PRESS RELEASE
Nocivelli ABP, FY 23/24 results approved:
Value of Production increases (Euro 76.5 million),
together with Net Profit (Euro 10.7 million).
Backlog rises to Euro 850 million
Dividend of Euro 0.06 per share proposed
- Value of Production: Euro 76.5 million, +1.9% (Euro 75.1 million in FY 22/23)
- Revenues: Euro 71.1 million (Euro 73.9 million in FY 22/23)
- EBITDA: Euro 15.2 million, EBITDA margin 19.9% (Euro 15.3 million in FY 22/23, EBITDA margin 20.4%)
- EBIT: Euro 13.0 million, EBIT margin 17.0% (Euro 13.4 million in FY 22/23)
- Net Profit: Euro 10.7 million, Profit Margin 14.0% (Euro 10.6 million in FY 22/23)
- Net cash position of Euro 47.7 million (cash position of Euro 40.1 million at June 30, 2023)
- Shareholders' Equity: Euro 72.0 million, +14.6% (Euro 62.8 million at June 30, 2023)
- Backlog at June 30, 2024 of Euro 850 million with 10-year duration;
- Dividend of Euro 0.06 per share proposed
Castegnato (Brescia), September 27, 2024 - The Board of Directors of A.B.P. Nocivelli S.p.A., an Esco Company specialized in building technological systems and facility management services, and a nationwide Public-Private Partnership clinic and hospital construction leader, listed on the Euronext Growth Milan's segment (ISIN Code IT0005439861, Ticker ABP:IM), in a meeting today chaired by Bruno Nocivelli, has approved the statutory financial statements and reviewed the consolidated financial statements for the financial year ending June 30, 2024.
Nicola Turra, Chief Executive Officer of Nocivelli ABP, stated: "We are satisfied with the overall performance of the company. The package of NRRP (National Recovery and Resilience Plan) related projects is progressing, with further development expected over the next two financial years and the start of a number of works set for the second half of 2025. The services sector is also showing signs of recovery, with our participation in many tenders, which presents an interesting growth opportunity. The financial results are in line with forecasts and we expect to face into the coming years confidently, thanks to the solidity of our backlog. Production on the market is improving, allowing us to further extend our presence. The contracts with the Public Sector entities remain stable and secure. In fact, despite a slight drop in revenues due to the delayed start-up of planning and the reduction in the cost of gas, EBITDA has remained solid, ensuring a strong margin despite the difficulties related to raw material costs".
Bruno Nocivelli, Chairperson of the Board of Directors of Nocivelli ABP, stated: "These results are satisfying for the entire Group and confirm the stability of our business model. The continual improvement of the financial indicators highlights the strength of a solid strategic approach. At the same time, corporate sustainability is becoming ever-more important. We are cognizant that our activities not only have an economic impact, but also an environmental and social impact, and we are therefore committed to undertaking concrete initiatives. In this regard, we have decided to proceed with the gradual winding up of the petroleum products business unit, with the goal of completing the process by the 2025-2026two-year period".
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FY 23/24 CONSOLIDATED HIGHLIGHTS
Value of Production of Euro 76.5 million (Euro 75.1 million in FY 22/23).
Sales revenues totaled Euro 71.1 million (Euro 73.9 million in FY 22/23). The slight decrease in revenues mainly stems from the delay by a number of Public Sector bodies in approving the planning necessary to begin the works covered by the relative orders, resulting therefore in a postponement to the works.
Material costs amounted to Euro 16.0 million, compared to Euro 16.8 million in FY 22/23.
Service costs of Euro 38.0 million increased slightly on approx. Euro 37.3 million in FY 22/23.
Personnel expense amounted to Euro 4.9 million, almost in line with the costs incurred in FY 22/23 (Euro 4.7 million).
EBITDA was Euro 15.2 million, compared to Euro 15.3 million in FY 22/23. The EBITDA Margin was 19.9%, confirming the upwards profitability trend(20.4% in FY 22/23), driven by the long-term backlog in the energy services and maintenance sector.
EBIT of Euro 13.0 million (EBIT Margin 17.0%) slightly decreased on FY 22/23 (Euro 13.4 million).
The Net Profit of Euro 10.7 million (14.0% of the Value of Production) increased 1.0% on FY 22/23 (Euro 10.6 million), highlighting the continued growth and confirming the solidity of the business model.
Shareholders' equity of Euro 72.0 million rose on Euro 62.8 million at June 30, 2023, confirming the Group's excellent solidity.
