Half-year consolidated financial statements
as at 30/06/2022
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C O N T E N T S | |||
Page | |||
1. | Board of Directors' report on operations accompanying the | ||
consolidated financial statements as at 30 June 2022 | 3 | ||
2. | Consolidated financial statements as at 30 June 2022: | ||
- | Balance sheet | 16 | |
- | Income statement | 19 | |
- | Cash flow statement | 20 | |
- | Explanatory notes: |
- Structure and content of the consolidated
financial statements | 21 | |
• Reference date of the consolidated financial statements | 22 | |
• | Consolidation principles | 22 |
• | Scope of consolidation | 24 |
- Reconciliation of the parent company's
shareholders' equity and profit/loss and the | ||
corresponding consolidated figures | 25 | |
• | Valuation principles | 26 |
• Comments on main asset items | 34 | |
• Comments on main liability items | 45 | |
• Comments on main income statement items | 54 | |
• | Other information | 59 |
Enclosures: | ||
- | Statement of changes in shareholders' equity | |
for the year ended as at 30 June 2022 | 61 | |
- | Statement of the composition of | |
tangible fixed assets as at 30 June 2022 | 62 | |
- | Statement of temporary differences that resulted | |
in the recognition of deferred tax assets and liabilities | 63 |
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BOARD OF DIRECTORS' REPORT ON OPERATIONS
ACCOMPANYING THE CONSOLIDATED
FINANCIAL STATEMENTS AS AT 30 JUNE 2022
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The consolidated financial statements of the Group for the first half of 2022 which we hereby submit for your approval closed with a profit of Euro 1,082 thousand, after recognising Euro 3,519 thousand in depreciation and amortisation and Euro 47 thousand of write-downs of current assets.
The following is a presentation of the summary of the previous year's business management and the foreseeable course of business development.
OPERATING PERFORMANCE
The first half of 2022 shows a significant increase in production activity, which, with respect to the period under review, increased by 110% (Euro 151 million in 2021 compared to Euro 72 million in the first half of 2021).
The recovery especially affected the Energy Business Unit, whose work volumes have more than doubled, and involved all the Group companies engaged in the energy sector with the exception of the subsidiary Fores Engineering S.r.l. As a supplier of equipment, this company will, in fact, experience the market recovery somewhat later than the Main Contractors. Furthermore, this company was negatively affected by the suspension of a major project for Russia.
The increase in GDP was driven by the Parent Company, but in terms of margins, a significant contribution was also made by the companies located in Kazakhstan and Nigeria, where a good recovery in business has finally occurred.
On the other hand, the Shipbuilding Business Unit continued to suffer, experiencing both a contraction in production - also due to a much lower volume of orders - and decidedly unsatisfactory economic results. The period was characterised by considerable commercial activity in the Energy sector and the resumption of work in Qatar, Nigeria, and Kazakhstan, but also by fears over the tightening of sanctions against the Russian Federation, which affected the Parent Company's project in Kaliningrad and convinced the end client to completely revise their execution strategy.
Commercial activity in the Energy sector was centred mainly on tenders to be awarded between the end of 2022 and the beginning of 2023, concerning projects in the Natural Gas, Offshore Wind, and Carbon
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Neutrality sectors.
By contrast, commercial activity in the Shipbuilding Business Unit was not characterised by significant tenders or specific acquisition prospects in the short term.
Regarding the Energy Business Unit, work in Qatar is being resumed by the local branch of the Parent Company pending the completion of the registration of a company established under Qatari law, while activities in Nigeria and Kazakhstan are being carried out through the local investee companies Rosetti Pivot Ltd and Kazakhstan Caspian Offshore Industries Llp respectively.
In the field of Renewable Energy, in addition to the good results achieved with regard to the Parent Company's Offshore Wind Energy orders, the subsidiary GM Green Methane S.r.l., which produces biomethane installations, performed very well. Work volumes more than doubled compared to the corresponding period of 2021, and the economic results finally turned positive.
With regard to the changes in the execution strategy of the Parent Company's Project for Russia, it should be noted that negotiations are underway with the end client to reduce the scope of work of both the Russian subsidiary Rosetti Marino Project OOO and the Parent Company. These negotiations have already led to the signing of a number of contractual amendments aimed at ending construction activities in Italy by September 2022 and are continuing to further reduce the Rosetti Group's involvement in the Project. It should be noted that this new execution strategy will lead to a decrease in GDP as at 31 December 2022 compared to the budget estimates, while it is believed that the margin forecasts can be confirmed.
The order book remained at a very satisfactory level, amounting to Euro 452 million compared to Euro 544 million as at 31 December 2021. It is also believed that, as a result of the tenders in which the Group companies are taking part and which will be awarded shortly, this value is expected to grow significantly and quickly, despite the drop in volumes expected for the Russian Project.
The following is a selection of the earnings ratios deemed most significant:
30.06.22 | 30.06.21 | |
G.D.P. (in thousands of euros) | 150,994 | 72,321 |
(A1+A2+A3 of the income statement) | ||
Ebitda (in thousands of euros) | 6,091 | (33,772) |
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Rosetti Marino S.p.A. published this content on 28 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 November 2022 13:04:00 UTC.