In June 2012 Integrae SIM assisted Frendy Energy in structuring and issuing the first convertible zero coupon bond with variable windows with bonus share, callable listed in Italy, the Frendy Bond Up 2013-2018. The convertible loan has a nominal issue of 5 million euros, fully subscribed by a selected panel of over 35 top-notch Italian and foreign professional investors. The bond was issued at an implicit nominal rate of 4.8% and provides, in addition to several conversion windows based on the strategic options being developed by the company, for the allocation of bonus shares coinciding with all the conversion windows. The bond is repayable, at a premium, by the company at any time. Integrae Sim has assisted Frendy Energy as a financial advisor and instrument placement manager.
The collection of 2.73 million Euros through placement on AIM Italia Alternative capital market. The operation received expressions of interest equal to three times the offer. On the first negotiating day, the company recorded an opening price of 1.12 Euros with a +6% compared to the placement price of 1.05 Euros and a closing price of 1.34 Euros (+27.62%). The operation, for the first time in the history of the “unregulated” market reserved for small and medium-sized enterprises, has attracted support from a range of investors including primary funds and institutional investors.
The placement price is equal to € 1.05.
The enterprise. Frendy Energy was founded in 2006 on the initiative of Rinaldo Denti to develop, through an innovative approach, the mini-hydroelectric business in Italy and has focused exclusively on the mini-hydro sector by studying and developing proprietary technology for the production of electricity from small waterfalls, capable of generating powers between 100KW and 500KW.
Ultima Ricerca Frendy Energy
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BREAKING NEWS – 21.04.2024
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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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