(Finance) – The Board of Directors of Ansaldo Energy – within the scope of the financial maneuver functional to the execution of the new one 2022-2027 Business Plan – acknowledged the signing with the lending banks of the agreements for the extension to 2027 of the medium-long term loans (Term Loan and Revolving Credit Facility) and the signing of the new credit line assisted by the so-called SACE guarantee. “SupportItalia”; the total amount of cash lines available to the company remains equal to a total of 450 million euros. The Council also took note of the extension to 2027 of the credit line for the issuance of guarantees
business in support of the Plan.
In execution of the agreements reached, the BoD resolved to submit to the Extraordinary Shareholders’ Meeting a proposal for share capital increase against payment for a total maximum amount of 580 million euroin divisible form, to be offered to shareholders as an option.
The BoD also examined and approved the draft budget of the company and the consolidated financial statements of the Group relating to the financial year ended 31 December 2022. Following the trend dynamics of the prices of raw materials and production costs in general, with the consequent significant downward revision of the margins of the projects New Units already in the portfolio – factors that add to the uncertainties on Ansaldo Energia’s reference market linked to the Russian-Ukrainian conflict – the main balance sheet data at Group level were as follows: during the year, the new orders for 898.4 million euros,
thus reaching a total order backlog of 4.1 billion euro; revenues amounted to 1,237 million euros, down by 253.9 million compared to the previous year; Ebitda was negative by 46.1 million euros (-206.5 million compared to the previous year); the net result was a loss of 559 million euros (-583.3 million compared to the previous year), also following a downward revision of 390 million euros of the value of intangible assets held (impairment loss on development costs GT36 technology and goodwill) already recorded in the 2022 half-year results; net debt of 1,048 million euros, an increase of 193.3 million compared to the previous year.
Therefore, the BoD has convened the Shareholders’ Meeting for 19 June 2023, at 11:00 on first call (and, if necessary, on 26 June at 11:00 on second call) in ordinary session for the approval of the financial statements as at 31 December 2022 and the adoption of the appropriate measures and in extraordinary session to deliberate on the proposal to increase the share capital against payment for a maximum total amount of Euro 580 million, in divisible form, through the issue of no. 1,817,839,905 ordinary shares with no par value having the same characteristics as those in circulation (to be issued with regular entitlement), at an issue price per share of €0.31906, to be offered as an option to shareholders by 30 April 2024 and of cancellation of n. 11,250 treasury shares without a corresponding reduction in the share capital.
Throughout the process, Ansaldo Energia was assisted by Mediobanca SpA as financial advisor, by Studio Chiomenti and Studio Zoppini as legal advisors and by EY and Studio Laghi respectively for the analysis and updating of the business plan and for economic and business aspects.