Generalfinance

Investor Presentation • Jan 27, 2025

GENERALFINANCE

GENERALFINANCE

1

Milan - January 28, 2025

Disclaimer

This presentation has been prepared by Generalfinance and contains certain information of a forward-looking nature, projections, targets, and estimates that reflect Generalfinance management's current views related to future events. Forward-looking information not represent historical facts. Such information includes financial projections and estimates as well as related assumptions, information referring to plans, objectives, and expectations regarding future operations, products, and services, and information regarding future financial results. By their very nature, forwardlooking information involves a certain amount of risk, uncertainty and assumptions so that actual results could differ significantly from those expressed or implied in forward-looking information. These forward-looking statements have been developed from scenarios based on a set of economic assumptions related to a given competitive and regulatory environment.

There are a variety of factors that may cause actual results and performance to be materially different from the explicit or implicit contents of any forward-looking statements and thus, such forward-looking statements are not a reliable indicator of futures performance. The Company undertakes no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events or otherwise expect as may be required by applicable law. The information and opinions contained in this Presentation are provided as at the date hereof and are subject to change without notice. Neither this Presentation nor any part of it nor the fact of its distribution may form the basis of, or be relied on or in connection with, any contract or investment decision.

The information, statements and opinions contained in this Presentation are for information purposes only and do not constitute a public offer under any applicable legislation or an offer to sell or solicitation of an offer to purchase or subscribe for securities or financial instruments or any advise or recommendation with respect to such securities or other financial instruments. None of the securities referred to herein have been, or will be, registered under the U.S. Securities Act of 1933, as amended, or the securities laws of any State or other jurisdiction of the United States or in Australia, Canada or Japan or any jurisdiction where such an offer or solicitation would be unlawful (the "Other Countries"), and there will be no public offer of any such securities in the United States. This Presentation does not constitute or form apart of any offer or solicitation to purchase or subscribe for securities in the United States or the Other Countries.

Pursuant the consolidated law on financial intermediation of 24 February 1998 (article 154-bis, paragraph 2) Ugo Colombo, in his capacity as manager responsible for the preparation of the Company's financial reports declares that the accounting information contained in this Presentation reflects the Generalfinance documented results, financial accounts and accounting records. Neither the Company nor any of its or their respective representatives, directors or employees accept any liability whatsoever in connection with this Presentation or any of its contents or in relation to any loss arising from its use or from any reliance placed upon it.

Agenda

• Generalfinance: Overview
• Factoring Market and Distressed Financing
• Digital, Low Risk Player
• Main 9M24 Results
• Focus on Asset Quality and Digital Factoring
• 9M24 Results: Balance Sheet, P&L, Funding and Capital
• Closing Remarks

▪ Annex

Generalfinance: Overview

Long Standing Experience, Specialisation and Unique Positioning

Company Milestones - Turnover

Cumulative Turnover € bn

With the 2,1 bn turnover in 9M2024, total factored receivables since the start of the factoring operation (1991) amounts to approximately 12,7 bn

Strong and long term oriented shareholder base

Shareholders' structure

Generalfinance: Overview

• ✓ Leading independent player in the white space of factoring for Distressed Italian SMEs, unserved by traditional banks, with no comparable companies
• ✓ Digital platform enables unique efficiency, knowledge of clients (competitive advantage) and better risk management
• ✓ Competitive advantage with tailor-made services to customers by using a unique in-house Scoring and Rating system and high sector diversification
• ✓ Excellent risk management due to digital platform data management and managerial proven experience
• ✓ Strong growth opportunities supported by sound capital and excellent funding structure
• ✓ Management with a solid experience in financial services to distressed companies, as well as significant skills in business development

Workinvoice - Acquisition of 96% of the share capital

Milan, 17 June 2024 - Generalfinance S.p.A., announces that has signed a contract for the acquisition of 96% of the share capital of Workinvoice S.r.l., a leading operator and pioneer in the invoice trading market in Italy.

The Transaction provides for an initial consideration of EUR 6.4 million . Of this amount, EUR 1.8 million will be paid in cash and EUR 4.6 million will be settled in newly issued Generalfinance shares, valued at a unit price of EUR 10,96.

Expected closing by year and with the full integration of WI in Generalfinance.

Spain branch- First expansion beyond the domestic market

The Branch has been established and marks Generalfinance's first step into international markets. Initial operations with Spanish counterparties are scheduled to begin in the first quarter of 2025.

