DESK
AS A
VALUE
HALF-YEAR CONSOLIDATED REPORT
AS OF 06 30 2023
Financial Statements prepared according to IAS/IFRS accounting standards
ANNEXES | |
CONSOLIDATED FINANCIAL | STATEMENTS |
MANAGEMENT | REPORT |
THE GROUP | AT A GLANCE |
CORPORATE | BODIES |
INDEX | |
RELATECH GROUP |
CORPORATE BODIES | 3 | |
THE GROUP AT A GLANCE | 4 | |
MANAGEMENT REPORT | 8 | |
1. | THE REFERENCE MARKET | 11 |
2. | GROUP STRUCTURE AND ACTIVITIES | 14 |
3. | BUSINESS MODEL | 17 |
4. | RESEARCH AND DEVELOPMENT ACTIVITIES | 27 |
5. | SIGNIFICANT EVENTS THAT OCCURRED DURING THE PERIOD | 34 |
6. | MAIN RISKS AND UNCERTAINTIES TO WHICH THE GROUP IS EXPOSED | 37 |
7. | RELATECH ON THE STOCK EXCHANGE | 39 |
8. | ECONOMIC, PATRIMONIAL AND FINANCIAL SITUATION OF THE GROUP | 40 |
9. | MAIN NON-FINANCIAL INDICATORS | 46 |
10. INFORMATION ON THE ENVIRONMENT | 46 | |
11. INFORMATION ON STAFF MANAGEMENT | 46 | |
12. | SIGNIFICANT EVENTS | 46 |
13. TREASURY SHARES | 46 | |
14. SIGNIFICANT EVENTS WHICH OCCURRED AFTER THE END OF THE FINANCIAL YEAR | 46 | |
15. FORESEEABLE EVOLUTION OF MANAGEMENT | 47 | |
16. OTHER INFORMATION | 48 | |
17. | CONCLUSIONI | 48 |
RELATECH GROUP CONDENSED HALF-YEAR | ||
CONSOLIDATED FINANCIAL STATEMENTS | ||
AS OF 06 30 2023 | 49 | |
ANNEXES | 93 | |
AUDITORS' REPORT | 94 |
INDEX
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RELATECH GROUP |
Corporate Bodies
Board of Directors | Pasquale Lambardi | Chairman of the Board of Directors | ||
Gianni Franco Papa | Vice President and Board Member | |||
Silvio Cosoleto | Executive Director | |||
Antonio Patruno | Executive Director | |||
Donatella de Lieto Vollaro | Independent Board Member | |||
Board of Statutory Auditors | Marcello Del Prete | President of the Board of Statutory Auditors | ||
Giulio Bassi | Statutory Auditor | |||
Maria Carla Bottini | Statutory Auditor | |||
Gianluigi La Pietra | Statutory Auditor | |||
Martino Diletta | Statutory Auditor | |||
Auditing Firm | BDO ITALIA S.p.A. |
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THE GROUP AT A GLANCE
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The Group at a glance
Relatech S.p.A., Digital Enabler Solution Know-how (DESK) Company listed on the Euronext Growth Milan market since June 2019, has been active in the digital technologies sector, particularly in Digital Enabler Technologies, for over twenty years (founded in 2001). Today Relatech is the point of reference for the Digital Innovation of companies and leads a group of ten companies highly specialized in Digital Enabler technologies united by a common mission: to support customers in the digital transformation process. Through enabling technologies (Digital Enabler) and the Know-how deriving from the ecosystem of scientific and technological partners, the Relatech Group develops digital services and solutions capable of innovating the business model of its customers, guaranteeing sustainable growth for the success of their business today and in the near future and generating ethical value in the client company and throughout the territory. Objective summarized briefly as D.E.S.K: Digital Enabler, Solution Know-how. Relatech positions itself as the digital partner of reference for all those companies that see the digitalisation and innovation process of their business as the key to their current and future success.
The Relatech Group today has 5 international offices (Vienna, Munich, Luxembourg, New York, Hong Kong) and 9 offices on the national territory (Milan, Brescia, Turin, Bologna, Parma, Genoa, Rome, Naples, Cosenza), around which it develops real hubs for creating Value also thanks to collaborations with universities, research centers, territorial associations and technological partners with which it does business in a sustainable way. The internal research and development Labs, in addition to developing innovation to anticipate market needs, play the important role of research incubators and talent attractors, thus promoting the valorisation and growth of the territory, local communities and of the Country System.
The business strategy of the Relatech Group pursues an OPEN INNOVATION approach, an activity carried out by the internal R&D Hub in collaboration with the scientific ecosystem, including in particular the University of Calabria (Cosenza), the University of Verona, the Federico II University of Naples,
University of Genoa, Polytechnic of Milan and the ICAR-CNR department and territorial associations, such as Entopan.
