Press Releases

Double-digit growth on revenue and positive cash generation with >80% EBITDA cash conversion rate
International leadership in Southeast Europe (the so-called “Adriatic Sea area”) with 100.000+ customers and a turnover spread across 5 countries – Italy, Italian Switzerland, Slovenia, Croatia, Serbia

FINANCIAL HIGHLIGHTS:

■ NET SALES EQUAL TO EUR 3,3 MILLION VERSUS EUR 2,9 MILLION AS OF 30 JUNE 2018
■ EBITDA EQUAL TO EUR 242 THOUSAND VERSUS EUR 278 THOUSAND AS OF 30 JUNE 2018
■ NET RESULT EQUAL TO EUR 31 THOUSAND VERSUS EUR 103 THOUSAND AS OF 30 JUNE 2018
■ NET FINANCIAL POSITION EQUAL TO EUR 2,56 MILLION, OF WHICH: EUR 2,91 MILLION (CASH EQUIVALENT); EUR 13 THOUSAND (CURRENT FINANCIAL ASSETS); EUR 136 THOUSAND (CURRENT FINANCIAL DEBT) AND EUR 227 THOUSAND (NON-CURRENT FINANCIAL DEBT)

Giandomenico Sica, Chairman of the Board of Directors of DHH, commented: “The first half of 2019 is in line with our historical trend. We were able to keep a double digit organic growth rate with 3.3M EUR of net sales in the period vs 2.9M EUR in the 1H2018. This semester was also important to consolidate the extraordinary operations that we made last year in the Balkans. As a consequence of this work, we built the operational infrastructure to prepare the group to execute new M&A deals. In these months we made an intense scouting activity, looking for new opportunities of acquisitions, bigger than the ones we made in the past. In fact, we believe that now DHH has the potential to address bigger opportunities, with the goal of making a jump in its size so to increase its market positioning in the Southeast Europe, where we are currently present with our 100.000+ customers spread across Italy, Italian Switzerland, Slovenia, Croatia, Serbia.

Milan, 26 September 2019. The Board of Directors of DHH S.p.A. (“DHH”) (DHH.MI | WDHH21.MI) (ISIN shares IT0005203622 | ISIN warrants IT0005203689), the cloud computing provider of Southeast Europe, met today to examine and approved the consolidated financial statements for the first half of 2019.

PERFORMANCE OF THE GROUP

MAIN RESULTS H1-2019
(ALL AMOUNTS ARE IN EURO)

30.06.2019
with IFRS 16 Impact

30.06.2019
without IFRS 16 Impact

30.06.2018

NET SALES

3.352.465

3.352.465 2.960.453
EBITDA

241.903

189.044

277.531

NET RESULT

30.657 33.989

102.806

The profit and loss statement for 1H2019 reflects the application of the new accounting standard IFRS 16 – ‘Leases’: accordingly, the accounting for constant instalments 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.

During the 1H2019 the total consolidated revenues of DHH are equal to 3,38M EUR.
DHH is focused on web hosting and cloud computing services as a core business line and its revenues are approx. 1,07M EUR in Italy (Tophost and DHH Italia), 833k EUR in Slovenia (DHH.si), 1,07M EUR in Croatia (DHH and System Bee), 259k EUR in Serbia (mCloud) and 114k EUR in Switzerland (DHH SWZ); during 2019 there was a merge between DHH SRB and mCloud so to improve the efficiency in the operations and as a result the remaining company is mCloud doo. The consolidated EBITDA of the period amounts to 242k EUR.

With reference to the main level of operating profitability, the application of the new method of exposing lease transactions determined, during the first half of 2019, a positive effect of 53k EUR on EBITDA with IFRS 16 effect.

