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Abitare In
Quarterly Report • Feb 13, 2025
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Quarterly Report
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STILISTI URBANI - MADE IN MILAN
INTERIM DIRECTORS' REPORT AS AT 31 DECEMBER 2024
| MANAGEMENT AND CONTROL BODIES 3 |
|---|
| GROUP STRUCTURE AS AT 31 DECEMBER 20244 |
| INTRODUCTION5 |
| ABITARE IN GROUP'S INTERIM REPORT ON OPERATIONS 7 |
| Highlights8 |
| Pipelines under development10 |
| Group operating performance in the period ending 31 December 2024 12 |
| Reclassified consolidated income statement 12 |
| Reclassified consolidated statement of financial position 14 |
| Financial debt 15 |
| Main activities and events in the period16 |
| Events after 31 December 202416 |
| Outlook 17 |
| Research & Development activities17 |
| Overview of the main pending litigations17 |
| Other information17 |
| Consolidated Statement of Financial Position19 |
| Consolidated Income Statement 20 |
| Consolidated Statement of Comprehensive Income21 |
| Statement of Changes in Equity22 |
| Consolidated Statement of Cash Flows (indirect method)23 |
MANAGEMENT AND CONTROL BODIES
Board of Directors
Luigi Francesco Gozzini - Chairman and Chief Executive Officer Marco Claudio Grillo - Chief Executive Officer Antonella Lillo - Independent Board member Stefano Massarotto - Independent Board member Mario Benito Mazzoleni - Independent Board member Nicla Picchi - Independent Board member Eleonora Reni - Board member Giuseppe Carlo Vegas - Board member
Board of Statutory Auditors
Ivano Passoni - Chairman Matteo Ceravolo - Standing statutory auditor Elena Valenti - Standing statutory auditor Fanny Butera - Substitute statutory auditor Marco Dorizzi - Substitute statutory auditor
Auditing firm BDO Italia S.p.A.
Manager in charge of preparing the accounting documents Cristiano Contini
Group structure as at 31 December 2024
Costuire In S.r.l, Edimi S.r.l., New Tacito S.r.l., Just Home S.r.l., Hub32 S.r.l.,
MyTime S.r.l., GMC Holding S.r.l.
INTRODUCTION
On 18 March 2016, Legislative Decree no. 25 of 15 February 2016 (the "Decree"), transposing Directive 2013/50/EU amending Directive 2004/109/EC on information about listed issuers (so-called Transparency Directive) came into force. The Decree eliminated the obligation to publish the interim directors' report in order to reduce administrative charges for listed issuers and to mitigate the focus on short-term results by issuers and investors.
With its notice of 21 April 2016, Borsa Italiana specified that for issuers with shares listed in the Star segment, the provisions of the Stock Exchange Regulations on the publication of the interim directors' report and, in particular, Article 2.2.3, paragraph 3, of the Stock Exchange Regulations, will continue to apply.
Consequently, this interim directors' report has been prepared to follow on from the previous interim reports, as indicated by the existing Article 154-ter, paragraph 5, of the Consolidated Law on Finance ("TUF"). Therefore, the provisions of the international accounting standard on interim financial reporting (IAS 34 "Interim financial reporting") are not adopted.
The International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and the related interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC), endorsed by the European Commission and in force at the time of approval of this Report, have been applied for the valuation and measurement of the accounting figures included in this Interim Directors' Report. The accounting standards and criteria are consistent with those used for the preparation of the financial statements at 30 September 2024, which should be referred to for further details.
In view of the fact that Abitare In S.p.A. (hereinafter also "Abitare In") holds controlling interests, the Interim Directors' Report has been prepared on a consolidated basis. All information included in this Report relates to the consolidated data of the AbitareIn Group.
The Interim Directors' Report at 31 December 2024 was approved by the Board of Directors on 13 February 2025.
The subsidiaries' quarterly reports, used for the preparation of this Consolidated Interim Directors' Report, were reclassified for consistency with the parent company.
The data in this document are expressed in Euro, unless otherwise indicated.
