Press Releases

Double-digit growth in sales, robust cash flow generation and strong net financial position
Business grown by 70% since the IPO (2016)

FINANCIAL HIGHLIGHTS:

■ NET SALES EQUAL TO EUR 6,8 MILLION VERSUS EUR 6 MILLION AS OF 31 DECEMBER 2018
■ EBITDA EQUAL TO EUR 495 THOUSAND VERSUS EUR 534 THOUSAND AS OF 31 DECEMBER 2018
■ NET RESULT EQUAL TO EUR 61 THOUSAND VERSUS EUR 101 THOUSAND AS OF 31 DECEMBER 2018
■ NET FINANCIAL POSITION EQUAL TO EUR 2,2 MILLION (OF WHICH: EUR 2,5 MILLION CASH AND CASH EQUIVALENT AND EUR 120 THOUSAND CURRENT FINANCIAL DEBT AND EUR 205 THOUSAND NON-CURRENT FINANCIAL DEBT) VERSUS EUR 2,6 MILLION AS OF 31 DECEMBER 2018   

Giandomenico Sica, Chairman of the Board of Directors of DHH, commented: “2019 has been a positive year for us. We organically grew our business by 13% passing from 6M EUR to 6,8M EUR of revenue, with a sound cash flow generation. Despite the fact that in 2019 we had extra costs tied to M&A that reduced our EBITDA by 16%, thanks to our subscription-based business model our cash flow from operating activities was equal to 994k EUR (approx 14,5% or our revenue), with cash availabilities equal to 2,5M EUR. Since our IPO in 2016, we grew our turnover by 70%, mixing organic growth with M&A, having executed 7 acquisitions across Italy, Italian Switzerland, Slovenia, Croatia, Serbia in these years. During the fourth quarter of 2019, we acquired the customer base of the Si-Shell brand, the 5th largest web hosting provider in Slovenia. This deal is boosting our presence in Slovenia, where we already have a market-leading position, supporting us in acquiring market share in the local VPS and cloud hosting market. In terms of products, at the end of 2019, we launched NextCloud in Switzerland. NextCloud is very similar to Dropbox or Google Drive, but it is on the private cloud, so it is not shared with anyone. It is based on a Swiss server farm and all the data are located in Switzerland. Furthermore, thanks to NextCloud talks it is also possible to organize video-conferences, webinars and virtual workshops. This is very relevant since it is another step into the world of remote work, which is becoming the “new normal” in light of the pandemic related to COVID-19. Regarding this point, the New York Times recently (on March 23rd, 2020) published an article titled “Big Tech Could Emerge From Coronavirus Crisis Stronger Than Ever” where they point out the fact that cloud computing has become essential to home workers. While this is certainly true, as it is true that from the first data we are observing in our control management system we have not been negatively impacted by the health emergency, it is too soon to comment about how this new normal will affect our results. The cloud computing business is on a strong growth trend, which is accelerated by the mass adoption of remote working tools, but we expect that our clients will be impacted by COVID-19 somehow and we are not yet able to predict the consequences of this event on the economy. As per the extraordinary activities, in 2019 our team worked hard on new M&A deals, which are a core business for us, and this emergency is not stopping us from continuously exploring further opportunities on the market.”

Milan, 26 March 2020. The Board of Directors of DHH S.p.A. (DHH.MI | WDHH21.MI) (ISIN shares IT0005203622 | ISIN warrants IT0005203689), the cloud computing provider of Southeast Europe, today reviewed and approved the consolidated financial statements and the draft financial statements as at 31 December 2019, which will be resolved by the shareholders’ meeting of 27 April 2020.

PERFORMANCE OF THE GROUP

MAIN RESULTS 2019
(ALL AMOUNTS ARE IN EURO)

31.12.2019
with IFRS 16
impact

31.12.2018

DELTA

NET SALES

6.757.942

5.969.739

+13%

EBITDA

495.202

534.059

-7,3%

NET RESULT

60.732

101.388

-40%

CASH FLOW FROM OPERATING ACTIVITIES

994.931

302.718

+229%

The Profit and Loss Statement has been prepared with the adoption of the new accounting standard IFRS 16 – ‘Leases’: the accounting of instalment of costs for operating leases is replaced by amortization of the right of use and calculation of financial charges on lease liabilities. The new standard was introduced starting from January 1st, 2019; the figures for the comparative period have not been restated because the Group chose the retrospective modified approach. For further information please see the paragraph “Changes in the accounting principles” of the Annual Report.

