943 | 5.4% |
Non-current assets (A) | 306,842 | 114.5% | 362,439 | 103.0% |
Inventories | 45,529 | 17.0% | 74,628 | 21.2% |
Trade receivables | 41,632 | 15.5% | 38,388 | 10.9% |
Other current assets | 8,824 | 3.3% | 12,850 | 3.7% |
Current assets (B) | 95,985 | 35.8% | 125,866 | 35.8% |
Trade payables | (53,611) | -20.0% | (47,052) | -13.4% |
Other current liabilities | (43,205) | -16.1% | (51,062) | -14.5% |
Current liabilities (C) | (96,817) | -36.1% | (98,114) | -27.9% |
Net working capital (D = B - C) | (832) | -0.3% | 27,752 | 7.9% |
Provisions for risk and severance pay | (12,163) | -4.5% | (13,809) | -3.9% |
Other non-current liabilities | (25,748) | -9.6% | (24,656) | -7.0% |
Medium/long-term liabilities (E) | (37,911) | -14.1% | (38,465) | -10.9% |
Net invested capital (A + D + E) | 268,099 | 100.0% | 351,726 | 100.0% |
Shareholders' equity | 170,452 | 63.6% | 160,797 | 45.7% |
Net financial position, banks | (5,180) | -1.9% | 76,236 | 21.7% |
Net financial position, others | 102,827 | 38.4% | 114,693 | 32.6% |
Net financial position | 97,647 | 36.4% | 190,929 | 54.3% |
Equity and debt | 268,099 | 100.0% | 351,726 | 100.0% |
Net invested capital consists mostly of intangible assets arising from company acquisitions completed since the Company's incorporation; during the period, this increased by EUR 83.6 million due to the effect of:
the increase of EUR 55.6 million in non-current assets, mainly attributable to the allocation of the consolidation difference for the new acquisition of Mollura in the amount of EUR 45.4 million and the acquisition of the shareholding in Roda S.r.l. in the amount of EUR 8.5 million. As at 30 June 2025, a partial write-down of the goodwill for the Turri CGU in the amount of EUR 11,200 thousand was recognised in the statement of financial position, taking the performance during the period and the future prospects into account. Please refer to the abbreviated explanatory notes to the Half-Yearly Financial Report for more information.
The increase in the item 'Shareholdings' is solely attributable to the acquisition of a 25% shareholding in Roda S.r.l. and its valuation using the equity method at the end of the period. Please note that the PPA for the acquisition, prepared in accordance with IAS 28, is still provisional and will be completed within the
timeframe required by this accounting standard; the allocation of the implicit deficit has been provisionally allocated to the goodwill;
the increase of EUR 28.6 million in net working capital, mainly attributable to the organic trend of advances on orders secured by the companies operating in the 'Luxury Contract' operating segment and the reduction in trade payables result from their different composition at the payment terms and conditions;
the increase in medium- and long-term liabilities in the amount of EUR 0.6 million. Financing sources consist for 46% of equity and for 54% of third-party, posting an increase in the net financial position of EUR 93.3 million (+95.5%) compared to the previous period. This is attributable mainly to the acquisitions completed during the period and, to a minor extent, to the absorption of the net working capital as recognised in the cash flow statement.
