PRESS RELEASE
THE BOARD OF DIRECTORS OF SVAS BIOSANA APPROVES
THE HALF-YEARLY CONSOLIDATED FINANCIAL STATEMENTS AS OF 30 JUNE 2024
CONSOLIDATED REVENUE GROWTH TO EUR 58.2 MILLION (+6% YoY)
TURNOVER AND MARGIN GROWTH CONFIRMED IN 2024
- Consolidated EBITDA: EUR 7.7 million (+11.4% YoY) - EBITDA Margin 13.3%
- Consolidated EBIT: EUR 5 million (+17.6% YoY) - EBIT Margin 8.6%
- Consolidated Net Profit: EUR 2.6 million (+14.4% YoY)
- Consolidated cash negative Net Financial Position (NFP) of EUR 27.0 million
Somma Vesuviana (NA) 26 September 2024 - Svas Biosana S.p.A. (the "Company" or "SVAS"), a leading operator in the healthcare sector, active in the production and distribution of medical devices for public and private healthcare facilities, listed on Euronext Growth Milan, announces that the Board of Directors, which met today, approved the half-yearly consolidated financial statements as at 30 June 2024, subject to voluntary limited audit.
Umberto Perillo, CEO of Svas Biosana, has commented thus: "We are very satisfied with the results achieved by the Group in this first half-year. Despite the market challenges and the uneasy economic situation, the figures once again show an increase in revenues, profitability and profits, thanks to efficient resource management and well thought-out strategies.
These achievements are the result of the commitment and passion of the entire team, who have continued to innovate and offer added value to our customers. We are positive about the future with a clear strategic vision and ambitious goals and remain focused on growth and operational excellence".
ANALYSIS OF KEY ECONOMIC AND FINANCIAL DATA
Despite the global economic environment being adversely affected by the generalised rise in prices and the continuing impact of the conflicts in Ukraine and the Middle East, the Svas Biosana Group was able to achieve very positive results in the first half of 2024. The figures show significant growth in all the main indicators related to the core business, with a good improvement in both turnover and absolute profitability.
Marginal profitability also increased, demonstrating careful operational management and strategies capable of generating value despite economic and geopolitical complexities. The Group's ability to adapt quickly to market changes and optimise the use of resources is reflected in its results, which show a solid performance.
SVAS BIOSANA S.p.A. | Sede Legale | Corrispondenza | Direzione ed Uffici | Contatti |
Registro Imprese di | Via M. Perillo, 34 | Casella Postale n.91 | Via Trentola, 7 | Tel. +390818995411 |
Napoli n.4543/85 | 80047 | 80049 | 80049 | Fax +390818993922 |
n. R.E.A. 393065 | San Giuseppe Vesuviano (NA) | Somma Vesuviana (NA) | Somma Vesuviana (NA) | www.svas.it |
C.F. 04720630633 | Italy | Italy | Italy | svasbiosana@legalmail.it |
P. I.V.A. 01354901215 |
The half-year figures confirm the effectiveness of the Company's choices and the resilience of its business model, highlighting the Group's ability to tackle changing market conditions with determination, while continuing to generate value for its stakeholders.
Consolidated Revenues from operations as of 30 June 2024 amounted to Euro 58.2 million, an increase of 6.0% compared to Euro 55.0 million as at 30 June 2023.
Growth was confirmed by the Farmex Business Units - production and marketing of incontinence aids and cotton products (+1.7%), Mark Medical (+12.4%) and Bormia (+30.0%) - engaged in the marketing of specialised medical devices in the Balkan area; the three Business Units account for about 80% of the Group's consolidated revenues.
The table below summarises the results recorded by the individual business lines:
Geographically, 49% of revenues were generated in Italy and 51% abroad, confirming the Group's established presence in the Balkan area.
Consolidated Value of Production as of 30 June 2024 was Euro 60.0 million compared to Euro 57.0 million for the six months of 2023 (up 5.3% YoY).
The consolidated EBITDA (Gross Operating Margin) as of 30 June 2024 amounted to Euro 7.7 million, an increase of 11.4% compared to Euro 6.9 million for the same period in 2023. The EBITDA margin is 13.3% of revenue (12.6% as at 30 June 2023).
The consolidated EBIT (Operating Profit) as of 30 June 2024 stood at Euro 5.0 million, up 17.6% from Euro 4.2 million as at 30 June 2023 with an EBIT margin of 8.6% on revenue (7.7% as at 30 June 2023).