During the financial year ended 31 December 2019 the total consolidated revenues of the Group are equal to 6,81M EUR while the consolidated EBITDA of the year amounts to 495k EUR and it has been reduced by 16% because of the impact of the extra costs tied to M&A.

The Group is focused on web hosting and cloud computing services as core business lines and its revenues are approx. 2,03M EUR in Italy (Tophost and DHH Italia), 1,68M EUR in Slovenia (DHH.si), 2,18M EUR in Croatia (DHH and System Bee), 552k EUR in Serbia (mCloud) and 324k EUR in Switzerland (DHH SWZ).

Business performance by country

MAIN RESULTS 2019
(ALL AMOUNTS ARE IN EURO)

31.12.2019

31.12.2018

DELTA

ITALY

2.027.739

2.042.261

-0,7%

SLOVENIA

1.676.045

1.409.301

+19%

CROATIA

2.178.318

1.966.065

+11%

SERBIA

551.873

216.242

+155%

SWITZERLAND

323.966

237.937

+36%

TOTAL

6.757.942

5.871.806

+15%

The consolidated net financial position is equal to EUR 2.225.702, of which: EUR 2.537.357 (cash equivalents); EUR 13.442 (current financial assets); EUR 119.848 (current financial debt) and EUR 205.248 (non-current financial debt).

The net equity is EUR 7.577.161.

THE GROUP CONSOLIDATED PRO-FORMA* RESULTS 2019

MAIN RESULTS 2019
(ALL AMOUNTS ARE IN EURO)

CONSOLIDATED
PRO-FORMA*
31.12.2019

CONSOLIDATED
31.12.2019

DELTA

NET SALES

6.757.942

6.757.942

0%

EBITDA

1.145.056

495.202

+131%

NET RESULT

586.298

60.732

+865%

The consolidated pro forma is not audited by the audit firm but it has been checked for mathematical accuracy.

 

MAIN RESULTS 2019
(ALL AMOUNTS ARE IN EURO)
CONSOLIDATED
PRO-FORMA*
31.12.2019
CONSOLIDATED
PRO-FORMA*
31.12.2018
DELTA
NET SALES 6.757.942

6.162.905

+10%
EBITDA 1.145.056

840.771

+36%
NET RESULT 586.298 499.837 +17%

* The consolidated pro forma is not audited by the audit firm but it has been checked only the mathematics accuracy.

The consolidated pro-forma p&l includes the full results of the acquisitions made during the year, while the officially consolidated p&l comprises only the pro-quota results after the acquisition date of the new companies.

Furthermore, all direct and indirect costs related to being a company publicly listed on the Italian Stock Exchange have been deleted in the pro-forma consolidated p&l, together with all direct and indirect costs related to M&A and extraordinary activities.  This exercise is performed to make the group comparable with unlisted competitors.

MATERIAL EVENTS OCCURRED DURING THE FINANCIAL YEAR ENDED 31 DECEMBER 2019 AND SUBSEQUENTLY OCCURRED

3RD JANUARY 2019
DHH announces a change of shareholders, accordingly to article 17 – Rules for Companies. Seeweb Srl, in the framework of an internal reorganization activity, transferred its 360.000 shares of DHH (equal to the 25,352% of the social capital of DHH) to Seeweb Holding Srl.
The shareholding structure of Seeweb Srl and Seeweb Holding Srl is the same and in both cases, the majority owner is Antonio Domenico Baldassarra. He acts as a DHH board member.

15TH MARCH 2019
As per the agreement signed with the shareholders of mCloud d.o.o. Beograd on 16th October 2018, mCloud has reached the goals agreed by the parties related to the revenues of the company and other KPIs.