The Net Financial Position remained steadily cash positive at Euro 47.7 million (cash positive for Euro 40.1 million at June 30, 2023), confirming the financial stability of the company, which is noted for its ability to operate and grow without the use of debt.
BACKLOG
Based on the available management figures, at June 30, 2024 the Group backlog was approx. Euro 850 million (not included in the consolidated revenues for FY 23/24) for a 10-year time period. The backlog exclusively comprises already contracted long-term orders, such as Public Concessions and long-term contracts: these orders guarantee the company continuous cash inflows, with solid profitability and cash generation.
PARENT COMPANY ABP NOCIVELLI S.P.A. FY 23/24 KEY FINANCIAL HIGHLIGHTS Value of Production of Euro 75.8 million (Euro 74.2 million in FY 22/23), increasing 2%.
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EBITDA was Euro 15.1 million, +1.3% (Euro 14.9 million in FY 22/23). The EBITDA Margin is 19.9%. EBIT amounts to Euro 13.0 million (Euro 13.1 million in FY 22/23), confirming the strong revenue margin.
Net Profit of Euro 10.6 million (Euro 10.3 million in FY 22/23).
The Net Financial Position is cash positive for Euro 46.5 million, with a significant increase (+20.8%) compared to the previous year (cash positive for Euro 38.5 million at June 30, 2023). These changes are due to the normalization of receipts.
Shareholders' equity of Euro 69.7 million (Euro 60.6 million at June 30, 2023).
SUBSEQUENT EVENTS
Nocivelli ABP drew up its first Sustainability Report in August. The Company has taken various actions to protect the environment and contain pollution and has obtained UNI EN ISO 14001: 20015 Certification to demonstrate that its management system is adequate and keeps the environmental impacts of its activities under control, while systematically seeking to improve its performance. The Company promotes the use of renewable energy sources and energy efficiency practices to pursue sustainable and environmentally-friendly growth. During the two-year reporting period, energy consumption decreased by 8% (-7% diesel, -17% electricity). For the near-term, Nocivelli ABP has decided to work towards achieving UNI ISO 37001 certification for the
"Management and Prevention of Corruption" and UNIPDR 125 for "Gender Equality". The
company strategy is also geared towards investing more in the environment through the extension of the photovoltaic system at the company, and a gradual replacement of the company fleet with electric vehicles. Finally, the commitment to phase out the petroleum products business unit continues, with the expectation of its conclusion in the 2025-2026 two-yearperiod.
On September 23, 2024, Nocivelli ABP announced the award of several Terna tenders and a contract for the execution of plant engineering works as part of the construction of the railway section for the Malpensa Airport, for a total of approx. Euro 20 million. Specifically, with regard to
Terna's tenders, Nocivelli ABP was awarded three tenders for a total of approx. Euro 8 million. The company was also awarded by SALC S.p.A. the contract for plant engineering and
technological works as part of the order for the construction of the railway link between the T2 Malpensa railway and the RFI Sempione line, for a value of approx. Euro 12 million. The work will be carried out over the next two financial years.
OUTLOOK
Nocivelli ABP also forecasts solid profitability for the coming years. The industrial and commercial activities and services provided continue on schedule, meeting forecasts and ensuring consistent profitability. This will also depend on the development of the macroeconomic environment.
The parent company actively participates in major tenders, with a particular focus on those related to the upgrading of health and hospital facilities, which require modernization due to their age, e.g., upgrading to anti-seismic and fire prevention regulations. In addition, the renegotiation of
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a number of contracts awarded before the health crisis has been completed and work has already started, which will be completed over the next two financial years.
Nocivelli ABP, now accredited as a Supplier of Terna S.p.A. with a ceiling of Euro 25 million, has been awarded works worth approx. Euro 7 million and continues to participate in new Terna S.p.A. tenders. In addition, the parent company has obtained the status of Supplier for other state-owned companies, such as Enel S.p.A., RFI S.p.A. and Leonardo S.p.A., for energy upgrading projects, and continues on the path to obtain Supplier status for other state-owned companies.
In terms of the tender for the Health, Research and Innovation Park of the City of Turin, as part of an RTI (temporary consortium) with the SIS Consortium, the parent company submitted a bid last April and is currently the only participant. The preliminary investigation phase is ongoing and is expected to be concluded by December 31, 2024.
PROPOSAL FOR THE ALLOCATION OF THE NET PROFIT FOR THE YEAR
The Board of Directors approved the proposal to the Shareholders' Meeting for the following allocation of the net profit of Euro 10,633,410.00:
- Euro 1,827,000 as dividend, equal to Euro 0.06 per share;
- Euro 8,806,410 to the extraordinary reserve.