Factoring Market and Distressed Financing

What is Factoring? (1/2)

What is Factoring? (2/2)

Leader in the high-growth distressed market segment

In the overall fast growing factoring market (turnover in Italy is expected to grow from € 289bn in 2024 up to €300bn in 2025) Generalfinance focuses on distressed sellers (UTP, forborne and past due) with a portfolio of performing debtors (in bonis)

Notes: (1) range of values estimated in the last Assifact report «ForeFact» 25 n.1 Source: Assifact monthly and quarterly statistics

Addressable market

The worsening financial conditions of Italian companies expected in the next three-year period and the consequent increase in rates of deterioration could in fact drive a growth in the potential turnover of factoring to distressed companies by 8 percent annually, up to a market value of ca. 40 billion € by 2024

Competitive Positioning

Source: Generalfinance

Vulnerable companies and new procedures

Digital, Low Risk Player

A strategic asset: the proprietary digital platform

Data LTM, as of September 2024

Total transactions: sum of Automaric Disponsal, Automatic Disbursement, Automatic settlement, Installments and Automated notifications

An organization oriented to risk control and business

A unique business model, leveraging the factoring features

The peculiarity of Generalfinance's business model is the choice of Seller–Debtor, where clients (Sellers) typically have a low credit rating (turnaround situation) while the Debtors underlying customer loans refer to a high credit rating (normally investment grade)

Notes: 1) Generalfinance data refers to September 30, 2024 (LTM); Assifact data refers to June 30, 2024; 2) Assifact data net of household debtors; 3) NewCo: New Company after the definition of the turnaraund plan

Collection performance: a strategic delivery to our Customers

Generalfinance boasts a portfolio quality, both in terms of Payment Conditions and Payment Delays, better than the rest of the market

Key Business Generation Channels and Target Customers

BUSINESS GENERATION CHANNELS TARGET CLIENTS

Direct sales force:

• experienced relationship managers engaging directly with SMEs and corporates.

Referrals from banks, financial intermediaries, and institutions:

• collaborations with banks that refer clients requiring factoring or alternative financing solutions.
• co-operation with International investment funds specializing in special situations and services managing UTP portfolios.

Partnerships with business consultants and industry associations:

• network of trusted advisors—including financial, tax, and legal consultants—who recommend GeneralFinance's services to their clients.

Corporate networking and events

• participation in trade fairs, industry conferences, and local business events.

Small/Medium and Large corporates

• growth-oriented businesses seeking working capital to scale operations.

Corporates facing liquidity constraints

• companies experiencing cash flow challenges due to delayed receivables or seasonal demands.
• distressed start-ups.

Startups and emerging businesses

• high-potential firms needing short-term financing to support rapid growth.

Distressed companies

• firms in turnaround situations, looking for immediate and flexible financing.

Special situations

• all types of companies undergoing a unique or challenging phase in their lifecycle.

Credit Process Overview

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e as h P	1 2 Client Acquisition	Assessment & pre qualification	3 Proposal	4 Negotiation and underwriting	5 Credit decision	6 Credit management	7 Monitoring
es viti Acti	Acquisition of ▪ new Clients Collection of ▪ Client data to check sales, turnover, customers, suppliers, etc.) Generate Client ▪ Report	Customer ▪ assessment (economic and financial analysis, AML checks, Summary Report Process ▪ assessment (for distressed procedures) Debtor ▪ assessment (data collection, creditworthiness check)	Overall file ▪ assessment (review of Summary Report and other relevant documents) Definition of a ▪ non-binding proposal, to be shared with the Client	Forwarding of ▪ proposal to Client Discussion of ▪ any amendments within the decision-making scope of the Sales Office Sign-off of terms ▪ and conditions by the Client	Additional data ▪ collection on the Assignor Review of ▪ Assignor/Assign ee assessment Credit decision ▪ on the maximum amount disbursable to Assignor and credit facilities to Debtors Signing of ▪ contract	Acquisition / ▪ assignment of receivables , prepayments and relevant process management Relationship ▪ management with Assignor and Assigned Debtors Collection ▪ management	Monitoring of ▪ factored receivables Monitoring of ▪ credit risk Management of ▪ outstanding receivables Monitoring of ▪ collections Reporting on ▪ information flows between corporate bodies
nt e m part e D	CCO ▪	CLO ▪	Credit ▪ Committee	CCO ▪ CLO ▪	Credit ▪ Committee	COO ▪	CLO ▪