10TH APRIL 2019
DHH acquired the 20% of DHH Switzerland SA from Mr. Sergio Ravera.
In the framework of the agreement signed with Mr. Ravera on 12th May 2017, DHH activated the procedure for the price adjustment on DHH Switzerland SA.
As a result of the activation of this procedure and the subsequent dialogue with Mr. Ravera, DHH and Mr. Ravera agreed on a price adjustment of 190.000 EUR to be paid by Mr. Ravera with shares of DHH Switzerland SA. For the effect of this adjustment, DHH now owns 80%, and Mr. Ravera owns 20% of DHH Switzerland SA.
DHH and Mr. Ravera signed also an agreement through which they have the option to buy (DHH) and to sell (Mr. Ravera) the remaining stake of Mr. Ravera in DHH Switzerland SA as soon as certain conditions mutually agreed by the parties – and related to business KPIs – are met. Both the options can be exercised within 120 days from the approval of the financial statements 2021 of DHH Switzerland SA.

2ND MAY 2019
DHH announces to have completed the merger between the two portfolio companies mCloud d.o.o. and DHH SRB d.o.o. so to result in a single entity. The merger has been designed to simplify the group organization and operations, following what already done in Slovenia and in Croatia.

9TH MAY 2019
DHH during the Shareholders Meeting of 30th April announces that Giandomenico Sica, Uroš Čimžar, and Matija Jekovec, have been re-appointed as executive directors of the company. Giandomenico Sica, Chairman of the Board of Directors, will have also the responsibility of the Investor Relations activities. In the same Meeting have been re-appointed BDO Spa as Auditing Firm and as Statutory Auditors Mr. Umberto Lombardi, Pizzutelli Stefano, Pipolo Pierluigi, Capogna Umberto, Cinelli Cesare.

27TH JUNE 2019
DHH announces that on 21 June Tomaž Koštial has been appointed as CEO of DHH.si.

18TH JULY 2019
DHH announces that pursuant to article 17 of the AIM Italia Rules for Issuers, it has appointed EnVent Capital Markets Ltd as new Nomad; the assignment took effect from 19 July 2019.
EnVent Capital Markets Ltd, within the two months following the engagement, completed the verification of the existence of suitable procedures to guarantee the compliance by DHH S.p.A. with the AIM Italia Issuers Regulation.

26TH JULY 2019
DHH announces that the period during which entitled shareholders may request the free allocation of bonus shares will begin on 28 July 2019, as stated in section 4.1.2 of the Admission Document relating to the IPO and admission to trading of DHH ordinary shares on the Stock Exchange organized and managed by Borsa Italiana S.p.A. (the “Admission Document”).

5TH AUGUST 2019
DHH announces to have completed the process of appointment of Veljko Drakulić as CEO of DHH d.o.o. (DHH Croatia). This appointment is part of a broader process aimed at renewing and improving the governance of the local portfolio companies of DHH through the promotion of internal managers or the appointment of a new – young – external management.

6TH SEPTEMBER 2019
DHH announces that 68.550 bonus shares have been allocated to entitled shareholders, as approved by the company General Shareholders Meeting held on June 9, 2016.
As defined during the IPO process, the shareholders that in the IPO have underwritten shares of the Company and have maintained them until July 27, 2019, and have applied for the allocation of the bonus share in the period between July 28, 2019 and August 27, 2019, have been granted, free of charge 1 Company’s ordinary share (ISIN IT0005203622) for every 5 shares ordinary with bonus share allocated in the context of the IPO (ISIN IT0005203663).
The allocation of the new 68.550 ordinary shares, which have the same features of the outstanding ordinary shares, determines the increase of the Company’s share capital to Euro 148.855,00  represented by 1.488.550 ordinary shares with no nominal value.

11TH SEPTEMBER 2019
DHH announces that, as notified to the Italian Business Register on 9 September 2019, as a result of the issuance of the bonus shares mentioned in the press release published on 6 September 2019, the share capital of DHH is now equal to Euro 148.855, represented by no. 1.488.550 ordinary shares without par value. Such variation of the share capital was registered in the above mentioned Italian Business Register effective from 9 September 2019.
The share capital of DHH, fully subscribed and paid-in, has been filed with the Italian Business Register of ordinary shares without par value on 9 September 2019, as a result of the issuance of 68.550 ordinary shares in favor of the shareholders with the bonus share right, according to the provisions of the General Shareholders Meeting held on June 9, 2016.

