Stefanutti Stocks : Shareholders Information 2024

Stefanutti Stocks Group

Shareholders' Information

and Notice of the Annual

2024General Meeting

The Stefanutti Stocks Integrated Report 2024 and the Consolidated Annual Financial Statements 2024 are available on the company's website (www.stefanuttistocks.com) and a printed copy is available on request from the Company Secretary.

COMPANY PROFILE

Stefanutti Stocks is a multidisciplinary construction group that delivers projects, of any scale, to diverse sectors in the built environment. The group's geographical footprint spans South Africa and sub-Saharan African countries where its mission is to deliver exceptional engineering solutions that enrich people's lives.

VISION

Re-engineering the built environment.

MISSION

A multi-disciplinary construction group delivering exceptional engineering solutions that enrich people's lives.

Stefanutti Stocks's broad spectrum of expertise covers traditional and niche construction, including:

• Building (specialising in the Industrial and Commercial sectors including one-stop design and build of cold room facilities and a complete data centre offering encompassing Civil Structural Architectural (CSA), Mechanical Electrical Piping (MEP), 3D modelling, etc.).
• Civils (including the Structural Rehabilitation and Water sectors).
• Geotechnical (including lateral support and piling).
• Roads, Earthworks and Mining infrastructure.
• Renewable Energy infrastructure (including both civil and electrical balance of plant projects).
• Electrical & Instrumentation (including the design and build of electrical step-down facilities).
• Mechanical (including industry-leading, turnkey dirty water clarification solutions (S&P High-Rate Clarifier (S&P HRC)).
• Oil & Gas (including in-housepipe-spool fabrication and bulk tank construction).
• Mining Services (including materials handling and tailings management).

Stefanutti Stocks is registered with the Construction Industry Development Board (CIDB) as a Category 9 Contractor, with no restrictions on the size of projects for which the group can tender. The group is ISO 9001:2015, ISO 14001:2015,

ISO 45001:2018 and ISO 27001:2022 certified.

Stefanutti Stocks is one of South Africa's leading engineering and construction groups and is listed on the JSE Main Board in the "Construction and Materials - Construction" sector.

OPERATIONAL FOOTPRINT

The group's operational footprint on the African continent spans South Africa and sub-Saharan Africa, including Botswana, Eswatini, Mauritius, Namibia, Zambia and Zimbabwe in both the private and public sectors.

Clients include governments, state-owned companies,

local authorities, large industrial entities, mining corporations, financial institutions and property developers.

The group's workforce is 5 413 including 3 100 South African employees, with its head office based in Kempton Park, Gauteng.

The group has a values-driven culture which underpins sustainable partnerships with all stakeholders.

The above is achieved by setting and meeting measurable key objectives to support sustainable earnings growth and, at the same time, maintaining a sound financial position while implementing key non-financial objectives to support the group's strategy.

Regional operations in Africa

Shaded countries on the map indicate the group's operational footprint

  Inland   Coastal

  Western Cape   Africa

COMMENTARY

BASIS OF PREPARATION

AND ACCOUNTING POLICIES

The extract from the audited condensed consolidated annual financial statements for the year ended 29 February 2024, which was issued on 18 June 2024, ("results and/or reporting period") have been prepared in accordance with framework concepts and the measurement and recognition requirements of IFRS® Accounting Standards ("IFRS Accounting Standards"), and the South African Financial Reporting Requirements.

The report contains the information required by International Accounting Standard IAS 34: Interim Financial Reporting and is in compliance with the Listings Requirements of the JSE Limited and the requirements of the South African Companies Act 71 of 2008. The accounting policies as well as the methods of computation used in the preparation of the results for the year ended 29 February 2024 are in terms of IFRS Accounting Standards and are consistent with those applied in the audited annual financial statements for the year ended 28 February 2023.

There is no significant difference between the carrying amounts of financial assets and liabilities and their fair values. The fair value measurements for land and buildings are categorised as a level 3, based on the valuation method of income capitalisation or direct comparable sales using unobservable inputs such as market capitalisation rates and income/expenditure ratio. Plant and equipment included within non-current assets held for sale have been categorised as a level 3 fair value based on significant unobservable inputs to the valuation technique used. These assets are measured using the comparable sales method. This entails the use of quoted prices for identical or similar assets in the market.

The results are presented in Rand, which is Stefanutti Stocks's functional currency.

The company's directors are responsible for the preparation and fair presentation of the results which have been compiled under the supervision of the Chief Financial Officer, Y du Plessis, CA(SA).