Value proposition, distinctive features and value chain

Value proposition 1 Distinctive skills

Generalfinance offers its customers (mostly companies under financial stress) rapid and customized interventions for the financing of the working capital and trade receivables, covering the entire supply chain finance

"Revolving" relationship (LIR¹ at 24 months) in a predominantly "notification" mode and, where applicable, "acceptance" of the debt

• o Consolidated expertise throughout the entire process
• o End-to-end in-house valuation process, tailored to customer specifications
• o Strong risk reduction and diversification mechanisms
• o In-house-developed proprietary factoring platform to support business specifications
• o Fast operational processes and capability to provide bridge financing within turnaround processes

3

Generalfinance masters all the crossroads of the value chain

2

• o All operational steps and core activities are carried out internally by Generalfinance's dedicated structures
• o Generalfinance does not relies on external consultants to assess the creditworthiness of sellers and debtors but owns all the skills
• o The process is reinforced by credit insurance policies provided by Allianz Trade insurance company which, during the risk acquisition phase, performs an independent assessment of the assigned debtors, providing Generalfinance a feedback on the results of their assessment

Valuation Framework

Distressed Client
Scoring Components	DISTRESSED SELLER SCORING		DEBTOR SCORING/ SELLER'S PORTFOLIO		OPERATIONS'S FINAL SCORING
Industrial market position and client portfolio ▪ ▪ Recovery plan credibility and sustainability of the repayment plan of the previous debt position Key Factors for ▪ Standing and profile of the Seller's legal/financial advisors Feasibility of the financial measures and presence of legal protections Valuation ▪ ▪ Presence of financial support (Equity/Debt) from investors/shareholders
Output	Distressed Seller's Debtor's score ▪ ▪ quantitative score (green, ▪ Seller's portfolio score yellow, red)				Overall valuation (Seller ▪ + Debtor) To be Grant Reject evaluated
			Performing Client
Scoring Components	PERFORMING SELLER SCORING		DEBTOR SCORING/ SELLER'S PORTFOLIO		OPERATIONS'S FINAL SCORING
▪ Economic and financial analysis of the Balance Sheet/P&L/Cash Flow Statement Key Factors Positioning in the sector ▪ for ▪ Sustainability of the debt position (Debt-Service Coverage Ratio) Valuation ▪ Credibility of the management
Output	Performing Seller's ▪ quantitative score		Debtor's score ▪ Seller's portfolio score ▪		▪ Overall valuation (Seller + Debtor) To be Grant Reject evaluated

Risk reduction in Distressed Factoring

Given that the majority of Generalfinance's turnover is realized towards distressed Sellers, the Company can benefit from a reduction in risk, because of 3 main factors

Lower Credit Risk

• o Effects of insolvency proceedings on financial position (ex. credit write-offs)
• o Recovery and relaunch plan
• o Possible change in the Governance
• o Possible capital injection or new financing
• o Predeductibility (i.e., superpriority) of receivables arising from loans disbursed in execution of the plan and loans disbursed prior to the submission of the composition with creditors plan, respectively, if the conditions provided by the regulations are met

Lower Operating Risk

• o Court approval (arrangement with creditors, restructuring agreement)
• o Supervision by the court commissioner (arrangement with creditors)
• o Presence of high standing Financial Advisors and Legal Counsels
• o Management change

• o Financial assistance for the implementation of the agreement / plan / arrangement with creditors with exemptions from clawback actions
• o Authorization for bridge financing (in these cases, the risk of clawback actions is excluded on a de facto basis)
• o Factoring law and related protections (clawback actions regarding collections from assigned debtors)

Debtor Scoring

Macro score	Indicator	Assessment details
1	BRI	Counterparty summary assessment considering the economic ▪ and financial aspects, the history of the company, the shareholders structure, etc.
	CGS	Counterparty summary assessment considering the economic ▪ and financial aspects, the history of the company, the shareholders structure, etc.
Commercial score	Rating Score	▪ Counterparty summary assessment considering the economic and financial aspects, the history of the company, the shareholders structure, etc.
	Delinquency Score	▪ Probability of late payments over the next 12 months
	Failure Score	▪ Company probability of default over the next 12 months
2 Payments	Paydex	Score on the counterparty's payment performance ▪
score	Payline	▪ Score on the counterparty's payment performance
3 Credit	Grade Allianz Trade	▪ Degree of credit insurability
insurability score	DRA	▪ Degree of credit insurability Coface – in progress ▪
4 Credit insurance	Insurance	▪ Insurance partnership with Allianz Trade to insure up to 100% of the credit cross, starting from amounts above 30k