Business performance by country

MAIN RESULTS FIRST HALF 2019
(ALL AMOUNTS ARE IN EURO)

30.06.2019

30.06.2018

DELTA

ITALY

1.072.062

1.015.086

+5,6%

SLOVENIA

833.366

723.924

+15%

CROATIA

1.073.190

1.038.219

+3,4%

SERBIA

259.399

67.642

+283,5%

SWITZERLAND

114.448

115.582

-0,98%

TOTAL

3.352.465

2.960.453

+13%

The consolidated net financial position is equal to EUR 2.559.832, of which: EUR 2.909.319 (cash equivalents); EUR 13.518 (current financial assets); EUR 135.870 (current financial debt) and EUR 227.134 (non-current financial debt).

The net equity is EUR 7.541.544.

THE GROUP CONSOLIDATED PRO-FORMA* RESULTS FIRST HALF 2019

MAIN RESULTS 2019
(ALL AMOUNTS ARE IN EURO)

CONSOLIDATED
PRO-FORMA*
30.06.2019

CONSOLIDATED

30.06.2019

DELTA

NET SALES

3.352.465

3.352.465

0%

EBITDA

571.844

241.903

+136%

NET RESULT

297.905

30.657

+872%

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

MAIN RESULTS 2019
(ALL AMOUNTS ARE IN EURO)

CONSOLIDATED
PRO-FORMA*
30.06.2019

CONSOLIDATED
PRO-FORMA*
30.06.2018

DELTA

NET SALES

3.352.465

2.960.453

+13%

EBITDA

571.844

505.193

+13%

NET RESULT

297.905

295.767

+1%

* 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 as at 30.06.2019, together with all direct and indirect costs related to M&A and extraordinary activities.

The consolidated pro-forma is unaudited and has been prepared:

  • to have a comparable representation to the consolidated p&l;
  • to have a description to compare DHH to its private peers, which are not listed and don’t afford this kind of costs.

MAIN EVENTS OCCURRED DURING THE FIRST HALF OF 2019 AND SUBSEQUENTLY OCCURRED

The following events took place on the dates indicated below:

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.

10th APRIL 2019

DHH acquired the 20% of DHH Switzerland SA from Mr. Sergio Ravera (ref. press release 28/3/19).
In the framework of the agreement signed with Mr. Ravera on 12th May 2017 (ref. press release 5/12/17), 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 (ref. press release March 28, 2019). 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 BoD 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.

27th JUNE 2019

DHH announces that on 21 June Tomaž Koštial has been appointed as CEO of DHH.si. Matija Jekovec, director of DHH S.p.A, comments: “I’m happy that the internal executive program is yielding such excellent candidates as Tomaž and we’re all looking forward to the energy that the newly appointed CEO will bring to the company.

18th JULY 2019

DHH announces that on 18 July 2019, pursuant to article 17 of the AIM Italia Rules for Issuers, it has appointed EnVent Capital Markets Ltd as new Nomad; the assignment will take effect from 19 July 2019.
EnVent Capital Markets Ltd, within the two months following the engagement, will complete 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”).
The bonus shares will be reserved to the assignees of the shares in the context of the IPO who have uninterruptedly maintained full ownership of such shares for thirty-six months from the start of trading (July 27, 2016), provided that the same shares remained deposited with a Placement Agent or with other entities that are members of the Monte Titoli S.p.A. system.
In particular, investors who were allocated with shares in the context of the IPO will be entitled free of charge to 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 number of bonus shares to be allocated at no charge will be calculated by rounding down to the nearest whole number.

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 (ref. press release, 27 June 2019) or the appointment of a new – young – external management. Uroš Čimžar, executive director of DHH S.p.A, comments: “We were looking for something specific and found it in Veljko. His fresh energy, combined with managerial and sales experience, will help him to reach the ambitious goals he set for himself and the company.”

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.
The Company will publish the press release related to the variation of the share capital after the deposit of the execution of the capital increase in the Enterprises Register in accordance with the terms of the law.

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.