6TH DECEMBER 2019
DHH completed the acquisition of Si-Shell (www.si-shell.net), the business unit of iServer d.o.o. – one of the most important Slovenian providers – focused on the hosting and domain segment and having approximately 1.800 active customers. The acquisition is aimed at consolidating DHH presence in the local market. This deal doesn’t exceed 25% in any of the class tests (ref. Rules for Companies, art. 12), is not a substantial transaction, but has a strategic value for DHH since it increases the market share of the group in Slovenia. The valuation has been made on the historical data shared by the management team of iServer and verified by DHH during the due diligence process. 

23rd FEBRUARY 2020
The Italian Government published the Decree-Law No 6 of 23 February 2020, the first of a series urgent measures on the containment and management of the epidemiological emergency by COVID-19. 

PMI INNOVATIVA

During 2019 DHH S.p.A. has been confirmed “PMI Innovativa” in the related section of the company register in Milan. The company has incurred costs relating to research, development and innovation, over 3% of the higher value between total costs and value of manufacturing. 

DHH S.P.A. PROFIT/LOSS ALLOCATION 

DHH S.p.A. as a parent company reported a loss of EUR 176.886,58. The Board of Directors proposes to the shareholders to cover it as follows: EUR 7.201,41 thanks to the extraordinary reserve; EUR 169.685,17 thanks to share premium reserve.

NOTICE OF SHAREHOLDERS’ MEETING 

The Board of Directors delegated the President to convene an Ordinary Shareholders’ Meeting on 27 April 2020.
The Notice of Shareholders’ Meeting and the supporting documents concerning the items on the Agenda will be available within the statutory deadline at the Company’s registered office and on the DHH website: www.dhh.international.
Shareholders may view these documents and request copies of them.

***

CONSOLIDATED INCOME STATEMENT
(All amounts are in EURO)

CONSOLIDATED
31.12.2019
with IFRS 16
impact

CONSOLIDATED
31.12.2019
without IFRS 16 impact

CONSOLIDATED
31.12.2018

 

Net Sales 6.757.942 6.757.942 5.969.739
Other Revenues 54.234 54.234 337.202
Internal project
OPERATING REVENUES 6.812.175 6.812.175 6.306.941
Material costs (24.180) (24.180) (33.891)
Services costs and use of third party assets (4.011.490) (4.128.977) (3.593.747)
GROSS MARGIN 2.776.505 2.659.019 2.679.303
Personnel costs (2.007.396) (2.007.396) (1.816.287)
Other expenses (273.908) (273.908) (328.957)
EBITDA 495.202 377.715 534.059
Amortization and impairment (349.918) (241.490) (361.420)
EBIT 145.283 136.225 172.639
Financial income (expenses) (31.251) (15.726) (20.781)
Other non-operating income/expense (1.272) (1.272) 1.337
EARNINGS BEFORE TAXES 112.760 119.227 153.195
Income taxes (52.028) (53.091) (51.807)
NET RESULT 60.732 66.136 101.388
relating to the shareholders of the Group 99.665 103.235 102.796
relating to the third party shareholders (38.933) (37.099) (1.408)

 

CONSOLIDATED PRO-FORMA  INCOME STATEMENT

PRO-FORMA *
31.12.2019

CONSOLIDATED
31.12.2019

(All amounts are in Euro)
Net Sales

6.757.942

6.757.942

Other Revenues

54.233

54.234

Internal project

OPERATING REVENUES

6.812.175

6.812.175

Material costs

(24.180)

(24.180)

Service costs and use of third party assets

(3.376.191)

(4.011.490)

Personnel costs

(2.007.396)

(2.007.396)

Other expenses

(259.353)

(273.908)

TOTAL OPERATING COSTS

(5.667.119)

(6.316.974)

OPERATING INCOME  – EBITDA

1.145.056

495.202

Amortization and impairment

(341.134)

(349.918)

EBIT

803.922

145.283

Financial income (expenses)

(39.600)

(31.251)

Other non-operating income/expense

(1.272)

EARNINGS BEFORE TAXES

764.321

112.760

Total current and deferred income taxes

(178.023)

(52.028)

NET INCOME (LOSS) FOR THE YEAR

586.298

60.732

OF WHICH:

 

relating to the shareholders of the Group

604.471

101.499

relating to the third party shareholders

(18.173)

(40.767)

* The consolidated pro forma is not audited by the audit firm but it has been checked only the mathematic accuracy.