The scope of consolidation as of 31 December 2024 is unchanged from the year ended at 30 September 2024.
| The following companies are included in the scope of consolidation (on a line-by-line basis): | ||
|---|---|---|
| Subsidiaries | Registered office | Share Capital | % of ownership |
|---|---|---|---|
| Abitare In Development 3 S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| Abitare In Development 4 S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| Abitare In Development 5 S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| Abitare In Development 6 S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| Abitare In Development 7 S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| Abitare In Maggiolina S.r.l. | Milan, via degli Olivetani 10/12 | 100,000 | 100% |
| Accursio S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| Citynow S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| Costruire In S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| Creare S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| Deametra Siinq S.r.l. | Milan, via degli Olivetani 10/12 | 50,000 | 71.20% |
| Edimi S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| GMC Holding S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| Homizy Siiq S.p.A. | Milan, via degli Olivetani 10/12 | 115,850 | 71.20% |
| Hommi S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| Housenow S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| Hub32 S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| Immaginare S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| Just Home S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| Lambrate Twin Palace S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| Milano City Village S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| Mivivi S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| MyCity S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| MyTime S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| New Tacito S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| Palazzo Naviglio S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| Porta Naviglio Grande S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| Savona 105 S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| Smartcity Siinq S.r.l. | Milan, via degli Olivetani 10/12 | 50,000 | 71.20% |
| TheUnits S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| Trilogy Towers S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| Volaplana S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
| Ziro S.r.l. | Milan, via degli Olivetani 10/12 | 10,000 | 100% |
*: 71.20% owned by Abitare In S.p.A. through Homizy SIIQ S.p.A.
ABITARE IN GROUP'S INTERIM REPORT ON OPERATIONS
The AbitareIn Group specializes in the creation of residential projects focused on urban regeneration and redevelopment. This includes the acquisition of disused or abandoned properties, their demolition, and the construction of new residential complexes (demolition and construction are fully outsourced through the signing of contracts). The Group primarily targets families, focusing its development activities mainly in the semi-central and semi-peripheral areas of Milan. The selection of these areas is the result of careful research conducted by an internal team of the Company, based on socio-economic fabric, demographic dynamics, and the supply-demand ratio.
Urban regeneration, at the core of our daily work, is also an ethical challenge for us: to give new dignity to spaces and the people who inhabit them. For this reason, we select properties and areas with characteristics that favor their value increase over time and positively contribute to the quality of urban living.
In this context, innovation and building performance are essential factors that enable us to maintain leadership and competitiveness in a market where the demand for homes is increasingly oriented towards high-energy performance buildings, characterized by responsible management of natural resources, and with particular attention to the well-being of the residents.
AbitareIn is aware of operating in a context of urban regeneration that involves various interests: therefore, our goal is to pursue the sustainability of projects from not only an economic but also a social and environmental perspective.
In this effort, we are guided by a system of values that centers on environmentally respectful architecture and territorial dynamics (Built for Planet), with attention to people, starting with customers and our resources who help them develop and personalize their home projects (Built for People). AbitareIn looks beyond the horizon of individual residential developments, with a long-term industrial vision, transparent governance, and scalable regeneration projects that have indirect impacts on the city and its inhabitants (Built for Prosperity).
Thus, our model is capable of creating value for all stakeholders: shareholders, customers, employees, and the city. To achieve these results, we are constantly working on several fronts:
- Refining the business model, which, thanks to the corporate structure, project financing methods, and realization timelines, guarantees our shareholders;
- Paying strong attention to the environmental impact of projects, through the construction of only highly energy-efficient buildings and significant green areas;
- Maximizing effects on the city and territory through urban regeneration projects that help increase the qualitative standard of buildings;
- Investing resources in continuous training for employees and collaborators, both on professional topics and to create a positive and proactive working environment.
The realization of our sustainable urban regeneration projects contributes to creating value for the city and its neighborhoods:
-
- The recovery of abandoned and dilapidated buildings immediately results in the revitalization of not only the targeted space but the entire neighborhood, leading to an increase in the value of surrounding properties.
-
- Housing projects are often integrated with the construction of public works benefiting the entire neighborhood.
-
- In the case of old buildings affected by significant environmental issues, the intervention also includes soil remediation and the removal and disposal of hazardous materials such as asbestos, benefiting the safety and well-being of all citizens.
-
The construction of residential complexes comprising hundreds of apartments leads to an increase in the population in the area, thereby increasing the demand for services, which translates into higher revenue for neighborhood businesses and the emergence of new activities.
Since the end of 2019, the Group has launched the "Homizy" project. Homizy SIIQ S.p.A. is now an Innovative SME, 70.7% owned by the parent company Abitare In S.p.A., dedicated to developing a new strategic business line, specifically the development and leasing of residential properties through co-living solutions, listed on the Euronext Growth Milan, Professional segment.
In particular, Homizy aims to offer young people, aged between 20 and 35, who are embarking on a career in a city different from their place of origin or who are seeking housing autonomy from their families, a housing solution that guarantees efficient management and maintenance, innovative services, and socialization spaces.