CONSOLIDATED INCOME STATEMENT
(All amounts are in EURO)

CONSOLIDATED
30.06.2019
with IFRS 16
Impact

CONSOLIDATED
30.06.2019
without IFRS 16 Impact

CONSOLIDATED
30.06.2018

Net Sales

3.352.465

3.352.465

2.960.453

Other Revenues

28.457

28.457

14.396

Internal project

OPERATING REVENUES

3.380.922

3.380.922

2.974.849

Material costs

(10.743)

(10.743)

(17.454)

Services costs and use of third party assets

(1.982.502)

(2.035.361)

(1.723.863)

GROSS MARGIN

1.387.677

1.334.818

1.233.532

Personnel costs

(1.009.882)

(1.009.882)

(857.912)

Other expenses

(135.892)

(135.892)

(98.089)

EBITDA

241.903

189.044

277.531

Amortization and impairment

(169.335)

(120.125)

(126.650)

EBIT

72.568

68.919

150.881

Financial income (expenses)

(14.299)

(6.680)

(10.468)

Other non-operating income/expense

(1.272)

(1.272)

(9)

EARNINGS BEFORE TAXES

56.998

60.967

140.404

Income taxes

(26.340)

(26.978)

(37.599)

NET RESULT

30.657

33.989

102.806

relating to the shareholders of the Group

49.065

51.376

106.783

relating to the third party shareholders

(18.407)

(17.387)

(3.978)

 

CONSOLIDATED PRO-FORMA  INCOME STATEMENT
(All amounts are in Euro)

PRO-FORMA*
30.06.2019

PRO-FORMA*
30.06.2018

CONSOLIDATED
30.06.2019

Net Sales

3.352.465

2.960.453

3.352.465

Other Revenues

28.457

14.393

28.457

Internal project

OPERATING REVENUES

3.380.922

2.974.846

3.380.922

Material costs

(10.743)

(17.454)

(10.743)

Service costs and use of third party assets

(1.658.458)

(1.498.673)

(1.982.502)

Personnel costs

(1.099.882)

(857.912)

(1.009.882)

Other expenses

(129.995)

(95.614)

(135.892)

TOTAL OPERATING COSTS

(2.809.078)

(2.469.653)

(3.139.019)

OPERATING INCOME  – EBITDA

571.844

505.193

241.903

Amortization and impairment

(164.587)

(122.636)

(169.335)

EBIT

407.257

382.557

72.568

Financial income (expenses)

(18.367)

(11.191)

(14.299)

Other non-operating income/expense

(1.272)

EARNINGS BEFORE TAXES

388.890

371.366

56.998

Total current and deferred income taxes

(90.985)

(75.600)

(26.340)

NET INCOME (LOSS) FOR THE YEAR

297.905

295.767

30.657

relating to the shareholders of the Group

302.950

292.825

49.065

relating to the third party shareholders

(5.044)

2.941

(18.407)

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

 

CONSOLIDATED NET FINANCIAL POSITION
(All amounts are in EURO)

CONSOLIDATED
30.06.2019
with IFRS 16
Impact

CONSOLIDATED
30.06.2019
without IFRS 16 Impact

CONSOLIDATED
31.12.2018

A. Cash

(234)

B.Cash equivalents

(2.909.318)

(2.909.318)

(2.699.306)

C. Securities held for trading

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

(2.909.318)

(2.909.318)

(2.699.540)

E. Current financial Receivables

(13.518)

(13.518)

F. Short-term bank liabilities

21.316

21.316

95.066

G. Current part of non current borrowing

H. Current lease debt

114.555

I. Other current financial liabilities

J. CURRENT FINANCIAL DEBT  (F)+(G)+(H)+(I)

135.870

21.316

95.066

K. NET CURRENT FINANCIAL DEBT (J)-(E)-(D)

(2.786.967)

(2.901.521)

(2.604.474)

L. Non-current bank liabilities

M. Bonds issued

N.Non current lease debt

227.134

O. Other non-current liabilities

P. NON-CURRENT FINANCIAL DEBT (L)+(M)+(N)+(O)

227.134

Q. NET FINANCIAL DEBT  (K)+(P)

(2.559.832)