AUDITORS' REPORT

The summarised report is extracted from audited information but is not itself audited by Stefanutti Stocks's external auditor. The unmodified independent auditors' report, with an emphasis of matter paragraph, can be found on page 12

of the consolidated annual financial statements, as well as on Stefanutti Stocks's website.

The auditor's conclusion contained the following emphasis of matter pertaining to a material uncertainty related to going concern: We draw attention to note 2 of the consolidated financial statements, which indicates that at 29 February 2024 the group's current liabilities exceeded its current assets by R1 136 million (Feb 2023: R1 141 million), and as of that date, the group's total liabilities exceed its total assets by R52 million (Feb 2023: R66 million). The group had an accumulated loss of R1 193 million (Feb 2023: R1 209 million). As stated in note 2, these events and conditions along with the other matters stated in note 2 and the uncertainties surrounding the contingent liabilities as stated in note 26, indicate that a material uncertainty exists that may cast significant doubt with respect to the group's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

GROUP PROFILE

Stefanutti Stocks is a multidisciplinary construction group that delivers projects, of any scale, to diverse sectors in the built environment. The group's geographical footprint spans South Africa and sub-Saharan African countries where its mission is to deliver exceptional engineering solutions that will enrich people's lives.

RESTRUCTURING PLAN UPDATE

The group hereby provides shareholders with an update on the Restructuring Plan as reported in the Reviewed Consolidated Condensed Results for the 12 months ended 29 February 2024, issued on 23 May 2024.

As previously reported, the Restructuring Plan has been approved by both the company's board of directors and the Lenders and envisages, inter alia:

• the sale of non-core assets;
• the sale of underutilised plant and equipment;
• the sale of identified operations;
• a favourable outcome from the processes relating to the contractual claims and compensation events on certain projects; and
• an evaluation of the capital structure, including the potential of raising new equity.

The group on 27 March 2024, reached agreement with the Lenders to extend the capital repayment profile of the loan as well as its duration to 30 June 2025.

With respect to the Mechanical project termination arbitration award and the disposal of Al Tayer Stocks LLC, a total of R106 million and R60 million respectively has been received from March 2023 to date. Approximately R25 million relating to the final tranche of the purchase consideration of the disposal of Al Tayer Stocks LLC remains outstanding.

Capital repayments of R51 million, R43 million and R69 million were made in May 2023, October 2023 and February 2024 respectively, reducing the loan to R997 million. A further payment of R13 million was made in March 2024.

The loan bears interest at prime plus 4,7%, including arranging and facility fees, and is secured by special and general notarial bonds over movable assets, continuous covering mortgage bonds over immovable assets and various cessions. The loan does not contain any financial covenants, but rather imposes certain information and general undertakings.

The Lenders continue to provide guarantee support for current and future projects being undertaken by the group.

The Restructuring Plan is anticipated to be implemented over the period up to June 2025 and, to the extent required, shareholder approval will be sought for certain aspects of the Restructuring Plan. The group will continue to update shareholders on the progress of the various aspects of the Restructuring Plan.

Stefanutti Stocks Group  Shareholders' Information 2024

1

COMMENTARY CONTINUED

The directors consider it appropriate that the group's results for the year be prepared on the going-concern basis, taking into consideration:

• the current order book;
• imminent project awards;
• continuing operations executing the group's order book profitably;
• the availability of short-, medium- and long-term projects;
• reaching a favourable outcome on contractual claims and compensation events on the Kusile power project;
• continued support from the Lenders; and
• successfully implementing the Restructuring Plan.

The funding provided by the Lenders has assisted with the group's liquidity, even though as at 29 February 2024 the group's current liabilities exceed its current assets by R1 136 million (Feb 2023: R1 141 million), and the group's total liabilities exceed its total assets by R52 million (Feb 2023: R66 million). The group believes it remains commercially solvent based on the cash flow projections included in the Restructuring Plan and the continued support of the Lenders. However, the matters as noted above including uncertainties surrounding the contingent liabilities as stated in note 26 of the group's Consolidated Annual Financial Statements for the year ended 29 February 2024, continue to indicate that a material uncertainty exists that may cast doubt on the group's ability to continue as a going concern, and as a consequence could impact on the group's ability to realise its assets and discharge its liabilities in the ordinary course of business.

KUSILE POWER PROJECT UPDATE

As previously highlighted to shareholders in numerous announcements and updates since late 2018, the group continues to pursue a number of contractual claims and compensation events on the Kusile power project.