Highlights (at the date of approval of this report)
Statement of financial position highlights
as at 31.12.2024
1. Of which 19,900 sqm to be developed under affordable and/or social housing, and 16,500 m2 of net saleable area for development with the co-living formula by the subsidiary Homizy
2. No. of apartments, considering an average surface area of 92 m2 for the marketing in unrestricted building and 82 m2 for social housing. the actual number of apartments built and for which contracts have been signed - without prejudice to the combined floor area, may vary depending on the level of customisation of the real estate units
Pipeline under development (at the date of approval of this report)
As of the approval date of this report, the AbitareIn Group is the owner or has binding agreements to purchase 20 areas, corresponding to 225,0001 square meters of commercial development, equivalent to 2,480 standard-size apartments2 (the Development Pipeline). The various initiatives included in the Pipeline are located in strategic areas of the City of Milan (with the exception of one area located in Rome) and are at different stages of development, according to the Company's business model:
Of the apartments in the pipeline, 4812 apartments have been sold (on a preliminary basis) to date, for a total value of approximately €218.9 million, with contracted advances (guaranteed by an insurance surety bond) amounting to €63.6 million. Currently, 3952 apartments are under construction.
Delivered units
To date, the Group has delivered 8412 apartments across various projects, including Abitare In Poste, Abitare In Maggiolina, Olimpia Garden, Milano City Village, Palazzo Naviglio, and Trilogy Towers, for a total value of approximately €314 million.
1Of which 19,900 sqm to be developed under affordable and/or social housing, and 16,500 sqm of net saleable area for development with the co-living formula by the subsidiary Homizy
2 No. of apartments, considering an average surface area of 92 m2 for the marketing in unrestricted building and 82 m2 for social housing. the actual number of apartments built and for which contracts have been signed - without prejudice to the combined floor area, may vary depending on the level of customisation of the real estate units
Group operating performance in the period ending 31 December 2024
The main elements of the reclassified consolidated income statement and the reclassified consolidated statement of financial position are presented below.
| % on core | % on core | ||||
|---|---|---|---|---|---|
| Description | 31.12.2024 | business | 31.12.2023 | business | |
| Amounts in Euro units | revenues | revenues | |||
| Revenue from the sale of real estate | 803,800 | 2.01% | 5,751,048 | 36.35% | |
| Changes in inventory of work in progress and finished products | 19,860,735 | 49.55% | 9,183,778 | 58.05% | |
| Change in inventory of real estate complexes purchased | 10,500,000 | 26.20% | 0 | 0.00% | |
| Other revenue | 8,915,033 | 22.24% | 885,492 | 5.60% | |
| Total consolidated revenues | 40,079,568 | 100.00% | 15,820,318 | 100.00% | |
| Production costs | 32,461,920 | 80.99% | 10,193,405 | 64.43% | |
| ADDED VALUE | 7,617,648 | 19.01% | 5,626,913 | 35.57% | |
| Personnel expenses | 986,548 | 2.46% | 1,216,401 | 7.69% | |
| Other operating expenses | 915,388 | 2.28% | 489,909 | 3.10% | |
| EBITDA | 5,715,712 | 14.26% | 3,920,603 | 24.78% | |
| Depreciation/amortisation, impairment and other provisions | 303,824 | 0.76% | 312,314 | 1.97% | |
| EBIT | 5,411,888 | 13.50% | 3,608,289 | 22.81% | |
| Financial income and expenses and adjustments to financial assets | (1,765,448) | -4.40% | (543,600) | -3.44% | |
| EBT | 3,646,440 | 9.10% | 3,064,689 | 19.37% | |
| Income taxes | (810,589) | -2.02% | (1,107,103) | -7.00% | |
| Profit (loss) for the year | 2,835,851 | 7.08% | 1,957,586 | 12.37% |
Reclassified consolidated income statement
The evaluation of the economic performance of the Group is carried out considering some alternative performance indicators (Alternative Performance Measures), as required by the European Securities and Markets Authority (ESMA) following the issue of CONSOB communication of 3 December 2015 n.92543 /15, which makes applicable the guidelines published on 5 October 2015 by ESMA regarding their presentation in the regulated information disclosed or in the prospectuses published starting from 3 July 2016.
Below is the description of the indicative economic performance indicators used by the Group:
- Added Value (or VA): represents an indicator of operational performance and is calculated by subtracting production costs from the revenues of the Group's core management;
- EBITDA (or Gross Operating Margin): represents an indicator of operating performance and is calculated by adding amortization, depreciation and other provisions to EBIT.
