MUNICATOTAMPA
PRESS RELEASE
SERI INDUSTRIAL S.p.A.
Revenues equal to euro 139,822 thousand in the first nine months of 2024
S. Potito Sannitico, October 24, 2024 - The Board of Directors of Seri Industrial S.p.A. ("Seri Industrial" or the "Company"), which met today, has approved the consolidated revenue performance of the Company and its subsidiaries (the "Group") for the the third quarter and the first nine months of 2024.
It should be preliminarily noted that the figures as of September 30, 2024 include the revenues generated by the new 'Sustainable Mobility' Business Line started on July 11, 2024 with the acquisition of Menarini S.p.A. (formerly Industria Italiana Autobus S.p.A.); it should also be noted that the income statement figures for the first nine months of 2023 have been restated, for comparative purposes only, to exclude, pursuant to IFRS 5, the revenues of 'discontinued operations'. For further details, please refer to the Annual Financial Report as of 31 December 2023, available on the Company's website.
The following table shows the trend of Revenues from contract with customers and Other operating income (hereinafter referred to together as 'Revenues') as of September 30, 2024. All figures, unless otherwise indicated, are shown in this press release in thousands of Euros; year to date ("ytd") means the cumulative progressive data of the first nine months.
III Q 2024 ytd | III Q 2023 ytd | Variation | Change % | ||
Revenues from contract with | 125,641 | 115,867 | 9,774 | 8% | |
customers | |||||
Other operating income | 14,181 | 8,215 | 5,966 | 73% | |
Revenues | 139,822 | 124,082 | 15,740 | 13% |
As of September 30, 2024, the Group has registered revenues equal to euro 139,822 thousand, an increase of euro 15,740 thousand compared to the amount of euro 124,082 thousand in the same period of 2023. Overall, consolidated revenues were influenced (i) negatively by the decrease in average sales prices in the Plastics and Lead Acid Batteries sectors (due to the drop in raw material and energy costs after the crisis caused by the war in Ukraine) and (ii) positively by the sale of lithium batteries equal to of euro 4.5 million, by the increase in sales volumes in the Lead Acid Batteries segment and in the Pipes & Fittings segment, as well as by the inclusion of revenues from the new Sustainable Mobility business line.
Following, the breakdown of revenue by sector for the first nine months and the third quarter of 2024 compared to the same period of the previous year.
III Q 2024 | III Q 2023 | ∆ | ∆% | III Q 2024 | III Q 2023 | ∆ | ∆% | |||
ytd | ytd | |||||||||
Revenues from contract with | ||||||||||
customers | ||||||||||
Plastic Materials | 68,913 | 77,215 | (8,302) | (11%) | 20,261 | 21,488 | (1,227) | (6%) | ||
Batteries | 39,731 | 38,600 | 1,130 | 3% | 11,869 | 11,580 | 289 | 2% | ||
Corporate | 65 | 51 | 14 | 26% | 21 | 17 | 4 | 25% | ||
Sustainable mobility | 16,932 | 0 | 16,932 | 100% | 16,932 | 0 | 16,932 | 100% | ||
Total revenue from contract | 125,641 | 115,867 | 9,774 | 8% | 49,083 | 33,085 | 15,998 | 48% | ||
with customers | ||||||||||
Other operating income | ||||||||||
Plastic Materials | 1,431 | 2,284 | (853) | (37%) | 523 | 374 | 149 | 40% | ||
Batteries | 11,942 | 5,812 | 6,130 | >100% | 4,217 | 1,741 | 2,476 | >100% | ||
Corporate | 46 | 53 | (8) | (14%) | 1 | 17 | (16) | (94%) | ||
Other | 0 | 66 | (66) | (100%) | 0 | 66 | (66) | (100%) | ||
Sustainable mobility | 761 | 0 | 761 | 100% | 761 | 0 | 761 | 100% | ||
Total other operating income | 14,181 | 8,215 | 5,966 | 73% | 5,502 | 2,198 | 3,304 | >100% | ||
Revenues | 139,822 | 124,082 | 15,740 | 13% | 54,585 | 35,283 | 19,302 | 55% |
Following, the breakdown of Revenues by geographical area for the first nine months of 2024, compared to the first nine months of 2023.