The results of the R&D activity, which aim to anticipate market needs, are then industrialized and transformed into solutions thanks to the skills of the internal resources who collaborate with the ecosystem of our technological partners. Thanks to partnerships with the scientific community, Universities and research centres, in recent years more than 30 research projects have been successfully developed, obtaining satisfactory results in innovative fields such as Artificial Intelligence, Cybersecurity, Blockchain, Machine Learning.
Relatech bases its commercial proposition on the proprietary RePlatform platform, the digital Cloud platform par excellence capable of gathering methodologies, technologies, skills and know-how.
RePlatform, a flexible, modular and constantly evolving platform, that is able to integrate the expertise of the companies that become part of the Group, and from which vertical digital services and solutions applicable in different market areas are derived. Examples of this include ReZone, the Artificial Intelligence Solution for customer engagement, ReFab, the end to end solution for the digitalisation and complete control of production for Industry 4.0 and ReSoc, the Security Operation Center of the Relatech Group and ReCloud, which offers professional IaaS services that can be configured according to customer needs, managed by the Relatech Group through latest generation technical infrastructures hosted in Enterprise level Data Centres with the highest quality and security standards.
The Relatech Group proposes itself as the reference digital player of the current panorama and of the near future, to guide the digital transformation of the country system. The Relatech Group is, in fact, well positioned to support companies in the process of i) Modernization: the group supports companies in the digital transition through technological innovation ii) Ecological transition: through digital innovation the company aims at the sustainable redevelopment of the territory iii) Inclusion: the group pursues an approach based on Open Innovation, a continuous and synergistic process which aims to develop Innovation and Skills through the scientific ecosystem (Universities and
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research centres) with which it collaborates with the internal R&D activities and scientific Hubs that allow us to achieve continuously evolving results and which can lead to the definition of new objectives in terms of Innovation and Skills.
Today the Relatech Group has a human capital of around 800 people, an essential asset and heart of the company. Human Value is at the top of the Group's value chain and is in fact one of the founding pillars on which Relatech places a lot of attention also with reference to sustainability issues, a path that the Group has undertaken starting from 2020 with the publication of the first non-financial ESG Report. The sensitivity towards the issues of Environment, Social and Governance are demonstrated in the 2022 Sustainability Report.
The Relatech Group bases its growth strategy on the 3M strategy (Merge - Management - Margin). The 3M strategy provides for:
- a constant attention to M&A (Merge) activity with the aim of identifying companies with specific latest generation technologies, process expertise and customer base in new sectors;
- careful management of resources and strengthening of the Group structure (Management) in terms of governance, guaranteeing the development of talents with professional training plans and coaching paths aimed at strengthening transversal soft skills through the internal project called ReCoach, which at the beginning of 2023 saw the certification of the first 24 professional Relatech coaches, which involved more than 30% of the population at group level and which established Relatech as a certified company for Sustainable Coaching Management. Furthermore, the objective is to consolidate and increasingly expand the partnerships with research
centres and University institutes;
-
ensuring sustainable economic growth (Margin) that allows technological leadership thanks to proprietary solutions with recurring revenues.
In addition to the three 3M guidelines, Relatech adopts what has been called Digital Reinassance, a growth driver capable of combining technology with the centrality of the human being who can exploit all its potential to his advantage.
On the customer front, today the Group has a diversified presence on the market, with a market sector that has a greater presence, such as Telco & Industry, which continues to be the main one during 2023 with almost an incidence of more than 50%. During the first half of 2023 the other market sectors are almost equally distributed, with the same percentage incidences compared to the performance of 2022.
MARKET DIVERSIFICATION BY TURNOVER
16 | 19 | 15 | 18 |
14 | 14 | ||
1H - 2023 | FY-2022 |
5153
PHARMA & HEALTH
TELCO & INDUSTRY
RETAIL & GDO
INSURANCE & FINANCE
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CORPORATE THE GROUP MANAGEMENTRELAZIONECONSOLIDATEDBILANCIOFINANCIAL RELATECH GROUP IEXNDICE ORGANI SOCIETARI IL GRUPPO IN SINTESIANNEXESLLEGATI BODIES AT A GLANCE REPORT SULLA GESTIONETSSTATEMECONSOLIDATO
With headquarters in Milan, the Group also has offices in Brescia, Turin, Bologna, Parma, Genoa, Rome, Naples, Cosenza and has 5 international offices, Vienna, Munich, Luxembourg, New York and Hong Kong.
Below the corporate structure of the Relatech Group.
