BASICNET S.P.A. Extraordinary shareholders' meeting called to cancel a portion of the treasury shares in portfolio and the ordinary shareholders' meeting to authorise the purchase and disposal of treasury shares.
Turin, April 29, 2022. The Board of Directors of BasicNet S.p.A. has reviewed the Group performance for Q1 2022:
aggregate sales of Group products by the Global licensee Network of Euro 277.5 million, up 28% on Euro 216.7 million in Q1 2021, as follows:
- commercial licensees of Euro 198.8 million (Euro 160.3 million in Q1 2021, +24.0%) and
- productive licensees of Euro 78.6 million (Euro 56.4 million in Q1 2021, +39.5%).
Commercial licensee sales confirm the growth emerging last year, driven by the 90.8% increase in the Americas. The Middle East and Africa grew 42.5% in the first three months of 2022 and Europe, accounting for approx. 64% of aggregate sales, was up 10.4%. Asia and Oceania, representing 8.4% of aggregate sales, recovered 35.0% on the same period of the previous year.
consolidated revenues of Euro 84.6 million (Euro 67.1 million in Q1 2021, +26%), which include:
- royalties from commercial and productive licensees: Euro 17.4 million (Euro 12.6 million in Q1 2021, +38.3%)
- direct sales: Euro 67.0 million (Euro 54.4 million in 2021, +23.1%).
EBITDA: Euro 14.0 million (Euro 9.0 million in Q1 2021, +55.6%)
EBIT: Euro 10.8 million (Euro 6.1 million in Q1 2021, +77.5%);
net financial position: Euro -60.0 million (Euro -61.7 million at December 31, 2021 and Euro -78.5 million at December 31, 2021).
Outlook
On the basis of the order portfolio and forecast royalties and sourcing commissions, consolidated revenues are expected to confirm the growth in the current financial year, considering also the recent acquisition of the French licensee for the K-Way brand. The results from operations are however subject to the global economic environment developments, the geopolitical crisis arising in Eastern Europe with the consequent repercussions on raw material costs and the uncertainties related to transportation.
Extraordinary and Ordinary Shareholders' Meeting called for May 30
The extraordinary section concerns the proposal to cancel 6,993,602 treasury shares in portfolio, without reducing the share capital, subject to the elimination of the nominal value of the shares and the consequent amendment of Article 5 of the By-Laws. Where the Shareholders' Meeting agrees with the proposal, this transaction shall permit, among others, an increase in the value of each share and of the portion of the net profit attributable to each share ("earnings per share").
In light of the proposal to cancel the above-mentioned treasury shares, the Board decided to propose to the Ordinary Shareholders' Meeting a new authorisation, in which no reference is made to the nominal value of the shares, valid until the approval of the financial statements at December 31, 2022, subject to withdrawal of the previous authorisation only partially executed.
The authorisation proposal concerns the purchase of a maximum number of shares which, taking into account the treasury shares already held in portfolio, does not exceed the legal limits and seeks to provide the Company with a strategic financial instrument, among other purposes, to support future transactions to increase the value of the Company.
Purchases may be carried out on one or more occasions, in compliance with the principle of equal treatment of shareholders, as per Article 132 of the Consolidated Finance Act and Article 144-bis, paragraph 1 of the Issuers' Regulations, with the operating procedures indicated in the regulations for the organisation and management of markets.
The Chief Executive Officer Federico Trono will present the Q1 2022 results during a video conference in English to be held Monday, May 2, at 6PM.
To participate:
Microsoft Teams Meeting
Participate via computer or mobile app
Click here to attend the meeting
Alternatively, attend by calling (only audio)
+39 02 0062 4808,,359235432# Italy, Milan
Telephone ID conference: 359 235 432#
The presentation may be downloaded from the website www.BasicNet.com, from the section: "financial data/other information and presentations" shortly before the video conference, at the following link:
www.basicnet.com/contenuti/datifinanziari/informazioniannuali.asp?menuSelectedID=3g&language=IT
In relation to the "alternative performance measures", as defined by the ESMA/2015/1415 guidelines, we provide below a definition of the measures used in this press release:
| independent business owners, granted licenses to distribute Group brand products in their respective regions. |
| third-party firms to the Group. Their function is to manufacture and market merchandise and are located in various countries worldwide, depending on what type of goods they produce. |
| sales by commercial licensees, recognised by the BasicNet Group to the "royalties and sourcing commissions" account of the income statement. |
| sales by productive licensees, recognised by the BasicNet Group to the "royalties and sourcing commissions" account of the income statement. |
the sum of royalties, sourcing commissions and sales of the BasicNet Group companies and real estate revenues from third parties. | |
"operating result" before "amortisation and depreciation". | |
"operating result". | |
total of current and medium/long-term financial payables, less cash and cash equivalents and other current financial assets. |
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The Executive Officer for Financial Reporting, Ms. Paola Bruschi, declares in accordance with Article 154-bis, paragraph 2, of the Consolidated Finance Act that the accounting information contained in the present press release corresponds to the underlying accounting documents, records and accounting entries.
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BasicNet S.p.A. published this content on 29 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2022 18:17:04 UTC.