Net financial position
The net financial position, as defined and monitored by the Company's and the Group's management, breaks down as follows:
amounts are shown in €/1,000 | Balance at 30/09/2024 | Balance at 31/12/2024 | Balance at 30/09/2025 | Change Sept. 2024 - Sept. 2025 | Change Dec. 2024 - Sept. 2025 |
Short-term bank loans | 20,945 | 23,604 | 35,972 | 15,027 | 12,368 |
Medium/long-term bank debt | 51,691 | 39,510 | 87,013 | 35,322 | 47,502 |
Cash and cash equivalents | (32,183) | (33,681) | (38,085) | (5,902) | (4,404) |
Other current financial assets | (27,976) | (34,614) | (8,664) | 19,313 | 25,950 |
NFP, banks | 12,476 | (5,180) | 76,236 | 63,759 | 81,415 |
Current earn-out payable | 1,328 | 4,790 | 4,379 | 3,051 | (411) |
Non-current earn-out payable | 11,508 | 1,780 | 2,087 | (9,422) | 307 |
Current payable for purchase of minority shares through the exercise of the put option | 8,182 | 9,747 | 7,174 | (1,009) | (2,573) |
Non-current payable for purchase of minority shares through the exercise of the put option | 48,951 | 45,656 | 57,357 | 8,407 | 11,701 |
NFP, other than banks | 69,969 | 61,972 | 70,996 | 1,027 | 9,024 |
Current financial payables to lessors | 6,451 | 6,512 | 7,243 | 792 | 731 |
Non-current financial payables to lessors | 27,106 | 29,430 | 31,342 | 4,236 | 1,912 |
NFP, payables to lessors (IFRS 16) | 33,557 | 35,942 | 38,585 | 5,029 | 2,644 |
Other financial payables | 791 | 4,913 | 5,112 | 4,321 | 199 |
NFP, total | 116,793 | 97,647 | 190,929 | 74,136 | 93,282 |
Gross bank debt as at 30 September 2025 amounted to EUR 122,984 thousand and the increase over the previous period was mainly due to borrowings of EUR 80.7
million, of which EUR 12 million were for short-term advances, EUR 46 million for a long-term loan for the acquisition of Mollura, and EUR 12.7 million for a long-term loan to cover part of the acquisition of the minority interest in Roda and the exercise of Flexalighting options.
Indebtedness of EUR 76.2 million is expressed net of cash and cash equivalents and other current financial assets of EUR 46.7 million. The change in the net financial position during the period is characterised by (i) a high absorption of operating working capital, due to the timing of receipt of advance payments concerning the progress of open job orders, (ii) net capital expenditures for the period of EUR 7.3 million, (iii) net financial disposals of EUR 25.4 million for the period, and (iv) corporate acquisitions totalling EUR 40.7 million. Please also note that a loan with a nominal value of EUR 6 million was voluntarily repaid early, ahead of the original amortization schedule.
The earn-out debts of EUR 6,465 thousand recognised at 30 September 2025 refers to the debt owed to the sellers of the companies Cubo Design and Turri. It represents the update of the best possible estimate of the earn-out, which was determined at the time of acquisition and accounted for at 30 September 2025. The earn-out is directly linked to the performances of the acquired companies as contractually defined between the parties. Please note that, in 2025, the earn-out payment for the acquisition of SUR (merged into Gervasoni during the 2022 financial year) totalled EUR 527 thousand.
The put options debts amounted to EUR 64.5 million at 30 September 2025 and concern the fair value of the liability for the exercise of the put option (in favour of the seller) and the call option (in favour of the Group) for the acquisition of the residual stake of 1% in Cenacchi International, of 49% in Flexalighting North America, of 45% in Gamma Arredamenti International, of 40% in Cubo Design, of 49% in Turri, and of 35% in Mollura.
The acquisition value of the minority stake through the put option was also subject to a contractual definition that links its value to actual company performance and, for this reason, is periodically reassessed based on a contractually predefined calculation between the parties (usually EBITDA and net financial position).
Please note that the debts for options at 30 September 2025 decreased as a result of:
the exercise of the option to acquire the remaining 49% stake in Flexalighting for EUR 9.7 million;
the remeasurement of the debt related to the minority interest in Turri S.r.l. against the revised budget approved and used by the directors during the impairment test as at 30 June 2025, which led to the reduction of the debt itself in the amount of EUR 9.3 million.