The first quarter of the financial year closed with CONSOLIDATED REVENUES equal to € 40.1 million (€ 15.8 million in the same period of the previous financial year) deriving from:
- € 0.8 million in Revenues from Sales (€ 5.7 million in the first quarter of the last financial year) deriving exclusively from the deliveries of the remaining real estate units of the Trilogy Towers project;
- € 10.5 million change in inventories for the purchase of new real estate complexes (€ 0.0 in the first quarter of the last financial year), relating to the purchase of the area located in the Greco district of Milan;
- € 19.9 million of change in inventories due to work progress, net of the warehouse release mainly linked to the deliveries (consequent to the sale deed) of the apartments
to the customers of Trilogy Towers (€ 9.2 million change in inventories due to work progress in the first quarter of the last financial year). Production progress is equal to € 20.7 million (€ 14.0 million as at 31 December 2023). Porta Naviglio Grande deeds started, and work is progressing on The Units, Lambrate Twin Palace, Palazzo Sintesy and BalduccioDodici.
- Other operating revenues of € 8.9 million at 31 December 2024 (€ 0.9 million at 31 December 2023) mainly include:
• increases in tangible fixed assets in progress relating to investments in properties intended for rental in the form of co-living by the Smartcity Siinq S.r.l. subsidiaries. and Deametra Siinq S.r.l. respectively for an amount of € 1.7 million and € 4.3 million; • contribution for building bonuses worth a total of € 2.2 mln;
• Other revenues for services to third parties relating to pre- and post-sales services pertaining to the holding company Abitare In S.p.A. for an amount equal to € 0.4 million.
CONSOLIDATED EBITDA is € 5.7 mln (€ 3.9 mln as of 31 December 2023)
The CONSOLIDATED EBT, equal to € 3.6 mln (€ 3.0 mln in the first quarter of of the previous year). The result was affected by the City of Milan's continuing urban planning and construction freeze, which resulted in the failure to start new projects during the period.
CONSOLIDATED EARNINGS amounted to € 2.8 mln (€ 1.9 mln as at 31 December 2023).
Reclassified consolidated statement of financial position
| Investments | ||
|---|---|---|
| Amounts in Euro units | 31.12.2024 | 30.09.2024 |
| Intangible assets | 2,054,576 | 2,044,663 |
| Property, plant and equipment | 40,799,835 | 34,839,678 |
| Financial assets | 13,590 | 25,541 |
| Equity investments in other companies 1,266,362 |
1,167,212 | |
| Non -current financial receivables | 4,306,867 | 3,473,867 |
| Other non-current assets | 2,800,224 | 2,688,291 |
| Other current assets | 25,378,854 | 21,086,000 |
| Inventory | 249,856,645 | 219,495,910 |
| Other current and non-current liabilities | (100,599,381) | (84,740,732) |
| NET INVESTED CAPITAL | 225,877,572 | 200,080,430 |
| Cash and cash equivalents | (5,582,590) | (13,776,733) |
| Financial assets carried at fair value | ||
| (9,363,822) | (9,317,621) | |
| Current financial payables | 28,083,102 | 16,382,080 |
| Non-current financial payables | 99,029,086 | 95,827,647 |
| FINANCIAL DEBT | 112,165,776 | 89,115,373 |
| Share capital | 133,075 | 133,075 |
| Reserves and profit (loss) carried forward | 110,747,268 | 105,050,600 |
| Profit (loss) for the year | 2,831,453 | 5,781,382 |
| EQUITY | 113,711,796 | 110,965,057 |
The increase in tangible assets is mainly due to investments in properties intended for rental in the co-living formula by the subsidiary Homizy SIIQ S.p.A. for a total amount of € 6.0 mln.
The change in financial assets is due exclusively to the mark to market valuation of the cash flow hedge derivatives stipulated by the holding company Abitare In S.p.A.
Equity investments in other companies were increased by an amount equal to € 0.12 million resulting from the revaluation of the investment in Tecma Solutions S.p.A. at fair value.
The change in warehouse inventories, net of discharges resulting from the deliveries of the real estate units of the Trilogy Towers project, is mainly due to the progress of the works on the TheUnits, Lambrate Twin construction sites Palace, BalduccioDodici and Palazzo Sintesy.
