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Bonifiche Ferraresi, boom in the industrial sector in 2020 (+ 130%)

Consolidated financial statements approved: production value equal to Euro 97.4 million, with net profit of 2.4 million

The board of directors of BFSpA approved the consolidated financial statements and the draft financial statements as at 31 December 2020. "The 2020 financial year of the BF Group - explains a note - has shown its ability to hold up in a particularly negative context characterized by diffusion of Covid-19 and the health emergency that is continuing to hit the global economy in terms of a generalized decline in production and consumption".

The consolidated financial statements at 31 December 2020 refer to BFSpA and the subsidiaries Bonifiche Ferraresi SpA Società Agricola (Bonifiche Ferraresi), SIS - Società Italiana Sementi SpA and BF Agro-Industriale SpA. The value of production amounts to Euro 97.4 million, substantially in line with the figure recorded in 2019, equal to Euro 96.8 million. Ebitda amounts to Euro 10 million compared to Euro 9.5 million in 2019 (+ 4.6%). The agricultural sector recorded an increase in the value of production (+ 31%) and an improvement in margins compared to 2019 thanks to the implementation of the optimization initiatives envisaged in the 2018-2020 industrial plan, including the choice of crops with greater profitability, the use of the second harvest and the use of precision farming techniques that have allowed an improvement in production efficiency with a consequent increase in yields and reduction in costs.

There is also a positive trend in sales prices. The livestock sector shows an increase in the value of production (+ 9%) compared to 2019 due to the slowdown in the collection of the garments and the increase in the average days of storage which it has faced by intervening on cost efficiency. The industrial sector is consolidated with an increase in the value of production in 2020 (+ 130%) and in margins compared to 2019. The increase mainly refers to revenues from sales, on the Italian and foreign market, of Le Stagioni own-brand products of Italy for which marketing costs were incurred in 2020, recognized in the income statement, for Euro 3.2 million compared to Euro 2.8 million recorded in 2019. For the seeds sector there was a decrease in the value of production compared to that recorded in 2019 (-12%) due to the contraction in sales due to logistical reasons (restrictions on circulation in the spring period) and market (price trends and ongoing technical assessments regarding the use of certain types of seed ). The reduction in the associated variable costs and the reorganization of certain storage and processing activities led to an improvement in margins.

The integration of the equity investments acquired in 2020 in Progetto Benessere Itali srl and in Consorzi Agrari d'Italia SpA resulted in the recognition of income for Euro 2.7 million. It should be noted that the value of production and EBITDA data referring to 2019 included approximately 7 million euros deriving from the positive effects of the strategic transactions carried out with reference to the companies Ibf Servizi SpA and Leopoldine SpA, aimed at allowing entry into the shareholding structure of industrial partners, players in the reference sectors, as well as those deriving from the acquisition of the 40.7% stake in Ghigi 1870 SpA.

Ebit is equal to 1.2 million euros, compared to the value of 2.5 million euros in 2019, after having recorded amortization of 8.8 million euros, compared to 7 million euros in 2019, due to the effect of entry into operation of new investments. The financial management result of 2020, negative for 2.1 million euros, determines a negative pre-tax result of 0.9 million euros against a positive pre-tax result of 2019 of 0.8 million euros.

The net positive result is equal to 2.4 million euros against a net result of 0.8 million euros in 2019. The net financial debt of the BF Group is equal to 33.5 million euros compared to the negative value of 46,1 million euros in 2019: the increase in net debt is mainly attributable to the use of liquidity to finance investments relating to external growth operations carried out in 2020, in particular the acquisition of 35% of Progetto Benessere Itali srl and 36.8% of Consorzi Agrari d'Italia SpA, with a total outlay of 92 million euros (also considering the ancillary charges connected to the two transactions).

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