The change in bank debts is reported below:
amounts are shown in €/1,000
Balance at 31/12/2024
Business combinations
Loans taken out
Capital repayments /
Interest payments
Interest payable accrued
Balance at 30/09/2025
Bank loans:
Loans for acquisitions
45,779
-
58,707
(15,337)
1,863
91,013
Loans pursuant to the Liquidity
Decree
3,060
-
-
(1,593)
56
1,522
Other loans to banks
13,592
1,880
22,023
(7,978)
226
29,743
Financial derivative liabilities
684
-
-
-
23
707
Total
63,115
1,880
80,731
(24,908)
2,167
122,984
The increase in debt of EUR 59.9 million was mainly due to long-term loans for a nominal amount of EUR 58.7 million and short-term loans for EUR 22 million, net of repayments of EUR 24.9 million.
With regard to the Group's net financial debt, the following financial information has been drawn up in accordance with the format required by the CONSOB Communication, updated with the requirements of ESMA Guidance 32-382-1138 of 4 March 2021 as transposed by CONSOB warning notice no. 5/21 of 29 April 2021, indicating the intention to align its supervisory practices with the aforementioned ESMA Guidelines.
The financial debt of the Dexelance Group according to the format adopted by CONSOB is as follows:
amounts are shown in €/1,000
Balance at
31/12/2024
Balance at
30/09/2025
Change
A Cash
33,681
38,085
4,404
B Cash equivalents
C Other current financial assets
34,614
8,664
(25,950)
D Cash and cash equivalents (A + B + C)
68,294
46,749
(21,546)
E Current financial debt (including debt instruments but
excluding the current portion of non-current financial debt)
(21,049)
(18,796)
2,253
F Current portion of current financial debt
(23,604)
(35,972)
(12,368)
G Current financial indebtedness (E + F)
(44,653)
(54,767)
(10,114)
H Net current financial indebtedness (G - D)
23,641
(8,019)
(31,660)
I Non-current financial debt (excluding the current portion
and debt instruments)
(116,375)
(177,798)
(61,423)
J Debt instruments
K Non-current trade and other payables
(4,913)
(5,112)
(199)
L Non-current financial indebtedness (I + J + K)
(121,288)
(182,910)
(61,622)
Business combinationsM Total financial indebtedness (H + L)
(97,647)
(190,929)
(93,282)
Acquisition of Mollura & C. S.p.A.
On 24 September 2025, Dexelance acquired 65% of the share capital of Mollura & C. S.p.A., a company that, through showrooms, an online platform, and a dedicated design service, manages residential and contract projects worldwide.
The acquisition price for the shares was EUR 44,283 thousand.
At the same time as the acquisition, a put and call agreement was signed between Dexelance and the selling shareholders for the transfer of the remaining 35%. Under the agreement, in 2030, after the approval of the 2029 financial statements:
the minority shareholders will have the right to sell (put option) to Dexelance -which will have the obligation to acquire - their shares of the company for a consideration calculated on the basis of average EBITDA in the two-year period prior to the exercise of the option, to which a multiplication factor is applied and for which the net financial position at the year-end prior to the exercise of the right is deducted from the result;
if the minority shareholders exercise the "accelerated" put option, Dexelance must acquire (the "'accelerated' call option") 10% of the share capital of Mollura & C. S.p.A. from these minority shareholders within 12 months of the transaction
date, for a consideration determined in the same manner as the acquisition price. If this procedure is exercised, the calculation of the consideration for the remaining 25% follows the formula indicated in the preceding paragraph.
On the basis of this combination of put and call options, the shareholding recognized by the Group in the consolidated financial statements is equal to 100% of the subsidiary Mollura. At the same time, the financial liability for the acquisition of the 35% minority interest was recognised at fair value under other financial payables in the amount of EUR 25,832 thousand at the acquisition date.
The consolidated financial statements of the Dexelance Group as at 30 September 2025 do not include the results of the company Mollura & C. S.p.A for the period from the acquisition date, as these were not material.
If the acquisition of the companies had taken place at the start of the 2025 financial year, revenue for goods and services would have totalled EUR 53,182 thousand.