Financial Debt
| Financial Debt | ||||
|---|---|---|---|---|
| 31.12.2024 | 31.12.2024 | 30.09.2024 | Change | |
| amounts in Euro units | ||||
| A. | Cash and cash equivalents | 5,582,590 | 13,776,733 | (8,194,143) |
| B. | Means equivalent to cash and cash equivalents | - | - | - |
| C. | Other current financial assets | 9,363,822 | 9,317,621 | 46,201 |
| D. | Liquidity (A) + (B) + (C) | 14,946,412 | 23,094,354 | (8,147,942) |
| E | Current financial payables | - | - | - |
| F. | Current portion of non-current debt | 28,083,102 | 16,382,080 | 11,701,022 |
| G. | Current financial debt (E) + (F) | 28,083,102 | 16,382,080 | 11,701,022 |
| H. | Net current financial debt (G) - (D) | 13,136,690 | (6,712,274) | 19,848,964 |
| I. | Non-current financial payables | 99,029,086 | 95,827,647 | 3,201,439 |
| J. | Debt instruments | - | - | - |
| K. | Trade payables and other non-current payables | - | - | - |
| L. | Non-current financial debt (I) + (J) + (K) | 99,029,086 | 95,827,647 | 3,201,439 |
| M. | Total financial debt (H) + (L) | 112,165,776 | 89,115,373 | 23,050,403 |
Net financial debt represents an indicator of the financial structure and is calculated as a sum of short-term financial debts ("Current financial debt" and "Current portion of non-current debt") and long-term financial debts ("Non-current financial debt", "Debt instruments" and "Trade payables and other non-current payables") net of cash and cash equivalents ("Cash and cash equivalents", "Cash equivalents" and "Other current financial assets"). This index is calculated as required by guideline no. 39 issued on 4 March 2021, applicable from 5 May 2021 in line with warning no. 5/21 issued by CONSOB on 29 April 2021.
The other current assets mainly consist of investment lines carried out by the holding company Abitare In S.p.A. whose duration does not exceed 12 months.
Current and non-current financial debts are mainly made up of financial debts to credit institutions for a total amount of € 125.86 mln and the residual part equal to € 1.25 mln deriving from leasing contracts signed by the holding company Abitare In S.p.A.
Financial debt at 31 December 2024 amounted to € 112.16 mln, compared to € 89.11 mln at 30 September 2024. This change is mainly attributable to the overall investments of € 16.8 mln for the progress of construction sites and the purchase of new areas in the amount of approximately € 7 mln (net of advance payments made in previous years), compared with receipts from the deeds of Trilogy Tower properties amounting to € 0.8 mln. Compared with the same period in the previous year, total investments increased by about 120% (as of 31 December 2023, total investments amounted to € 7.6 mln).
The trend in liquid assets is mainly attributable to the absorption of cash from operating activities for an amount of € 16.3 mln, from investment activities for an amount of € 6.3 mln, from the taking out of financing for an amount equal to € 18.9 mln, from the repayment of loans for an amount equal to € 3.8 mln, as reported in the financial statement.
Main activities and events in the period
During the reference period, the Group continued its operational activities on the areas of the pipeline, both on those with ongoing construction activities and those in less advanced stages. The preparatory development activities for the project realization are carried out continuously by the Group, which currently has a pipeline of 20 projects in various stages of development.
On 25 October 2024, Hommi Srl, a 100% subsidiary of Abitare In Spa, signed the final contract for the purchase and sale of an area located in the Greco area in Milan, having a building capacity of more than 20 thousand square meters. The area is currently leased to various tenants and will remain in income while awaiting the authorization process.
Also during the reporting period, the Company, as part of its digital transformation plan, launched three key technology interventions designed to revolutionize business processes and ensure an optimal customer experience:
- Data Lake and Data Governance: This platform will centralize all enterprise data from systems such as CRM (Salesforce), ERP (eSOLVER) and proprietary tools. With this scalable and secure infrastructure, the company will be able to manage data more efficiently, providing real-time access and integration with advanced analytics tools such as Power BI. Advanced data governance policies will also be implemented through Azure Purview to ensure that data is accurate, consistent and compliant with regulations such as GDPR;
- Artificial Intelligence (AI): introducing artificial intelligence solutions through the Persona AI platform, which leverages advanced technologies such as GPT-4. This platform will be integrated with Box.com's Data Lake and document repositories, enabling the company to automate repetitive processes and optimize the handling of customer requests. AI will be used, for example, to respond automatically and individually to customers, support contract comparison in the legal sector, and improve operational efficiency;
- MyAI Platform (Mobile App): transformation of the MyAI platform into a mobile app for iOS and Android devices, developed with React Native. This app will offer an intuitive and modern interface to customers, allowing them to independently manage interactions with the company, access projects and receive real-time updates. The app will be hosted on Microsoft Azure, ensuring security, scalability and high performance. Integration with Data Lake and Box.com will be managed through a Gateway API to ensure smooth and secure communication between the systems.
These solutions represent a strategic step toward the digitization of AbitareIn, with the goal of centralizing data, streamlining business processes, and significantly improving the customer experience. The project combines innovation, efficiency and a focus on security, preparing the company for future market challenges.
It should also be noted that, on 23 October 2024, Homizy Siiq S.p.A. signed a preliminary contract for the purchase of a property located in Milan at Via Amadeo, 57 to be leased for a total amount of Euro 1,300 thousan.
