Digital Value Spa MIL:DGV
Digital Value S p A : The Board of Directors approve the Consolidated Semi-Annual Financial Report as of June 30, 2024
Source: MarketScreener
PRESS RELEASE
DIGITAL VALUE: APPROVAL OF THE SEMI-ANNUAL FINANCIAL REPORT
AS OF JUNE 30, 2024
The Group closes the first half with positive results across all key indicators, confirming
the solidity of its growth trajectory.
- Consolidated revenues: €450.7 million (+€35.2 million, +8.5% compared to the first half of 2023)
- EBITDA: €51.173 million (+€6.3 million, +13.9% compared to the first half of 2023)
- EBIT: €34.727 million (+€6.7 million, +23.7% compared to the first half of 2023)
- Net profit for the period: €22.390 million (+€5.3 million, +30.6% compared to the first half of 2023)
Rome, September 25, 2024 - The Board of Directors of Digital Value S.p.A. (Ticker DGV), a leading company in Italy's ICT sector for both the public and private segments, listed on Euronext Milan of Borsa Italiana S.p.A., today approved the Consolidated Semi-Annual Financial Report as of June 30, 2024.
Massimo Rossi, Chairman and CEO of Digital Value, commented: "In the first half of the year, Digital Value posted positive performance across all key indicators. A favorable environment for technological innovation in the sectors in which we operate, combined with our focus on efficiency and key skills to drive the country's technological evolution, supports us in the improvement path that the Group has undertaken for the benefit of all our stakeholders. Looking to the future, Digital Value remains committed to investing in its growth with a solid industrial vision, guided by the principle of complementarity. This will allow us to respond promptly to market challenges and continue to offer innovative, sustainable solutions tailored to the needs of our clients."
Results for the first half of 2024
Consolidated net revenues as of June 30, 2024, amounted to €450.7 million, an increase of €35.2 million, marking an 8.5% rise compared to the first half of 2023.
EBITDA stood at €51.173 million (+€6.3 million, corresponding to a 13.9% increase compared to June 30, 2023).
The EBITDA margin was 11.36% of net revenues, boosted by a value-driven strategy and ongoing control over operating and structural costs.
Digital Value S.p.A.
Headquarter ROMA: | MILANO: | Altre sedi: | C.F. - P. IVA e Numero |
Via della Maglianella 65/E | Via Galileo Galilei 7 | Ancona, Bologna, Modena, | Registro Imprese di Roma: |
00166 Roma, Italia | 20124 - Milano (MI) Italia | Napoli, Prato | 10400090964 |
Tel. +39 06 66411156 | Tel. +39 02 62610400 | Rea: RM 1554887 | |
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| Cap. Soc. i.v. 1.554.957,60€ |
EBIT reached €34.727 million (+€6.7 million, corresponding to a 23.7% increase compared to June 30, 2023).
Net profit for the period was €22.390 million, of which €0.08 million pertains to third parties, showing an increase of €5.3 million (+30.6%) compared to June 30, 2023.
The Net Financial Position amounted to €38.7 million, an improvement of €14.8 million compared to the end of the previous year.
Analysis of Consolidated Revenues by Business Line
- Next Generation Data Center: Digital Value's core market confirmed a positive trend, contributing significantly to commercial performance, with revenues of €246.9 million, up €24.9 million from the previous half. This business line saw numerous activities focused on the development and maintenance of networks and platforms, and next-generation data centers. Among the most notable is a project for the modernization and "as a service" management of infrastructure for a major transport operator.
- Digital Business Transformation: This segment recorded revenues of €124.1 million, an increase of €10.3 million compared to the previous half. Projects and services related to Cyber Security are on the rise, driven by the increasing number of hacker attacks and growing demand for preventive and corrective solutions from clients. Among the most significant contracts in this business line are large- scale Cloud projects for a prominent Italian company in the Defense sector.
- Smart Workplace Transformation: Solutions in this area generated revenues of €79.7 million, up €0.1 million from the previous half. In this business line, which focuses on workplace management solutions, Digital Value distinguished itself through the competitive value of its offering, delivering best- of-breed solutions efficiently and extensively both nationwide and across Europe. A notable example is a project for an Oil & Gas multinational, where Digital Value manages Print Management services across five European countries.