ORDINARY AND EXTRAORDINARY SHAREHOLDERS' MEETING CALL AND FILING OF DOCUMENTATION
The Board of Directors has called the Ordinary and Extraordinary Shareholders' Meeting for October 28, 2024 and, where necessary, at the date and times to be announced in the relative call notice to be published according to the means and deadlines set out by the applicable rules and regulations.
The Shareholders' Meeting call notice, which shall be published according to the statutory law and By-Law deadlines, shall indicate also the method to participate at the Shareholders' Meeting. The documentation relating to the matters on the agenda will be made available at the Company's registered office and on the website www.abpnocivelli.com ("Investor Relations" section) in accordance with the applicable rules.
CONFERENCE CALL WITH THE FINANCIAL MARKET FOR THE PRESENTATION OF THE ANNUAL CONSOLIDATED RESULTS AT JUNE 30, 2024
On September 27, 2024 at 4PM, Nocivelli ABP's management will hold a conference call to present the annual consolidated results to the financial community and the press.
You may participate in the conference call by connecting to the following link: https://meet.google.com/bdx-auvc-vrh
The support documentation shall be published in the "Investor Relations" section on the company website (www.abpnocivelli.com) before the conference call.
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***
The key consolidated and statutory financial statements comprising the Income Statement, Statement of Financial Position and the Net Financial Position for the FY to June 30, 2024 are presented on the following pages.
***
This Press Release is available on the company website at www.abpnocivelli.com, in the "Investor Relations/Press Releases" section and at www.1info.it.
***
The Nocivelli ABP Group was founded in Castegnato (Brescia) in 1963 and initially traded in petroleum products and lubricants. In 1988 it diversified into the construction of technological, mechanical and electrical systems, in addition to civil and industrial construction and Facility Management. The Nocivelli Group comprises the parent company ABP Nocivelli S.p.A. and the wholly-owned subsidiary RPP srl Run Power Plants, acquired in 2016, specializing in the design, manufacture, supply, installation and maintenance of LED lighting. The Group is headquartered in Castegnato (BS) and has operations in Brescia, Chieti Scalo and Ponderano (Biella). RPP is based in Castenedolo (BS). Bruno Nocivelli is the Chairperson of the Board of Directors, while Nicola Turra serves as Chief Executive Officer. The Group's Value of Production in 2024 was Euro 76.5 million, with EBITDA of Euro 15.2 million and a net profit of Euro 10.7 million.
Contacts | |
ABP Nocivelli S.p.A. | Investor Relations Manager |
Strada Padana Superiore | Alessandra Perego |
No. 67 25045 Castegnato (BS) | Tel: + 39 030 2142011 |
www.abpnocivelli.com | Email: investor.relations@abpnocivelli.com |
IR & Media Relations Advisors | |
TWIN | |
Email:nocivelli-spa@twin.services | |
Mara Di Giorgio | Tel: +39 3357737417 | |
Federico Bagatella | Tel: +39 3318007258 | |
Chiara Bortolato | Tel: +39 3478533894 | |
Giorgia Fenaroli | Tel: + 39 3342208486 | |
Euronext Growth Advisor | |
Banca Mediolanum SpA | |
Tel. 02.9049.2525 | |
Email:ecm@mediolanum.it |
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RECLASSIFIED CONSOLIDATED INCOME STATEMENT
Category | FY 23/24 | % | FY 22/23 | % | Change | Change % | |
VALUE OF PRODUCTION | 76,504,042 | 100.00 | 75,058,635 | 100.00% | 1,445,407 | 1.93% | |
% | |||||||
- Consumption of raw | 15,960,296 | 20.86% | 16,649,095 | 22.18% | (688,799) | (4.14) % | |
materials | |||||||
- General expenses | 38,372,895 | 50.16% | 37,603,260 | 50.10% | 769,635 | 2.05% | |
VALUE ADDED | 22,170,851 | 28.98% | 20,806,280 | 27.72% | 1,364,571 | 6.56% | |
