(Alliance News) - e-Novia Spa reported on Tuesday that it closed 2023 with a loss of EUR19.4 million, worsening from a loss of EUR9.8 million in 2022, after write-downs and depreciation of EUR12.8 million and write-downs in equity investments of EUR1.1 million, the company announced in a note.

Value of production is EUR16.2 million up from EUR13.9 million in 2022 with revenues from sales of products and services of EUR8.4 million from EUR8.9 million in 2022.

Ebitda is negative EUR6.2 million, improving from minus EUR10.4 million as of Dec. 31, 2022.

Net financial position is net debt of EUR11.2 million compared to net debt of EUR8 million as of June 30, 2023 and EUR1.4 million net cash in 2022.

The board of directors also resolved to propose to the Extraordinary Shareholders' Meeting an increase in the company's share capital for consideration and in divisible form, to be paid in cash, for a maximum total of EUR3.0 million, at a minimum price of EUR1 per share, including share premium, by issuing new ordinary shares of the company.

The resources generated, the statement said, "will constitute the financial means to be used as a minimum requirement for the implementation of the recovery and revitalization plan, which will be articulated along the following strategic lines: focusing investments and activities on robotics and AI technologies; launching a process of reorganization and efficiency of the group; and strengthening the marketing and sales division."

The board of directors also approved the proposal, to be submitted to the extraordinary shareholders' meeting, to grant the board the authority to issue, in one or more tranches, within five years, convertible bonds and/or converts into ordinary shares for a total maximum amount of nearly EUR5.0 million to

be offered as an option to all eligible holders.

Consequently, the proposal to grant delegated authority to the board to increase the capital to service the conversion by issuing ordinary shares for a maximum amount of nearly EUR5.0 million including any share premium.

"The issuance of the loan would allow the company to benefit from new financial resources functional to continuity during the negotiated settlement, as envisaged in the recovery and revitalization plan, ensuring greater heterogeneity among the sources of financing," the company specified in the note.

e-Novia's stock closed Monday at par at EUR6.15 per share.

By Chiara Bruschi, Alliance News reporter

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