TABLE OF CONTENTS
TABLE OF CONTENTS........................................................................................................................................2
COMPANY DATA.................................................................................................................................................4
COMPOSITION OF THE CORPORATE BODIES AS OF 31 DECEMBER 2024..............................................5
GROUP CORPORATE ORGANISATION CHART AS OF 31 DECEMBER 2024.............................................6
GROUP COMPOSITION AS OF 31 DECEMBER 2024......................................................................................7
DIRECTORS' REPORT ON OPERATIONS.........................................................................................................8
INFORMATION ON THE COMPANY.................................................................................................................9
OUR MISSION AND VALUES.............................................................................................................................9
OUR HISTORY....................................................................................................................................................10
THE MACROECONOMIC SCENARIO ............................................................................................................. 11
THE REFERENCE MARKET ............................................................................................................................. 14
SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR .......................................................................... 23
SUMMARY DATA AS OF 31 DECEMBER 2024 .............................................................................................. 26
NET FINANCIAL DEBT ..................................................................................................................................... 31
ECONOMIC, ASSET AND FINANCIAL INDICATORS ................................................................................... 32
OPERATIONAL INDICATORS .......................................................................................................................... 32
PERFORMANCE OF SHARE LISTED ON EURONEXT GROWTH MILAN (EGM) .................................... 33
DETAILS OF ALTERNATIVE PERFORMANCE INDICATORS ..................................................................... 34
MAIN RISKS AND UNCERTAINTIES TO WHICH THE COMPANY IS EXPOSED ..................................... 36
FINANCIAL RISKS ............................................................................................................................................ 36
STRATEGIC RISKS ............................................................................................................................................ 39
OPERATIONAL RISKS ....................................................................................................................................... 40
SUSTAINABILITY .............................................................................................................................................. 41
INFORMATION ON THE ENVIRONMENT ..................................................................................................... 43
INFORMATION ON PERSONNEL .................................................................................................................... 44
RESEARCH AND DEVELOPMENT ACTIVITIES ........................................................................................... 44
RELATIONS WITH SUBSIDIARIES, RELATED COMPANIES, PARENT COMPANIES AND
UNDERTAKINGS CONTROLLED BY THE PARENT COMPANIES ............................................................. 46
TREASURY SHARES ......................................................................................................................................... 48
SHARES OF THE PARENT COMPANY ............................................................................................................ 48
BUSINESS OUTLOOK ....................................................................................................................................... 48
INFORMATION ON FINANCIAL INSTRUMENTS ......................................................................................... 49
LIST OF BRANCH OFFICES ............................................................................................................................. 49
FINANCIAL STATEMENTS ............................................................................................................................... 51
BALANCE SHEET .............................................................................................................................................. 52
INCOME STATEMENT ...................................................................................................................................... 55
CASH FLOW STATEMENT ............................................................................................................................... 57
NOTES TO THE FINANCIAL STATEMENTS .................................................................................................. 59
NOTES TO THE FINANCIAL STATEMENTS, INITIAL PART ....................................................................... 60
BASIS OF PREPARATION ................................................................................................................................. 60
EXCEPTIONAL CASES PURSUANT TO ART. 2423, FIFTH PARAGRAPH, OF THE ITALIAN CIVIL CODE
.............................................................................................................................................................................. 61
CHANGES IN ACCOUNTING PRINCIPLES .................................................................................................... 61
CORRECTION OF MAJOR ERRORS ................................................................................................................ 62
COMPARABILITY AND ADAPTATION ISSUES ............................................................................................. 63
VALUATION CRITERIA APPLIED ................................................................................................................... 63
ASSETS ................................................................................................................................................................ 72