Main 9M24 Results

Turnover witnessing a strong growth story

2024 annual growth rate (18%) well above the market average (+1%)

Net Income: high profitability from the operations

Profitability level very strong, substantially in line with 2024 Budget

Focus on Asset Quality and Digital Factoring

A low risk model with a best in class asset quality

Cost of Risk has been computed as Credit Risk Adjustments / Annual Disbursed Loans;

Gross NPE («Non-Performing Exposure») Ratio has been computed as Gross NPE / Gross Loans to Customers

Gross NPE Ratio expected to drop in 2H

Net Risk on Financial Assets – 9M2024

Company's DSO expressing a very low duration of the portfolio

9M 24 Results: Balance Sheet, P&L, Funding and Capital

Main KPIs behind our business

Statement (€m) Income	2021A	2022A	2023A	CAGR '21-'23	9M23	9M24	YoY%
Interest Margin	6 2	3 7	9 0	20 0%	9 5	8 0	35 5%
Commission Net	17 7	23 6	27 2	0% 24	19 6	24 9	3% 27
Net Banking Income	23 9	30 9	36 2	23 0%	25 5	32 9	29 1%
value adjustments / write-backs for credit risk Net	(0 2)	(1 2)	(1 3)	141 2%	(0 1)	(1 3)	810 6%
Operating Costs	(9 8)	(13 2)	(12 9)	15 0%	(9 7)	(11 1)	14 5%
Profit Net	9 5	10 9	15 1	26 2%	10 7	13 6	27 3%
(€m)	2021A	2022A	2023A	CAGR '21-'23	9M23	9M24	YoY%
Turnover	1 402 9 ,	2 009 4 ,	2 559 3 ,	1% 35	1 773 8 ,	2 097 6 ,	3% 18
Disbursed Amount	118 1 5 ,	674 0 1 ,	2 161 4 ,	39 0%	482 1 1 ,	628 0 1 ,	9 8%
LTV	7% 79	3% 83	5% 84	9% 2	6% 83	6% 77	1% -7
Pro-solvendo LTV	78 6%	81 6%	79 7%	0 7%	79 6%	2% 75	5% -5
Net Banking / (%) Income Average Loan	9 6%	8 7%	8 5%	(5 8%)	8 8%	9 7%	9 3%
Margin Banking (%) Interest / Net Income	0% 26	5% 23	8% 24	(2 4%)	1% 23	2% 24	0% 5
Cost Income Ratio	40 9%	42 7%	35 7%	(6 5%)	37 9%	33 6%	(11 3%)
ROE (%)	42 0%	23 7%	29 3%	(16 4%)	27 7%	30 7%	10 9%
Balance Sheet (€m)	2021A	2022A	2023A	CAGR '21-'23	9M23	9M24	YoY%
Cash Cash Equivalents &	33 5	43 7	21 7	(19 6%)	80 3	118 9	48 1%
Financial Assets	321 0	385 4	462 4	20 0%	383 2	445 4	16 2%
Other Assets	10 8	14 7	15 9	2% 21	13 2	17 5	4% 32
Total Assets	365 3	443 8	500 0	0% 17	476 7	581 8	22 0%
Financial Liabilities	314 6	368 4	409 4	1% 14	394 3	445 5	0% 13
Other Liabilities	18 7	18 6	24 2	13 9%	20 4	63 7	212 2%
Liabilities Total	333 3	387 0	433 6	1% 14	414 7	509 2	8% 22
Shareholder's Equity	32 0	56 8	66 4	44 2%	62 0	72 6	17 0%

A very simple balance sheet with a strong capital position…

Note: CET1 Ratio and Total Capital Ratio calculated taking into account net profit of the 9M24, net of total dividends to be distributed (payout 50% of net profit)

…coupled with a robust funding and liquidity position

Note: Commercial Papers included in «Fixed Rate»

Liquidity Position: excluding pledge accounts amounting to 16.6 €mln

Use of Funding: sum of financial liabilities (red) and refactoring non-recourse transactions (orange)

Securitization: included only for an amount equal to the credit lines approved by banks

Net interest Income fully «hedged» against interest rates volatility

• Almost all funding available at variable rates (Euribor 1M, 3M and 6M)
• All the factoring contracts at variable rates (based on Euribor 3M)

Notes: (1) Calculated as interest expense / average financial liabilities (current and previous year); (2) Spread: average interest rate on seller – average cost of funding (3) (Interest income + delayed payment Interest + other interest)/ average loans (current and previous year); (4) Calculated as Net Interest income/ average loans

