EQS-News: Communications pursuant to Article 12 (viii)(b) of the Terms and Conditions of the «Fonderie Mario Mazzucconi S.p.A. - Tasso Fisso 6,5% - 2018 / 2023» bonds

EQS-News: Fonderie Mario Mazzucconi S.p.A. / Key word(s): Bond
   Communications pursuant to Article 12 (viii)(b) of the Terms and
   Conditions of the «Fonderie Mario Mazzucconi S.p.A. - Tasso Fisso 6,5% -
   2018 / 2023» bonds

   31.10.2022 / 16:00 CET/CEST
   The issuer is solely responsible for the content of this announcement.

   ══════════════════════════════════════════════════════════════════════════

   Ponte San Pietro (Bg), 28^th October 2022

   Communications pursuant to Article 12 (viii)(b) of the Terms and
   Conditions of the

   «Fonderie Mario Mazzucconi S.p.A. - Tasso Fisso 6,5% - 2018 / 2023» bonds

   ISIN: IT0005320756

   Pursuant to Article 12 (viii)(b) of the Terms and Conditions (“T&C”) of
   the Fonderie Mario Mazzucconi S.p.A. ‐ Tasso Fisso 6,5% ‐ 2018 / 2023
   bonds (ISIN: IT0005320756) issued by Fonderie Mario Mazzucconi S.p.A.
   (“FMM” or the “Issuer”),  please find below the half‐year main data
   relating to the income statement and balance sheet of the Issuer on
   individual basis and of the Maberfin Group on a consolidated basis,
   updated as at June 30^th, 2022 ([1][1]).

   ┌───────────────────────────────────┬────────────────────────────────────┐
   │       FMM Income Statement        │ Maberfin Group Consolidated Income │
   │              H1 2022              │             Statement              │
   │                                   │              H1 2022               │
   ├────────────────────┬──────────────┼─────────────────────┬──────────────┤
   │      Value of      │ 123,49 MIn € │ Value of Production │ 125,44 MIn   │
   │     Production     │              │                     │      €       │
   ├────────────────────┼──────────────┼─────────────────────┼──────────────┤
   │    Ebitda Adj.     │ 1,55 MIn  €  │     Ebitda Adj.     │ 6,54 MIn  €  │
   │       Ebitda       │ 1,15 MIn  €  │       Ebitda        │ 5,97 MIn  €  │
   ├────────────────────┼──────────────┼─────────────────────┼──────────────┤
   │        Ebit        │ (0,65) MIn   │        Ebit         │ (2,31) MIn   │
   │                    │      €       │                     │      €       │
   └────────────────────┴──────────────┴─────────────────────┴──────────────┘

   ***

   ┌──────────────────────────────┬─────────────────────────────────────────┐
   │    FMM Main Balance Sheet    │    Maberfin Group Main Balance Sheet    │
   │      IndicatorsH1 2022       │               Indicators                │
   │                              │                 H1 2022                 │
   ├───────────────┬──────────────┼───────────────────────┬─────────────────┤
   │ Equity        │ 32,68 MIn  € │ Equity                │  41,13  MIn  €  │
   ├───────────────┼──────────────┼───────────────────────┼─────────────────┤
   │ Net Financial │ 58,95 MIn  € │ Net         Financial │  81,98  MIn  €  │
   │ Position      │              │ Position              │                 │
   └───────────────┴──────────────┴───────────────────────┴─────────────────┘

     ***

    

   The results of the first half of 2022 on an individual basis (FMM) and on
   a consolidated basis (Maberfin Group) are lower than the value forecasted
   in the industrial plan, mainly due to the reductions of volumes applied by
   the main Customers, due to the consequences deriving from the outbreak of
   the Russia / Ukraine war.

   In fact, starting from March, some of our important customers had to stop
   some of their production of cars due to the lack of fundamental components
   (i.e. cable - wiring) mostly made in Ukraine. This event also led to a
   reduction in the supply of all other components, including those made by
   us. This problem was gradually resolved in the following months thanks to
   the reallocation of the production of the aforementioned components by
   suppliers to other geographical areas.

   As of now, it should be noted that already at 30 September 2022 there was
   a first recovery in volumes which in the third quarter reduced the
   variance of turnover in euro, by approx 5%: from approximately -10% at 30
   June 2022 to approximately -5% at September 30, 2022.

   The value of production (VoP), on an individual basis of FMM and
   consolidated by the Maberfin Group according to the UE schemes, was
   respectively Euro 123.49 million and Euro 125.44 million.

   From an economic point of view, the reduction in turnover in the first
   half of the year, for the reasons referred to above, also led to a
   reduction of economic margins in the period.

   While the cost of raw materials has decreased, as a result of the
   reduction in sales, the other costs for external purchases and services
   have not been proportionally reduced, also due to the need to pay our
   suppliers part of their higher energy costs.

   In this regard, we note that, for the first half of the year, it was
   possible to obtain the contributions estimated in the budget to cover the
   higher energy costs, mainly with contributions granted by our ustomers,
   confirming the strategic importance of our Group, and also through the tax
   credits approved by the Government for energy-intensive companies, for
   both gas and electricity.

   Consolidated EBITDA adjusted is equal to Euro 6.54 million, (5.2% of the
   VoP) and the net EBITDA is equal to Euro 5.97 million (4.8% of the VoP),
   both lower compared to as expected. It should be noted that, despite a
   further increase in the value of raw materials (aluminum alloys)
   incorporated in the sales prices (equal to approximately 2.5 million euros
   in the half year), the % incidence of Ebitda Adj. on the value of
   production was, albeit slightly, higher than the previous semester (+
   0.6%).

   Also in the first half of this year, the Mazzucconi Group was involved in
   various development and sampling activities for new projects on a
   multi-year basis.

   Depreciation, equal to € 8.2 million, was calculated taking into account
   the higher value attributed to some fixed assets following the revaluation
   carried out in the 2020 financial year and represent approximately 6.6% of
   the VoP.

   The individual financial charges of FMM and consolidated at the Maberfin
   Group level were in line with the forecast. It should be noted that, in
   accordance with the legislative provisions, the repayment period for loans
   guaranteed by SACE (received between the end of 2020 and the beginning of
   2021) has been extended by two years compared to the original duration.

   The net financial position is also in line with the provisions of the
   Group's Business Plan and has gone from approximately Euro 85 million at
   31 December 2021 to approximately Euro 81 million at 30 June 2022.

   Despite the objective difficulty of making forecasts, we still believe we
   will close the 2022 financial year with a consolidated turnover in line
   with the budget.

    

   _________________

   Corporate details:

   Edoardo Locatelli – Chief Financial Officer

   Email: [2]edoardo.locatelli@mazzucconi.com

   Internet website: [3]www.mazzucconi.com  

   [4]^[1] Terms not otherwise defined herein shall have the same meaning
   given in the T&C.

   ══════════════════════════════════════════════════════════════════════════

   31.10.2022 CET/CEST This Corporate News was distributed by EQS Group AG.
   www.eqs.com

   ══════════════════════════════════════════════════════════════════════════

   Language:    English
   Company:     Fonderie Mario Mazzucconi S.p.A.
                Via Mazzini n.10
                24036 Ponte San Pietro (BG)
                Italy
   Phone:       +390354551211
   E-mail:      finanza.gruppo@mazzucconi.com
   Internet:    http://www.mazzucconi.com/
   ISIN:        IT0005320756
   WKN:         A19WNQ
   Listed:      Vienna Stock Exchange (Vienna MTF)
   EQS News ID: 1475933


    
   End of News EQS News Service


   1475933  31.10.2022 CET/CEST

References

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