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22 Jun 2012

Frendy Energy / 22.06.2012

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

  • BREAKING NEWS – 17.04.2023
    In the press release of 21 March 2023, Frendy Energy, a company active 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 31 December 2022.

    During the 2022 fiscal year, the Company generated:
    Sales Revenues of € 1.21 million, compared to € 2.11 million in 2021;
    EBITDA of € 0.13 million, compared to € 1.10 million in 2021;
    EBIT equal to € – 4.47 million, compared to € 0.32 million as of December 2021;
    Net Income of € – 3.34 million, compared to € 0.23 million in the same period of the last year;
    NFP improved from € 1.06 million cash positive in FY21A to € 1.51 million cash positive in FY22A.
    It should be noted that the decrease in Revenues, recorded in the 2022 fiscal year, was determined by the scarcity of water resources due to the extreme drought that affected all of northern Italy during the year, leading to a reduction in electricity production of 44.0% compared to 2021 (from 10 GWh to 5.6 GWh). 

    EBIT, following gross depreciation of approximately € 3.80 million, the result of the reconsideration of the expected production of the plants included in the impairment test that showed a loss in the value of the Group’s assets, amounted to € – 4.47 million in FY22A (€ 0.32 million in FY21A).

    In terms of the Balance Sheet, however, it should be noted that the improvement in Frendy Energy’s FY22A NFP, compared to FY21A, is mainly attributable to working capital movements.
     
    Based on what has been communicated and while waiting to learning about the future evolution of the Company and its growth prospects, we leave our target price, our recommendation and our level of risk to Under Review (U/R).
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