 

CONSOLIDATED NET FINANCIAL POSITION

CONSOLIDATED
31.12.2019
with IFRS 16
impact

CONSOLIDATED
31.12.2019
without IFRS 16 impact

CONSOLIDATED
31.12.2018

 

(All amounts are in Euro)

A. Cash

(234)

B.Cash equivalents

(2.537.357)

(2.537.357)

(2.699.306)

C. Securities held for trading

D. Liquidity (A)+(B)+(C)

(2.537.357)

(2.537.357)

(2.699.540)

E. Current financial Receivables

(13.442)

(13.442)

F. Short-term bank liabilities

12.387

12.387

95.066

G. Current part of non-current borrowing

H. Current lease debt

107.462

I. Other current financial liabilities

J. Current financial debt  (F)+(G)+(H)+(I)

119.848

12.387

95.066

K. Net current financial debt (J)-(E)-(D)

(2.430.950)

(2.538.412)

(2.604.474)
L. Non-current bank liabilities

(412.086)

(412.086)

M. Bonds issued

N. Non current lease debt

205.248

O. Other non-current liabilities

412.086

412.086

P. Non-current financial debt  (L)+(M)+(N)+(O)

205.248

Q. Net Financial Debt  (K)+(P)

(2.225.702)

(2.538.412)

(2.604.474)

 

ASSETS
(All amounts are in Euro)

CONSOLIDATED
31.12.2019
with IFRS 16
impact

CONSOLIDATED
31.12.2019
without IFRS 16 impact

CONSOLIDATED
31.12.2018

 

Goodwill

5.648.925

5.648.925

5.468.645

Tangible fixed assets

256.096

256.096

304.061

Right of use

304.441

Intangible assets

905.963

905.963

375.879

Non current financial assets

6.661

6.661

6.409

Other non current assets

177

177

1.364

Prepaid Tax assets

28.531

27.396

15.086

NON CURRENT ASSETS

7.150.793

6.845.217

6.171.445

Trade receivables

382.806

382.806

552.581

Current financial assets

13.442

13.442

Other current assets

121.713

121.713

72.365

Tax receivables

147.003

147.003

166.758

Cash and cash equivalents

2.537.357

2.537.357

2.699.540

Prepaid expenses and accrued income

481.987

481.987

465.721

CURRENT ASSETS

3.684.309

3.684.309

3.956.966

TOTAL ASSETS

10.835.101

10.529.526

10.128.411

LIABILITIES
(All amounts are in Euro)

CONSOLIDATED
31.12.2019
with IFRS 16
impact

CONSOLIDATED
31.12.2019
without IFRS 16 impact

CONSOLIDATED
31.12.2018

 

Share Capital

148.855

148.855

142.000

Reserves

6.750.047

6.751.337

6.696.962

Retained Profit (Loss)

597.276

597.254

583.458

Year’s profit (loss)  relating to the shareholders of the Group

99.665

103.235

102.796

NET EQUITY PARENT COMPANY

7.595.843

7.600.680

7.525.216

Capital and Reserves relating to the third party shareholders

20.250

20.713

47.397

Year’s  Profit/loss relating to the third party shareholders

(38.933)

(37.099)

(1.408)

NET EQUITY TO THE THIRD PARTY SHAREHOLDERS

(18.682)

(16.386)

45.989

NET EQUITY

7.577.161

7.584.295

7.571.206

Non current financial payables

205.248

(0)

Severance reserves

14.932

14.932

15.233

Provisions for risks and future liabilities

Other non current liabilities

Liabilities for deferred taxes

15.212

15.212

17.396

NON CURRENT LIABILITIES

235.392

30.144

32.629

Trade payables

560.853

560.853

379.345

Other current liabilities

220.188

220.188

201.305

Current financial liabilities

119.848

12.387

95.066

Tax payables

140.968

140.968

92.318

Accrued liabilities and deferred income

1.980.692

1.980.692

1.756.541

CURRENT LIABILITIES

3.022.549

2.915.087

2.524.576

TOTAL LIABILITIES

3.257.941

2.945.231

2.557.205

TOTAL LIABILITIES AND NET EQUITY

10.835.101

10.529.526

10.128.410

 

CASH FLOW STATEMENT
(All amounts are in Euro)

CONSOLIDATED 31.12.2019
with IFRS 16
impact

CONSOLIDATED 31.12.2019
without IFRS 16 impact

CONSOLIDATED
31.12.2018

 