FIXED ASSETS ................................................................................................................................................... 72
INTANGIBLE FIXED ASSETS .......................................................................................................................... 72
TANGIBLE FIXED ASSETS ............................................................................................................................... 73
FINANCIAL FIXED ASSETS ............................................................................................................................. 74
CURRENT ASSETS ............................................................................................................................................ 77
INVENTORIES .................................................................................................................................................... 77
RECEIVABLES .................................................................................................................................................... 77
FINANCIAL ASSETS NOT CONSTITUTING FIXED ASSETS ....................................................................... 80
CASH AND CASH EQUIVALENTS .................................................................................................................. 80
ACCRUED INCOME AND DEFERRED EXPENSES ....................................................................................... 80
LIABILITIES ....................................................................................................................................................... 81
SHAREHOLDERS' EQUITY .............................................................................................................................. 81
PROVISIONS FOR RISKS AND CHARGES ..................................................................................................... 82
EMPLOYEE SEVERANCE INDEMNITIES ...................................................................................................... 83
PAYABLES ........................................................................................................................................................... 84
ACCRUED EXPENSES AND DEFERRED INCOME ....................................................................................... 87
INCOME STATEMENT ...................................................................................................................................... 87
VALUE OF PRODUCTION ................................................................................................................................ 87
PRODUCTION COSTS ....................................................................................................................................... 89
FINANCIAL INCOME AND CHARGES ........................................................................................................... 92
VALUE ADJUSTMENTS TO FINANCIAL ASSETS AND LIABILITIES ....................................................... 93
TAXES ................................................................................................................................................................. 93
ADDITIONAL INFORMATION ......................................................................................................................... 94
COMPANY DATA Registered office
Next Geosolutions Europe SpA Via Santa Brigida, 39 80133 - Naples (Italy)
Legal data
Tax Code and VAT number: 05414781210
E.A.I. registration number: NA - 752588
Authorised share capital: EUR 600,000
Subscribed and paid-up share capital: EUR 600,000
Website:https://www.nextgeo.eu
COMPOSITION OF THE CORPORATE BODIES AS OF 31 DECEMBER 2024
Board of Directors (1)1 | Attilio Ievoli | Chairman of the Board of Directors |
Giovanni Ranieri | Chief Executive Officer | |
Giuseppe Maffia | Chief Executive Officer | |
Andrea Costantini | Independent director | |
Giorgio Filippi | Independent director | |
Board of Statutory Auditors (2)2 | Maurizio Vetere | Chairman of the Board of Statutory Auditors |
Simone Andrea d'Aniello | Standing statutory auditor | |
Davide Lorenzo Pio Barosi | Standing statutory auditor | |
Mazio Marzio | Alternate statutory auditor | |
Mauro Secchi | Alternate statutory auditor | |
Auditing Firm (3)3 | PricewaterhouseCoopers SpA | |
Investor relator | Giuseppe Maffia |
1 Appointed by the Ordinary Shareholders' Meeting on 29 March 2024 (Chairman and CEOs) and on 15 May 2024 (independent Directors), it will remain in office until the approval of the financial statements for the year ending 31 December 2026.
2 Appointed by the Ordinary Shareholders' Meeting on 29 March 2024 and on 15 May 2024 (Davide Lorenzo Pio Barosi), it will remain in office until the approval of the financial statements for the year ending 31 December 2026.
3 Appointed by the Ordinary Shareholders' Meeting on 28 April 2023, it will remain in office until the approval of the financial statements for the year ending 31 December 2025.
GROUP CORPORATE ORGANISATION CHART AS OF 31 DECEMBER 2024
GROUP COMPOSITION AS OF 31 DECEMBER 2024
Parent company
Company Name | Headquarters |
Next Geosolutions Europe SpA | Naples - Italy |
Subsidiaries | |
Company Name | Headquarters |
Seashiptanker Srl | Naples - Italy |
Phoenix Offshore Srl | Naples - Italy |
Subonica Srl | Naples - Italy |
Next Geosolutions Ukcs Ltd | London - United Kingdom |
Next Geosolutions BV | Ijmuiden - The Netherlands |
Jointly controlled companies | |
Company Name | Headquarters |
NextPoli Srl | Naples - Italy |
Next Geosolutions Europe SpA |
Parent company, with registered office in Naples (Italy), carries out geophysical and geotechnical analysis at sea.
Seashiptanker Srl
A company with registered office in Naples, Italy, 80% owned by Next Geosolutions Europe SpA and 20% owned by Marnavi SpA (parent company of Next Geosolutions Europe SpA), it performs owner-management activities of a naval vessel.
Phoenix Offshore Srl
A company with registered office in Naples (Italy), 100% owned by Next Geosolutions Europe SpA, it carries out activities pertaining to the technical management of the naval fleet.
Subonica Srl
A company with registered office in Naples (Italy) and wholly owned by Next Geosolutions Europe SpA, it carries out surveys and underwater inspections in coastal areas.
