The Board of Directors of SICIT 2000 approved the draft of the financial statements as at 31 December 2018, prepared in accordance with Italian accounting principles. On 8 April, the draft financial statements as at 31 December 2018 of SICIT Chemitech S.p.A. were also approved – the company will be acquired by SICIT in accordance with the agreements related to the Business Combination and before it becomes effective. The figures approved today are in line with the ones as at 30 September 2018, approved in the context of the Business Combination.

On the basis of the 2018 financial statements draft approved, below the following consolidated figures:

  • Revenues: approx. € 55.1 million
  • EBITDA: approx. € 22.7 million
  • Net profit: approx. € 13.4 million
  • Net Cash: approx. € 14.5 million
  • Shareholders’ equity: approx. € 69.9 million

The 2018 revenues increase in biostimulants and retardants for the gypsum industry exceeded the contraction in the turnover of fuel from animal fats, due to the reduction in the selling price during the year.
EBITDA as a percentage of revenues in 2018 was excellent at around 41.0%, while net profit as a percentage of revenues in 2018 was around 24.1% – already net of part of the non-recurring costs incurred for the Business Combination operation with SprintItaly.

The Net Cash position at December 31, 2018 was close to € 15 million, despite:

  • the significant investments financed during the year
  • the distribution in July 2018 of an extraordinary dividend of approximately € 6.7 million.

Massimo Neresini, CEO of SICIT, commented: “In an intense year, during which the company had to focus also on the Business Combination transaction that will lead us to the Stock Exchange, SICIT has been able to maintain a positive performance, while planning major investments aimed at containing the volatility of the price of fuel from animal fats. The consolidated results show the correctness of the strategic choices made and the solid growth path of SICIT“.

In light of the results for the year, as well as in line with the dividends distributed by SICIT in previous years and with the dividend policy announced as part of the Business Combination, also in view of the timing of its execution, the Board of Directors approved the proposal to the Shareholders’ Meeting to distribute to the shareholders of the company resulting from the Business Combination an overall amount equal to 50% of the consolidated net profit of 2018.

The ordinary dividend per share of the Combined Entity is currently estimated at approximately € 0.34 based on the expected number of shares that will make up the share capital of the Combined Entity upon payment of the dividend, i.e. following the Business Combination and the conversion of the first tranche of special shares.