- Personnel expense | 4,869,664 | 6.37% | 4,659,720 | 6.21% | 209,944 | 4.51% | |
- Other operating expense | 2,084,587 | 2.72% | 870,369 | 1.16% | 1,214,218 | 139.51% | |
EBITDA | 15,216,600 | 19.89% | 15,276,191 | 20.35% | (59,591) | (0.39) % | |
- Amortization, depreciation | 2,172,353 | 2.84% | 1,838,001 | 2.45% | 334,352 | 18.19% | |
and impairments | |||||||
Category | FY 23/24 | % | FY 22/23 | % | Change | Change % | |
CORE EBIT | 13,044,247 | 17.05% | 13,438,190 | 17.90% | (393,943) | (2.93)% | |
(Net Operating | |||||||
Margin) | |||||||
RESULT BEFORE | 13,044,247 | 17.05% | 13,438,190 | 17.90% | (393,943) | (2.93) % | |
FINANCIAL | |||||||
INCOME/CHARGES | |||||||
+ Financial income | 1,759,897 | 2.30% | 774,791 | 1.03% | 985,106 | 127.14% | |
EBIT (Current Margin before | |||||||
financial charges) | 14,804,144 | 19.35% | 14,212,981 | 18.94% | 591,163 | 4.16% | |
+ Financial charges | (209,209) | (0.27) | (289,660) | (0.39) % | 80,451 | 27.77% | |
% | |||||||
RESULT BEFORE | 14,594,935 | 19.08% | 13,923,321 | 18.55% | 671,614 | 4.82% | |
ADJUSTMENTS OF | |||||||
FINANCIAL ASSETS AND | |||||||
LIABILITIES | |||||||
PROFIT BEFORE TAXES | 14,594,935 | 19.08% | 13,923,321 | 18.55% | 671,614 | 4.82% | |
- Income taxes | 3,893,850 | 5.09% | 3,332,139 | 4.44% | 561,711 | 16.86% | |
NET PROFIT | 10,701,085 | 13.99% | 10,591,182 | 14.11% | 109,903 | 1.04% | |
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RECLASSIFIED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Statement Of Financial Position (€/000) | Jun 30 | Jun 30 | Change | Change |
2024 | 2023 | % | ||
Inventories | 16,577 | 12,148 | 4,429 | 36.5% |
Trade receivables | 17,782 | 14,070 | 3,712 | 26.4% |
Trade payables | (6,036) | (4,009) | (2,027) | 50.6% |
Advances | (13,793) | (8,998) | (4,795) | 53.3% |
Commercial Working Capital | 14,530 | 13,211 | 1,319 | 10.0% |
Other assets | 5,686 | 5,066 | 620 | 12.2% |
Other liabilities | (4,035) | (2,746) | (1,289) | 46.9% |
Net Working Capital(*) | 16,181 | 15,531 | 650 | 4.2% |
Intangible assets | 8,765 | 7,808 | 957 | 12.3% |
Property, plant and equipment | 264 | 279 | (15) | -5.4% |
Financial assets | 844 | 844 | - | - |
Gross Capital Employed | 26,054 | 24,462 | 1,592 | 6.5% |
Post-employment benefit provision | (1,608) | (1,580) | (28) | 1.8% |
Other provisions | (121) | (121) | - | - |
Net Capital Employed (**) | 24,325 | 22,761 | 1,564 | 6.9% |
Short-term loans & borrowings | - | - | - | - |
Long-term loans & borrowings | - | - | ||
- | ||||
Short-term payables to other lenders | - | - | - | |
Long-term payables to other lenders | - | - | ||
- | ||||
- | ||||
- | - | |||
Total Payables | - | - | - | - |
(Cash and cash equivalents) | (47,718) | (40,073) | 7,645 | 19.1% |
Net Financial Position(***) | (47,718) | (40,073) | 7,645 | 19.1% |
Share capital | 1,138 | 1,138 | - | 0.0% |
Reserves | 58,592 | 49,752 | 8,840 | 17.8% |
Retained earnings | 1,612 | 1,353 | 259 | 19.1% |
Net Profit | 10,701 | 10,591 | 110 | 1.0% |
Shareholders' Equity | 72,043 | 62,834 | 9,209 | 14.7% |
Total Sources & Equity | 24,325 | 22,761 | 1,564 | 6.9% |
- The Net Working Capital is the difference between current assets and current liabilities, excluding financial assets and liabilities. Net Working Capital is not identified as an accounting measure under Italian GAAP. It was calculated in compliance
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with the recommendation of CESR 05-054b of February 10, 2005, revised on March 23, 2011 "Recommendations for the uniform implementation of the European Commission regulations on information prospectus". The criteria applied by the Issuer may not be uniform with the criteria adopted by other entities and, therefore, its value for the Issuer may not be comparable with that calculated by such groups.
