BREAKING NEWS – 21.04.2024

In a press release of March 21, 2024, Frendy Energy, a company operating in Italy in the production of electricity from mini-hydro plants, listed on Euronext Growth Milan, announced the approval by the Board of Directors of the results as of December 31, 2023. During the year, the Group generated: Sales revenue of € 1.83 million, marking a 51.7% increase from € 1.21 million in FY22A; EBITDA of € 0.76 million, a significant improvement from approximately € 0.13 million in FY22A; EBIT of € 0.22 million compared to the negative FY22A figure of € – 4.47 million; Net Income of € 0.24 million, compared to the negative FY22A figure of € – 3.34 million; NFP improved from € 1.49 million cash positive in FY22A, to € 2.53 million cash positive in FY23A. The improvement in performance compared to the previous year was mainly due to higher electricity production as a result of the increased hydraulicity, especially in the second half of the year, with the increase in the Group’s production by about 3 GWh. It should be noted that 2022 was marked by a severe shortage of water resources due to high drought. Regarding EBIT, which amounted to € 0.22 million, it should be noted that in the previous year depreciation of fixed assets amounting to € 3.80 million was made as a result of the impairment test on the value of the Group’s assets. From a balance sheet perspective, we point out that the improvement in NFP is mainly due to positive cash flow from operations and improved working capital management. Based on the information provided, while waiting for the future development of the Company and its growth prospects, we leave our target price, recommendation and risk level Under Review (U/R).

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