100% | 60% | 89,66% | 60% | 51% | 100% | 60% | 80% |
51%51%
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RELATECH GROUP | INDEX |
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BODIES
THE GROUP | MANAGEMENT | CONSOLIDATED FINANCIAL |
AT A GLANCE | REPORT | STATEMENTS |
MANAGEMENT
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CORPORATE THE GROUP MANAGEMENTRELAZIONECONSOLIDATEDBILANCIOFINANCIAL RELATECH GROUP IEXNDICE ORGANI SOCIETARI IL GRUPPO IN SINTESIANNEXESLLEGATI BODIES AT A GLANCE REPORTSULLA GESTIONESTATEMECOTSNSOLIDATO
1. The Reference Market
1.1 The Global Market
The Relatech Group is active in the international market of innovation and digital transformation, which for several years has represented the fastest growing segment of the ICT sector. In fact, even in 2022 it was this sector that acted as the engine of growth, recording an overall value of approximately $730B in the world, with an aggregate growth forecast (CAGR) in the period 2023 - 2030 of 26.7% at a global level (https://www.grandviewresearch.com). The growth of the market can be predominantly attributed to the increasing adoption of cutting-edge technologies such as cloud, big data analytics, and artificial intelligence (AI), among others, which has caused the growth of companies of all sizes all over the world.
The BigData Analytics segment accounted for the largest market share in 2022, with a share of 35.3%, attributable to the high demand for capturing and analysing huge volumes of business information to generate powerful insights thanks to the use of A.I. algorithms, followed by Cloud Computing with a share of 26.7%, essential for archiving and managing data in a scalable way.
In terms of diffusion on the markets, Digital Transformation at a global level is distributed quite equally, with a slight prevalence in the Banking & Finance sector.
DIGITAL TRANSFORMATION MARKET - size, by solution, 2020 - 2030 (USD Billion)
OTHERS
SOCIAL MEDIA
MOBILITY
CLOUD COMPUNTING
ANALYTICS
2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 |
Source: grandviewresearch
GLOBAL DIGITAL TRANSFORMATION MARKET - share, by end use, 2022 (%)
BFSI | |
GOVERNMENT | |
IT & TELECOM | |
MANUFACTURING | |
RETAIL | |
HEALTHCARE | $ 731.1B |
OTHERS | |
Global market
size 2022
Source: grandviewresearch
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Even for the more technological sectors, very sustained growth is expected:
- Smart Manufacturing: The global smart manufacturing market was valued at $254.24B in 2022 and is expected to grow at a CAGR of 14.9% from 2023 to 2030. The market is expanding at a faster pace due to factors such as increased adoption of Industry 4.0, greater government commitment to supporting industrial automation, greater emphasis on industrial automation in manufacturing processes, increased demand for software systems that save time and costs, increasing supply chain complexities and a greater emphasis on regulatory compliance.
GLOBAL SMART MANUFACTURING MARKET - share, by end use, 2022 (%)
AUTOMOTIVE | |
AEROSPACE & DEFENSE | |
CHEMICALS & MATERIALS | |
HEALTHCARE | |
INDUSTRIAL EQUIPMENT | |
ELECTRONICS | $ 254.2B |
OIL & GAS | |
FOO & AGRICULTURE | |
OTHERS | Global market |
size 2022 |
Source: grandviewresearch
- Cybersecurity:The global cybersecurity market size was valued at $173.5B in 2022 and is expected to grow to $266.2B by 2027 at a CAGR of 8.9% during 2023-2027. The main growth driver remains the growing number of attacks and malicious intrusions globally and in every sector, including finance, public, healthcare and industry. In particular, growing investments are expected especially in the healthcare, public administration and industry sectors. For this last sector there is growing attention for the protection of industrial networks also by SMEs. (https://www.marketsandmarkets.com/ Market-Reports/cyber-security-market-505.html)
1.2 The digital market in Europe
At European Community level, the issues of digitalisation and innovation are very important and substantial investments are already planned for the Digital Europe programme, which will focus above all on 5 thematic areas: Cloud, artificial intelligence (AI), Cybersecurity, Digital Skills (skills) and Digital Transformation (processes and methodologies), and for the continuation of the Horizon Europe program for the period 2021-27(H21-27), for a total investment value of more than 100 billion EUR over the next seven years.
The macro-objectives of the Digital Europe Program are:
- Increase the competitiveness of the EU.
- Develop, strengthen digital skills and accelerate the digital transformation of Member States.
- Digital skills accessible to citizens and businesses.
- Horizon 2021-27 program, continuation of H2020.
The Horizon 21-27 program provides funding for research and innovation which will continue with the already launched Horizon2020 program but will be further strengthened to finance research on health, safety, digital transition and the protection of the green ecosystem. Part of the program budget is reserved for the Digital and Industry sphere in order to develop high standards of research and innovation in Digital Enablers, i.e., technology enabling digital evolution, such as Artificial Intelligence, Robotics, Next Generation Internet (5G etc.), Computing, Big Data.
Several thematic areas addressed by Horizon21-27 and the Digital Europe program appear to overlap, but in reality they are complementary, i.e.:
- The Digital Europe program will focus on large-scale digital capacity and infrastructure building with the aim of broad market deployment and spread of digital solutions.
- Horizon21-27will support research and technological development.
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Relatech S.p.A. published this content on 19 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 October 2023 16:19:10 UTC.