Events after 31 December 2024
In January, deeds were started with in customers of the Porta Naviglio Grande project. As of the date of this report, 5 apartments have been sold, for a total consideration of approximately € 3.2 mln.
On 22 January 2025, the AbitareIn Shareholders' Meeting resolved, among other things, to grant the Board of Directors powers to purchase and dispose of treasury shares, with a term of 18 months and for a maximum of € 20 mln, as well as to revoke, for the part not already previously executed, the resolution of the 31 May 2021 Shareholders' Meeting to increase the share capital free of charge.
On 31 January 2025, the Company received the certificate of compliance of its anti-corruption management system with the international standards of ISO 37001 "antibribery management system."
In February, a Group company signed the preliminary contract for the purchase of a former industrial area in the NoLo area of Milan, with payment of a deposit of €300,000, while the balance will be paid, at the same time as the deed, only upon obtaining the authorization title for the construction of a residential project.
Outlook
In the current fiscal year, AbitareIn will continue its marketing activities of authorized projects, construction of already marketed projects, and scouting activities for new areas.
The deeds of the Porta Naviglio Grande project will continue and the deeds of the other projects under construction will be started, counting sales revenues of approximately € 140 mln.
As is well known, the Company has also announced the expansion of its business model through partnerships with other operators, within which AbitareIn provides its technological platform and expertise in marketing and commercialization activities, product optimization and floor plan development, apartment customization and customer care activities.
The Company is, in addition, considering increasing its presence in the Rome market, also in light of the current Milanese context, and is investing in the study of new products, which provide for the preservation of existing properties, with reduced construction time and impact on the environment, both in construction and in terms of energy efficiency.
Research & Development activities
During the third quarter, the development and integration of the Home-configurator platform and the implementation of the BIM system was continued. The total investment incurred in the reporting period amounted to Euro 29 thousand.
Overview of the main pending litigations
There were no changes with respect to those described in the half-yearly consolidated financial statements at 30 September 2024.
Other information
Adoption of the legislative simplification process adopted with CONSOB resolution no. 18079 of 20 January 2012
On 10 December 2020, the Board of Directors of Abitare In S.p.A. resolved to adopt the simplification regime provided for in Articles 70, paragraph 8, and 71, paragraph 1-bis, of the Regulation adopted by CONSOB with resolution no. 11971 of 14 May 1999, as amended, thus availing itself of the right to waive the obligations to publish the information documents envisaged in Annex 3B of the aforementioned CONSOB Regulation at the time of significant mergers, demergers, capital increases through the contribution of assets in kind, acquisitions and disposals.
Consolidated Statement of Financial Position
| 31.12.2024 | 30.09.2024 | |
|---|---|---|
| Property, plant and equipment | 40,799,835 | 34,839,678 |
| Intangible assets | 2,054,576 | 2,044,663 |
| Financial activities | 13,590 | 25,541 |
| Equity investments in other companies | 1,266,362 | 1,167,212 |
| Non-current financial receivables | 4,306,867 | 3,473,867 |
| Deferred tax assets | 2,800,224 | 2,688,291 |
| TOTAL NON-CURRENT ASSETS | 51,241,454 | 44,239,252 |
| Inventory | 249,856,645 | 219,495,910 |
| Financial assets carried at fair value | 9,363,822 | 9,317,621 |
| Trade receivables | 2,715,927 | 2,256,864 |
| Other current assets | 15,312,124 | 12,439,109 |
| Current tax assets | 7,350,803 | 6,390,027 |
| Cash and cash equivalents | 5,582,590 | 13,776,733 |
| TOTAL CURRENT ASSETS | 290,181,911 | 263,676,264 |
| TOTAL ASSETS | 341,423,365 | 307,915,516 |
| Share capital | 133,075 | 133,075 |
| Reserves | 46,476,081 | 46,482,693 |
| Profit (loss) carried forward | 60,668,888 | 54,939,996 |