Since August 2021, the group has secured payment of a combined total of R119 million for measured work and the Dispute Adjudication Board (DAB) rulings.

Stefanutti Stocks and Eskom (the parties) entered into an "Interim Arrangement for the Purposes of Agreeing or Determining the Contractor's Claims and Facilitating the Dispute Resolution Process" in February 2020, for all delay events up to the end of December 2019. This process involves the appointment of independent experts (the experts) to evaluate the causes, duration and quantification of delays.

Further to the above, the parties and the DAB have signed a memorandum of understanding (MOU) dealing with the following:

• The DAB will issue decisions confirming entitlements, which entitlements the experts have agreed to, which will then be binding on the parties;
• The DAB will rely on the experts for the narrowing of the issues and information to be considered in its assessments;
• The DAB will continue to make interim decisions on the narrowed issues and information, in a progressive manner which will be binding on the parties;

• The DAB will issue such interim decisions relating to delay and quantum; and
• At the end of the process the DAB will issue a final binding decision in terms of the contract with respect to duration and quantification, at which point either party may issue a notice of dissatisfaction and refer the dispute to arbitration.

As noted in the SENS announcement dated 12 September 2023, the following consolidated and updated claims were submitted to the experts:

1. a quantum claim of R1 344 million;
2. a finance cost claim of R270 million; and
3. interest to be calculated in terms of the DAB's ruling.

Therefore, the total of all consolidated and updated claims submitted, excluding interest, amounts to R1 614 million. In terms of the process as outlined above the experts will review all claims, draft agreements and narrow issues of difference for referral to the DAB for a decision.

The group envisages that the DAB will issue its binding decision during the third quarter of 2024.

At this stage the claims must follow due process, therefore, the group's claims team cannot express a view on the value of any potential award nor the exact timing thereof. As the outcome of this process remains uncertain, these consolidated and updated claims have not been recognised in the financial statements.

OVERVIEW OF RESULTS

Certain underutilised plant and equipment and the disposal group below have been earmarked for sale and accordingly have been reclassified in terms of IFRS 5: Non-currentAssets Held for Sale and Discontinued Operations. Due to current market conditions, the disposal of these assets is taking longer than anticipated.

The group remains committed to the sale processes as envisaged in the Restructuring Plan.

Discontinued operations and disposal groups

On 22 November 2022 shareholders approved the disposal of

1. - Construções (Moçambique) Limitada (SS Mozambique) and Stefanutti Stocks Construction Ltd (SS Construction) (collectively the Proposed Transaction) by the company's wholly owned subsidiaries, Stefanutti Stocks Mauritius Holdings Limited and Stefanutti Stocks International Holdings Proprietary Limited to CCG-Compass Consulting Group (Purchaser). The completion of the Proposed Transaction is subject to the fulfilment or waiver of certain conditions precedent, including that the Purchaser provides alternative security arrangements to release Stefanutti Stocks from its existing security arrangements. The parties have extended the period for fulfilment or waiver of the conditions precedent to 30 June 2024.

1. Mozambique holds an 80% interest in a Mauritian company, Stefanutti Stocks Hyvec Partners JV Limited (Hyvec JV), which was established to execute a contract that was awarded to construct villas for a resort in Mauritius (Project).

2 Stefanutti Stocks Group  Shareholders' Information 2024

COMMENTARY CONTINUED

NON-CURRENT ASSETS HELD FOR SALE

The following items are classified as non-current assets held for sale:

		Feb 2024	Feb 2023
Property, plant and equipment	Regions	R'000	R'000

Land and buildings	Inland	-	743
Plant and equipment	Inland, Coastal and Western Cape	19 050	42 854
		19 050	43 597

The equity-accounted investee of R6,5 million, previously included as part of non-current assets held for sale, has been disposed of during the year.

The Proposed Transaction envisaged that the group's interest in Hyvec JV would be (indirectly) transferred to the Purchaser. However, for various commercial reasons, the parties now intend for the 80% shareholding in Hyvec JV (as well as certain plant and formwork owned by SS Mozambique used on the Project) to be sold by SS Mozambique to other Stefanutti Stocks group companies prior to the implementation of the Proposed Transaction. Due to the exclusion of Hyvec JV from the Proposed Transaction the original sale and purchase agreements concluded with the Purchaser will be amended. The amendments will also address related and ancillary matters, in particular the restraint and non-solicitation provisions originally agreed by the parties in relation to the Mauritius territory.