Revenues | III Q 2024 ytd | % | III Q 2023 ytd | % |
Italy | 97,903 | 70% | 73,111 | 59% |
Europe | 35,447 | 25% | 44,399 | 36% |
Asia | 3,290 | 2% | 2,531 | 2% |
Africa | 877 | 1% | 1,991 | 2% |
America | 2,058 | 1% | 1,806 | 1% |
Oceania | 247 | 0% | 244 | 0% |
Total | 139,822 | 100% | 124,082 | 100% |
Trend by sector of activity
The following table shows the revenue performance of the Group's business sectors as of September 30, 2024. The figures for each sector (Plastic Materials, Batteries, Sustainable Mobility) do not include the elision of revenues from the Group's other business lines.
Plastic Materials Sector
The following table shows Revenues for the Plastic Materials sector as of September 30, 2024, compared to the same period in 2023:
III Q 2024 ytd | III Q 2023 ytd | Variation | Change % | ||
Revenues from contract with | 69,695 | 78,198 | (8,503) | (11%) | |
customers | |||||
Other operating income | 1,471 | 2,350 | (879) | (37%) | |
Revenues | 71,167 | 80,548 | (9,382) | (12%) |
In the first nine months of 2024, Revenues decreased by 12%, amounting to euro 9,382 thousand, compared to the previous period, mainly due to the net effect of (i) a reduction in average sales prices in all business sectors, due to the indexing of prices to raw material prices, (ii) a reduction in volumes in the Boxes and Lids segment for batteries and PP compound, due to the postponement of some orders, and (iii) an increase in sales volumes and revenues in the Pipes & Fittings business sector.
As follows, the Revenues for the third quarter of 2024 compared to the same period in 2023:
III Q 2024 | III Q 2023 | Variation | Change % | ||
Revenues from contract with | 20,455 | 21,712 | (1,257) | (6%) | |
customers | |||||
Other operating income | 533 | 383 | 150 | 39% | |
Revenues | 20,988 | 22,095 | (1,107) | (5%) |
Revenues in the third quarter of 2024 are equal to euro 1,107 thousand lower than in the previous period, mainly due to lower average sales prices. In the Battery Boxes and Lids segment, sales volumes improved compared to previous quarter; in the Pipes & Fittings segment, revenues and sales volumes were higher compared to the third quarter of 2023.
Batteries Sector
The following table shows the revenue for the Batteries segment as of September 30, 2024, compared to the same period in 2023:
III Q 2024 ytd | III Q 2023 ytd | Variation | Change % | ||
Revenues from contract with | 40,077 | 38,871 | 1,206 | 3% | |
customers | |||||
Other operating income | 11,944 | 5,812 | 6,132 | >100% | |
Revenues | 52,022 | 44,684 | 7,338 | 16% |
In the first nine months of 2024, revenue increased by Euro 7,338 thousand (+16%) compared to the previous period. This increase is attributable to both the lithium battery business segment, which recorded sales of approximately euro 4,5 million, and the lead acid business segment. With regard to the latter, although there was a decrease in average sales prices, turnover increased compared to the first nine months of 2023 due to higher sales volumes of products for motive power, starter and stationary applications.
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Below are the Revenues for the third quarter of 2024 compared to the same period in 2023:
III Q 2024 | III Q 2023 | Variation | Change % | ||
Revenues from contract with | 11,996 | 11,658 | 338 | 3% | |
customers | |||||
Other operating income | 4,218 | 1,741 | 2,477 | >100% | |
Revenues | 16,214 | 13,399 | 2,815 | 21% |
Sustainable Mobility Sector
The third quarter 2024 Revenues of the new Sustainable Mobility sector are shown below; the sector has been introduced in this quarter and therefore does not present comparative data:
III Q 2024 ytd | III Q 2023 ytd | Variation | Change % | ||
Revenues from contract with | 16,932 | 0 | 16,932 | 100% | |
customers | |||||
Other operating income | 761 | 0 | 761 | 100% | |
Revenues | 17,693 | 0 | 17,693 | 100% |
Revenues in the quarter amounted to EUR 17,693 thousand and derived from the sale of BEV (Battery Electric Vehicle), CNG (CNG) and LNG (Liquefied Natural Gas) buses and, residually, diesel vehicles.
