(Finance) – The Board of Directors of Phidias has approved the draft financial statements at 31 December 2020 and examined the consolidated financial statements as at 31 December 2020 which will be submitted to the shareholders’ meeting. The company – listed on Euronext Milan and active in the design, production and marketing of milling systems – is in an arrangement with creditors as a going concern, as well as engaged in a restructuring and relaunching process with the support of FAI – Futuro all’Impresa.
The 2020 financial year recorded consolidated revenues equal to 21.2 million euros, compared to 45.8 million euros in the same period of 2019, with a decrease of 53.6%, generated by the acute market crisis which significantly reduced the acquisition of orders. L’EBITDA was -2.2 million euros (-1 million euros in 2019), on Net income of -6 million euros (-4.5 million euros in 2019) and the net financial position payable for € 10.0 million (payable for € 12.6 million at 31 December 2019).
“The year 2020 represented a turning point for the Fidia group – he commented Giuseppe Morfino, president and chief executive officer – Due to the negative performance of the year and in order to prevent the worsening of the crisis, the Board of Directors presented an application for admission to the arrangement with creditors on 11/13/2020. To date, we find that the process then begun has led to the following facts: agreement with new investors, with suitable resources to support the agreements and the industrial relaunch of the company; admission to the composition procedure in direct continuity; achievement of the quorum required by the creditors’ meeting; activation of the proposed industrial plan “.