The amendments will not impact the purchase consideration payable by the Purchaser. When the amendments are signed, shareholders will be updated accordingly.

Consequently, Hyvec JV has been re-classified to continuing operations and the Statement of Comprehensive Income for the year ended 28 February 2023 has been restated.

Due to legislative changes in Mauritius, it took the Hyvec JV substantially longer to on-board the required out-of-country national labour. As a consequence, the Hyvec JV is unable to achieve the construction programme, resulting in the group recognising an onerous contract provision at 29 February 2024 and reporting a loss for the year of R78 million.

The group believes that the classification of SS Mozambique and SS Construction as held for sale is still appropriate as the delay in the sale is caused by circumstances beyond the group's control and the group remains committed to its plan to sell the disposal group.

1. Mozambique and SS Construction, reported within the Africa Region, reported a loss for the year of R84 million (Restated Feb 2023: profit of R51 million) which has been offset by a fair value adjustment of R74 million recognised at year-end (Restated Feb 2023: R0,2 million). Further information can be found on pages 14 to 16.

Continuing operations

Contract revenue and operating profit from continuing operations improved to R7,1 billion (Restated Feb 2023: R6,1 billion) and R210 million (Restated Feb 2023: R101 million) respectively.

Earnings before interest, tax, depreciation and amortisation (EBITDA) improved from R157 million to R270 million due to improved operating performance and a reduction in restructuring costs. Also included in EBITDA is a net expected credit loss (ECL) reversal of R16 million (Feb 2023: R61 million). The reversals in both the current and prior period relate to trade receivables that were previously provided for and subsequently recovered.

The depreciation charge increased to R58 million (Restated Feb 2023: R42 million), mainly due to the capital expenditure incurred during the year.

The fair value adjustments of R3 million (Feb 2023: R14 million) relate to the write-down of the carrying amount of the non-current assets held for sale to their fair value less costs to sell as required by IFRS 5.

Investment income increased to R44 million (Restated Feb 2023: R29 million) due to improved cash balances during the year.

The tax charge is impacted by certain non-deductible expenditure included within operating profit as well as the profitability of the cross-border operations at their varying tax rates. Furthermore, the group has not provided for a deferred tax asset on the losses reported for the Hyvec JV. In addition, the reversal of timing differences reduced the deferred tax asset by R43 million. The tax rate used for the South African entities is 27%.

The profit for the year for total operations improved slightly to R16 million (Feb 2023: R15 million).

Earnings per share for total operations is a profit of 9,50 cents (Feb 2023: 8,72 cents), and headline earnings per share is a loss of 55,73 cents (Feb 2023: 38,73 cents).

The group's current order book is R8,4 billion (2023: R7,4 billion)

of which R1,8 billion (2023: R1,6 billion) arises from work beyond South Africa's borders.

Property, plant and equipment increased to R529 million due to the purchase of new plant and equipment of R117 million of which R67 million was financed through instalment sale agreements.

A dividend of R10 million (Feb 2023: R0,5 million) was received from the equity-accounted investee reducing the carrying value to R25 million (Feb 2023: R32 million).

Stefanutti Stocks Group  Shareholders' Information 2024

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COMMENTARY CONTINUED

Trade and other receivables within non-current assets reduced due to R27 million of restricted cash held as security for long-term guarantees being included within current assets, and trade receivables which have reduced from R34 million at February 2023 to R7 million. An ECL of R23 million was raised on trade receivables which have been long outstanding.

Current financial liabilities have reduced by R145 million from R1,2 billion in February 2023 to R1,1 billion, due to capital repayments.

Total excess billings over work done increased by R52 million to R1,3 billion, which includes R246 million pertaining to the re-classification of Hyvec JV.

Provisions increased from R649 million to R966 million in line with the increase in trading activity and the inclusion of the onerous contract provision of R48 million relating to Hyvec JV.

Total interest-bearing liabilities reduced from R1 354 million reported at February 2023 to R1 208 million. Due to the increase in the prime lending rate during the year, interest on the loan increased to R134 million (Feb 2023: R115 million).

The group's overall cash position improved to R755 million (Feb 2023: R561 million).

Cash generated from operations is R322 million (Feb 2023: R512 million) impacted by the repayment of excess billings over work done.

The effect of the weakening Rand on the translation of certain foreign operations resulted in R13 million profit (Feb 2023:

R41 million profit) being recognised in other comprehensive income. In addition, the winding up of two foreign branches resulted in a R23 million foreign exchange gain.