| Profit (loss) for the year | 2,831,453 | 5,781,382 |
| EQUITY ATTRIBUTABLE TO THE OWNERS OF THE PARENT | 110,109,497 | 107,337,146 |
| Profit and reserves attributable to non-controlling interests | 3,602,299 | 3,627,911 |
| EQUITY | 113,711,796 | 110,965,057 |
| Non-current financial liabilities | 99,029,086 | 95,827,647 |
| Employee benefits | 369,519 | 324,858 |
| Other non-current liabilities | 565,845 | 563,609 |
| Customer down payments and deposits | 51,404,391 | 53,609,002 |
| Deferred tax liabilities | 6,617,378 | 6,166,206 |
| TOTAL NON-CURRENT LIABILITIES | 157,986,219 | 156,491,322 |
| Current financial liabilities | 28,083,102 | 16,382,080 |
| Trade payables | 23,476,033 | 13,130,472 |
| Other current liabilities | 17,200,898 | 10,241,339 |
| Customer down payments and deposits | 100,000 | 154,000 |
| Current tax liabilities | 865,317 | 551,246 |
| TOTAL CURRENT LIABILITIES | 69,725,350 | 40,459,137 |
| TOTAL LIABILITIES | 227,711,569 | 196,950,459 |
| TOTAL LIABILITIES AND EQUITY | 341,423,365 | 307,915,516 |
Consolidated Income Statement
| 31.12.2024 | 31.12.2023 | |
|---|---|---|
| Revenue from sales | 803,800 | 5,751,048 |
| Change in inventory for progress of works | 19,860,735 | 9,183,778 |
| Change in inventory for new sites purchased | 10,500,000 | - |
| Other revenue | 8,915,033 | 885,492 |
| TOTAL REVENUE | 40,079,568 | 15,820,318 |
| Property purchased for redevelopment for sale | 10,500,000 | - |
| Raw materials, consumables, supplies and goods | 15,309 | 15,194 |
| Services | 21,739,336 | 10,148,091 |
| Rentals and similar | 207,275 | 30,120 |
| Personnel expenses | 986,548 | 1,216,401 |
| Depreciation/Amortisation | 281,550 | 301,479 |
| Impairment losses and provisions | 22,274 | 10,835 |
| Other operating expenses | 915,388 | 489,909 |
| TOTAL OPERATING EXPENSES | 34,667,680 | 12,212,029 |
| EBIT | 5,411,888 | 3,608,289 |
| Financial income | 282,016 | 1,395,114 |
| Financial expenses | (2,047,464) | (1,938,714) |
| EBT | 3,646,440 | 3,064,689 |
| Income taxes | (810,589) | (1,107,103) |
| PROFIT (LOSS) FOR THE YEAR | 2,835,851 | 1,957,586 |
| Of which: | ||
| Net profit (loss) attributable to non-controlling interests | 4,398 | (53,720) |
| Net profit (loss) attributable to the owners of the Parent | 2,831,453 | 2,011,306 |
Consolidated Statement of Comprehensive Income
| 31.12.2024 | 31.12.2023 | |
|---|---|---|
| Profit (loss) for the year | 2,835,851 | 1,957,586 |
| Other comprehensive income | ||
| That will not be subsequently reclassified in profit or loss | ||
| for the year | ||
| Employee benefits | 379 | 11,093 |
| Tax effect | (91) | (2,462) |
| Total | 288 | 8,631 |
| That will be subsequently reclassified in profit or loss for | ||
| the year | ||
| Hedging instruments | (5,827) | (73,512) |
| Tax effect | 1,398 | 17,643 |
| Total | (4,429) | (55,869) |
| Total change in OCI reserve | (4,141) | (47,238) |
| Comprehensive income for the period | 2,831,710 | 1,910,348 |
| Of which: | ||
| Net profit (loss) attributable to non-controlling interests | 4,398 | (53,720) |
| Net profit (loss) attributable to the owners of the Parent | 2,827,312 | 1,964,068 |
| Earnings per share | 0.11 | 0.07 |
| Diluted earnings per share | 0.11 | 0.07 |
Statement of Changes in Equity
| Share capital | Share premium reserve |
Legal reserve Stock grant | reserve | FTA reserve | Treasury stock reserve |
Consolidation reserve |
OCI reserve | Profit from previous years |
Profit for the year |
Total | Equity attributable to non controlling interests |
Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity at 1 October 2023 | 133,004 | 41,080,488 | 39,651 4,401,853 280,589 (1,115,515) 5,876,568 149,696 | 30,710,405 | 24,289,540 | 105,846,279 3,808,130 109,654,409 | |||||||
| Profit (loss) for the year | 2,011,306 | 2,011,306 | (53,720) | 1,957,586 | |||||||||
| Actuarial valuation of TFR | 8,631 | 8,631 | 8,631 | ||||||||||
| Hedging derivates valuation | (55,869) | (55,869) | (55,869) | ||||||||||
| Purchase of own shares | (1,465,066) | (1,465,066) | (1,465,066) | ||||||||||
| Allocation of the profit for the year | 24,289,540 (24,289,540) | - | - | ||||||||||
| Equity at 31 December 2023 | 133,004 | 41,080,488 | 39,651 4,401,853 | 280,589 (2,580,581) 5,876,568 102,458 | 54,999,945 | 2,011,306 106,345,281 3,754,410 110,099,691 |