The table below breaks down the information on assets and liabilities, respectively acquired and assumed as at the acquisition date. The difference between the net consideration for the acquisition and the total net assets acquired was provisionally allocated to goodwill:
(amounts in thousands of euros)
Carrying amounts at the acquisition date
Allocation
Overall amounts at fair value
ASSETS | |||
Intangible assets | 7,845 | - | 7,845 |
Goodwill | 7,371 | 7,371 | |
Other intangible assets | 474 | 474 | |
Right of use | 3,897 | 3,897 | |
Property, plant and equipment | 4,567 | 4,567 | |
Deferred tax assets | 347 | 347 | |
Other non-current assets | 1,693 | 1,693 | |
Inventories | 22,353 | 22,353 | |
Trade receivables | 1,984 | 1,984 | |
Income tax credits | 11 | 11 | |
Other current assets | 90 | 90 | |
Other current financial assets | 8,004 | 8,004 | |
Cash and cash equivalents | 3,582 | 3,582 | |
TOTAL ASSETS | 54,373 | - | 54,373 |
LIABILITIES | |||
Post-employment benefits | 936 | 936 | |
Provisions for risks and charges | 199 | 199 | |
Financial debts | 5,769 | 5,769 | |
Deferred taxes | 11 | 11 | |
Trade payables | 8,064 | 8,064 | |
Income tax payables | 1,191 | 1,191 | |
Other current liabilities | 13,509 | 13,509 | |
TOTAL LIABILITIES | 29,679 | - | 29,679 |
TOTAL NET ASSETS ACQUIRED (A) | 24,694 | ||
CONSIDERATION FOR THE ACQUISITION (B) (*) | 70,115 | ||
GOODWILL FROM BUSINESS COMBINATION (C = B- A) | 45,421 | ||
Cash and cash equivalents acquired (D) | 3,582 | ||
Deferred put and call payments (E) | 25,832 | ||
PAYMENTS MADE FOR THE ACQUISITION (B- (D + E)) (**) 40,701
(*) Calculated as the sum of the present value of the ownership interest and debts for put and call options.
(**) Calculated as the consideration for the acquisition net of cash and cash equivalents and debts for put and call options.
Shareholders' equityPlease see the statement of changes in shareholders' equity for a description of the change in shareholders' equity at 30 September 2025.
The share capital is fully paid up and subscribed. It totals EUR 26,926 thousand, divided into 26,926,298 ordinary shares with no par value. This is unchanged from 31 December 2024.
The changes that affected the equity reserves in the first nine months of the financial year 2025 are as follows:
the purchase of treasury shares for EUR 1.57 million;
the effect of the fair value valuation of financial hedging instruments (cash flow hedges) in the negative amount of EUR 135 thousand, net of the tax effect of EUR 32 thousand, which was recognised in the statement of comprehensive income as at 30 September 2025;
following the resolution to adopt the 2024-2029 Performance Shares Plan, the sum of EUR 198 thousand was allocated to a reserve for shares granted to directors and employees.
the payment to cover losses by minority shareholders in the subsidiary Turri S.r.l. for EUR 1.96 million.