Review of operations

INLAND REGION

Inland Region delivered a strong performance with contract revenue and operating profit increasing to R3,1 billion (Feb 2023: R2,3 billion) and R194 million (Feb 2023: R84 million) respectively.

The Civils discipline once again delivered an excellent performance, with all other disciplines performing to expectation.

With respect to a contract mining project termination,

a settlement agreement was signed on 27 June 2023 and amended in February 2024. In terms thereof, the group received R17 million to date, with the balance of R13 million expected to be received over the next 28 months.

The arbitration matter relating to the cancellation of a petrochemical contract, has been settled by the parties and all claims for and against have been abandoned.

Inland's order book at February 2024 was R2,2 billion (Feb 2023: R3,1 billion). Subsequent to year-end a significant contract to the value of R1,3 billion was awarded.

COASTAL REGION

The Coastal Region's contract revenue from operations is

R1,2 billion (Feb 2023: R1,4 billion) with an operating profit

of R20 million (Feb 2023: R5 million). These results were negatively impacted by late contract awards and delayed commencement of projects.

Coastal's order book at February 2024 was R2,2 billion (Feb 2023: R2,1 billion).

WESTERN CAPE REGION

Western Cape's contract revenue is R1,1 billion (Feb 2023:

R702 million) with an operating profit of R37 million (Feb 2023: R30 million). All disciplines are performing to expectation.

Western Cape's order book at February 2024 was R741 million (Feb 2023: R621 million).

AFRICA REGION

The Africa Region's contract revenue is R1,6 billion (restated Feb 2023: R1,6 billion) with a reduced operating profit of R33 million (restated Feb 2023: R75 million). These results have been impacted by the Hyvec JV loss of R78 million.

All other regions performed to expectation.

With respect to the arbitration award relating to the Kalabo- Sikongo-Angola border gate road in the Western Province of Zambia, as announced on SENS on 4 October 2023, shareholders are advised that the award was subsequently registered with the Court. The client has however submitted:

1. an order for the stay of further proceedings pending the determination of the client's application for leave to appeal;
2. an affidavit in support of summons for an order to set aside the registration of the award; and
3. leave to appeal against the judgement.

Stefanutti Stocks and its joint venture partner successfully filed a summons opposing the stay of further proceedings and have commenced discussions with the client with respect to a settlement. The settlement discussions are done on a without prejudice basis and all legal rights remain reserved. Due to the uncertainty relating to the timing and quantum of receipts, the award has not been recognised in the financial statements.

Africa's order book at February 2024 was R1,7 billion (restated Feb 2023: R1,3 billion).

Safety

Management and staff remain committed to the group's health and safety policies and procedures, and together strive to constantly improve the group's safety performance. The group's Lost Time Injury Frequency Rate (LTIFR) at February 2024 was 0,03 (Feb 2023: 0,05) and the Recordable Case Rate (RCR) was 0,24 (Feb 2023: 0,44).

4 Stefanutti Stocks Group  Shareholders' Information 2024

COMMENTARY CONTINUED

Broad-Based Black

Economic Empowerment (B-BBEE)

The group is a Level 1 B-BBEE Contributor measured in terms of the Construction Sector scorecard with a Black Economic Interest score of 70,49%.

Industry-related matters

The group continues to be negatively affected by disruptive and unlawful activities by certain communities and informal business forums in several areas of South Africa.

Dividend declaration

Notice is hereby given that no dividend will be declared (Feb 2023: Nil).

Subsequent events

Other than the matters noted herein, there are no other material reportable events which occurred between the reporting date and the date of this announcement.

Capital commitments

Capital commitments relate to expenditure for plant and equipment which has been authorised and/or contracted for but not yet recognised in the financial statements. Capital commitments which have been authorised and contracted for amount to R59 million. Capital commitments which have been authorised and not yet contracted for amount to R119 million. Capital commitments will be funded through instalment sale agreements and rental options, with repayment terms ranging from 24 to 36 months.

APPRECIATION

It is with a deep sense of loss and great sadness that we received the news of Gino Stefanutti's passing on 6 May 2024. Gino's legacy dates to our founding in 1971, and under his energetic, pioneering, and passionate leadership he journeyed with us through many uncharted territories and company milestones. His legacy will forever remain interwoven into the tapestry of our culture and heritage, and we honour the memory of our founder, who inspired and motivated many within our organisation and across the construction industry.

We express our appreciation to the board, the management team and all our employees for their continuous commitment and dedication. We also express our gratitude to our Lenders, service providers, customers, suppliers and shareholders for their ongoing support.