Next Geosolutions Ukcs Ltd
A company with registered office in London (UK) and operational headquarters in Norwich (UK), 100% owned by Next Geosolutions Europe SpA, it carries out the same activities as the parent company (geophysical and geotechnical analysis at sea), mainly in the North Seas.
Next Geosolutions BV
A company with registered office in Ijmuiden (The Netherlands), 100% owned by Next Geosolutions Europe SpA, it carries out administrative, technical and operational management of orders with Dutch clients.
NextPoli Srl
A company with registered office in Naples jointly controlled by Next Geosolutions Europe SpA (50%) and Poliservizi Srl (50%), it performs nearshore geophysical and geotechnical analysis.
DIRECTORS' REPORT ON OPERATIONS
REPORT ON OPERATIONS
OF THE DIRECTORS
INFORMATION ON THE COMPANY
Next Geosolutions Europe SpA (hereinafter also referred to as "Next Geosolutions Europe" or the "Company") is an international provider of marine geoscience and offshore construction support services, operating mainly in the energy sector, with a focus on renewable energy and sustainability in all its forms.
Founded at the end of 2014, Next Geosolutions Europe SpA performs marine geophysical and geotechnical surveying activities, as well as further offshore construction support activities, both in the domestic and international market, for companies operating in the submarine power cable (Interconnector), offshore renewable energy (offshore wind farms) and Oil & Gas sectors. The activities are carried out by Next Geosolutions Europe SpA both offshore (in deep water, far from the coast) and nearshore (in shallow water, typically close to the coast).
Next Geosolutions Europe SpA is one of the leaders in its field, able to provide high-quality, efficient and sustainable solutions covering the entire lifecycle of assets and projects implemented, from their initial conception to the design phase, through development and engineering, installation, inspection and maintenance, to their decommissioning.
Part of Marnavi group, Next Geosolutions Europe SpA combines the knowledge, skills and resources of professionals with over 30 years of experience in the marine and offshore industry with established consulting and engineering capabilities. Thanks to the experience gained in the sector, the skills developed and the technology available, Next Geosolutions Europe SpA is able to offer solutions ready to meet the needs of its customers, while complying with all required quality standards.
With a fleet of modern Dynamic Positioning (DP) class 1 and 2 vessels and a multinational mix of more than 550 professionals, the Company offers a variety of services ranging from specialised consultancy to geophysical, geotechnical, environmental and marine archaeological surveys, potential Unexploded Ordnance (UXO) detection, removal and relocation, and support services for the implementation of offshore infrastructures (High-voltage direct current - HVDC submarine cables, offshore wind farms, etc.).
OUR MISSION AND VALUES
Our mission is to provide our customers with all the data, information and support they need to realise their projects in full awareness, with the highest quality and in total safety, from the concept phase to the engineering phase, all the way to decommissioning. Ultimately, we aim to offer our expertise and specialised contribution to the realisation of key assets and infrastructures for the sustainable development of renewable energies.
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Our dream is to see a world in which safe, efficient, affordable and sustainable energy supply is accessible in a fair and peaceful manner worldwide. Our visionary project is to become one of the largest and most excellent international group in the field of marine geosciences, and to have a significant impact and role in realising this dream.
OUR HISTORY
Next Geosolutions Europe SpA was born in late 2014 from the union between successful Italian entrepreneurs and a close-knit group of professionals. The Company is part of Marnavi group, a historic Italian ship-owning group operating globally, mainly in the petrochemical industry.
From the outset, the operational headquarters of Next Geosolutions Europe SpA was located in Naples, where it is still located to this day. Over the years, the Company has expanded its activities through a process of internationalisation: in 2017, it entered the UK market by acquiring the UK company RSM Submarine Consulting, dedicated to personnel recruitment and subsequently converting it into a marine survey company with a consequent change of name to Next Geosolutions Ukcs Ltd, now operating from its Norwich office. Over the years, this company has maintained its initial characteristics, continued with the recruitment of specialised personnel and diversified its activities, integrating with the parent company Next Geosolutions Europe SpA and starting to carry out surveying activities, mainly in the seas of Northern Europe.
This international expansion was a turning point in the Company's history and strategy, as it has since become one of the fastest-growing international maritime survey contractors and offshore construction support service providers, one of the leading operators in the sector.
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