Strategic business areasThe Dexelance Group is divided into five operating segments or strategic business areas (SBAs), as defined by management at the operational level by management, and one other residual area (mainly attributable to the Parent Company, which acts as a holding company):
Furniture: dedicated to the design, production (both in-house and through third-party manufacturers) and marketing of indoor and outdoor furniture products, mainly dedicated to the living area. At the date of the financial statements, this segment consisted of the companies Gervasoni S.p.A., Meridiani S.r.l., Saba Italia S.r.l., Gamma Arredamenti International S.p.A. S.r.l., and Turri S.r.l., and the related subsidiaries, Dexelance France SARL and Dexelance UK Co. Ltd., Dexelance USA Corp., and IDB Suzhou Co.;
Lighting: dedicated to the design, production (both in-house and through third-party manufacturers) and marketing of high-quality designer lighting products. At the date of the financial statements, this segment consisted of Davide Groppi S.r.l., Flexalighting S.r.l., Flexalighting North America Ltd., and Axo Light S.r.l. and the related subsidiaries;
Luxury Contract: dedicated to the design and installation of bespoke and commissioned fittings for luxury brand shops and high-end hotels and homes, commissioned and in collaboration with well-known architects and designers. At the date of the financial statements, this SBA consisted of Cenacchi International
S.r.l. and Modar S.p.A.;
Kitchens and Systems: design, production, and sale of modular kitchen solutions and systems. At the reference date, Cubo Design S.r.l. also belonged to this area;
Omnichannel go-to-market: following the completion of the acquisition of the majority of the share capital of Mollura & C. S.p.A. in September 2025, which is
described in greater detail in the section on business combinations, the Group's business now comprises a fifth operating segment, "Omnichannel go-to-market", dedicated to the distribution of high-end products in lighting, design, and furniture, with a unique and highly innovative omnichannel business model;
Other: this consists of the Parent Company Dexelance S.p.A.
The strategic business area is typically the reference unit that the Group uses to monitor the performance of its business. It is characterised by the homogeneity of the reference markets, but it is not independently organised.
Related partiesamounts are shown in €/1,000 | Related party of | rental costs without the application of IFRS 16 | financial income and expenses | costs for services |
Il Castello S.p.A. | Gervasoni S.p.A. | 381 | ||
AGP 2 S.r.l. | Cubo Design S.r.l. | 477 | ||
Giaro Components | Cubo Design S.r.l. | 60 | ||
Olimpia S.r.l. | Turri S.r.l. | 81 | ||
T Group S.r.l. | Turri S.r.l. | 638 | ||
IR.MA. S.r.l. | Modar S.p.A. | 338 | ||
Minority shareholders | 85 | |||
Directors | 4,629 | |||
Total | 1,974 | 85 | 4,629 |
amounts are shown in €/1,000 | Related party of | trade payables | financial debts | other payables |
Giaro Componenti S.r.l. | Cubo Design S.r.l. | (329) | ||
T.M.R. S.r.l. | Cubo Design S.r.l. | (128) | ||
Olimpia S.r.l. | Turri S.r.l. | (60) | ||
T Group S.r.l. | Turri S.r.l. | (456) | ||
Minority shareholders | (5,094) | |||
Directors | (1,141) | |||
Total | (913) | (5,094) | (1,201) |
The Group companies have leases in place with related parties with rental instalments paid in advance, the cost of which amounted to EUR 1,974 thousand in the first nine months of 2025.
The "Directors" item includes the remuneration and the share of the Long-Term Incentive Plan and Performance Shares estimated for the period.
Treasury shares and shares of parent companiesAs at 18 December 2023, the programme aimed at increasing the portfolio of treasury shares of the parent company Italian Dexelance S.p.A. became operative in order to (i) equip itself with a portfolio of treasury shares to be used to service transactions consistent with the Group's strategic development lines in view of or within the scope of agreements with strategic partners, including, but not limited to, transactions involving sales and/or exchanges, swaps, contributions, assignments or other acts that include other extraordinary finance transactions (ii) use treasury shares for transactions to support market liquidity, so as to facilitate trading in the securities themselves at times of low market liquidity and to encourage regular trading, in accordance with the provisions of the law on market abuse and accepted market practices. The aforementioned share buy-back programme was resolved by the Shareholders' Meeting of 17 November 2023.
On 22 April 2024, the Shareholders' Meeting resolved a share buyback programme which, in addition to the above objectives, also provided for the allocation of treasury shares to the implementation of incentive plans based on Company shares for directors and employees in key function roles within the Company.
On 22 April 2025, the Shareholders' Meeting resolved a new share buyback programme up to a maximum number of two million for the above-mentioned purposes after the previous authorisation of 22 April 2024 had been revoked to the extent that it had not been used.