Key Events
• The Group secured significant new contracts in the Public Administration sector, worth approximately
Digital Value S.p.A.
Headquarter ROMA: | MILANO: | Altre sedi: | C.F. - P. IVA e Numero |
Via della Maglianella 65/E | Via Galileo Galilei 7 | Ancona, Bologna, Modena, | Registro Imprese di Roma: |
00166 Roma, Italia | 20124 - Milano (MI) Italia | Napoli, Prato | 10400090964 |
Tel. +39 06 66411156 | Tel. +39 02 62610400 | Rea: RM 1554887 | |
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| Cap. Soc. i.v. 1.554.957,60€ |
€80 million, further solidifying its position in the public market.
- The company signed a purchase agreement for the acquisition of the Infordata Group, an Italian entity specializing in highly customized and complex business application projects and services. With this acquisition, Digital Value aims to strengthen its position in service offerings with distinctive technological expertise sought after by the Enterprise segment.
- A binding offer was signed for the acquisition of Italtel, a historic multinational group in Information & Communication Technology, specializing in the design, development, and implementation of innovative technological solutions. Through this operation, Digital Value intends to consolidate its market position by integrating specialized technological skills and a team of qualified professionals capable of meeting diverse customer needs at every stage of the digital transformation journey.
***
The officer responsible for the preparation of corporate accounting documents, Alessandro Pasqualin, declares, pursuant to Article 154-bis, paragraph 2, of the Consolidated Law on Finance, that the accounting information contained in the Interim Management Report as of June 30, 2024, for the Digital Value Group, corresponds to the documentary evidence, books, and accounting records.
***
This press release is available on the Digital Value website at https://www.digitalvalue.it, under the Investor Relations/Press Releases section.
Attached are the following Group financial statements, prepared in accordance with International Financial Reporting Standards (IFRS):
Attachment 1 - Consolidated Balance Sheet Attachment 2 - Consolidated Income Statement Attachment 3 - Cash Flow Statement
Digital Value SpA
Digital Value S.p.A., headquartered in Rome and operating throughout the country, heads a Group that is one of Italy's leading players in the IT solutions and services sector with consolidated revenues of €846.5 million and more than 400 employees (source: consolidated financial statements as of December 31, 2023). The Group carries out research, design, development and marketing of ICT solutions and services for the digitalization of large account customers operating in the strategic sectors of the country's economy - Telecommunications, Transportation, Utilities, Finance, Industry and Public Administration
- which represents the leading segment of the ICT market). Digital Value consolidates unique and specialized skills, capable of offering comprehensive coverage of the technological innovation needs of
Digital Value S.p.A.
Headquarter ROMA: | MILANO: | Altre sedi: | C.F. - P. IVA e Numero |
Via della Maglianella 65/E | Via Galileo Galilei 7 | Ancona, Bologna, Modena, | Registro Imprese di Roma: |
00166 Roma, Italia | 20124 - Milano (MI) Italia | Napoli, Prato | 10400090964 |
Tel. +39 06 66411156 | Tel. +39 02 62610400 | Rea: RM 1554887 | |
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| Cap. Soc. i.v. 1.554.957,60€ |
key market segments, the result of a steady and significant growth path. The Group's success is based on the unique skills, know-how and specialization of its human resources as well as its recognized ability to plan, implement and manage innovative and functional project solutions for the digitization of customers. Digital Value has been listed on the Euronext Milan market.
For information
Digital Value S.p.A.
Via Della Maglianella 65/E,
00166 Roma
Tel. +39 0262610403
E-mail[email protected]
Riccardo Benedini, IR Manager
Digital Value S.p.A.
