Earnings Release • Dec 3, 2021
Earnings Release
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PRESS RELEASE
FINANCIAL HIGHLIGHTS (consolidated figures as at 30 September 2021 - prepared in accordance with IFRS international accounting standards):
• CONSOLIDATED REVENUE EQUAL TO EURO 124.8 MILLION (Euro 73.1 million as at 30/09/2020)
Registered office: Via degli Olivetani 10/12, 20123 Milan – Operating Headquarters: Viale Umbria 32, 20135 Milan Company listed on AIM Italia (ticker ABT.MI) - VAT no. 09281610965 - Tel. +39 / 02 - 67 02 550 [email protected] - [email protected] Share capital Euro 127,728.00 fully paid in – Share premium reserve: Euro 36,989,382.50
The Board of Directors of AbitareIn S.p.A., a leading Milan based company in residential development, listed on the Euronext STAR Milan market (ticker symbol: ABT.MI), today approved the draft financial statements and the consolidated financial statements as at 30 September 2021. Today, the Board of Directors also approved the report on corporate governance and ownership structure of the Company.
1 Adjusted due to higher notional costs (Euro 2.4 million) as a result of applying IFRS 2 in relation to the allocation of the Stock Grant and "listing costs" for the transition to the MTA Market - STAR Segment (Euro 0.54 million)
2 No. of apartments, considering an average surface area of 92 m2for the commercialization of standard residential housing and 82 m2 for social residential housing. The actual number of apartments built and for which contracts have been signed - without prejudice to the combined floor area (m2 ) - may vary depending on the custom size of the real estate units.
Abitare In S.p.A.
Luigi Gozzini, Chairman, remarked: "During this past financial year AbitareIn continued to consolidate its position thanks to a significant increase in its development pipeline. Acting quickly while product is scarce will make it possible to maximise the benefits of a large, versatile and diversified pipeline, achieving the best results in terms of selling prices".
Marco Grillo, Chief Executive Officer, continued: "The results for the year ended 30 September 2021 – perfectly in line with forecasts – confirm our Company's growth trend. While the pandemic continues to have an impact on our business, mainly in terms of delays in getting authorisations with consequent postponement of sales and deliveries, AbitareIn continues to see growth compared to last year, demonstrating that product specialisation, focus on a specific target market, industrialisation and digitisation have always been a winning choice".
The financial year ended 30 September 2021 saw CONSOLIDATED REVENUE equal to EURO 124.8 million, deriving from:
continues in the sites of Milano City Village, Trilogy Towers, Palazzo Naviglio and Olimpia Garden (now completed) and the preparatory works of Lambrate Twin Palace, Cadolini Ex Plasmon, Porta Romana and Naviglio Grande.
Registered office: Via degli Olivetani 10/12, 20123 Milan – Operating Headquarters: Viale Umbria 32, 20135 Milan Company listed on STAR segment of the MTA - Italian Equities Market (ticker ABT.MI) - VAT no. 09281610965 - Tel. +39 / 02 - 67 02 550
THE CONSOLIDATED NET FINANCIAL POSITION is equal to Euro 75.1 million (Euro 26.1 million as at 30/09/2020) an increase of Euro 49 million compared to 30 September 2020 versus total investments of Euro 98 million, comprising Euro 49.7 million for purchase of new sites and Euro 48.3 million for work on orders in progress (progress of construction sites). Therefore, net of the investments for the purchase of new areas, the consolidated NFP would have been equal to € 25.4 million.
| Consolidated Net Financial Position | ||||
|---|---|---|---|---|
| 30.09.2021 | 30.09.2021 | 30.09.2020 | Change | |
| amounts in Euro | ||||
| A. | Cash and bank accounts | (13.778.285) | (35.480.996) | 21.702.711 |
| B. | Other cash and cash equivalents | - | - | - |
| C. | Other current assets | - | - | - |
| D. | Liquidity (A) + (B) + (C) | (13.778.285) | (35.480.996) | 21.702.711 |
| E | Short-term payables to banks | 16.362.833 | 14.837.465 | 1.525.368 |
| F. | Other current financial payables | 347.830 | 68.411 | 279.419 |
| G. | Current Financial Debt (E) + (F) | 16.710.663 | 14.905.876 | 1.804.787 |
| H. | Net Current Financial Debt (G) - (D) | 2.932.378 | (20.575.120) | 23.507.498 |
| I. | Non-current payables to banks | 71.639.614 | 46.114.405 | 25.525.209 |
| J. | Bonds issued | - | - | - |
| K. | Other non-current payables | 527.436 | 609.729 | (82.293) |
| L. | Other non-current payables (I) + (J) + (K) | 72.167.050 | 46.724.134 | 25.442.916 |
| M. | Net Financial Position (H) + (L) | 75.099.428 | 26.149.014 | 48.950.414 |
The revenue of the parent company as at 30 September 2021 amounted to Euro 9.8 million and is mainly due to revenue from service and intellectual property remuneration contracts signed with the operating vehicles.
