Bio-on again in the eye of the storm. After the accusations of the Quintessential fund that made the stock tremble, and not a little, today in Piazza Affari the company's shares fail to make a price, marking a theoretical fall of 48%. In the last six months, the Bologna-based company has lost over 65% of its value, while its capitalization has dropped from 1 billion to 361 million.
At the basis of yet another panic selling there are the half-year results published on September 30 by the company. Bio on closed the first six months of 2019 with revenues equal to 917 thousand euros, of which 767 on behalf of third parties, compared to the 6,1 million recorded in the same period of next year. L'ebitda is negative by 4,94 million euro (-2,3 million as at 30 June 2018), but what worries investors above all is the perdita record, which reached 10,142 million compared to the 2,9 million in the red in the first half of last year.
At the end of June the net assets of the group amounted to 47,5 million euros, down by over 10 million compared to the 57,8 of 12 months earlier. In the meantime, the production plant in Castel San Pietro was built. There net financial position overall is negative by 41 million from -22,53 million a year ago.
Quick reaction of Quintessential that plunges the knife into the wound: “The results did not surprise us and confirm the correctness of our analysis - explains Gabriele Grego, founder and managing director of the fund - Furthermore, we learned the news of the resignation of the Nomad, the body responsible for monitoring the correct activity of companies listed on the Aim".
Going back to the accounts, Bio on let it be known that on 25 September it stipulated a thirty-year contract for 10 million euros (to be paid in two tranches), with a beverage group to create sustainable and 100% collapsible products, plus a 2% royalty on the sales that will be made.
The company also informs that it is also in talks with other customers, but the negotiations are allegedly slowed down by the harsh accusations made by Quintessential last July. The US fund has accused Bio On of having achieved the vast majority of its turnover thanks to "boxes controlled or affiliated by it" and of having produced practically nothing in 2018. As for the guidance 2019, the Bolognese group "is confident of closing 2019 with at least 20 million in net revenues from third parties", which compares with 19 million in revenues from third parties recorded in 2018, a positive EBITDA of 8 million, against 11,808 million in 2018.
