English translation of Italian original.
In the event of any discrepancies, the Italian original, to be considered the official version, shall prevail.
Press Release
Methorios Capital S.p.A.Proposal of the Board of Directors in relation to the capital increase to be resolved during the Extraordinary and Ordinary Meeting of the shareholders of 24th October 2016
Rome, 19th October 2016 - Methorios Capital S.p.A. ("Methorios" or the "Company"), an independent advisory firm, reference player in the advisory services for corporate finance transactions for global SMEs, listed on the AIM Italia/Mercato Alternativo del Capitale of Borsa Italiana and the Alternext in Paris, announces that the Board of Directors of the Company decided to propose to the shareholders, during the ordinary meeting and extraordinary general meeting of the shareholders, convened for the 24th October 2016 (first call) and for the 25th October 2016 (second call), a capital increase, to be underwritten and paid in, up to a maximum amount of € 4.300.000,00. This capital increase is needed in order to provide the Company with financial resources useful for the best pursuit of the business activity and, more in particular, for the most efficient appreciation of the Company's assets, except a different quantification of the potential amount in light of the recommendations that might arise during the general meeting of the shareholders.
In the same session, the Board of Directors of the Company defined also an economic and financial situation as of 30th June 2016 in relation to the parent company, Methorios S.p.A., (shown below), drafted under a business continuity point of view, that will be assessed by general meeting of the shareholders as per first point of the agenda.
The Board of Directors announces also that no resolutions will be taken in relation to the approval of the interim consolidated financial statement as at June 30, 2016 until the conclusion of the general meeting of the shareholders convened, as mentioned above, for the 24th October 2016 (or for the 25th October 2016 in second call).
Here below are shown the summary tables of the economic and financial situation as of 30th June 2016, with some comments on the most significant items:
BALANCE SHEET(Values in thousands of Euro) | 30/06/2016 | 31/12/2015 |
ASSET | ||
Non-current assets | ||
Property, plant and equipment | 371 | 379 |
Goodwill and intangible assets with defined useful life | 1.462 | 1.469 |
Equity investments in subsidiaries | 7.141 | 6.826 |
Equity investments in associated companies | 3.822 | 4.677 |
Equity investments in other companies | 18.534 | 19.467 |
Financial assets available for sale | - | - |
Trade receivables | - | - |
Other receivables | 22 | 22 |
Tax receivables | - | - |
Total Non-current Assets | 31.352 | 32.840 |
Current assets | ||
Inventories | - | - |
Trade receivables | 267 | 396 |
Other receivables | 1.929 | 2.077 |
Assets held for trading | 243 | 557 |
Other current assets | 544 | 601 |
Tax receivables | 32 | 282 |
Cash and cash equivalents | 60 | 166 |
Total Current Assets | 3.075 | 4.079 |
Assets held for sale | - | - |
Total Assets | 34.427 | 36.919 |
LIABILITIES | ||
Shareholders' equity | ||
Share capital | 22.012 | 22.012 |
Other reserves | 1.594 | 53.542 |
IFRS Reserve | 610 | 610 |
Net result for the year | (913) | (51.944) |
Reserve held for sale | - | - |
Total Shareholders' Equity | 23.303 | 24.220 |
Non-current liabilities | ||
Non-current financial payables | 1.301 | 1.528 |
Non-current tax payables | - | - |
Other non-current payables | - | - |
Fund for severance package and other obligations | 354 | 609 |
Other funds | - | - |
Other non-current liabilities | - | - |
Total Non-current Liabilities | 1.655 | 2.137 |
Current liabilities | ||
Current financial payables | 5.712 | 5.768 |
Trade payables | 733 | 867 |
Current tax payables | 277 | 860 |
Other current payables | 1.535 | 2.030 |
Current deferred tax | - | - |
Other current liabilities | 1.212 | 1.037 |
Total Current Liabilities | 9.470 | 10.563 |
Total Liabilities | 11.124 | 12.699 |
Total Liabilities and Shareholders' Equity | 34.427 | 36.919 |
The asset of the balance sheet has decreased, in comparison with the one as of 31st December 2015, essentially for the sale of the shares of Imvest, associated company, sold for an amount equal to € 834.000,00 and for the impairment of the shares of Net Insurance, as a consequence of the adjustment to the market value, for an amount equal to € 853.000,00.
The liabilities of the balance sheet has decreased, in comparison with the one as of 31st December 2015, essentially for the payment, during the first semester of 2016, of the debt rescheduling plan with Credit Institutions for an amount of approximately € 200.000,00 and for the decrease of the tax liabilities, the severance package liabilities and the liabilities towards employers, as a consequence of the settlement in relation to the termination of the former co-directors, for an amount of € 1.206.000,00.
INCOME STATEMENT(Values in thousands of Euro) | 30/06/2016 | 30/06/2015 |
Revenues | 433 | 848 |
Write-ups on assets | - | 57 |
Revenues from operating activities | 433 | 905 |
Other income | 1.241 | 1.233 |
Consumption of material and other | - | - |
Services | (366) | (1.159) |
Leasing and operational rentals | (102) | (119) |
Personnel expenses | (399) | (1.313) |
Other operating costs | (416) | (510) |
Provisions for risks and charges and impairment | (302) | (31) |
Loss of value of assets - Impairment losses | (874) | (866) |
Amortisation and depreciation | (20) | (24) |
EBIT | (804) | (1.883) |
Financial income | 59 | 124 |
Financial expenses | (168) | (222) |
Net financial (income) expenses | (109) | (98) |
EBT | (913) | (1.981) |
Income tax | - | - |
Deferred taxes | - | 8 |
Net result | (913) | (1.973) |
Methorios Capital S.p.A. published this content on 19 October 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 20 October 2016 15:33:02 UTC.
Original documenthttp://www.methorios.it/sites/methorios/files/documents/2016/10/20161019_press_release_capital increase.pdf
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