Annual Financial
Report as at
31/12/2022
This English version of Tinexta's 2022 Annual Financial Report is made available to provide non-Italian speakers a translation of the original document. Please note that in the event of any inconsistency or discrepancy between the English version and the Italian version, the original Italian version shall prevail. Only the original text in Italian language is authoritative and constitutes the official version which is compliant with the provisions of the Commission Delegated Regulation (EU) 2019/815.
CONTENTS | |
LETTER TO SHAREHOLDERS | 6 |
DIRECTORS' REPORT ON OPERATIONS | 8 |
INTRODUCTION | 8 |
GROUP ACTIVITIES | 8 |
ECONOMIC CONTEXT | 15 |
KEY EVENTS OF THE PERIOD | 18 |
DEFINITION OF "NON-GAAP" ALTERNATIVE PERFORMANCE INDICATORS | 26 |
SUMMARY OF 2022 RESULTS | 28 |
SUMMARY OF RESULTS FOR THE FOURTH QUARTER OF 2022 | 36 |
STATEMENT OF FINANCIAL POSITION OF THE GROUP | 42 |
RESULTS OF THE PARENT COMPANY | 49 |
ECONOMIC RESULTS OF THE PARENT COMPANY | 49 |
BALANCE SHEET AND FINANCIAL POSITION OF THE PARENT COMPANY | 50 |
KEY EVENTS SUBSEQUENT TO YEAR-END | 53 |
BUSINESS OUTLOOK | 55 |
TREASURY SHARE PURCHASE PROGRAMME | 55 |
2020-2022 STOCK OPTION PLAN | 56 |
2021-2023 STOCK OPTION PLAN | 57 |
HUMAN RESOURCES | 58 |
MAIN RISKS AND UNCERTAINTIES | 59 |
INFORMATION ON THE ENVIRONMENT | 62 |
INFORMATION ON CORPORATE GOVERNANCE | 62 |
TRANSACTIONS WITH RELATED PARTIES | 62 |
RESEARCH & DEVELOPMENT | 63 |
STOCK PERFORMANCE | 66 |
STATEMENT OF RECONCILIATION OF SHAREHOLDERS' EQUITY/NET PROFIT | |
OF THE PARENT COMPANY WITH CONSOLIDATED FIGURES | 67 |
PROPOSED ALLOCATION OF THE 2022 PROFIT OF TINEXTA S.P.A | 68 |
CONSOLIDATED FINANCIAL STATEMENTS 2022 | 69 |
Statements and Notes | 69 |
Information on the Statement of Financial Position | 134 |
Information on the Comprehensive Income Statement | 166 |
Additional information | 177 |
SEPARATE FINANCIAL STATEMENTS 2022 | 187 |
Statements and Notes | 187 |
Separate Financial Statements of Tinexta S.p.A | 188 |
Notes to the Separate Financial Statements as at 31 December 2022 | 192 |
Information on the Statement of Financial Position | 216 |
Information on the Comprehensive Income Statement | 236 |
Additional information | 243 |
Certification of the Consolidated Financial Statements of Tinexta Group at 31 | |
December 2022 pursuant to Art.154 bis, paragraph 5 of the Legislative Decree | |
No.58/1998 (Testo Unico della Finanza) | 252 |
Certification of the Separate Financial Statements of Tinexta S.p.A. at 31 | |
December 2022 pursuant to Art. 154 bis of Italian Legislative Decree No.58/1998 | |
(Testo Unico della Finanza) | 253 |
Independent Auditors' Report on the Consolidated Financial Statements | 254 |
Independent Auditors' Report on the Separate Financial Statements | 260 |
Report of the Board of Statutory Auditors | 265 |
COMPANY DATA and COMPOSITION OF CORPORATE BODIES
Parent Company's Registered Office
TINEXTA S.p.A.