Net commission income, the primary source of profitability

Cost / Income reflecting the efficiency of the operating machine

Note: (1) other net revenues and risk charges; (2) Operating Costs / Net Banking Income Operating costs 2022 Adjusted (net of IPO costs): 11.6 €mln

Closing Remarks

Closing Remarks

2024 first 9 months of the year confirm a growing trend, in line with full year budget:

• Profitability level showing significant growth: net profit up +27%
• Very good asset quality confirmed
• Further reduction of the cost income ratio, expected to drop further thanks to the very good operating leverage
• An updated organization oriented to risk control and business development
• Macroeconomic evolution and more difficult environment for SME lending support our strategy

New steps ahead to further support our numbers:

• New sellers pipeline set to push a stronger growth ahead
• Robust and diversified funding structure to support future growth
• Strong Capital ratios (TCR > 15%) allowing a sound capital buffer for growth even exceeding strategic plan horizon
• Expanding Generalfinance abroad: establishment of Spanish branch expected by year end, subject to BoI approval
• Net Income 2024 guidance confirmed: >20M

46

Income Statement

Income Statement (€m)	9M23	9M24	YoY%
Interest income and similar income	20 5	28 1	37%
similar Interest expense and charges	(14 6)	(20 1)	37%
INTEREST MARGIN	9 5	8 0	35%
and commission income Fee	22 7	27 9	23%
Fee and commission expense	(3 1)	(2 9)	-8%
NET FEE AND COMMISSION INCOME	19 6	25 0	27%
Dividends similar income and	0 0	0 0	-
Net profi (loss) from trading	0 0	(0 1)	-108%
Net results of other financial a/l measured at fv	0 0	(0 1)	-
NET INTEREST AND OTHER BANKING INCOME	25 5	32 9	29%
value adjustments / write-backs for credit risk Net	(0 2)	(1 3)	811%
a) Financial assets measured at amortised cost	(0 2)	(1 3)	811%
NET PROFIT (LOSS) FROM FINANCIAL MANAGEMENT	25 3	31 6	25%
Administrative expenses	(10 3)	(11 0)	7%
a) Personnel expenses	(5 5)	(6 2)	14%
b) Other administrative expenses	(4 8)	(4 8)	-1%
Net provision for risks and charges	(0 0)	0 2	-1409%
b) provisions Other net	(0 0)	0 2	-1409%
value adjustments / write-backs Net on pppe	(0 5)	(0 7)	16%
Net value adjustments / write-backs on int Ass	(0 4)	(0 5)	54%
Other operating income and expenses	1 5	0 9	-42%
OPERATING COSTS	(9 7)	(11 1)	14%
Gains (Losses) from equity investments	0 0	(0 0)	-
PRE-TAX PROFIT (LOSS) FROM CURRENT OPERATIONS	15 7	20 5	31%
for operations Income tax the year on current	(5 0)	(6 9)	39%
(LOSS) PROFIT FOR THE YEAR	10 7	13 6	27%

Balance Sheet

Balance Sheet (€m)	2023A	9M24	Var% YTD
Cash and cash equivalents	21 6	118 9	449 4%
Financial fair assets measured at value through p/l	0 0	0 0	0% 0
Financial assets measured at amortised cost	462 4	445 4	(3 7%)
Equity investments	0 0	0 0	0% 120
Property Plan and Equipment (PPE) ,	5 0	6 2	24 4%
Intangible assets	2 6	3 1	18 1%
Tax assets	5 7	3 5	(38 4%)
a) current	5 1	2 9	(42 7%)
b) deferred	0 6	0 6	1 6%
Other assets	2 7	4 7	73 0%
TOTAL ASSETS	500 0	581 8	4% 16
Financial liabilities measured at amortised cost	409 4	445 5	8 8%
a) payables	376 8	383 2	7% 1
b) outstanding securities	32 6	62 3	90 9%
liabilities Tax	7 1	7 0	(1 7%)
Other liabilities	14 0	53 6	281 9%
Severance pay	1 5	1 5	9% 1
Provision for risk and charges	1 6	1 7	8 8%
capital Share	4 2	4 2	0% 0
Share premium reserve	25 4	25 4	0 0%
Reserves	21 6	29 2	35 2%
Valuation reserves	0 1	0 1	6 9%
Profit (loss) for the year	15 1	13 6	(9 9%)
TOTAL LIABILITIES AND SHAREHOLDERS'S EQUITY	500 0	581 8	4% 16