SVAS BIOSANA S.p.A. | Sede Legale | Corrispondenza | Direzione ed Uffici | Contatti |
Registro Imprese di | Via M. Perillo, 34 | Casella Postale n.91 | Via Trentola, 7 | Tel. +390818995411 |
Napoli n.4543/85 | 80047 | 80049 | 80049 | Fax +390818993922 |
n. R.E.A. 393065 | San Giuseppe Vesuviano (NA) | Somma Vesuviana (NA) | Somma Vesuviana (NA) | www.svas.it |
C.F. 04720630633 | Italy | Italy | Italy | svasbiosana@legalmail.it |
P. I.V.A. 01354901215 |
The consolidated Net Profit was positive at Euro 2.6 million compared to Euro 2.3 million in the first half of 2023 (+14.4% YoY).
The consolidated Net Financial Position as of 30 June 2024 was cash negative in the amount of Euro
27.0 million, compared to the cash negative NFP of Euro 23.8 million as of 31 December 2023. The Shareholders' Equity as of 30 June 2024 was EUR 58.9 million.
SIGNIFICANT EVENTS DURING 2024
In the first half of 2024, the Group focused its efforts on commercial and manufacturing activities. After 30 June 2024, the Italian Constitutional Court, in Judgment No. 140/2024, rejected the questions of legitimacy raised by the Regional Administrative Court, in relation to the establishment of the "Payback" mechanism for public expenditure on medical devices. The Constitutional Court, in its ruling No. 139/2024, also ruled that the reduction to 48% of the amounts due for the payback, introduced by the government in 2023, should be applied to all operators and not only to those who had waived their appeals.
The Group had already paid to the relevant regions the revised 48% payback due in 2023.
OUTLOOK
Global economic growth is still expected to be held back by inflationary phenomena and ongoing conflicts, even though, in the most recent period, signs of slowing inflation and the receding financial turmoil have prompted the major central banks to gradually lower interest rates.
The Company's management confirms the current positive trends, regarding sales and expected margins. Therefore, the expectations for the current year are positive.
* * * * * * *
FILING OF DOCUMENTATION
In compliance with the provisions of the Issuers' Regulations Euronext Growth Milan, the consolidated half-yearly financial statements as at 30 June 2024 accompanied by the Report of the company appointed for the limited audit will be made available to the public, within the legal terms, at the Company's registered office, at Borsa Italiana S.p.A. and in the relevant sections of the website www.svas.itas of today.
* * * * * * *
This press release is available at Borsa Italiana, at the Company's registered office, and in the Investor Relations/Communications section of the website www.svas.it.
SVAS BIOSANA S.p.A. | Sede Legale | Corrispondenza | Direzione ed Uffici | Contatti |
Registro Imprese di | Via M. Perillo, 34 | Casella Postale n.91 | Via Trentola, 7 | Tel. +390818995411 |
Napoli n.4543/85 | 80047 | 80049 | 80049 | Fax +390818993922 |
n. R.E.A. 393065 | San Giuseppe Vesuviano (NA) | Somma Vesuviana (NA) | Somma Vesuviana (NA) | www.svas.it |
C.F. 04720630633 | Italy | Italy | Italy | svasbiosana@legalmail.it |
P. I.V.A. 01354901215 |
For the dissemination of regulated information, Svas Biosana makes use of the eMarket SDIR circuit, managed by Teleborsa S.r.l., with head office in Piazza di Priscilla 4, 00199 Rome (www.emarketstorage.com).
* * * * * * *
This press release may contain forward-looking statements about future events and results of the Svas Biosana Group that are based on current expectations, estimates and projections about the industry in which the Group operates and on management's current views. These elements inherently have a component of risk and uncertainty because they depend on the occurrence of future events and on a multiplicity of factors, many of which are beyond the Company's control, including global macroeconomic conditions, changes in business conditions, further deterioration of markets, the impact of competition, political, economic and regulatory developments in Italy.
