FINANCIAL
STAR
STATEMENTS
as at II December 2024
Letter to Shareholders Corporate Governance
Report on Operations - Consolidated Financial Statements as at 31/12/2024 Consolidated Financial Statements as at 31/12/2024
Notes to the Consolidated Financial Statements as at 31/12/2024
Independent Auditors' Report on the Consolidated Financial Statements as at 31/12/2024
Report on Operations accompanying the Separate Financial Statements as at 31/12/2024
Separate Financial Statements as at 31/12/2024
Notes to the Separate Financial Statements as at 31/12/2024
Independent Auditors' Report on the Separate Financial Statements
as at 31/12/2024
Board of Statutory Auditors' report on the Financial Statements as at 31/12/2024
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4
5
24
34
78
83
102
112
154
159
2024 was a very successful year for STAR7. We achieved record results, strengthened our competitive position, and fully leveraged our Integrale7 business model. In a still uncertain macroeconomic environment, we have effectively and adaptively responded to the evolving needs of our customers, expanding our allocation in their budgets and offering increasingly integrated and value-added solutions.
Consolidated revenues reached €119.8 million, up 14.8% compared to 2023, marking a new all-time high for the Group. This result also reflects the success of integrating the new 7AI offering, launched last October, which is a pillar of our innovation strategy.
Profitability has shown a strong improvement: EBITDA at €18.1 million (+23.7%), with a margin of 15.1%, Adjusted EBITDA at €18.8 million (+17.2%), with a margin of 15.7%, showing further growth compared to 15.3% in the previous year. Net profit rose to €3.7 million, an increase of 67% compared to €2.2 million in 2023, while net profit, before amortisation related to M&A operations, stands at €7.7 million.
Internationalization has also yielded excellent results, with significant growth in the USA and Brazil, supported by M&A operations. The goal of increasing the share of revenues generated abroad is becoming more and more realised and will remain strategic in the future.
The recovery of operating margins reflects greater management efficiency and an increasingly extensive and structural use of offshoring in Albania. The optimization of working capital, resulting from a rigorous and systematic management control policy, has decisively contributed to cash generation, with Free Cash Flow reaching €10
million, allowing for a significant reduction in net financial debt, which as of 31 December 2024 stands at €-27.8
million, an improvement of €10 million compared to the end of 2023. Adjusted NFP amounted to €-32.7 million.
The Board of Directors also resolved to propose to the Shareholders' Meeting that the Parent Company's profit for the year, amounting to €2,035,689.48, be allocated to reserves, carrying it forward in full. In addition, the authorization to purchase and dispose of treasury shares will be submitted to the Shareholders' Meeting for approval, in accordance with the provisions of articles 2357 and 2357-ter of the Civil Code.
In 2025, we will focus on consolidating our presence in foreign markets, with particular attention to South America and the aerospace and defense sectors, laying the groundwork for a significant expansion in 2026. This will be supported by our growth in America and India, the development of the agricultural automotive sector, and the full integration of Generative Artificial Intelligence into our service offerings.
I wish to thank all our collaborators for the passion and professionalism with which they contribute every day to the success of the Group, our customers for the trust they continue to place in us, and you, dear Shareholders, for the constant support of our growth journey.
Letter to shareholders
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Board of Directors
Lorenzo Mondo: Chairman of the Board of Directors and Chief Executive Officer
Josef Zibung: Director Isabella Mondo: Director Maria Luisa Vada: Director Andrea Farina: Director Roberto Manzoni: Director
Paolo Rebaudengo: Independent director
Board of Statutory Auditors
Fabio Venegoni: Chairman of the Board of Statutory Auditors
Alberto Bodiglio: Standing auditor Vincenzo Gambaruto: Standing auditor Cristiano Lenti: Alternate auditor Stefano Cernuschi: Alternate auditor
Independent Auditors
BDO Italia S.p.A.
Supervisory Board
231 Compliance Programme pursuant to Legislative Decree 231/2001
Giordano Balossi Silvia Campagna Vincenzo Gambaruto
Corporate Governance
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Financial Statements
REPORT
ON OPERATIONS
Consolidated Financial Statements as at 31/12/2024
Corporate Governance
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