Turnover breakdown vs system average 1/2

Turnover breakdown vs system average 2/2

HIGHER NUMBER OF DEBTORS PER SELLER TURNOVER - % CHANGE FROM PREVIOUS YEAR

0% 5% 10% 15%

Generalfinance's Turnover data refers to September 30, 2024 Assifact's Turnover data refers to June 30, 2024 1) Household debtors have not been included

0 20 40 60 80

20%

Top line components

SIMPLE AND TRANSPARENT P&L PAIRED WITH ALMOST NO VOLATILITY OF FAIR VALUE / CREDIT ADJUSTMENT

Revenues' generation – example

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PRO SOLVENDO TRANSACTION		Formula	Accounting P&L
Invoice's nominal value	100 000 00 ,	a
Advance rate	00% 80	b
Gross disbursed amount	80 000 00 ,	c = a x b
Maturity of disbursed amount (days)	69	e
Contractual interest (floating) rate	50% 7	f
Interest revenues	1 167 12 ,	g = ( c x f x (e+2) ) / 365	Prepayment
DSO	70	h
Monthly commission rate	0 40%	i
Commission revenues	933 33	= a x i x (h/30) l	Prepayment
Total revenues	2 100 46 ,	l m = g +	Prepayment
Net disbursed amount	899 54 77 ,	n = c - m
in (days) Delay payment	8	o
Delay in payment interest rate	00% 7	p
in commission Delay payment rate	50% 0	q
Delay in payment interest revenues	122 74	r = ( c x p x o) / 365	Cash basis
Delay in commission payment revenues	133 33	s = a x q x (o/30)	Cash basis
Delay in total payment revenues	256 07	t = r + s	Cash basis
Non-advance amount	20 000 00 ,	u = a - c
settlement Net	19 743 93 ,	v = u - t

Benefits of pro-solvendo lending contract

The offsetting mechanism is a specific technicality of the Factoring Agreement, which is elaborated consistently with the Assifact standard

ARTICLE 28 OF GENERALFINANCE FACTORING AGREEMENT

"The Factor will be entitled to retain sums and set off the debts (of every kind) due by the Factor to the Seller against the Receivables (of every kind) due from the Seller to the Factor, including the Receivables due from the Seller to third parties and assigned to/guaranteed by the Factor.

Should the Seller default on any of its payment obligations, the Factor will be able to treat its Receivables as liquid and payable, even if not already fallen due. Offsets by the Seller require the prior written consent of the Factor".

A PRACTICAL EXAMPLE:

Seller A

ID Borrower	Nominal Value (A)	LTV (B)	Disbursement (C) = (A x B)	Unpaid	Amount Collected (D)	Amounts not advanced to be settled (D - C)
1	100.000,00	80%	80.000,00	Yes	-	-
2	100.000,00	80%	80.000,00	No	100.000,00	20.000,00
3	100.000,00	80%	80.000,00	No	100.000,00	20.000,00
4	100.000,00	80%	80.000,00	No	100.000,00	20.000,00
5	100.000,00	80%	80.000,00	No	100.000,00	20.000,00
6	100.000,00	80%	80.000,00	No	100.000,00	20.000,00
7	100.000,00	80%	80.000,00	No	100.000,00	20.000,00
8	100.000,00	80%	80.000,00	No	100.000,00	20.000,00
9	100.000,00	80%	80.000,00	No	100.000,00	20.000,00
10	100.000,00	80%	80.000,00	No	100.000,00	20.000,00
	1.000.000,00		800.000,00		900.000,00	180.000,00
			Debts of the Factor Unpaid debts			180.000,00
			compensated			80.000,00
			Netting to be liquidated			100.000,00

In FY 2021, Generalfinance paid an average advance equal to 80% of Turnover. With regard to the prosolvendo factoring, Generalfinance is entitled to set off amounts owed by the Sellers to it against amounts owed by Generalfinance to the Sellers based on specific clauses included in the factoring agreement.

The Company has a high Debtor/Seller ratio equal to 58, growing steadily over the last 3 financial years, against an average of the Italian factoring market calculated excluding private assigned Debtors - equal to 10¹ , which expands the possibilities of offsetting between receivables and debit items against the Sellers as part of pro-solvendo transactions.

Capital Stack – A capital light lending business

Generalfinance - contacts

www.generalfinance.it

https://www.linkedin.com/company/general-finance/

Ugo Colombo Chief Financlal Officer Investor Relator

+39 0158484396 U.Colombo@generalfinance.it