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GLASS TO POWER S.p.A.
Companies Registry registration no.09640920964
Chamber of Commerce (REA) reg. no. 230875
GLASS TO POWER S.p.A.
Registered Office 38068 ROVERETO (TN) − via Fortunato Zeni, 8
Share capital €uro 528.812,00 i.v.
Management report
for the year ended at 31/12/2021
Dear Shareholders,
the financial year closed on 31/12/2021 represents the sixth year of company activity and reports a negative result equal to Euro 1,618,048.
Operating conditions and business development
Your company, as you well know, carries out its activity in the field of experimental research for the development of nanoparticles in order to create photovoltaic windows with LSC technology.
Management trend
Social activity trend in 2021
2021 was a very busy year, despite the ongoing COVID-19 pandemic.
The certification activity of the transparent photovoltaic insulating double glazing product, which began in 2020, ended, as regards the IEC 61730 certification, of electrical safety, in January 2021. In the first months of 2021, an Extraordinary Assembly of shareholders who unanimously approved a paid capital increase in “crowdlisting”, in collaboration with the OpStart platform, setting the placement price of the shares at € 48 each, and provided for an initial phase lasting 1 month in which the price was deliberately reduced to € 40 to favor shareholders already present in the company (early bird booking). The collection ended at the end of May 2021 with a good success: € 2,224M were raised both from shareholders and from new investors.
The operation, as resolved by the shareholders’ meeting, has set the goal of listing on the stock exchange as its ultimate goal. Between September and December 2021, with the support of the listing sponsor Pairstech ltd, the company created and finalized all the documentation for the listing on Euronext Paris, Access Plus segment. Given the strong criticality in France for COVID in autumn 2021, there are state of the delays in the analysis of the documentation and in the acceptance of the same to define the start of the exchanges, which took place in mid-February 2022.
Between September 2021 and February 2022 a series of preparatory activities for the listing were developed, such as the contract with the registrar Spafid (a company of the Mediobanca Group), for the dematerialization of the shares on MonteTitoli which closely involved all the shareholders,
From the point of view of production, most of the efforts have been devoted to the development of the first industrial reactor in Rovereto, which once fully operational will have a potential production capacity of over 200g. of nanoparticles per day. Further details on the technical-production side of the company are provided in the following paragraph of the “Foreseeable evolution of management”.
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Relazione sulla gestione dell’esercizio chiuso al 31/12/2021 |
pagina 1 |
GLASS TO POWER S.p.A.
Important strides have been made with PMMA producers.
The new equipment for welding and gluing the photovoltaic strips on the edge of the slabs has been purchased and the second has already been delivered by the supplier.
Preliminary pre-tests were initiated for obtaining certifications as a building product (EU 1279) and those relating to electrical quality (IEC 61215). The former did not show any particular criticalities, even if it was nevertheless decided to replace the containing elements of the PMMA sheet, originally foreseen in plastic material, with similar metal elements to ensure even greater resistance to the penetration of atmospheric gas / humidity. The situation relating to IEC 61215 is more complex, which will be reanalyzed after the machines for industrial cell gluing are put into operation. These tests involved a very significant commitment of all the technical structures.
From a marketing point of view, Glass to Power has participated in numerous Italian trade fairs of great importance, including SAIE Bari at the beginning of October, Ecomondo Key Energy in Rimini at the end of the same month of October and, immediately after, the Vitrum Life fair in Milan.
From a commercial point of view, the structure has begun to take its first steps and has concluded an interesting first contract with the company Domutopia S.r.l. of Lissone (MB) worth almost 1M €, a contract that will be developed in the course of 2022, although the activity has not yet started due to the client’s problems that have slowed down the road map provided for by the contractual agreement. Prudentially, no revenues have been forecast on this contract as, at the moment, there is no visibility on the probabilities of its real development.
Other important initiatives and awards were:
- the realization of some partnership agreements with some producers of double glazing and glazed elements: La Tecnica nel Vetro of Scafati (SA), SICIS of Ravenna and Union Glass of Livenza (TV);
- an agreement with the company Notredame S.r.l. for the integration of an electrochromic film with the G2P product;
- the “Social Innovator Monitor” of the Politecnico di Torino has included Glass to Power among the 15 best innovative Startups of 2021;
- the Institute of Management of the Scuola Superiore Sant’Anna has produced the book “The good company – Startup Stories for a better world”, published by Il Sole 24 Ore and will be released in all Italian bookstores on 22 July 2021; the authors tell the stories of 17 Italian companies, among which Glass to Power stands out as a story of success and innovation.