Please note that, from 18 December 2023 to 30 September 2025, 419,981 treasury shares, equal to 1.56% of the share capital, were purchased for a total amount of EUR 3.5 million.
Dexelance S.p.A. on the Stock ExchangeThe shares of the parent company Dexelance S.p.A. were listed on the Euronext STAR Milan segment of Borsa Italiana S.p.A. on 18 May 2023 at an IPO price of EUR 10.88. Dexelance stock also forms part of the FTSE Italia Small Cap index.
The chart below shows the price trend of the Dexelance stock and the related trading volumes of the first nine months of 2025, from 1 January to 30 September 2025.
As at 30 September 2025, the stock market capitalisation amounted to EUR 184.7 million, against the Group's consolidated shareholders' equity of EUR 160.8 million.
Source: borsaitaliana.it
Consolidated financial statements as at 30 September 2025
The Group has drawn up its interim financial statements in compliance with the recognition and measurement principles of IFRS and in accordance with the principles applied in the preparation of the annual consolidated financial statements as at 31 December 2024.
Consolidated statement and financial position | ||
(amounts in thousands of euros) | 30/09/2025 | 31/12/2024 |
NON-CURRENT ASSETS | ||
Intangible assets | 270,750 | 235,484 |
Goodwill | 175,960 | 134,811 |
Brands | 57,459 | 57,461 |
Models | 5,102 | 6,085 |
Customer relations and order book | 30,449 | 35,211 |
Other intangible assets | 1,780 | 1,916 |
Right of use | 36,677 | 34,427 |
Property, plant and equipment | 36,069 | 28,223 |
Deferred tax assets | 4,773 | 4,122 |
Equity investments | 8,522 | 6 |
Other non-current assets | 5,648 | 4,580 |
Total non-current assets | 362,439 | 306,842 |
CURRENT ASSETS | ||
Inventories | 62,473 | 37,096 |
Contract assets | 12,155 | 8,433 |
Trade receivables | 38,388 | 41,632 |
Income tax credits | 3,789 | 1,440 |
Other current assets | 9,061 | 7,385 |
Other current financial assets | 8,664 | 34,614 |
Cash and cash equivalents | 38,085 | 33,681 |
Total current assets | 172,614 | 164,279 |
TOTAL ASSETS | 535,053 | 471,121 |
(amounts in thousands of euros) | 30/09/2025 | 31/12/2024 |
SHAREHOLDERS' EQUITY | ||
Share capital | 26,926 | 26,926 |
Other reserves and retained earnings, including profit (loss) for the period | 133,871 | 143,526 |
Total Group shareholders' equity | 160,797 | 170,452 |
Shareholders' equity - minority interests | 0 | 0 |
Total shareholders' equity | 160,797 | 170,452 |
NON-CURRENT LIABILITIES | ||
Post-employment benefits | 8,668 | 7,363 |
Provisions for risks and charges | 5,142 | 4,801 |
Medium/long-term bank loans | 87,013 | 39,510 |
Other non-current financial liabilities | 59,444 | 47,435 |
Other medium/long-term loans | 5,112 | 4,913 |
Non-current financial payables to lessors | 31,342 | 29,430 |
Other non-current liabilities | 1,900 | 1,858 |
Deferred taxes | 22,756 | 23,889 |
Total non-current liabilities | 221,375 | 159,199 |
CURRENT LIABILITIES | ||
Short-term bank loans | 35,972 | 23,604 |
Other current financial liabilities | 11,552 | 14,537 |
Other short-term loans | 0 | 0 |
Current financial payables to lessors | 7,243 | 6,512 |
Trade payables | 47,052 | 53,611 |
Income tax payables | 2,582 | 1,039 |
Other current liabilities | 48,480 | 42,166 |
Payables to staff and social security organisations | 11,674 | 10,609 |
Contract liabilities | 8,228 | 16,557 |
Other payables | 28,578 | 15,000 |
Total current liabilities | 152,881 | 141,470 |
