Strong and Resilient Growth Path
Net cash position keeps increasing, providing optionality value
Significant improvement in financial position reaching €108.1m net cash, even considering business seasonality usually
affecting first quarter and ~€8m net working capital normalization effect
Efficient Negative Net working
capital (-€28.6m), +€8.0m
compared to 2022 YE and -
€16.4m YoY, progressively
normalising after the 2022 above-
average increase in volumes and
collection of advances, yet
confirming the NWC-light nature
of the business model
Limited finished products
inventory at €17.6m, out of
Net working capital/
(€m)
-12.5
€69.8m of total inventory mostly
related to raw materials and
semi-finished products
€152.9m cash on hand and
-28.6
-37.0
Net Cash position/
(€m)
54.5
108.1
100.3
€60.2m current financial
31-Mar-22
31-Dec-22
31-Mar-23
31-Mar-22
31-Dec-22
31-Mar-23
investments, resulting into
€213.2m liquidity available, as
well as €120.4m undrawn credit
lines
Note: Net Financial Position calculated in accordance with ESMA document 32-382-1138, 4 March 2021
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