| Share capital | Share premium reserve |
Legal reserve Stock grant | reserve | FTA reserve | Treasury stock reserve |
Consolidation reserve |
OCI reserve | Profit from previous years |
Profit for the year |
Total | Equity attributable to non controlling interests |
Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity at 1 October 2024 | 133,075 | 41,148,255 | 39,651 4,334,015 280,589 (5,113,365) 5,876,568 | (83,020) | 54,939,996 | 5,781,382 | 107,337,146 3,627,911 110,965,057 | ||||||
| Profit (loss) for the year | 2,831,453 | 2,831,453 | 4,398 | 2,835,851 | |||||||||
| Actuarial valuation of TFR | 288 | 288 | 288 | ||||||||||
| Hedging derivatives valuation | (4,429) | (4,429) | (4,429) | ||||||||||
| Purchase of own shares | (2,471) | (2,471) | (2,471) | ||||||||||
| Change in consolidation scope | (52,490) | (52,490) | (30,010) | (82,500) | |||||||||
| Stock grant plan | - | - | |||||||||||
| Allocation of the profit for the year | 5,781,382 | (5,781,382) | - | - | |||||||||
| Equity at 31 December 2024 | 133,075 | 41,148,255 | 39,651 4,334,015 280,589 (5,115,836) 5,876,568 | (87,161) | 60,668,888 | 2,831,453 110,109,497 3,602,299 113,711,796 |
Consolidated Statement of Cash Flows (indirect method)
| 31.12.2024 | 31.12.2023 | |
|---|---|---|
| Operating activities | ||
| Profit (loss) for the year | 2,835,851 | 1,957,586 |
| Income taxes | 810,589 | 1,107,103 |
| Financial income | (282,016) | (1,395,114) |
| Financial expenses | 2,047,464 | 1,938,714 |
| (Capital gains)/losses from asset disposals | - | - |
| Net accruals to provisions | 67,951 | 46,701 |
| Accrual to stock grant reserve | - | - |
| Impairment and depreciation/amortisation of property, plant and equipment | ||
| and intangible assets | 281,550 | 301,479 |
| Cash flows before changes in net working capital | 5,761,389 | 3,956,469 |
| Decrease/(increase) in inventory | (30,360,735) | (9,370,366) |
| Increase/(decrease) in trade payables | 10,345,558 | 1,600,580 |
| Decrease/(increase) in trade receivables | (459,063) | (545,548) |
| Change in other current/non-current assets and liabilities | 708,216 | 7,328,141 |
| Net financial income/expenses collected/paid | (2,266,354) | (1,438,485) |
| Taxes paid | - | - |
| Use of provisions | (38,855) | (14,673) |
| Cash flows from (used in) operating activities (A) | (16,309,844) | 1,516,118 |
| Investing activities | ||
| Investments in property, plant and equipment | (75,677) | (285,324) |
| Disposal of property, plant and equipment | - | - |
| Real estate investments | (5,985,366) | (368,166) |
| Investments in intangible assets | (190,577) | (225,125) |
| Disposal of intangible assets | - | - |
| Other equity investments | - | - |
| Sale of company, net of cash and cash equivalents | - | - |
| Cash flows from (used in) investing activities (B) | (6,251,620) | (878,615) |
| Financing activities | ||
| Bank loans raised | 18,929,624 | 13,971,548 |
| Bank loan repayments | (3,703,024) | (2,682,478) |
| Change in current/non-current financial liabilities | 104,893 | (24,325) |
| Net change in current financial assets | (879,201) | (725,416) |
| Change in consolidation scope | (82,500) | - |
| Investment in own shares | (2,471) | (1,465,066) |
| Dividends paid | - | (9,925,824) |
| Share capital increase against consideration | - | - |
| Cash flows from (used in) financing activities (C) | 14,367,321 | (851,561) |
| Net cash flows in the period (A)+(B)+(C) | (8,194,143) | (214,058) |
| Cash and cash equivalents at the beginning of the year | 13,776,733 | 28,917,053 |
| Increase/(decrease) in cash and cash equivalents from 1 October to 31 | (8,194,143) | (214,058) |
| December | ||
| Cash and cash equivalents at the end of the year | 5,582,590 | 28,702,995 |
DECLARATION PURSUANT TO ARTICLE 154 BIS, PARAGRAPH 2 OF LEGISLATIVE DECREE NO. 58/191
The Manager in charge of preparing the accounting and corporate documents Cristiano Contini declares, pursuant to paragraph 2 of article 154 bis of the Consolidated Law on Finance (Legislative Decree 58/1998), that the Interim Directors' Report at 31 December 2024 corresponds to the documentary results, accounting books and records.
The Manager in charge of preparing the accounting and corporate documents Cristiano Contini
On behalf of the Board of Directors The Chairman Luigi Gozzini