TOTAL LIABILITIES | 374,256 | 300,669 |
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 535,053 | 471,121 |
Consolidated income statement
(amounts in thousands of euros) Nine months
2025
Nine months 2024
Revenue for goods and services | 220,291 | 231,842 |
Other income | 2,976 | 3,410 |
Total revenue and income | 223,267 | 235,252 |
Purchases of raw materials | (98,297) | (93,914) |
Change in inventories | 6,253 | 577 |
Staff costs | (41,899) | (39,785) |
Costs for services and use of third-party assets | (71,088) | (68,502) |
Other operating costs | (1,793) | (1,644) |
Provisions and writedowns | (326) | (381) |
Amortisation, depreciation and writedowns of fixed assets | (27,465) | (15,890) |
Operating profit/(loss) (EBIT) | (11,348) | 15,712 |
Financial income | 10,367 | 2,192 |
Financial expenses | (7,935) | (9,832) |
Profit/(loss) before taxes resulting from continuing operations | (8,916) | 8,072 |
Income tax | (732) | (4,066) |
Net profit/(loss) | (9,647) | 4,006 |
Attributable to: Profit/(loss) pertaining to the Group | (9,647) | 4,006 |
Profit/(loss) pertaining to third parties | 0 | 0 |
Basic earnings loss per share | (0.36) | 0.15 |
Diluted earnings loss per share | (0.36) | 0.15 |
Consolidated statement of comprehensive income
(amounts in thousands of euros) Nine months
2025
Nine months 2024
Profit/(loss) for the year | (9,647) | 4,006 |
Profit/(loss) from cash flow hedge | (135) | (141) |
Tax effects | 32 | 34 |
Total profit/(loss) from cash flow hedges, net of tax | (102) | (107) |
Foreign currency translation differences | (498) | (177) |
Other movements | 7 | (14) |
Total comprehensive income items that will subsequently be reclassified to profit/(loss) for the year
(593) (298)
Actuarial profits/(losses) - -
Tax effects - -
Total actuarial profit/(loss), net of taxes - -
Comprehensive income items that will not subsequently be reclassified to profit/(loss) for the year | - | - |
Comprehensive income statement net of taxes | (593) | (298) |
Total comprehensive net profit/(loss) for the period | (10,241) | 3,708 |
Attributable to: Shareholders of the parent company | (10,241) | 3,708 |
Minority shareholders | - | - |
Consolidated Statement of changes in shareholders' equity
(amounts in thousands of euros) | Share capital | Share premium reserve | Cash flow hedging reserve | Actuarial gains/(losses) | Other reserves | Retained earnings | Profit/(loss) for the period | Total Group shareholders' equity | Capital and reserves - minority interests | Profit -minority interests | Shareholders' equity -minority interests | Total shareholders' equity |
Balance at 1 January 2024 | 26,926 | 66,971 | (520) | 183 | (709) | 33,521 | 28,007 | 154,378 | - - | - | 154,378 |
Allocation of result for the year | 28,007 | (28,007) | - | - | - | ||||||
Other income statement items | (107) | (190) | (298) | - | (298) | ||||||
Purchase of treasury shares | (1,334) | (1,334) | - | (1,334) | |||||||
Share Incentive Plan | 60 | 60 | - | 60 | |||||||
Profit for the period | 4,006 | 4,006 | - | 4,006 | |||||||
Balance at 30 September 2024 | 26,926 | 66,971 | (628) | 183 | (2,174) | 61,528 | 4,006 | 156,812 | - - | - | 156,812 |
(amounts in thousands of euros) | Share capital | Share premium reserve | Cash flow hedging reserve | Actuarial gains/(losses) | Other reserves | Retained earnings | Profit/(loss) for the period | Total Group shareholders' equity | Capital and reserves -minority interests | Profit -minority interests | Shareholders' equity -minority interests | Total shareholders' equity |
