(Finance) – The board of directors of Italia Independent Groupa group listed on Euronext Growth Milan and active in the field of eyewear and lifestyle products, ha approved the draft financial statements and consolidated financial statements as at 31 December 2021 revised following the completion of the statutory audit process and the audit activity of the board of statutory auditors and which shows, at consolidated level, a loss of 20.987 million euros.
The Board has verified the possibility of obtaining from the shareholders of reference the willingness to intervene in a capital increase operation payment intended not only to rectify IIG’s losses, but also to support the restructuring of the subsidiary Italia Independent (II), pursuing a path of restructuring the company business and debts, taking into account that it does not appear possible to achieve recovery while maintaining the current business model.
The recovery plan provides for IIG an intervention for the restructuring of its debt and, for II, the activation of a corporate restructuring plan through the modification of the business model, a significant reduction in the perimeter of corporate activities and the restructuring of debts as part of the procedure, non-judicial and on a going concern basis. In this context, Lapo Elkann has expressed his availability to intervene with its own resources to support the recovery plan.
There auditing firm Deloitte did not express an opinion on the consolidated financial statements due to the effects associated with uncertainties and the significance of the limitations to the auditing procedures, which “did not allow the obtaining of sufficient and appropriate audit evidence on which to base the opinion”.