Piazza Sallustio 9
00187 Rome - Italy
Statutory Information about the Parent Company
Share capital resolved, subscribed and paid-in €47,207,120 Rome Corporate Registry no. RM 1247386
Tax ID and VAT no. 10654631000 Institutional website www.tinexta.com
Corporate bodies currently in office | |
Board of Directors | |
Enrico Salza | Chairman |
Riccardo Ranalli | Deputy Chairman |
Pier Andrea Chevallard | Chief Executive Officer |
Laura Benedetto | Director |
Eugenio Rossetti | Director (independent) |
Valerio Veronesi | Director (independent) |
Elisa Corghi | Director (independent) |
Paola Generali | Director (independent) |
Caterina Giomi | Director (independent) |
Laura Rovizzi | Director (independent) |
Gianmarco Montanari | Director (independent) |
Control, Risks and Sustainability Committee | |
Eugenio Rossetti | Chairman |
Riccardo Ranalli | |
Laura Rovizzi | |
Related Party Committee | |
Valerio Veronesi | Chairman |
Paola Generali | |
Caterina Giomi | |
Remuneration Committee | |
Elisa Corghi | Chairman |
Laura Benedetto | |
Gianmarco Montanari | |
Board of Statutory Auditors | |
Luca Laurini | Chairman |
Andrea Bignami | Standing Auditor |
Monica Mannino | Standing Auditor |
Maria Cristina Ramenzoni | Alternate Auditor |
Independent Auditors | |
KPMG S.p.A. |
Manager responsible for the preparation of the corporate accounting documents
Nicola Di Liello
Registered and operating headquarters | Operating headquarters | |
Piazza Sallustio 9 - 00187 Rome | Via Meravigli, 7 - 20123 | Milan |
Piazza Luigi Da Porto, 3 | - 35131 Padua | |
Via Principi d'Acaia, 12 - 10138 Turin |
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Tinexta S.p.A. - 2022 Annual Financial Report
SUMMARY OF GROUP RESULTS
Summary income statement data | 2022 | 2021 | Change | % | |||||||||
(Amounts in thousands of Euro) | Restated1 | change | |||||||||||
Revenues | 357,163 | 301,546 | 55,618 | 18.4% | |||||||||
EBITDA | 86,294 | 71,317 | 14,977 | 21.0% | |||||||||
Adjusted EBITDA | 94,758 | 76,477 | 18,281 | 23.9% | |||||||||
Operating profit | 51,613 | 44,989 | 6,624 | 14.7% | |||||||||
Adjusted operating profit | 77,573 | 61,122 | 16,451 | 26.9% | |||||||||
Net profit from continuing operations | 32,601 | 28,711 | 3,890 | 13.5% | |||||||||
Adjusted net profit from continuing operations | 52,368 | 40,315 | 12,053 | 29.9% | |||||||||
Profit from discontinued operations | 45,527 | 9,964 | 35,563 | 356.9% | |||||||||
Net profit | 78,128 | 38,675 | 39,453 | 102.0% | |||||||||
Free cash flow | 48,661 | 56,375 | -7,714 | -13.7% | |||||||||
Free Cash Flow from continuing operations | 40,013 | 49,744 | -9,731 | -19.6% | |||||||||
Adjusted Free Cash Flow from continuing operations | 49,456 | 52,265 | -2,809 | -5.4% | |||||||||
Earnings per Share (in Euro) | 1.65 | 0.81 | 0.84 | 103.1% | |||||||||
Earnings per share from continuing operations (in Euro) | 0.62 | 0.61 | 0.01 | 2.4% | |||||||||
Dividend | 23,260 | 13,802 | 9,458 | 68.5% | |||||||||
Dividend per Share (in Euro) | 0.51 | 0.30 | 0.21 | 70.0% | |||||||||
4th | 4th | ||||||||||||
Summary income statement data | quarter | % | |||||||||||
quarter | Change | ||||||||||||
(Amounts in thousands of Euro) | 2021 | change | |||||||||||
2022 | |||||||||||||
Restated2 | |||||||||||||
Revenues | 110,494 | 94,518 | 15,977 | 16.9% | |||||||||
EBITDA | 37,420 | 27,522 | 9,899 | 36.0% | |||||||||
Adjusted EBITDA | 39,979 | 29,504 | 10,475 | 35.5% | |||||||||
Operating profit | 27,984 | 19,998 | 7,986 | 39.9% | |||||||||
Adjusted operating profit | 35,030 | 25,204 | 9,826 | 39.0% | |||||||||
Profit from continuing operations | 17,868 | 13,413 | 4,454 | 33.2% | |||||||||
Adjusted net profit from continuing operations | 24,770 | 17,678 | 7,092 | 40.1% | |||||||||
Profit from discontinued operations | 62 | 1,370 | -1,308 | -95.5% | |||||||||
Net profit | 17,929 | 14,783 | 3,146 | 21.3% | |||||||||
Free cash flow | 25,514 | 26,712 | -1,198 | -4.5% | |||||||||
Free Cash Flow from continuing operations | 23,898 | 28,900 | -5,003 | -17.3% | |||||||||
Adjusted Free Cash Flow from continuing operations | 26,428 | 31,421 | -4,993 | -15.9% |
- The comparative figures of 2021 have been restated in relation to the completion, in the second quarter of 2022, of the activities to identify the fair values of the assets and liabilities of Forvalue S.p.A., consolidated on a line-by-line basis from 1 July 2021 and Financial Consulting Lab S.r.l., consolidated on a line-by-line basis from 1 October 2021, and in connection with the completion, in the fourth quarter of 2022, of the activities to identify the fair values of the assets and liabilities of CertEurope S.A., consolidated on a line-by-line basis from
- November 2021. The comparative figures for 2021 have also been restated due to the reclassification of the Credit Information & Management division's discontinued operations as a result of the conclusion of binding agreements for the sale, as disclosed in Note 13 Discontinued Operations to the Consolidated Financial Statements.
- The comparative figures of fourth quarter 2021 have been restated in relation to the completion, in the second quarter of 2022, of the activities to identify the fair values of the assets and liabilities of Forvalue S.p.A., consolidated on a line-by-line basis from 1 July 2021 and Financial Consulting Lab S.r.l., consolidated on a line-by-line basis from 1 October 2021, and in connection with the completion, in the fourth quarter of 2022, of the activities to identify the fair values of the assets and liabilities of CertEurope S.A., consolidated on a line-by- line basis from 1 November 2021. The comparative figures for the first half of 2021 have been restated due to the reclassification of the Credit Information & Management division's discontinued operations as a result of the conclusion of binding agreements for the sale, as disclosed in Note 13 Discontinued Operations to the Consolidated Financial Statements.
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Tinexta S.p.A. - 2022 Annual Financial Report
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Tinexta S.p.A. published this content on 31 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 April 2023 12:29:08 UTC.