Photonike Capital S A : Information on the write-down of Sandretto receivables in the 2025 Photonike Capital Sa Financial Statements

About this update from Photonike Capital Sa

04 Jul 2026 10:01 CEST Subscribe Issuer PHOTONIKE CAPITAL In 2013, Photonike Capital SA invested in the purchase of the industrial, production, and intellectual property facilities of Sandretto Spa, a historic Italian company and world leader in the production of plastic injection and molding machines, with the strategy of expanding the market to 3D Additive Manufacturing. The investment was made through FFV Malta's subscription to a Photonike convertible bond of €8.2 million in 2014, earmarked for investments in Italy. For the purchase, conversion, and start-up of Sandretto Spa, Photonike Capital SA spent in 4 years a total of €5,184,570, of which €1,607,910 directly and €3,576,660 through FFV Malta, which paid on behalf of Photonike Capital SA, in the form of loans. Despite the success of the industrial restart with new products added to the catalogue and the 2013 and 2014 financial statements closed in the black, strong union protests began in 2015 which led to the permanent occupation of the production site in 2016, leading the company to first request a state of business difficulty, then a declaration of bankruptcy in 2017 by the Court of Ivrea. Since there was no time to transfer FFV's credit towards Sandretto Spa to Photonike Capital SA, at the time of bankruptcy in the Statement of Liabilities, the credits were accounted for separately for €1,607,910 in favor of Photonike Capital SA and only €3,150,000.00 in favor of FFV Malta (resulting in the latter's loss of €426,660.00), which obviously would have been transferred to Photonike Capital SA during the liquidation of Sandretto Spa's assets. In 2013, the Italian Tax Agency officially valued the real estate complex alone at €5,917,000, a value later included in the 2017 bankruptcy proceedings. This value was confirmed by a qualified local professional at €4,400,000 net of environment remediation. The Sandretto Spa production site extends over an area of 33,710 square meters, with a total of 22,480 square meters of covered space. The products, semi-finished products, spare parts warehouse, equipment, and machinery were valued and certified in the bankruptcy report at a total of €7,552,387.55, in addition to approximately €1,000,000 in patents, trademarks, and other intellectual property. In total, the plant housed over 100 automatic 5-axis metalworking machines, approximately 130,000 spare parts, rough materials, etc. In 2017, the bankruptcy trustee presented the liquidation statement to the judge in charge, with a total of €9,357,816.83 in debts, of which €4,757,910 were credits claimed by Photonike Capital SA. Indeed, the historical values in line with the presumed appraisals values were maintained in Photonike Capital SA's balance sheet. On December 19, 2025, we were informed that the liquidator sold the entire industrial complex, i.e., the property, warehouse, machinery, and patents, for €250,555, of which €108,555 for the property and €142,000 for all movable assets (products, materials, equipment, machinery, patents). Based on an appraisal prepared by its own expert, the property has been valued at €1,326,055, less remediation costs (neither proven nor certified) of €1,220,500, for a final value of €108,555. The movable assets (which were not registered) have been valued at €339,000, less remediation (not described or valued) costs of €200,000, for a final value of €142,000. The entire sale process was never shared with the creditors' committee, of which Photonike Capital SA is a member, nor were the pre-emption rights notified. Photonike Capital SA, assisted by an Italian law firm, finds the appraisal submitted by the bankruptcy trustee to be false or inadequate in relation to the true value of the assets and their liquidation capacity, to the detriment of the creditors. Overall, the legal team finds the trustee's actions negligent and opaque, and Photonike Capital SA has authorized the sending of formal notices to the trustee and the responsible judge. A summons has also been filed with the Court of Ivrea, and the first hearing date is pending. Photonike Capital SA will also proceed to invoke the civil and financial liability of the liquidator for the recognition and compensation of damages resulting from the sale devaluation. Any criminal investigations will be handled by the competent offices of the Ivrea Public Prosecutor's Office. Considering the events described, all items relating to Sandretto Spa receivables were written-down in the Photonike Capital Sa 2025 balance sheet, reversing the FFV debt (arising from the credit position in the Sandretto bankruptcy) to a Photonike Capital credit, and consequently, writing down the entire positions to zero. These accounting transactions are now being examined by the accounting advisor Fidiaz and subsequently by the auditor Vyvey & Co, in accordance with the law. Source PHOTONIKE CAPITAL Provider Euronext Company Name PHOTONIKE CAPITAL ISIN BE0948608451 Symbol MLPHO Market Euronext Access Company press releases subscription × To subscribe to Press releases from this issuer, visit the Subscription to Company news section in your account section or create an account . Cancel

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