A. CASH FLOW FROM OPERATING ACTIVITIES
Profit for period

60.732

66.136

101.388

Income taxes

52.028

53.091

51.807

Interest payables/(receivables)

32.523

16.998

23.453

(Capital losses)/gains from sales of assets

1. EARNINGS BEFORE INCOME TAX, INTEREST, DIVIDENDS AND CAPITAL GAIN/LOSSES

145.283

136.225

176.648

Adjustments for non-cash items that are  not accounted for in net working capital change:

386.625

279.808

361.489

– Allocation to reserves

3.915

3.915

4.600

– Amortization and depreciation of assets

349.695

241.266

247.279

– Permanent loss write-down

38.185

38.185

116.622

– Other adjustments on non-monetary items

(5.170)

(3.558)

(7.012)

2. Cash Flow before NWC changes

531.908

416.033

538.137

Changes in NWC:

550.550

550.550

(142.275)

– Decrease (increase) in inventories

– Decrease (increase) in customer receivables

154.307

154.307

(71.195)

– Increase (decrease) in supplier payables

196.015

196.015

(87.097)

– Decrease (increase) in prepaid expenses and accrued income

(16.266)

(16.266)

125.779

– Increase (decrease) in accrued expenses and deferred income

179.826

179.826

81.719

– Other changes to the NWC

36.668

36.668

(191.481)

3. Cash flow after NWC changes

1.082.458

966.583

395.861

Other changes:

(87.528)

(87.528)

(93.143)

– Interests collected/(paid)

(15.726)

(15.726)

(23.453)

– (income taxes paid)

(67.584)

(67.584)

(59.436)

– Dividends received

– (Use of reserves)

(4.217)

(4.217)

(10.255)

Cash flow from operating activities  [A]

994.931

879.056

302.718

 

B. Cash flow from investing activities

(Investments) disinvestment in tangible assets

(42.141)

(42.141)

(66.800)

(Investments) disinvestment in right of use assets

(440.501)

(Investments) disinvestment in intangible assets

(868.452)

(868.452)

(24.931)

(Investments) disinvestment in financial assets

(36.289)

(36.289)

(202.758)

(Investments) disinvestment in non-capitalized financial assets

(13.442)

(13.442)

Cash flow from investing activities  [B]

(1.400.824)

(960.323)

(294.489)

 

C. Cash flow from financing activities [C]

Increase (decrease) current payables to banks

(82.679)

(82.679)

(29.168)

New loans (Loan repayments)

324.626

(8.930)

Paid capital increase

1.763

1.763

114.898

Treasury share sale (purchase)

(Dividends paid)

Cash flow from financing activities  [C]

243.710

(80.916)

76.800

Increase (decrease) in liquidity  [A]+[B]+[C]

(162.184)

(162.184)

85.029

Liquid funds at the beginning of the period

2.699.540

2.699.540

2.614.511

Liquid funds at the end of the period

2.537.357

2.537.357

2.699.540

 

INCOME STATEMENT
PARENT COMPANY DHH SPA

31.12.2019

31.12.2018

(All amounts are in Euro)
Net Sales

455.144

442.185

Other Revenues

0

288.012

TOTAL REVENUES

455.145

730.197

Service costs and use of third party assets

(585.067)

(409.966)

Personnel costs

Other expenses

(4.012)

(101.610)

TOTAL OPERATING COSTS

589.079 

511.576

OPERATING INCOME  – EBITDA

(133.935)

218.621

Amortization and impairment

(40.412)

(168.326)

EBIT

(174.347)

50.295

Financial income (expenses)

8.090

4.918

EARNINGS BEFORE TAXES

(166.257)

55.212

Total current and deferred income taxes

306

(13.205)

NET INCOME (LOSS) FOR THE YEAR

(166.563)

42.008

 

NET FINANCIAL POSITION
PARENT COMPANY DHH SPA

31.12.2019

31.12.2018

(All amounts are in Euro)
A. Cash

B.Cash equivalents

(376.064)

(877.624)

C. Securities held for trading

D. Liquidity (A)+(B)+(C)

(376.064)

(877.624)

E. Current financial Receivables

(8.181)

(8.475)