Headquarter ROMA: | MILANO: | Altre sedi: | C.F. - P. IVA e Numero |
Via della Maglianella 65/E | Via Galileo Galilei 7 | Ancona, Bologna, Modena, | Registro Imprese di Roma: |
00166 Roma, Italia | 20124 - Milano (MI) Italia | Napoli, Prato | 10400090964 |
Tel. +39 06 66411156 | Tel. +39 02 62610400 | Rea: RM 1554887 | |
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| Cap. Soc. i.v. 1.554.957,60€ |
Annex No. 1 - Reclassified consolidated income statement as of June 30, 2024
| Reclassified consolidated income statement | 30/06/2024 | 30/06/2023 | Var.% |
| Revenues from sales and services | 449.171 | 415.453 |
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| Other revenues and income | 1.480 | 94 |
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| Total Revenues and Other Income | 450.651 | 415.547 | 8,5% |
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| Product acquisition costs | 249.484 | 293.586 |
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| Change in inventories | (63.117) | 11.254 |
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| Service costs and rents, leases and similar costs | 73.553 | 74.406 |
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| Personnel costs | 12.276 | 13.733 |
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| Other operating changes | 1.048 | 165 |
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| Total product acquisition costs and operating | 399.478 | 370.638 | 7,78% |
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| EBITDA | 51.173 | 44.909 | 13,9% |
| Depreciation and amortisation | 16.433 | 16.828 |
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| Doubtful debt provision and risks provision | 13 |
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| EBIT | 34.727 | 28.081 | 23,7% |
| Non-recurrent cost | 626 | 1.067 |
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| Financial income and charges | 2.240 | 2.107 |
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| Impairments on financial assets | 21 | 3.174 |
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| Earnings before taxes (Ebt) | 31.840 | 24.907 | 27,9% |
| Income taxes | 9.450 | 7.751 |
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| Net profit | 22.390 | 17.156 | 30,6% |
| Group net profit | 22.306 | 17.082 |
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| Minorità interest Net Profit | 84 | 74 |
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Digital Value S.p.A.
Headquarter ROMA: | MILANO: | Altre sedi: | C.F. - P. IVA e Numero |
Via della Maglianella 65/E | Via Galileo Galilei 7 | Ancona, Bologna, Modena, | Registro Imprese di Roma: |
00166 Roma, Italia | 20124 - Milano (MI) Italia | Napoli, Prato | 10400090964 |
Tel. +39 06 66411156 | Tel. +39 02 62610400 | Rea: RM 1554887 | |
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| Cap. Soc. i.v. 1.554.957,60€ |
Annex No. 2 - Reclassified consolidated balance sheet as of June 30, 2024
Reclassified Consolidated Balance Sheet | 30/06/2024 | 31/12/2023 |
Intangible assets | 2.225 | 3.128 |
Goodwill | 23.882 | 23.882 |
Property, plant & equipment | 71.857 | 82.524 |
Investments | 167 | 167 |
Other non-current assets and deferred tax assets | 13.835 | 19.190 |
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Total non-current assets | 111.967 | 128.891 |
Inventories | 157.373 | 220.490 |
Trade receivables | 246.389 | 193.025 |
Other current assets | 42.997 | 39.292 |
Current assets | 446.759 | 452.807 |
Trade payables | 353.435 | 401.983 |
Other current payables | 35.077 | 12.107 |
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Current liabilities | 388.511 | 414.090 |
Net working capital | 170.214 | 167.608 |
Provisions and other non-current tax liabilities | 3.045 | 3.101 |
Non-current net laibilities | 3.045 | 3.101 |
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Net Capital Employed | 167.169 | 164.507 |
Group net equity | 204.618 | 187.288 |
Equity attributable to minority interests | 1214 | 1130 |
Medium-term Net Financial Position | 63.132 | 84.186 |
Short-term Net Financial Position | -101.786 | -108.097 |
Tot. Net Financial Position (Net Liquidity) | -38.655 | -23.910 |
Own funds & Net Financial Position | 167.169 | 164.507 |
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Digital Value S.p.A.