Social, political and trade union climate
Despite the numerous restrictions imposed, the pandemic has not affected the relaxed social climate, proactive and inclined to improve the company. The parties experienced the emergency situation as a transitory moment with the aim of limiting the damage and laying the foundations for a desired restart.
Management trend in the sectors in which the company operates
The past year was partly conditioned by the emergency situation of last year which slowed down the development program for laboratory work.
Summary of the financial statements (data in Euro)
|
31/12/2021 |
31/12/2020 |
31/12/2019 |
|
|
Revenues |
170.655 |
18.459 |
683.828 |
|
Gross operating margin |
(843.288) |
(596.477) |
(577.685) |
|
(M.O.L. or Ebitda) |
|||
|
Operating income (Ebit) |
(1.598.015) |
(1.017.969) |
(275.183) |
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Relazione sulla gestione dell’esercizio chiuso al 31/12/2021 |
pagina 2 |
GLASS TO POWER S.p.A.
|
31/12/2021 |
31/12/2020 |
31/12/2019 |
|
|
Profit (Loss) for the year |
(1.618.048) |
(1.034.486) |
(277.189) |
|
Fixed assets |
3.318.826 |
3.244.479 |
3.056.281 |
|
Total net equity |
3.053.755 |
2.454.544 |
3.419.841 |
|
Net financial position |
(181.692) |
(685.228) |
344.041 |
The following table shows the results achieved in the last three years in terms of value of production, gross operating margin and profit before taxes:
|
31/12/2021 |
31/12/2020 |
31/12/2019 |
|
|
Production value |
379.167 |
255.050 |
1.147.345 |
|
Gross operating margin |
(843.288) |
(596.477) |
(577.685) |
|
Result before the taxes |
(1.618.048) |
(1.034.486) |
(277.189) |
Main economic data
The reclassified income statement of the company compared with that of the previous year is as follows (in Euro):
|
31/12/2021 |
31/12/2020 |
Variazione |
|
|
Net revenues |
54.810 |
2.499 |
52.311 |
|
– External costs |
399.999 |
128.264 |
271.735 |
|
Value added |
(345.189) |
(125.765) |
(219.424) |
|
– Cost of labor |
498.099 |
470.712 |
27.387 |
|
Gross Operating Margin |
(843.288) |
(596.477) |
(246.811) |
|
– Depreciation, write-downs and others |
870.572 |
437.452 |
433.120 |
|
provisions |
|||
|
Operating income |
(1.713.860) |
(1.033.929) |
(679.931) |
|
+ Uncharacteristic income |
115.845 |
15.960 |
99.885 |
|
± Financial income and expenses |
(20.033) |
(16.517) |
(3.516) |
|
Ordinary result |
(1.618.048) |
(1.034.486) |
(583.562) |
|
± Revaluations and write-downs |
|||
|
Result before the taxes |
(1.618.048) |
(1.034.486) |
(583.562) |
|
– Income taxes |
|||
|
Net income |
(1.618.048) |
(1.034.486) |
(583.562) |
Main balance sheet data
The reclassified balance sheet of the company compared with that of the previous year is as follows (in Euro):
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Relazione sulla gestione dell’esercizio chiuso al 31/12/2021 |
pagina 3 |
GLASS TO POWER S.p.A.