F. Short-term bank liabilities

G. Current part of non-current borrowing

H. Other current financial liabilities

48

I. Current financial debt  (F)+(G)+(H)

48

J. Net current financial debt (I)-(E)-(D)

(384.197) 

(886.099)

K. Non-current bank liabilities

L. Bonds issued

M. Other non-current liabilities

505.114

N. Non-current financial debt  (K)+(L)+(M)

505.114

O. Net Financial Debt  (J)+(N)

(384.197)

(380.985)

 

ASSETS
PARENT COMPANY DHH SPA
(ALL AMOUNTS ARE IN EURO)

31.12.2019

31.12.2018

Investments

5.583.999

5.351.224

Intangible assets

9.393

12.580

Non current financial assets

540.000

571.402

Prepaid Tax assets

5.516

5.822

NON CURRENT ASSETS

6.138.908

5.941.028

Trade receivables

188.499

529.157

Current financial assets

8.181

8.475

Tax receivables

131.908

150.977

Cash and cash equivalents

376.064

877.624

Prepaid expenses and accrued income

23.786

14.253

CURRENT ASSETS

728.438

1.580.486

TOTAL ASSETS

6.867.346

7.521.514

LIABILITIES

(all amounts are in Euro)

 

 

Share Capital

148.855

142.000

Reserves

6.733.078

6.697.926

Year’s profit (loss)

(166.563)

42.008

NET EQUITY

6.715.370

6.881.933

Non current financial payables

Severance reserves

Other non current liabilities

505.114

Liabilities for deferred taxes

NON CURRENT LIABILITIES

505.114

Trade payables

111.401

88.870

Other current liabilities

32.499

28.342

Current financial liabilities

Tax payables

7.936

17.149

Accrued liabilities and deferred income

93

106

CURRENT LIABILITIES

151.976

134.083

TOTAL LIABILITIES

151.976

639.581

TOTAL LIABILITIES AND NET EQUITY

6.867.346

7.521.514

 

CASH FLOW STATEMENT
PARENT COMPANY DHH SPA

31.12.2019

31.12.2018

(All amounts are in Euro)    
A. CASH FLOW FROM OPERATING ACTIVITIES
Profit for period

(166.563)

42.008

Income taxes

306

13.205

Interest payables/(receivables)

(8.080)

(4.918)

(Capital losses)/gains from sales of assets

1. EARNINGS BEFORE INCOME TAX, INTEREST, DIVIDENDS AND CAPITAL GAIN/LOSSES

(174.347)

50.295

Adjustments for non-cash items that are

40.612

2.222

not accounted for in net working capital change:

– Allocation to reserves

– Amortization and depreciation of assets

3.186

2.222

– Permanent loss write-down

– Other adjustments on non-monetary items

37.225

2. Cash Flow before NWC changes

(133.935)

52.517

Changes in NWC:

368.657

(301.866)

– Decrease (increase) in inventories

– Decrease (increase) in customer receivables

340.658

(333.549)

– Increase (decrease) in supplier payables

22.531

29.033

– Decrease (increase) in prepaid expenses and accrued income

(9.533)

3.909

– Increase (decrease) in accrued expenses and deferred income

(13)

41

– Other changes to the NWC

14.014

(1.299)

3. Cash flow after NWC changes

233.722

(249.349)

Other changes:

8.080

(7.529)

– Interests collected/(paid)

8.080

4.918

– (income taxes paid)

(12.447)

– Dividends received

– (Use of reserves)

Cash flow from operating activities  [A]

241.812

(256.878)

 
B. Cash flow from investing activities
(Investments) disinvestment in tangible assets

                –

                –

(Investments) disinvestment in intangible assets

(8.426)

(Investments) disinvestment in financial assets

(258.598)

(42.515)

(Investments) disinvestment in non-capitalized financial assets

294

3.246

Cash flow from investing activities  [B]

(238.304)

(47.695)

     
C. Cash flow from financing activities [C]
Increase (decrease) current payables to banks

48

(256.825)

New loans (Loan repayments)

(505.114)

Paid capital increase

Treasury share sale (purchase)

Paid capital increase

Cash flow from financing activities  [C]

(505.066)

(256.825)

Increase (decrease) in liquidity  [A]+[B]+[C]

(501.559)

(561.398)

Liquid funds at the beginning of the period

877.624

1.439.021

Liquid funds at the end of the period

376.064

877.624

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