The profit, amounting to Euro 6,760,145, was strongly influenced by the dividends distributed by the subsidiary Abitare In Maggiolina relating to the deeds executed in 2020.
The Board of Directors will propose to the Shareholders' Meeting called to approve the financial statements to allocate as follows:
In the 2021 financial year, the Group also consolidated its leadership position in the Milan residential market thanks to an important increase in its pipeline, which, it should be remembered,
is the main indicator of health for residential developers, thanks to the signing of agreements for the purchase of seven new areas, corresponding to over 800 new standard apartments for over €300 million in revenue at current sales prices. The development pipeline currently consists of 22 areas net of the projects already completed and delivered, totalling about 300,000 saleable square metres, corresponding to about 3,318 standard apartments located in various semi-central and semi-peripheral areas of the city of Milan.
Without considering the marketing currently in progress, to date 634 standard apartments have already been sold (on a preliminary basis), for a value of Euro 265 million, with formally agreed down payments (secured by a guarantee) for Euro 82 million.
To date, the Group has delivered 351 apartments, split between the three projects Abitare In Poste, Abitare In Maggiolina and Olimpia Garden, for a total value of Euro 113 million, while 479 apartments are currently under construction.
The Milan residential market continues to perform exceptionally well. The second quarter of 2021 saw a significant increase in transaction volumes, reaching 7,6273 , with an increase of 46.6% compared to the same period of 2020 and an increase of 7.7% compared to Q2 2019. Prices are also strongly positive: H1 2021 saw a 2.7%4 increase compared to H2 2020, with clear signs of growth especially in the suburbs thanks to the ever-increasing demand for outdoor spaces, loggias, larger surface areas at more affordable prices. Specifically, the "new" sector is showing even more positive results in terms of price increases. In fact, the generalized "covid" slowdowns especially in the authorization phases of the projects are creating a "scarcity" effect on the product, against a very strong demand, with a consequent increase - up to 10% - of selling prices. Increase that also AbitareIn is recording on its own projects in commercialization.
The forecasts for the future also continue to be strongly positive: at the end of 2021 it is estimated that the number of transactions will reach 26,500 in the city of Milan alone, settling in at 27,700 in 20225 .
Milan has therefore confirmed its position as one of the most interesting markets in the world, as seen in the latest Global Real Estate Bubble Index released by UBS, according to which Milan is one of the most interesting markets to invest in.
3 OMI – Statistiche trimestrali
4 Report made by Ufficio Studi Gabetti based on Gabetti, Grimaldi, Professionecasa data
5 Scenari Immobiliari - Rapporto 2021 sul mercato immobiliare della Città metropolitana di Milano | Una nuova Milano
Abitare In S.p.A.
Registered office: Via degli Olivetani 10/12, 20123 Milan – Operating Headquarters: Viale Umbria 32, 20135 Milan Company listed on STAR segment of the MTA - Italian Equities Market (ticker ABT.MI) - VAT no. 09281610965 - Tel. +39 / 02 - 67 02 550
In October (between October 22 and 23) the Company's share capital was joined by important international operators. This entry was made possible thanks to an ABB (Accelerated Bookbuilding) procedure specifically reserved for subscriptions exclusively by foreign investors. The procedure closed with the raising of € 4 million in capital and the issue of 595,432 ordinary shares.
Another very important result achieved after the end of the financial year that confirms AbitareIn's attention to the sustainability of its business is the Company's inclusion in the top 100 Italian firms demonstrating excellence in sustainability, the ranking having been drawn up by Credit Suisse and KON Group in partnership with Forbes and published in October.
Finally, on 10 November 2021 the Company informed the market of the subsidiary Homizy S.p.A.'s board of directors' approval of the project to list it on the Euronext Growth Milan market, professional segment. Homizy S.p.A. has already started work on the first two operations, two projects located in the east of the Città Studi district in Milan with a total of just under 600 rooms in around 150 shared flats. The two projects involve the recovery of two existing buildings, thus minimising the use of resources.
In the current period, AbitareIn will continue to work both on ongoing (and new) development sites and on obtaining the required authorisations, whilst also focussing constantly on scouting new sites in order to further consolidate its position of leadership in Milan.