-
Net Capital Employed is the sum of Net Working Capital, fixed assets and long-term liabilities. Net Capital Employed is not identified as an accounting measure under Italian GAAP. The criteria applied by the Issuer may not be uniform with the criteria adopted by other entities and, therefore, its value for the Issuer may not be comparable with that calculated by such groups.
(***) In accordance with CONSOB communication No. DEM/6064293 of July 28, 2006, the net financial position is the sum of cash and cash equivalents, current financial assets and short and long-term financial liabilities (current and non-current liabilities). The net financial position was calculated in compliance with the recommendation of CESR 05-054b of February 10, 2005, revised on March 23, 2011 "Recommendations for the uniform implementation of the European Commission regulations on information prospectus".
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CONSOLIDATED NET FINANCIAL POSITION
30/06/2024
30/06/2023
Cge. 2024 - 2023
Cge.% 2024 - 2023
A. (Cash) | (2) | (4) - | 2 | -50.0% |
B. (Bank and postal deposits) | (47,716) | (40,069) | 7,647 | 19.1% |
C. Held-for-trading securities | - | - | - | 0.0% |
D. Liquidity (A) + (B) + (C) | (47,718) | (40,073) | 7,645 | 19.1% |
E. Current financial receivables | - | - | - | 0.0% |
F. Current bank payables | - | - | - | 0.0% |
G. Current portion of non-current debt | - | - | 0 | 0.0% |
H. Other current financial payables | - | - | 0 | 0.0% |
I. Current financial debt (F)+(G)+(H) | - | - | 0 | 0.0% |
J. Net current financial debt (I)+(E)+(D) | (47,718) | (40,073) | (7,645) | -19.1% |
K. Non-current bank payables | 0 | 0 | 0 | 0.0% |
L. Bonds issued | - | - | 0.0% | |
- |
M. Other non-current payables
N. Non-current financial debt (K)+(L)+(M)
O. Net financial position (J) + (N)
- | - | 0 | 0.0% | |
- | - | 0 | 0.0% | |
(47,718) | (40,073) | (7,645) | -19.1% |
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ABP NOCIVELLI S.P.A INCOME STATEMENT
Category | FY 23/24 | % | FY 22/23 | % | Change | Change % | |
VALUE OF | 75,801,308 | 100.00% | 74,231,798 | 100.00% | 1,569,510 | 2.11% | |
PRODUCTION | |||||||
- Consumption of raw | 15,915,383 | 21.00% | 16,577,701 | 22.33% | (662,318) | (4.00) % | |
materials | |||||||
- General expenses | 38,248,171 | 50.46% | 37,478,153 | 50.49% | 770,018 | 2.05% | |
VALUE ADDED | 21,637,754 | 28.55% | 20,175,944 | 27.18% | 1,461,810 | 7.25% | |
- Personnel expense | 4,681,355 | 6.18% | 4,411,172 | 5.94% | 270,183 | 6.12% | |
- Other operating expense 1,818,446 | 2.40% | 845,455 | 1.14% | 972,991 | 115.08% |
EBITDA | 15,137,953 | 19.97% | 14,919,317 | 20.10% | 218,636 | 1.47% |
- Amortization, depreciation and | 2,167,265 | 2.86% | 1,833,656 | 2.47% | 333,609 | 18.19% |
impairments | ||||||
CORE EBIT (Net Operating Margin) | 12,970,688 | 17.11% | 13,085,661 | 17.63% | (114,973) | (0.88) % |
RESULT BEFORE FINANCIAL | 12,970,688 | 17.11% | 13,085,661 | 17.63% | (114,973) | (0.88) % |
INCOME/CHARGES | ||||||
+ Financial income | 1,745,224 | 2.30% | 770,551 | 1.04% | 974,673 | 126.49% |
EBIT (Current Margin before | 14,715,912 | 19.41% | 13,856,212 | 18.67% | 859,700 | 6.20% |
financial charges) | ||||||
+ Financial charges | (208,209) | (0.27) % | (288,659) | (0.39) % | 80,450 | 27.87% |
RESULT BEFORE ADJUSTMENTS OF | 14,507,703 | 19.14% | 13,567,553 | 18.28% | 940,150 | 6.93% |
FINANCIAL ASSETS AND LIABILITIES | ||||||
PROFIT BEFORE TAXES | 14,507,703 | 19.14% | 13,567,553 | 18.28% | 940,150 | 6.93% |
- Income taxes | 3,874,293 | 5.11% | 3,235,768 | 4.36% | 638,525 | 19.73% |
NET PROFIT | 10,633,410 | 14.03% | 10,331,785 | 13.92% | 301,625 | 2.92% |
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