31/12/2021 31/12/2020 Variazione
Net intangible fixed assets
Net tangible fixed assets
Equity investments and other financial fixed assets
2.634.038 2.718.571 (84.533)
636.891 488.011 148.880
|
Fixed capital |
3.318.826 |
3.244.479 |
74.347 |
|
Inventories |
30.581 |
32.194 |
(1.613) |
|
Receivables from customers |
342.890 |
25 |
342.865 |
|
Other credits |
578.179 |
815.046 |
(236.867) |
|
Prepayments and accrued income |
14.104 |
12.829 |
1.275 |
|
Short-term operating activities |
965.754 |
860.094 |
105.660 |
|
Payables to suppliers |
456.283 |
814.567 |
(358.284) |
|
Advances |
300.000 |
300.000 |
|
|
Tax and social security debts |
35.223 |
35.270 |
(47) |
|
Other debts |
65.198 |
52.183 |
13.015 |
|
Accrued liabilities and deferred income |
115.868 |
115.868 |
|
|
Short-term operating liabilities |
972.572 |
902.020 |
70.552 |
|
Net working capital |
(6.818) |
(41.926) |
35.108 |
|
Employee severance indemnity |
36.561 |
32.782 |
3.779 |
|
Other medium and long-term liabilities |
40.000 |
30.000 |
10.000 |
|
Medium-long term liabilities |
76.561 |
62.782 |
13.779 |
|
Capital invested |
3.235.447 |
3.139.771 |
95.676 |
|
Net assets |
(3.053.755) |
(2.454.544) |
(599.211) |
|
Medium / long-term net financial position |
(465.238) |
(690.202) |
224.964 |
|
Short-term net financial position |
283.546 |
4.974 |
278.572 |
|
Equity and net financial debt |
(3.235.447) |
(3.139.772) |
(95.675) |
For a better description of the financial situation of the company, the following table shows some financial ratios relating to both:
- the methods of financing medium / long-term loans;
- the composition of the sources of financing, compared with the same ratios relating to the financial statements of previous years.
|
31/12/2021 |
31/12/2020 |
31/12/2019 |
|
|
Primary structure margin |
(265.071) |
(789.935) |
363.560 |
|
Primary structure quotient |
0,92 |
0,76 |
1,12 |
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Relazione sulla gestione dell’esercizio chiuso al 31/12/2021 |
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GLASS TO POWER S.p.A.
|
Secondary structure margin |
276.728 |
(27.153) |
917.834 |
|
Secondary structure quotient |
1,08 |
0,99 |
1,30 |
Main financial data
The net financial position as at 31/12/2021 was the following (in Euro):
|
31/12/2021 |
31/12/2020 |
Variazione |
|
|
Bank deposits |
621.144 |
305.822 |
315.322 |
|
Cash and other valuables in hand |
309 |
573 |
(264) |
|
Cash and cash equivalents |
621.453 |
306.395 |
315.058 |
|
Financial assets that are not fixed assets |
|||
|
Due to banks (within the following year) |
334.792 |
301.421 |
33.371 |
|
Payables to other lenders (within the following year) |
3.115 |
3.115 |
|
|
Short-term financial debt |
337.907 |
301.421 |
36.486 |
|
Short-term net financial position |
283.546 |
4.974 |
278.572 |
|
Due to banks (beyond the following year) |
465.238 |
700.000 |
(234.762) |
|
Financial credits |
(9.798) |
9.798 |
|
|
Net financial position in the medium and long term |
(465.238) |
(690.202) |
224.964 |
|
Net financial position |
(181.692) |
(685.228) |
503.536 |
For a better description of the financial situation, the table below shows some financial statement ratios, compared with the same ratios relating to the financial statements of previous years.
|
31/12/2021 |
31/12/2020 |
31/12/2019 |
|
|
Primary liquidity |
1,19 |
0,95 |
2,98 |
|
Secondary liquidity |
1,21 |
0,98 |
3,04 |
|
Debt |
0,56 |
0,79 |
0,29 |
|
Fixed asset coverage rate |
1,07 |
0,98 |
1,16 |
Information relating to the environment and personnel
Taking into account the social role of the company as also highlighted by the document on the management report of the National Council of Chartered Accountants and Accounting Experts, it is considered appropriate to provide the following information relating to the environment and personnel.
Personal
During the year, there were no serious accidents at work, nor were there any charges relating to occupational diseases on employees or former employees and causes of mobbing.
Environment
During the year, no damage caused to the environment occurred, nor were final penalties or penalties
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Relazione sulla gestione dell’esercizio chiuso al 31/12/2021 |
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This is an excerpt of the original content. To continue reading it, access the original document here.
Disclaimer
Glass To Power S.p.A. published this content on 04 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 July 2022 16:22:07 UTC.
Publicnow 2022
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