(2.901.521)

(2.604.474)

 

ASSETS
(ALL AMOUNTS ARE IN EURO)

CONSOLIDATED
30.06.2019
with IFRS 16
Impact

CONSOLIDATED
30.06.2019
without IFRS 16 Impact

CONSOLIDATED
31.12.2018

Goodwill

5.677.822

5.677.822

5.468.645

Tangible fixed assets

261.166

261.166

304.061

Right of use Assets

337.042

Intangible assets

336.331

336.331

375.879

Non current financial assets

6.504

6.504

6.409

Other non current assets

1.364

Prepaid Tax assets

18.065

17.341

15.086

NON CURRENT ASSETS

6.636.930

6.299.164

6.171.445

Trade receivables

382.795

382.795

552.581

Current financial assets

13.518

13.518

Other current assets

101.664

101.664

72.365

Tax receivables

158.208

158.208

166.758

Cash and cash equivalents

2.909.319

2.909.319

2.699.540

Prepaid expenses and accrued income

536.698

536.698

465.721

CURRENT ASSETS

4.102.202

4.102.202

3.956.966

TOTAL ASSETS

10.739.132

10.401.366

10.128.411

LIABILITIES
(all amounts are in Euro)

CONSOLIDATED
30.06.2019
with IFRS 16 Impact

CONSOLIDATED
30.06.2019
without IFRS 16Impact

CONSOLIDATED
31.12.2018

Share Capital

142.000

142.000

142.000

Reserves

6.716.504

6.716.972

6.696.962

Retained Profit (Loss)

632.083

631.987

583.458

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

49.065

51.376

102.796

NET EQUITY PARENT COMPANY

7.539.651

7.542.334

7.525.216

Capital and Reserves relating to the third party shareholders

20.300

20.539

47.397

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

-18.407

-17.387

-1.408

NET EQUITY TO THE THIRD PARTY SHAREHOLDERS

1.892

3.152

45.989

NET EQUITY

7.541.543

7.545.486

7.571.206

Non current financial payables

227.135

Severance reserves

16.334

16.334

15.233

Provisions for risks and future liabilities

Other non current liabilities

Liabilities for deferred taxes

15.764

15.744

17.396

NON CURRENT LIABILITIES

259.232

32.079

32.629

Trade payables

571.426

571.426

379.345

Other current liabilities

169.896

169.896

201.305

Current financial liabilities

135.870

21.316

95.066

Tax payables

143.253

143.253

92.318

Accrued liabilities and deferred income

1.917.911

1.917.911

1.756.541

CURRENT LIABILITIES

2.938.356

2.823.801

2.524.576

TOTAL LIABILITIES

3.197.588

2.855.880

2.557.205

TOTAL LIABILITIES AND NET EQUITY

10.739.132

10.401.366

10.128.410

 

CASH FLOW STATEMENT
(ALL AMOUNTS ARE IN EURO)

CONSOLIDATED
30.06.2019
with IFRS 16
Impact

CONSOLIDATED
30.06.2019
without IFRS 16 Impact

CONSOLIDATED
30.06.2018

A. CASH FLOW FROM OPERATING ACTIVITIES
Profit for period

30.657

33.989

102.806

Income taxes

26.340

26.978

37.599

Interest payables/(receivables)

15.570

7.952

13.140

(Capital losses)/gains from sales of assets

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

72.568

68.919

153.545

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

161.505

112.879

123.088

– Allocation to reserves

1.212

1.212

1.182

– Amortization and depreciation of assets

169.164

119.954

124.883

– Permanent loss write-down

171

171

290

– Other adjustments on non-monetary items

(9.042)

(8.457)

(3.267)

2. CASH FLOW BEFORE NWC CHANGES

234.073

181.799

276.633

Changes in NWC:

405.269

405.269

63.422

– Decrease (increase) in inventories

– Decrease (increase) in customer receivables

169.614

169.614

91.553

– Increase (decrease) in supplier payables

192.081

192.081

(73.596)

– Decrease (increase) in prepaid expenses and accrued income

(70.977)

(70.977)

92.893

– Increase (decrease) in accrued expenses and deferred income

117.045

117.045

90.184

– Other changes to the NWC

(2.494)

(2.494)

(137.612)

3. CASH FLOW AFTER NWC CHANGES

639.342

587.068

340.055

Other changes:

(37.676)

(37.676)

(66.746)

– Interests collected/(paid)

(6.680)

(6.680)

(13.140)

– (income taxes paid)

(30.885)

(30.885)

(43.351)

– Dividends received

– (Use of reserves)

(111)

(111)

(10.255)

CASH FLOW FROM OPERATING ACTIVITIES  [A]

601.666

549.392

273.309

B. CASH FLOW FROM INVESTING ACTIVITIES

(Investments) disinvestment in tangible assets

(4.158)

(4.158)

(51.733)

(Investments) disinvestment in intangible assets

(413.884)

(Investments) disinvestment in financial assets

(249.457)

(249.457)

(18.575)

(Investments) disinvestment in non-capitalized financial assets

1.270

1.270

CASH FLOW FROM INVESTING ACTIVITIES  [B]

(13.519)

(13.519)

(679.748)

(265.864)

(70.308)

C. CASH FLOW FROM FINANCING ACTIVITIES [C]

Increase (decrease) current payables to banks

New loans (Loan repayments)

(73.750)

(73.750)

(85.637)

Paid capital increase

361.610

0

Treasury share sale (purchase)

(0)

(0)

(Dividends paid)

CASH FLOW FROM FINANCING ACTIVITIES  [C]

287.859

(73.750)

(85.637)

INCREASE (DECREASE) IN LIQUIDITY  [A]+[B]+[C]

209.778

209.778

117.364

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

2.909.319

2.909.319

2.731.875

 

INCOME STATEMENT
PARENT COMPANY DHH SPA*
(All amounts are in EURO)

30.06.2019

30.06.2018

Net Sales

286.203

209.416

Other Revenues

3

OPERATING REVENUES

286.203

209.419

Material costs

Services costs and use of third party assets

(302.691)

(195.494)

GROSS MARGIN

(16.488)

13.925

Personnel costs

Other expenses

(1.647)

(1.688)

EBITDA

(18.135)

12.237

Amortization and impairment

(6.894)

(6.066)

EBIT

(25.029)

6.171

Financial income (expenses)

4.068

724

Other non-operating income/expense

EARNINGS BEFORE TAXES

(20.961)

6.895

Income taxes

(14)

(2.143)

NET RESULT

(20.975)

4.752

* OIC

 

NET FINANCIAL POSITION
PARENT COMPANY DHH SPA*
(All amounts are in EURO)

30.06.2019

31.12.2018

A. Cash

B.Cash equivalents

(757.126)

(877.624)

C. Securities held for trading

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

(757.126)

(877.624)

E. Current financial Receivables

(4.098)

(8.475)

F. Short-term bank liabilities

G. Current part of non-current borrowing

H. Other current financial liabilities

I. CURRENT FINANCIAL DEBT  (F)+(G)+(H)

J. NET CURRENT FINANCIAL DEBT (I)-(E)-(D)

(761.224)

(886.099)

K. Non-current bank liabilities

L. Bonds issued

M. Other non-current liabilities

405.684

505.114

N. NON-CURRENT FINANCIAL DEBT  (K)+(L)+(M)

405.684

505.114

O. NET FINANCIAL DEBT  (J)+(N)

(355.540)

(380.985)

* OIC

 