Balance at 1 January 2025 | 26,926 | 66,971 | (561) | 115 | (2,431) | 61,528 | 17,904 | 170,452 | - - | - | 170,452 |
Allocation of result for the year | 17,904 | (17,904) | - | - | - | ||||||
Other income statement items | (102) | (491) | (593) | - | (593) | ||||||
Purchase of treasury shares | (1,572) | (1,572) | - | (1,572) | |||||||
Payments from third parties | 1,960 | 1,960 | 1,960 | ||||||||
Share Incentive Plan | 198 | 198 | - | 198 | |||||||
Profit for the period | (9,647) | (9,647) | - | (9,647) | |||||||
Balance at 30 September 2025 | 26,926 | 66,971 | (663) | 115 | (2,336) | 79,432 | (30,158) | 160,797 | - - | - | 160,797 |
Consolidated statement of cash flows
(amounts in thousands of euros) Nine months
2025
Nine months 2024
A. Cash flows from operating activities (indirect method) | ||
Profit/(loss) for the period | (9,647) | 4,006 |
Income tax | 732 | 4,066 |
Interest expense/(interest income) | 6,033 | 7,510 |
Other non-monetary income and expenses | (8,435) | 192 |
Capital (gains)/losses on disposals | (6) | (162) |
1. Profit/(loss) before income taxes, interest, dividends and capital gains/losses from transfer | (11,324) | 15,612 |
Severance Indemnity Provision | 962 | 673 |
Provisions | 634 | 734 |
Amortisation of fixed assets | 16,265 | 15,890 |
Impairment losses | 11,176 | 0 |
Other adjustments for non-monetary items | (558) | (114) |
2. Cash flow before changes in net working capital | 17,154 | 32,796 |
Decrease/(Increase) in inventories | (3,024) | (3,349) |
Decrease/(Increase) in contract assets | (3,722) | (4,638) |
Decrease/(Increase) in trade receivables | 4,363 | (2,588) |
Increase/(Decrease) in trade payables | (14,655) | (6,790) |
Increase/(Decrease) in contract liabilities | (8,329) | 4,534 |
Decrease/(Increase) in other changes in net working capital | 1,103 | 5,823 |
Interest received/paid on loans | (2,384) | (2,141) |
(Income taxes paid) | (4,606) | (1,682) |
Disbursement of severance payments and other provisions | (912) | (922) |
3. Cash flow after other adjustments | (32,166) | (11,751) |
Cash flow of operating activities (A = 2 + 3) | (15,012) | 21,045 |
B. Cash flows from investment activities | ||
Investments in tangible fixed assets, net of divestments | (7,903) | (4,648) |
Investments in intangible assets, net of divestments | 645 | (300) |
Investments in financial fixed assets, net of divestments | (8,514) | 349 |
Investments in other financial assets, net of divestments | 33,954 | 645 |
Acquisition or sale of subsidiaries or business units, net of cash | (40,701) | 0 |
Exercise of options and earn-out | (10,180) | (7,022) |
Cash flow of investment activities (B) | (32,699) | (10,975) |
C. Cash flows from financing activities | ||
Third-party financing Increase (decrease) in short-term bank debts | (593) | (643) |
Loans taken out | 80,731 | 2,973 |
Loan repayment | (22,034) | (14,328) |
Payments for lease liabilities | (6,376) | (6,010) |
Equity | ||
Payments from third parties | 1,960 | 0 |
Purchase of treasury shares | (1,572) | (1,334) |
Cash flow of financing activities (C) | 52,116 | (19,343) |
Increase (decrease) in cash and cash equivalents (A ± B ± C) | 4,404 | (9,273) |
Cash and cash equivalents at 1 January | 33,681 | 41,457 |
Cash and cash equivalents at 30 September | 38,085 | 32,183 |
Change in cash | 4,404 | (9,273) |