The management also intends to adopt a sales strategy for new operations that involves reducing the time between the sale and the handover of real estate units in order to benefit as much as possible from the constant increase in sales prices (up to 10% on Group projects to date) without increasing the level of business risk. This strategic choice may lead to an increase in cash requirements in the short term given the delay in the collection of deposits and advances from customers.
With regard to construction costs, the market is currently witnessing a general increase in the same and it is still difficult to assess the evolution of this phenomenon. In order to cope with this circumstance, the Company has, however, already developed several strategies: first of all, a careful planning, also facilitated by the possibility to manage in an "opportunistic" way the start of the different construction sites, possible thanks to the size and versatility of the pipeline. Moreover, the Company concluded direct multi-year agreements with several suppliers at Group level, in order to sterilize possible future increases. Finally, a so-called "price adjustment" clause has also been introduced into contracts with clients, allowing the sale price of apartments that have already been the subject of a preliminary contract to be adjusted on the basis of the construction cost index issued by ISTAT.
Registered office: Via degli Olivetani 10/12, 20123 Milan – Operating Headquarters: Viale Umbria 32, 20135 Milan Company listed on STAR segment of the MTA - Italian Equities Market (ticker ABT.MI) - VAT no. 09281610965 - Tel. +39 / 02 - 67 02 550
Following the approval of the draft financial statements, the Board also resolved to convene the Shareholders' Meeting on 21-22 January 2022 (first and second call, respectively) in ordinary session.
At the Shareholders' Meeting, shareholders will be asked to approve the financial statements for the year ended September 30, 2021 and the allocation of the result for the year in the terms proposed by the Board of Directors.
The Shareholders' Meeting will also be called upon to resolve on the report on the remuneration policy and the fees paid, drawn up in compliance with art. 123-ter of the Consolidated Finance Act and art. 84-quater of the Issuers' Regulation; the resolution will be binding on the first section of the report (remuneration policy) and non-binding on the second section (fees paid).
The report on the remuneration policy and on the fees paid, as well as the Directors' report on the items on the agenda will be made available to the public at the registered office, on the Company's website, www.abitareinspa.com, in the Investors/Assemblies Section, as well as on the authorized dissemination and storage mechanism (available at ), in accordance with the law.
Further necessary documents and information relating to the Shareholders' Meeting will also be made available on the Company's website.
Please note that the annual financial report as at 30 September 2021, including the draft annual and consolidated financial statements, the Directors' report on operations, the report on corporate governance and ownership structure, the certification of the delegated bodies and the manager in charge of drawing up the corporate accounting documents pursuant to art. 154-bis paragraph 5 of the Consolidated Law on Finance and the reports of the Board of Statutory Auditors and of the Independent Auditors, will be made available to the public at the registered office, on the Company's website www.abitareinspa.com, under section Investors/Assemblies, as well as on the authorised dissemination and storage mechanism (available at www..it), as required by law.
The results for the year will be presented Thursday, 9 December 2021 at 9 am (CET) during a video call with the financial community.
It is possible to participate in the video call by requesting the access link at the email address [email protected].
Concurrently with the conference call, some presentation slides will be made available on the website www.abitareinspa.com, under the Investors section (Presentations).
Registered office: Via degli Olivetani 10/12, 20123 Milan – Operating Headquarters: Viale Umbria 32, 20135 Milan Company listed on STAR segment of the MTA - Italian Equities Market (ticker ABT.MI) - VAT no. 09281610965 - Tel. +39 / 02 - 67 02 550 [email protected] – [email protected]
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 accounting information contained in this press release corresponds to the documentary results, accounting books and records. It should also be pointed out that in this press release, in addition to the conventional financial indicators provided for by IFRS, some alternative performance indicators (e.g. EBT ADJ) are presented in order to allow for a better assessment of the economic and financial performance. These indicators are calculated according to the usual market practices.
***
AbitareIn S.p.A. is a company that leads the residential development sector in Milan, founded by Luigi Gozzini and Marco Grillo. The Company only undertakes residential urban regeneration projects, offering an aspirational product tailored to the living needs of today's families, with particular attention to sustainability and environmental footprint. AbitareIn stands out for its extremely innovative business model that involves creating a completely customisable "home" product that benefits from the economies of scale typical of an industrialised model. AbitareIn's strength is the implementation of a marketing strategy that permits real estate units to be sold before construction work begins. The company has been listed on the AIM Italia market of Borsa Italiana since April 2016. From 1 March 2021 it has been listed on the STAR segment of the MTA - Italian Equities Market (ticker: ABT.MI).