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

30.06.2019

31.12.2018

Investments

5.621.224

5.351.224

Tangible fixed assets

Intangible assets

22.388

29.282

Non current financial assets

546.402

576.127

Other non current assets

Prepaid Tax assets

1.800

1.814

NON CURRENT ASSETS

6.191.813

5.958.446

Trade receivables

344.673

532.907

Current financial assets

Other current assets

Tax receivables

149.267

150.977

Cash and cash equivalents

757.126

877.623

Prepaid expenses and accrued income

24.547

14.253

CURRENT ASSETS

1.275.612

1.575.761

TOTAL ASSETS

7.467.425

7.534.207

LIABILITIES PARENT COMPANY DHH SPA
(all amounts are in Euro)

30.06.2019

31.12.2018

Share Capital

142.000

142.000

Legal Reserves

28.400

1.738

Reserves

6.724.227

6.717.025

Retained Profit (Loss)

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

-20.975

33.864

NET EQUITY

6.873.652

6.894.627

Non current financial payables

Severance reserves

Provisions for risks and future liabilities

Other non current liabilities

405.684

505.114

Liabilities for deferred taxes

NON CURRENT LIABILITIES

405.684

505.114

Trade payables

147.924

88.870

Other current liabilities

25.454

28.342

Current financial liabilities

Tax payables

14.589

17.149

Accrued liabilities and deferred income

122

106

CURRENT LIABILITIES

188.089

134.466

TOTAL LIABILITIES

593.773

639.580

TOTAL LIABILITIES AND NET EQUITY

7.467.425

7.534.207

* OIC

 

CASH FLOW STATEMENT
PARENT COMPANY DHH SPA*
(ALL AMOUNTS ARE IN EURO)

30.06.2019

30.06.2018

A. CASH FLOW FROM OPERATING ACTIVITIES
Profit for period

(20.975)

4.752

Income taxes

14

2.143

Interest payables/(receivables)

(4.068)

(723)

(Capital losses)/gains from sales of assets

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

(25.029)

6.172

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

6.894

6.066

– Allocation to reserves

– Amortization and depreciation of assets

6.894

6.066

– Permanent loss write-down

– Other adjustments on non-monetary items

2. CASH FLOW BEFORE NWC CHANGES

(18.135)

12.238

Changes in NWC:

233.622

(97.748)

– Decrease (increase) in inventories

– Decrease (increase) in customer receivables

184.485

(71.527)

– Increase (decrease) in supplier payables

59.054

(2.480)

– Decrease (increase) in prepaid expenses and accrued income

(6.196)

(9.693)

– Increase (decrease) in accrued expenses and deferred income

16

54

– Other changes to the NWC

(3.737)

(14.102)

3. CASH FLOW AFTER NWC CHANGES

215.487

(85.510)

Other changes:

4.068

(1.420)

– Interests collected/(paid)

4.068

723

– (income taxes paid)

(2.143)

– Dividends received

– (Use of reserves)

CASH FLOW FROM OPERATING ACTIVITIES  [A]

219.555

(86.930)

B. CASH FLOW FROM INVESTING ACTIVITIES
(Investments) disinvestment in tangible assets

(Investments) disinvestment in intangible assets

(126)

(Investments) disinvestment in financial assets

(245.000)

(10.041)

(Investments) disinvestment in non-capitalized financial assets

4.377

7.518

CASH FLOW FROM INVESTING ACTIVITIES  [B]

(240.623)

(2.649)

C. CASH FLOW FROM FINANCING ACTIVITIES [C]
Increase (decrease) current payables to banks

(253.440)

New loans (Loan repayments)

(99.430)

Paid capital increase

Treasury share sale (purchase)

(Dividends paid)

CASH FLOW FROM FINANCING ACTIVITIES  [C]

(99.430)

(253.440)

INCREASE (DECREASE) IN LIQUIDITY  [A]+[B]+[C]

(120.497)

(343.019)

LIQUID FUNDS AT THE BEGINNING OF THE PERIOD

877.623

1.439.021

LIQUID FUNDS AT THE END OF THE PERIOD

757.126

1.096.002

* OIC

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