Contacts: | |
SVAS Biosana S.p.A. | Euronext Growth Advisor |
Andrea Efficace | Banca Profilo |
CFO Group and Investor Relations Manager | Milan, Via Cerva 128 |
+39 081.8995411 | +39 02.584081 |
a.efficace@svas.it | svasbiosana@bancaprofilo.it |
Investor Relations Advisor | Media Relations Advisor |
POLYTEMS HIR | POLYTEMS HIR |
Bianca FERSINI MASTELLONI - Silvia MARONGIU | Paolo SANTAGOSTINO |
06.69923324-066797849 | +393493856585 |
s.marongiu@polytemshir.it | p.santagostino@polytemshir.it |
Specialist | |
Banca Profilo | |
+39 02.584081 |
Svas Biosana manufactures and distributes medical devices in Italy and abroad. Founded in 1972 in Somma Vesuviana (NA) by the Perillo family, SVAS is now an international company with a catalogue of approximately 16,000 own and third-party brand products, roughly 350 employees, a Research and Development department, three production facilities in Italy and subsidiaries in Slovenia, Croatia, Serbia and Bosnia-Herzegovina.
Ticker: ISIN Ordinary Shares: IT0005469264
SVAS BIOSANA S.p.A. | Sede Legale | Corrispondenza | Direzione ed Uffici | Contatti |
Registro Imprese di | Via M. Perillo, 34 | Casella Postale n.91 | Via Trentola, 7 | Tel. +390818995411 |
Napoli n.4543/85 | 80047 | 80049 | 80049 | Fax +390818993922 |
n. R.E.A. 393065 | San Giuseppe Vesuviano (NA) | Somma Vesuviana (NA) | Somma Vesuviana (NA) | www.svas.it |
C.F. 04720630633 | Italy | Italy | Italy | svasbiosana@legalmail.it |
P. I.V.A. 01354901215 |
RECLASSIFIED CONSOLIDATED INCOME STATEMENT AS OF 30 JUNE 2024
30.06.2024 | 30.06.2023 | change | |
Net revenues | 58,185,142 | 54,939,038 | 3,246,104 |
External costs | 44,226,766 | 43,144,031 | 1,082,735 |
Added value | 13,958,376 | 11,795,007 | 2,163,369 |
Personnel expense | 7,128,559 | 6,808,083 | 320,476 |
Other income | 892,114 | 1,943,038 | (1,050,924) |
EBITDA | 7,721,931 | 6,929,962 | 791,969 |
Amortisation, depreciation and | |||
write-downs | 2,736,797 | 2,691,740 | 45,057 |
Provisions | |||
Operating profit | 4,985,134 | 4,238,222 | 746,912 |
Financial income and expense | (1,392,730) | (914,401) | (478,329) |
Ordinary result | 3,592,404 | 3,323,821 | 268,583 |
Revaluations and write-downs | |||
Pre-tax profit | 3,592,404 | 3,323,821 | 268,583 |
Income taxes | 974,715 | 1,034,886 | (60,171) |
Net profit | 2,617,689 | 2,288,935 | 328,754 |
SVAS BIOSANA S.p.A. | Sede Legale | Corrispondenza | Direzione ed Uffici | Contatti |
Registro Imprese di | Via M. Perillo, 34 | Casella Postale n.91 | Via Trentola, 7 | Tel. +390818995411 |
Napoli n.4543/85 | 80047 | 80049 | 80049 | Fax +390818993922 |
n. R.E.A. 393065 | San Giuseppe Vesuviano (NA) | Somma Vesuviana (NA) | Somma Vesuviana (NA) | www.svas.it |
C.F. 04720630633 | Italy | Italy | Italy | svasbiosana@legalmail.it |
P. I.V.A. 01354901215 |
RECLASSIFIED CONSOLIDATED BALANCE SHEET AS OF 30 JUNE 2024
ASSET DATA | 30/06/2024 | 31/12/2023 | change |
Net intangible fixed assets | 11,676,396 | 11,419,565 | 256,831 |
Net tangible fixed assets | 26,018,354 | 26,774,269 | (755,915) |
Equity investments and other financial fixed assets | 110,179 | 110,179 | |
Capital assets | 37,804,929 | 38,304,013 | (499,084) |
Inventories | 32,236,407 | 32,657,974 | (421,567) |
Receivables from customers | 43,636,467 | 41,365,628 | 2,270,839 |
Other receivables | 6,678,229 | 8,706,070 | (2,027,841) |
Accrued income and prepayments | 1,690,428 | 1,189,628 | 500,800 |
Short-term operating assets | 84,241,531 | 83,919,300 | 322,231 |
Trade payables | 27,297,063 | 31,003,001 | (3,705,938) |
Advances | 47,191 | 160,637 | (113,446) |
