New Risk • Sep 13
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 30% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.7x net interest cover). Shares are highly illiquid. Minor Risk Large one-off items impacting financial results. Reported Earnings • Sep 07
Second quarter 2024 earnings released: EPS: €0.02 (vs €0.022 in 2Q 2023) Second quarter 2024 results: EPS: €0.02. Revenue: €188.3m (flat on 2Q 2023). Net income: €2.05m (up 3.0% from 2Q 2023). Profit margin: 1.1% (in line with 2Q 2023). Board Change • Sep 04
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 9 non-independent directors. Independent Non Executive Director Fabrizio Donega was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annuncio • May 01
IVS Group S.A., Annual General Meeting, Jun 07, 2024 IVS Group S.A., Annual General Meeting, Jun 07, 2024, at 11:00 Central European Standard Time. Location: IVS Group registered office, 18 Rue de l'Eau L - 1449, L-Luxembourg, Grand Duchy of Luxembourg Grand Duch Of Luxembourg Luxembourg Annuncio • Apr 24
E-Coffee Solutions S.r.l. entered into investment agreement to acquire IVS Group S.A. (BIT:IVS) from Ivs Partecipazioni S.P.A., Torino 1895 Investimenti S.p.A. and others for €650 million. E-Coffee Solutions S.r.l. entered into investment agreement to acquire IVS Group S.A. (BIT:IVS) from Ivs Partecipazioni S.P.A., Torino 1895 Investimenti S.p.A. and others for €650 million on April 22, 2024. Offer price per share is €7.15. Ivs Partecipazioni committed tender 56,945,752 shares and Torino 1895 committed to tender 18,588,139 shares.The transaction is subject to regulatory approvals. Possible sell-out and/or squeeze-out procedures could take place pursuant to applicable laws. PedersoliGattai and Arendt & Medernach SA acted as legal advisor and BNPP SA (Italy branch) acted as financial advisor to E-Coffee Solutions and Torino 1895 Investimenti. Latham & Watkins LLP and TALEA TAX LEGAL ADVISORY acted as legal advisor to Ivs Partecipazioni S.P.A. Board Change • Feb 14
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 9 non-independent directors. Independent Non Executive Director Fabrizio Donega was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 16
Third quarter 2023 earnings released: €0.01 loss per share (vs €0.02 profit in 3Q 2022) Third quarter 2023 results: €0.01 loss per share (down from €0.02 profit in 3Q 2022). Revenue: €167.7m (down 2.5% from 3Q 2022). Net loss: €836.0k (down 147% from profit in 3Q 2022). Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Consumer Retailing industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. New Risk • Sep 11
New major risk - Revenue and earnings growth Earnings have declined by 35% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.8x net interest cover). Earnings have declined by 35% per year over the past 5 years. Reported Earnings • Sep 11
Second quarter 2023 earnings released: EPS: €0.022 (vs €0.031 in 2Q 2022) Second quarter 2023 results: EPS: €0.022 (down from €0.031 in 2Q 2022). Revenue: €187.4m (up 82% from 2Q 2022). Net income: €1.99m (down 27% from 2Q 2022). Profit margin: 1.1% (down from 2.7% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Consumer Retailing industry in the United Kingdom. Upcoming Dividend • Jul 17
Upcoming dividend of €0.11 per share at 2.2% yield Eligible shareholders must have bought the stock before 24 July 2023. Payment date: 26 July 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 2.2%. Lower than top quartile of British dividend payers (6.1%). Lower than average of industry peers (4.5%). Board Change • May 23
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 10 experienced directors. No highly experienced directors. 2 independent directors (9 non-independent directors). Vice Chairman Paolo Caporali was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Apr 28
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 10 experienced directors. No highly experienced directors. 2 independent directors (9 non-independent directors). Vice Chairman Paolo Caporali was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Apr 01
Full year 2022 earnings released: EPS: €0.09 (vs €0.14 in FY 2021) Full year 2022 results: EPS: €0.09. Revenue: €542.1m (up 50% from FY 2021). Net income: €6.24m (up 16% from FY 2021). Profit margin: 1.2% (down from 1.5% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 3.0% growth forecast for the Consumer Retailing industry in the United Kingdom. Board Change • Mar 22
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 9 non-independent directors. Independent Non-Executive Director Marco Fumagalli was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jan 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 9 non-independent directors. Independent Non-Executive Director Marco Fumagalli was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Dec 06
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 9 non-independent directors. Independent Non-Executive Director Marco Fumagalli was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Oct 13
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 9 non-independent directors. Independent Non-Executive Director Marco Fumagalli was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annuncio • Oct 12
IVS Group S.A. (BIT:IVS) agreed to acquire Sarl Alfragest. IVS Group S.A. (BIT:IVS) agreed to acquire Sarl Alfragest on October 10, 2022. The acquisition, whose closing is expected by the year end. Upcoming Dividend • Sep 12
Upcoming dividend of €0.11 per share Eligible shareholders must have bought the stock before 19 September 2022. Payment date: 21 September 2022. Trailing yield: 2.6%. Lower than top quartile of British dividend payers (5.5%). Higher than average of industry peers (0.4%). Reported Earnings • Sep 10
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: €103.6m (up 18% from 2Q 2021). Net income: €2.73m (down 53% from 2Q 2021). Profit margin: 2.6% (down from 6.7% in 2Q 2021). Revenue is forecast to grow 7.9% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Online Retail industry in the United Kingdom. Board Change • Sep 05