It should be noted that these revenues refer exclusively to the period of consolidation of the segment, from 11 July to 30 September 2024.
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Other information
Information pursuant to Article 114, paragraph 5 of Legislative Decree No. 58/1998
On July 28, 2021, following Order No. 0838644/21, Consob announced that the disclosure requirements on a monthly basis pursuant to Article 114(5) of Legislative Decree No. 58/98 had ceased to apply. The obligation to provide supplementary information, pursuant to the aforementioned regulation, remains with reference to the annual and half- year financial reports and interim management reports. In view of the above, in lieu of the obligation to provide supplementary information on a monthly basis, this press release concerning the approval of the Seri Industrial Group's consolidated revenues achieved in the first nine months of 2024 is supplemented with information on:
- the net financial position of the Company and its Group as of September 30, 2024, showing the short-term components separately from the medium- to long-term components and comparing them with the same information last published in the Half-Yearly Financial Report as of June 30, 2024
STATEMENT OF NET FINANCIAL POSITION | Seri Industrial S.p.A. | Seri Industrial Group | ||||
(Figures in thousands) | 30/09/2024 | 30/06/2024 | 30/09/2024 | 30/06/2024 | ||
A) | Cash | 31,865 | 35,166 | 33,557 | 37,119 | |
B) | Cash equivalents | 87,275 | 47,102 | 21,717 | 1,704 | |
C) | Other current financial assets | 493 | 488 | 508 | 513 | |
D) | Liquidity C = (A + B + C) | 119,633 | 82,756 | 55,782 | 39,336 | |
E) | Current financial debt | 156,721 | 83,653 | 48,280 | 45,944 | |
F) | Current portion of non-current financial debt | 9,665 | 10,606 | 28,569 | 23,011 | |
G) | Current financial debt G = (E + F) | 166,386 | 94,259 | 76,849 | 68,956 | |
H) | Net current financial indebtedness H = (G - D) | 46,753 | 11,503 | 21,067 | 29,620 | |
I) | Non-current financial debt | 14,678 | 17,090 | 92,774 | 50,655 | |
J) | Debt instruments | 0 | 0 | 4,000 | 4,000 | |
K) | Non-current trade and other payables | 0 | 0 | 0 | 0 | |
L) | Non-current financial indebtedness L = (I + J + K) | 14,678 | 17,090 | 96,774 | 54,656 | |
M) | Total financial indebtedness (H+L) | 61,431 | 28,593 | 117,841 | 84,276 | |
N) | IFRS 16 adjustment | 268 | 295 | 29,927 | 30,085 | |
O) | Adjusted Total financial indebtedness | 61,163 | 28,298 | 87,914 | 54,191 |
The statement of the net financial position of the Company and the Group has been restated to include financial liabilities for leases and payables for subsidised loans under items F) Current portion of non-current financial debt and
- Non-currentfinancial debt (previously classified under items E) Current financial debt and K) Trade and other non- current payables, respectively).
- the overdue debt positions of the Company and the Group it heads, broken down by nature (financial, commercial, tax, social security and towards employees) and any related creditor reaction initiatives (reminders, injunctions, suspension of supply, etc.)
Nature of the debt | Seri Industrial S.p.A. | Seri Industrial Group | |||||
30/09/2024 | 30/06/2023 | 30/09/2024 | 30/06/2023 | ||||
Trade payables | 667 | 559 | 33,219 | 15,986 | |||
Tax debts | 15 | 15 | 1,782 | 180 | |||
Other debts | 32 | 27 | 1,674 | 735 |
As of September 30, 2024, payment orders amounted to euro 981 thousand and increased by euro 371 thousand compared to euro 610 thousand as of June 30, 2024.
- the main changes in the related party transactions of the Company and its Group since the last financial report approved pursuant to Article 154-ter of the TUF
During the third quarter of 2024, as part of the acquisition of Menarini S.p.A., a transaction of greater significance with related parties was carried out, authorised by the Company's Board of Directors on April 22, 2024 after the Related Party Transactions Committee issued a favourable opinion. In particular, on July 11, 2024 SE.R.I. S.p.A., together with Seri Industrial, issued three autonomous guarantees, with enforcement on first demand, in favour of the sellers Leonardo S.p.A. and Invitalia S.p.A., in relation to (i) the fulfilment of Menarini S.p.A.'s contractual obligations, (ii) the payment of the sellers' trade receivables, and (iii) the repayment of the sellers' financial receivables amounting to Euro 35 million.