On behalf of the board

Zanele Matlala

Chairman

Russell Crawford

Chief Executive Officer

18 June 2024

Stefanutti Stocks Group  Shareholders' Information 2024

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SUMMARISED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 29/28 FEBRUARY

		2024	Restated *
	%	2023
	Increase	R'000	R'000
CONTINUING OPERATIONS
Contract revenue	17	7 084 226	6 050 664
Earnings before interest, taxation, depreciation and amortisation (EBITDA)	72	270 247	157 329
Depreciation		(57 758)	(41 540)
Fair value adjustments		(2 743)	(14 344)
Operating profit before investment income	107	209 746	101 445
Investment income		43 591	28 714
Share of losses of equity-accounted investees		(2 030)	(1 468)
Operating profit before finance costs		251 307	128 691
Finance costs		(150 822)	(128 849)
Profit/(loss) before taxation		100 485	(158)
Taxation		(74 346)	(36 487)
Profit/(loss) for the year		26 139	(36 645)
(Loss)/profit after tax for the year from discontinued operations		(10 253)	51 232
Profit for the year		15 886	14 587
Other comprehensive income		(3 386)	9 068
Exchange differences on translation of foreign operations (may be reclassified to profit/(loss))
- Continuing operations		13 024	41 371
Exchange differences on translation of foreign operations (may be reclassified to profit/(loss))
- Discontinued operations		6 874	43 854
Reclassification of foreign currency translation reserve on deregistration of foreign operations
- Continuing operations		(23 284)	(5 215)
Reclassification of foreign currency translation reserve on disposal of foreign operation
- Discontinued operations		-	(70 942)

Total comprehensive income

12 500

23 655

* The information has been restated for the changes between continuing and discontinued operations as explained in the commentary.

6 Stefanutti Stocks Group  Shareholders' Information 2024

SUMMARISED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 29/28 FEBRUARY CONTINUED

%	2024	Restated *
Increase/	2023
(decrease)	R'000	R'000

Profit attributable to:

Equity holders of the company

Profit/(loss) for the year from continuing operations (Loss)/profit for the year from discontinued operations

Total comprehensive income attributable to:

Equity holders of the company

Profit/(loss) for the year from continuing operations (Loss)/profit for the year from discontinued operations

15 886	14 587
26 139	(36 645)
(10 253)	51 232
15 886	14 587
12 500	23 655
15 879	(489)
(3 379)	24 144
12 500	23 655

Earnings and diluted earnings per share (cents)

Continuing operations	171	15,63	(21,91)
Discontinued operations	(120)	(6,13)	30,63
Total operations	9	9,50	8,72

* The information has been restated for the changes between continuing and discontinued operations as explained in the commentary.

Stefanutti Stocks Group  Shareholders' Information 2024

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SUMMARISED CONSOLIDATED

STATEMENT OF FINANCIAL POSITION

AS AT 29/28 FEBRUARY

	2024	2023
	R'000	R'000
ASSETS
Non-current assets	1 008 977	1 038 097
Property, plant and equipment
528 666	458 313
Equity-accounted investees	24 862	32 107
Goodwill	272 376	272 376
Trade and other receivables	9 531	58 269
Deferred tax assets	173 542	217 032
Current assets
3 423 906	3 174 774
Inventories
46 295	51 077
Contracts in progress	535 792	530 496
Trade and other receivables	1 998 873	1 930 016
Taxation	88 122	84 785
Bank balances	754 824	578 400
Non-current assets held for sale and disposal groups
675 488	937 558
Total assets	5 108 371	5 150 429
EQUITY AND LIABILITIES
Capital and reserves	(51 703)	(66 364)
Share capital and premium
1 007 718	1 007 718
Other reserves	133 898	135 123
Accumulated loss	(1 193 319)	(1 209 205)
Non-current liabilities
188 578	261 920
Other financial liabilities
149 312	131 451
Excess billings over work done	39 266	130 469
Current liabilities
4 559 663	4 315 855
Financial liabilities
1 059 014	1 204 309
Trade and other payables	1 238 928	1 274 463
Excess billings over work done	1 225 326	1 081 639
Provisions	966 073	648 883
Taxation	70 319	88 723
Bank balances	3	17 838
Liabilities directly associated with disposal groups *
411 833	639 018
Total equity and liabilities	5 108 371	5 150 429
* including interest-bearing liabilities and bank overdrafts of	57 114	23 924

8 Stefanutti Stocks Group  Shareholders' Information 2024