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 11 experienced directors. No highly experienced directors. 3 independent directors (8 non-independent directors). Independent Non-Executive Director Marco Fumagalli was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Jul 29
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 11 experienced directors. No highly experienced directors. 3 independent directors (8 non-independent directors). Independent Non-Executive Director Marco Fumagalli was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Annuncio • Jul 03
IVS Group S.A. (BIT:IVS) completed the acquisition of a 94.6% stake in Liomatic Spa from Ca.F.Im. S.R.L. and others. IVS Group S.A. (BIT:IVS) signed a framework contract to acquire an 80% stake in Liomatic S.p.A. from Cafim s.r.l for an enterprise value of approximately €150 million on October 22, 2021. IVS Group will finance the transaction with new equity, through a capital increase for a total value of around €100 million. According to the structure of the business combination, Cafim s.r.l will reinvest in IVS a major portion, around 70%, of the agreed price. Liomatic reported sales of €109 million in 2020. Paolo Caporali will be appointed as member of the Board of Directors of IVS Group S.A. The completion of acquisition, including the immediate start of a confirmatory due diligence, is expected in early 2022. Paolo Ziotti of TALEA Tax Legal Advisory and Antonio Coletti of Latham & Watkins acted as legal advisors for IVS Group. Andrea Netti and Eleonora Netti of ADR s.r.l. acted as legal advisor for Cafim s.r.l.
IVS Group S.A. (BIT:IVS) completed the acquisition of a 94.6% stake in Liomatic Spa from Ca.F.Im. S.R.L. and others on July 1, 2022. IVS Group also completed the acquisition of GeSA, along with Liomatic for a combined value of approximately €190 million. The combined deal has been financed with the proceeds of the rights issue amounting to €186 million closed on June 2022 and other cash available. The shareholders of Liomatic and GeSA reinvested over 70% of the price, becoming shareholders of IVS Partecipazioni SpA. Board Change • Jun 13
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 11 experienced directors. No highly experienced directors. 3 independent directors (8 non-independent directors). Independent Non-Executive Director Marco Fumagalli was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Mar 23
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. 3 independent directors (8 non-independent directors). Executive Chairman of the Board Paolo Covre was the last director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Annuncio • Feb 18
IVS Group S.A. to Report Fiscal Year 2021 Results on Mar 04, 2022 IVS Group S.A. announced that they will report fiscal year 2021 results on Mar 04, 2022 Board Change • Feb 09
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. 3 independent directors (8 non-independent directors). Executive Chairman of the Board Paolo Covre was the last director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Annuncio • Jan 06
IVS Group S.A. (BIT:IVS) enetered into an agreement to acquire 75.8% stake in Ge.S.A. Spa for €84 million. IVS Group S.A. (BIT:IVS) enetered into an agreement to acquire 75.8% stake in Ge.S.A. Spa for €84 million on January 5, 2022. The acquisition of this equity stake, added to the 24.2% interest in GeSA owned by Liomatic Group, with whom, at the end of October 2021, IVS Group signed a similar agreement, will allow the full control also of GeSA, that will be consolidated within IVS Group at the execution of the transaction. The price has been preliminarily fixed at €84 million, subject to price adjustments according to the net financial position at the closing date. According to the structure of the transaction, it is expected that the sellers of the 75.8% of GeSA will reinvest a significant portion of the agreed price, around 75%, in IVS Partecipazioni S.p.A. (the controlling shareholder of IVS Group, with approximately 62.15%, calculated net of treasury shares), receiving an equity interest in IVS Partecipazioni of around 10-11%. IVS Group will finance the acquisition of the 75.8% shareholding in GeSA with new equity, expanding the capital increase already planned for the acquisition of Liomatic Group. The capital increase, offered in option to the market, for which Equita S.I.M. has been appointed Financial Advisor and Placement Agent, will therefore be increased, from around €100 million to around €185 million, and it will be subscribed, at least pro-quota, by IVS Partecipazioni. GeSA sales were equal to €60 million in 2020 and €74 in 2019, before the Covid pandemic crisis with EBITDA margins slightly below 14%. The completion of all the passages of the transaction, from the immediate start of a Confirmatory Due Dilicence, to the completion of the capital increase, is expected by the second quarter 2022. Board Change • Dec 28
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. 3 independent directors (8 non-independent directors). Executive Chairman of the Board Paolo Covre was the last director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Nov 08
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. 3 independent directors (8 non-independent directors). Executive Chairman of the Board Paolo Covre was the last director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Oct 18
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. 3 independent directors (8 non-independent directors). Executive Chairman of the Board Paolo Covre was the last director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Sep 10
Second quarter 2021 earnings released: EPS €0.17 (vs €0.13 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €87.7m (up 43% from 2Q 2020). Net income: €5.85m (up €10.7m from 2Q 2020). Profit margin: 6.7% (up from net loss in 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance. Board Change • Sep 09
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. 3 independent directors (8 non-independent directors). Executive Chairman of the Board Paolo Covre was the last director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. 