Without prejudice to the above, there were no significant changes in the Company's and the Group's related party transactions during the third quarter of 2024 compared to the last approved financial report.
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For more information on related party transactions, please refer to the Half-Yearly Financial Report as of June 30, 2024 and the information document, prepared in accordance with Annex 4 of Consob Regulation 17221/2010, published on June, 26 2024. The documents are available on the Company's website and on the 1Info storage system.
It is also announced that today, the Company's Board of Directors approved an updated version of the procedure for transactions with related parties, subject to the favourable opinion of two independent directors pursuant to the TUF and the Corporate Governance Code, in order to strengthen the independence of the bodies responsible for approving related party transactions.
The following table shows the balance sheet balances with related parties as of September 30, 2024, compared with the balances as of June 30, 2024:
Balance sheet ratios by counterparty | 30/09/2024 | 30/06/2024 | ||||
Credits | Debts | Credits | Debts | |||
Pmimmobiliare S.r.l. | 6,159 | 26,639 | 4,675 | 27,708 | ||
SE.R.I. S.p.A. | 4,243 | 373 | 3,378 | 1,315 | ||
Azienda Agricola Quercete a r.l. | 41 | 216 | 38 | 236 | ||
Cotton S. S.r.l. | 21 | 48 | 20 | 108 | ||
More | 103 | 145 | 98 | 128 | ||
Total | 10,567 | 27,420 | 8,209 | 29,495 |
In accordance with IFRS 16, leases are recognised by recording utilisation rights and financial liabilities. Financial liabilities for leases as of September 30, 2024 to Pmimmobiliare S.r.l. and Azienda Agricola Quercete a r.l. amounted to euro 26,534 thousand and euro 216 thousand, respectively.
- any failure to comply with covenants, negative pledges and any other clause of the Group's indebtedness involving limits on the use of financial resources, with an updated indication of the degree of compliance with such clauses
There are no restrictions on the use of financial resources. The verification of the covenants, consistent with the relevant loan agreements, is carried out on the basis of the reference data as of December 31 of each year. As of 31 December 2023, the last date of verification, all the financial parameters relating to the loans in place were respected. For further information, please refer to the Annual Financial Report as of December 31, 2023, available on the Company's website;
and) the status of implementation of any industrial and financial plans, highlighting any deviations of the actual figures from the planned ones.
The 2024-2028 Business Plan is being prepared by management following the acquisition of Menarini S.p.A.. With reference to the 2023-2026 Business Plan, most recently updated on 28 March 2024, although noting results of the Teverola 1 business as of September 30, 2024 lower than expected, management confirms the achievement of medium- term targets.
It should be noted that on 18 October 2012, pursuant to Article 3 of Consob Resolution No. 18079 of 20 January 2012, the Company made the choice provided for by Articles 70, paragraph 8, and 71, paragraph 1-bis, of Consob Regulation No. 11971/99, availing itself of the right to waive the obligation to make available to the public an information document in the event of significant mergers, spin-offs, capital increases by contribution in kind, acquisitions and disposals.
* * * * *
Pursuant to Article 154-bis, paragraph 2, of Legislative Decree No. 58/1998, the manager responsible for preparing the company's financial reports, Mr. Pasquale Basile, declares that the information contained in this press release corresponds to the documented results, books and accounting records.
Seri Industrial S.p.A. is a company listed on the EXM market of the Italian Stock Exchange. Seri Industrial's mission is to accelerate the energy transition towards sustainability and decarbonisation.
The Group operates through three companies: (i) Seri Plast, active in the production and recycling of plastic materials for the battery, automotive, packaging and hydro-thermo-sanitary markets; (ii) FIB, active, through the FAAM brand, in the production and recycling of lead and lithium batteries for traction, industrial, storage and military applications, as well as in the design of battery recycling plants; (iii) Menarini, the only Italian company active in the production of public transport vehicles (under the Menarini brand), with a particular focus on the transition to sustainable mobility through the development of electric vehicles.
For further information:
Investor Relator
Marco Civitillo
E-mail: investor.relator@serihg.com
Tel. 0823 786235
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