2 aprile 2018 - ore 14:58


The group is still on a path of consistent growth, resulting in ICF almost doubling its revenues over the last 7 years with nearly +7% growth per year. Further cash generation during the year, in spite of shrinking margins. Positive performance of the business in the first two months of 2018

  • 2017 consolidated revenues: 78.7 million euros
  • EBIT adjusted: 7.1 million euros
  • Net income adjusted: 4.3 million euros
  • Net debt: 13.8 million euros, decreasing by 2.9 million euros


Marcallo con Casone, March 30, 2018 – EPS Equita PEP SPAC S.p.A. (“EPS”) had already disclosed the numbers of the target company Industrie Chimiche Forestali (“ICF”) as of November 30, 2017 in the documentation supporting the business combination currently under way – for further information, please refer to www.epspac.it, Investor Relations section. Yesterday the Board of Directors of ICF approved the draft financial statements and the consolidated accounts as of December 31, 2017.

ICF is a leading player in the production of fabrics for tips and counters and adhesives for footwear, leather, packaging and upholstered furniture and it exports its products all over the world, from the Americas to the Far East and from Russia to South Africa.

In 2017 ICF reported Consolidated Revenues for Euro 78.7 million, up 10.6% against Euro 71.1 million in 2016. The increase in revenues was mainly the result of a rise in volumes sold. Nearly 70% of revenues were generated by exports.

The Net Operating Income (EBIT) of ICF as of December 31, 2017 – adjusted for the effect of the goodwill amortisation – amounted to Euro 7.1 million from Euro 11.3 million in 2016. In spite of revenues growing double-digit, the Group was actually penalised by decreasing margins as a result of an unusual rise in the cost of some core raw materials occurred during 2017 and particularly impactful in the second half of the year. This had already been widely visible in the numbers as of November 30, 2017 commented upon in the documentation supporting the business combination.

The Net Income Adjusted for the effect of the goodwill amortisation reached Euro 4.3 million against a Net Income Adjusted of Euro 7.7 million reported at the end of 2016.

Consolidated Net Debt as of December 31, 2017 (including Euro 7.3 million in 2016 and Euro 6.9 million in 2017 related to the real estate leasing) reached Euro 13.8 million, thus decreasing by Euro 2.9 million against the previous year, thus further confirming ICF’s cash generation capacity.

Guido Cami, CEO of ICF, commented: “We are pleased with the numbers of the Group, which is still on a path of consistent growth resulting in ICF almost doubling its revenues with nearly +7% growth per year over the last 7 years. Thanks to the efforts made across the Team, the Group was once again successful in its growth and internationalisation process. Revenues booked further acceleration in the first two months of 2018, with all business lines contributing to the result. Growth is moreover accompanied by better regulation and control over raw material prices, which registered an exceptional hike in the second half of 2017. The business combination deal with the SPAC is ideal to pursue our growth path also through acquisitions. We will exploit cash generation and the capital increase for Euro 5.1 million in total subscribed by me and 11 other managers for 2.2 million and by PEP for the remaining EUR 2.9 million”.

Highlights of ICF Group results
(in million Euros)
2017 2016
Consolidated Revenues 78.7 71.1
Value of Production 80.3 70.3
Total Production Costs (76.2) (63.6)
of which Amortisation and Writedowns (2.0) (1.9)
of which Goodwill Amortisation (3.0) (3.0)
EBIT(1) 4.1 6.7
EBIT adjusted(2) 7.1 11.3
Net income 1.3 3.1
Net income adjusted(2) 4.3 7.7
Net Debt(3) 13.8 16.7


(1) The Net Operating Income (EBIT) has been calculated as the difference between the Value of Production and the Total Production Costs.

(2) 2016 EBIT and Net Income have been adjusted by adding to the net income the extraordinary costs arising from the allocation of part of the deficit from the inverse merger between 918 Group and ICF (as reported in the 2016 Annual Report published on epspac.it, Investor Relations section) as well as the goodwill amortization. 2017 EBIT and Net Income have been adjusted by adding an amount equal to the goodwill amortization.

(3) Net Debt has been calculated by adding the financial debt (Euro 7.3 million of which in 2016 and Euro 6.9 million in 2017 related to the real estate leasing) and subtracting the liquidity available.

* * *

Additional information:


EPS is the first joint initiative of the equal Joint Venture between Equita Group S.p.A. (“Equita”) and Private Equity Partners S.p.A. (“PEP”), Fabio Sattin, Giovanni Campolo, Stefano Lustig and Rossano Rufini, called “Equita PEP Holding Srl”, set up for the development of private capital sector projects. Listed on Borsa Italiana’s AIM Italia on August 1, 2017, EPS is led by two institutional investors of proven experience and focused on mid-sized Italian enterprises of great industrial potential targeting international expansion. The dual objective of the company is to offer a solid investment to institutional investors and access to the capital markets for enterprises with tangible growth opportunities. EPS unites the expertise of both Equita and PEP, respectively bringing over 40 years of investment selection and market listing experience and approx. 30 years in the acquisition and development of Italian industrial enterprises. The company is a SPAC employing best market practice in terms of investor returns, offering attractive remuneration for innovative promoters through the long-term success of investments and share price growth. EPS’ Board of Directors comprises: Fabio Sattin (Chairman), Stefano Lustig (Vice Chairman), Giovanni Campolo and Rossano Rufini (Chief Executive Officers) and, as independent directors, Mr. Stefano Caselli, Mr. Fabio Buttignon and Ms. Paola Giannotti De Ponti. Mr. Filippo Annunziata is Chairman of the Board of Statutory Auditors.

 * * *

This press release should not be published or distributed, directly or indirectly, in the United States of America, Australia, Canada and Japan. This press release is not an offer of financial instruments in the United States of America, Australia, Canada and Japan. The financial instruments referred to in the present communication have not been, and will not be, registered in accordance with the United States Security Act of 1933, as amended, and may not be offered or sold in the United States, except under applicable exemptions. It does not constitute a public offer of financial instruments in the United States of America or in order jurisdictions.


Press contacts:

Spriano Communication&Partners
Lorenza Spriano e Matteo Russo
Mob. 347/9834881

Scarica l'allegato