Headquarter ROMA: | MILANO: | Altre sedi: | C.F. - P. IVA e Numero |
Via della Maglianella 65/E | Via Galileo Galilei 7 | Ancona, Bologna, Modena, | Registro Imprese di Roma: |
00166 Roma, Italia | 20124 - Milano (MI) Italia | Napoli, Prato | 10400090964 |
Tel. +39 06 66411156 | Tel. +39 02 62610400 | Rea: RM 1554887 | |
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| Cap. Soc. i.v. 1.554.957,60€ |
Annex No. 3 - Consolidated cash flow statement as of Juner 30, 2024
In thousands of Euros |
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| 30/06/2024 | 30/06/2023 |
OPERATING ACTIVITIES |
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Profit (loss) before taxes |
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| 31.840 | 24.906 |
Net interest |
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| 2.240 | 2.183 |
Provision for risks and charges |
| 50 | 0 | |
Provision for employee severance indemnities (TFR) |
| 162 | 462 | |
Adjustments for: |
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Depreciation and impairment of fixed assets |
| 16.433 | 16.652 | |
Gains (losses) on disposals |
| 0 | 0 | |
Other provisions and impairment (revaluations) |
| 21 | (12) | |
Changes in assets and liabilities: |
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Trade receivables |
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| (48.030) | (50.812) |
Inventories and work-in-progress on order |
| 63.117 | (11.254) | |
Other operating activities |
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| (1.772) | (1.212) |
Trade payables |
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| (57.400) | 32.761 |
Other operating liabilities |
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| 2.651 | 580 |
Employee severance indemnities (TFR) |
| 137 | 1.083 | |
Provision for risks and charges |
| 19 | 0 | |
Taxes paid |
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| 0 | (1.027) |
Interest paid |
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| (2.240) | (2.183) |
Cash flow from operating activities |
| 7.228 | 12.128 | |
INVESTING ACTIVITIES |
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Purchase of tangible assets |
| (7.561) | (41.309) | |
Disposals of tangible assets |
| 2.704 | 0 | |
Purchase of intangible assets |
| (6) | (109) | |
Purchase of investments |
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| 0 | 0 |
Other |
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| 0 | (3) |
Cash flow from investing activities |
| (4.863) | (41.421) | |
FINANCING ACTIVITIES |
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Change in reserves |
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| 4.510 | 0 |
Dividend payments |
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| 0 | (8.474) |
Proceeds from medium to long-term borrowings |
| 30.000 | 0 | |
Repayment of medium to long-term borrowings |
| (39.836) | 10.901 | |
Proceeds from shareholder loans |
| 0 | 0 | |
Proceeds from other loans |
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| (7.674) | 23.235 |
Repayment of other loans |
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| (4.892) | (4.892) |
Cash flow from financing activities |
| (17.892) | 20.769 | |
TOTAL CASH FLOW FOR THE PERIOD |
| (15.527) | (8.524) | |
CASH AND CASH EQUIVALENTS AT BEGINNING | 148.047 | 114.645 | ||
CASH AND CASH EQUIVALENTS AT END OF |
| 132.520 | 106.121 | |
PERIOD |
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| Digital Value S.p.A. |
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Headquarter ROMA: | MILANO: | Altre sedi: | C.F. - P. IVA e Numero | |
Via della Maglianella 65/E | Via Galileo Galilei 7 | Ancona, Bologna, Modena, | Registro Imprese di Roma: | |
00166 Roma, Italia | 20124 - Milano (MI) Italia | Napoli, Prato | 10400090964 |
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Tel. +39 06 66411156 | Tel. +39 02 62610400 | Rea: RM 1554887 | ||
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| Cap. Soc. i.v. 1.554.957,60€ |
Digital Value S.p.A.
Headquarter ROMA: | MILANO: | Altre sedi: | C.F. - P. IVA e Numero |
Via della Maglianella 65/E | Via Galileo Galilei 7 | Ancona, Bologna, Modena, | Registro Imprese di Roma: |
00166 Roma, Italia | 20124 - Milano (MI) Italia | Napoli, Prato | 10400090964 |
Tel. +39 06 66411156 | Tel. +39 02 62610400 | Rea: RM 1554887 | |
|
|
| Cap. Soc. i.v. 1.554.957,60€ |