Tax and welfare payables | 2,845,006 | 2,731,247 | 113,759 |
Other payables | 2,827,950 | 2,237,601 | 590,349 |
Accrued expenses and deferred income | 974,165 | 1,260,556 | (286,391) |
Short-term operating liabilities | 33,991,375 | 37,393,042 | (3,401,667) |
Net working capital | 50,250,156 | 46,526,258 | 3,723,898 |
Employee Severance Indemnity | 1,871,618 | 1,828,977 | 42,641 |
Other medium- and long-term liabilities | 204,583 | 207,168 | (2,585) |
Medium- and long-term liabilities | 2,076,201 | 2,036,145 | 40,056 |
Invested capital | 85,978,884 | 82,794,126 | 3,184,758 |
Equity | 58,929,876 | 58,993,402 | 63,526 |
NFP | 27,049,008 | 23,800,724 | 3,248,284 |
SVAS BIOSANA S.p.A. | Sede Legale | Corrispondenza | Direzione ed Uffici | Contatti |
Registro Imprese di | Via M. Perillo, 34 | Casella Postale n.91 | Via Trentola, 7 | Tel. +390818995411 |
Napoli n.4543/85 | 80047 | 80049 | 80049 | Fax +390818993922 |
n. R.E.A. 393065 | San Giuseppe Vesuviano (NA) | Somma Vesuviana (NA) | Somma Vesuviana (NA) | www.svas.it |
C.F. 04720630633 | Italy | Italy | Italy | svasbiosana@legalmail.it |
P. I.V.A. 01354901215 |
CONSOLIDATED STATEMENT OF NET FINANCIAL POSITION AS OF 30 JUNE 2024
FINANCIAL DATA | 30/06/2024 | 31/12/2023 | change |
Bank and postal accounts | (11,235,070) | (34,240,913) | 23,005,843 |
Cash on hand | (6,497) | (9,033) | 2,536 |
Cash and cash equivalents | (11,241,567) | (34,249,946) | 23,008,379 |
Assets not constituting fixed assets | (21,918,964) | (5,754,602) | (16,164,362) |
Bonds (within the next financial year) | 2,198,000 | 2,150,019 | 47,981 |
Payables to banks (within the next financial year) | 22,055,916 | 22,413,335 | (357,419) |
Payables to other lenders (within the next financial year) | 1,704,715 | 2,719,179 | (1,014,464) |
Financial receivables | (1,116,309) | (1,186,800) | 70,491 |
Short-term financial liabilities | 24,842,322 | 26,095,733 | (1,253,411) |
Short-term NFP | (8,318,209) | (13,908,815) | 5,590,606 |
Bonds (beyond the next financial year) | 18,349,201 | 19,471,624 | (1,122,423) |
Payables to banks (beyond the next financial year) | 17,460,446 | 18,554,133 | (1,093,687) |
Payables to other lenders (beyond the next financial year) | 1,749,652 | 1,872,050 | (122,398) |
Financial receivables | (2,192,082) | (2,188,268) | (3,814) |
Long-term NFP | 35,367,217 | 37,709,539 | (2,342,322) |
Net financial position | 27,049,008 | 23,800,724 | 3,248,284 |
SVAS BIOSANA S.p.A. | Sede Legale | Corrispondenza | Direzione ed Uffici | Contatti |
Registro Imprese di | Via M. Perillo, 34 | Casella Postale n.91 | Via Trentola, 7 | Tel. +390818995411 |
Napoli n.4543/85 | 80047 | 80049 | 80049 | Fax +390818993922 |
n. R.E.A. 393065 | San Giuseppe Vesuviano (NA) | Somma Vesuviana (NA) | Somma Vesuviana (NA) | www.svas.it |
C.F. 04720630633 | Italy | Italy | Italy | svasbiosana@legalmail.it |
P. I.V.A. 01354901215 |
CONSOLIDATED CASH FLOW STATEMENT AS OF 30 JUNE 2024
Description - indirect method | 30/06/2024 | 30/06/2023 |
A) Cash flows from operating activities (indirect method) | ||
Profit (loss) for the period | 2,617,689 | 2,288,935 |
Income taxes | 974,715 | 1,034,886 |
Interest expense/(income) | 1,392,730 | 914,401 |
(Gains)/losses on the sale of assets | ||
1) Profit (loss) for the period before income tax, interest, dividends and capital | 4,985,134 | 4,238,222 |
gains/losses on sales | ||
Adjustments for non-monetary items with no balancing entry in net working | ||
capital | ||
Accruals to provisions | 217,287 | 227,797 |
Depreciation of fixed assets | 2,552,039 | 2,427,973 |
Write-downs | 263,767 | |
Other increases/(decreases) for non-monetary items | (537,919) | (109,874) |
Total adjustments for non-monetary items with no balancing entry in net working | 2,231,407 | 2,809,663 |
capital | ||
2) Cash flows before changes in net working capital | 7,216,541 | 7,047,885 |
Changes in net working capital | ||
Decrease/(Increase) in inventory | 421,567 | (1,744,053) |
Decrease/(Increase) in trade receivables | (2,455,597) | (2,884,379) |
Increase/(Decrease) in trade payables | (3,819,384) | 109,027 |
Decrease/(Increase) in prepayments and accrued income | (500,800) | 8,736 |
Increase/(decrease) in accrued expenses and deferred income | (286,391) | (513,585) |
Other decreases/(Other Increases) in net working capital | 2,202,372 | (1,623,992) |
Total changes in net working capital | (4,438,233) | (6,648,246) |
3) Cash flow after changes in net working capital | 2,778,308 | 399,638 |
Other adjustments | ||
Interest received/(paid) | (1,392,730) | (914,401) |
(Income taxes paid) | (445,130) | (104,509) |
(Use of funds) | (174,646) | (445,537) |
Total other adjustments | (2,012,514) | (1,464,447) |
Cash flow from operations (A) | 765,794 | (1,064,809) |
- Cash flows from investments Tangible fixed assets
(Investments) | (1,346,488) | (1,228,519) |
Disinvestments | 485,244 | 80,680 |
Intangible fixed assets | ||
(Investments) | (1,191,711) | (1,050,211) |
Disinvestments | 2,500 |
SVAS BIOSANA S.p.A. | Sede Legale | Corrispondenza | Direzione ed Uffici | Contatti |
Registro Imprese di | Via M. Perillo, 34 | Casella Postale n.91 | Via Trentola, 7 | Tel. +390818995411 |
Napoli n.4543/85 | 80047 | 80049 | 80049 | Fax +390818993922 |
n. R.E.A. 393065 | San Giuseppe Vesuviano (NA) | Somma Vesuviana (NA) | Somma Vesuviana (NA) | www.svas.it |
C.F. 04720630633 | Italy | Italy | Italy | svasbiosana@legalmail.it |
P. I.V.A. 01354901215 |
Financial fixed assets | ||
(Investments) | (30,705) | |
Disinvestments | 15,107 | 170,452 |
Current financial assets | ||
(Investments) | (16,367,715) | (3,152,253) |
Disinvestments | 203,353 | 67,894 |
Cash flow from investments (B) | (18,202,210) | (5,140,162) |
C) Cash flows from financing activities | ||
Third-party funds | ||
Increase/(Decrease) in short-term bank loans and borrowings | (2,676,930) | 880,134 |
New loans | 5,309,927 | 3,650,000 |
(Repayment of loans) | (6,295,408) | (5,633,579) |
Own funds | ||
Disposal/(Purchase) of own quotas | (309,286) | (328,783) |
(Dividends and (interim dividends) paid) | (1,600,267) | |
Cash flow from financing activities (C) | (5,571,963) | (1,432,228) |
Increase (decrease) in cash and cash equivalents (A ± B ± C) | (23,008,379) | (7,637,199) |
Cash and cash equivalents at the beginning of the period | ||
Bank and postal accounts | 34,240,913 | 21,620,038 |
Cheques on hand | 725 | |
Cash-in-hand | 9,033 | 6,452 |
Total cash and cash equivalents at beginning of period | 34,249,946 | 21,627,215 |
Of which not freely usable | ||
Cash and cash equivalents at end of period | ||
Bank and postal accounts | 11,235,070 | 13,981,066 |
Cheques on hand | 30 | 1,446 |
Cash-in-hand | 6,467 | 7,504 |
Total cash and cash equivalents at end of period | 11,241,567 | 13,990,016 |
SVAS BIOSANA S.p.A. | Sede Legale | Corrispondenza | Direzione ed Uffici | Contatti |
Registro Imprese di | Via M. Perillo, 34 | Casella Postale n.91 | Via Trentola, 7 | Tel. +390818995411 |
Napoli n.4543/85 | 80047 | 80049 | 80049 | Fax +390818993922 |
n. R.E.A. 393065 | San Giuseppe Vesuviano (NA) | Somma Vesuviana (NA) | Somma Vesuviana (NA) | www.svas.it |
C.F. 04720630633 | Italy | Italy | Italy | svasbiosana@legalmail.it |
P. I.V.A. 01354901215 |