Alphanumeric code of the shares: ABT ISIN: IT0005445280
Investor Relations Abitare In Eleonora Reni [email protected] Press Office Close to Media Luca Manzato – Mob. 335 84 84 706 [email protected] Lucia Nappa – Mob. 339 76 79 253 [email protected] Davide Di Battista – Mob. 334 60 33 756 [email protected]
Registered office: Via degli Olivetani 10/12, 20123 Milan – Operating Headquarters: Viale Umbria 32, 20135 Milan Company listed on STAR segment of the MTA - Italian Equities Market (ticker ABT.MI) - VAT no. 09281610965 - Tel. +39 / 02 - 67 02 550 [email protected] – [email protected]
| Related | Related | ||||
|---|---|---|---|---|---|
| Note | 30.09.2021 | parties | 30.09.2020 | parties | |
| Property, plant and equipment | 1 | 8.980.197 | 6.460.386 | ||
| Intangible assets | 2 | 1.673.955 | 1.264.744 | ||
| Equity investments in other companies | 3 | 4.370.694 | 2.296.000 | ||
| Deferred tax assets | 4 | 1.172.151 | 883.153 | ||
| TOTAL NON-CURRENT ASSETS | 16.196.997 | 10.904.283 | |||
| Inventory | 5 | 209.663.389 | 139.058.289 | ||
| Trade receivables | 6 | 293.443 | 585.837 | ||
| Other current assets | 7 | 12.105.347 | 14.386.768 | ||
| Current tax assets | 8 | 5.944.427 | 1.702.618 | ||
| Current financial assets | 9 | - | - | ||
| Cash and cash equivalents | 10 | 13.778.285 | 35.480.995 | ||
| TOTAL CURRENT ASSETS | 241.784.891 | 191.214.507 | |||
| TOTAL ASSETS | 257.981.888 | 202.118.790 | |||
| Share capital | 129.677 | 129.677 | |||
| Reserves | 39.494.365 | 37.163.534 | |||
| Profit (loss) carried forward | 20.552.050 | 11.354.847 | |||
| Profit (loss) for the year | 12.191.758 | 9.197.205 | |||
| EQUITY ATTRIBUTABLE TO THE OWNERS OF THE PARENT 72.367.850 | 57.845.263 | ||||
| Profit and reserves attributable to non-controlling interests 468.661 | 498.217 | ||||
| EQUITY | 11 | 72.836.511 | 58.343.480 | ||
| Non-current financial liabilities | 12 | 72.167.050 | 39.224.134 | ||
| Employee benefits | 13 | 325.142 | 246.904 | ||
| Other non-current liabilities | 14 | 284.793 | 252.759 | 481.445 | 201.445 |
| Customer down payments and deposits | 15 | 65.452.038 | 45.256.329 | ||
| Deferred tax liabilities | 3 | 6.466.158 | 4.058.460 | ||
| TOTAL NON-CURRENT LIABILITIES | 144.695.181 | 89.267.272 | |||
| Current financial liabilities | 12 | 16.710.663 | 22.405.876 | ||
| Trade payables | 16 | 11.704.006 | 52.032 | 12.499.970 | 25.360 |
| Other current liabilities | 17 | 8.805.177 | 671.021 | 5.621.730 | 570.607 |
| Customer down payments and deposits | 15 | 2.414.355 | 12.131.074 | ||
| Current tax liabilities | 18 | 815.995 | 1.849.389 | ||
| TOTAL CURRENT LIABILITIES | 40.450.196 | 54.508.039 | |||
| TOTAL LIABILITIES | 185.145.377 | 143.775.310 | |||
| TOTAL LIABILITIES AND EQUITY | 257.981.888 | 202.118.790 |
Registered office: Via degli Olivetani 10/12, 20123 Milan – Operating Headquarters: Viale Umbria 32, 20135 Milan Company listed on STAR segment of the MTA - Italian Equities Market (ticker ABT.MI) - VAT no. 09281610965 - Tel. +39 / 02 - 67 02 550
[email protected] – [email protected]
| Related | Related | ||||
|---|---|---|---|---|---|
| Note | 30.09.2021 | parties | 30.09.2020 | parties | |
| Revenue from sales and services | 19.1 | 50.436.019 | 41.368.522 | ||
| Change in inventory for new sites purchased | 19.2 | 49.698.315 | 20.600.000 | ||
| Change in inventory for progress of works | 19.3 | 20.653.707 | 8.527.320 | ||
| Other revenue | 19.4 | 4.029.629 | 2.580.491 | ||
| TOTAL REVENUE | 19 | 124.817.670 | 73.076.333 | ||
| Property purchased for development to sale | 49.698.315 | 20.600.000 | |||
| Property purchased for development to rent | 2.250.000 | ||||
| Raw materials, consumables, supplies and goods | 84,066 | 151.142 | |||
| Services | 20.1 | 50.284,678 | 3.209.812 | 38.375.241 | 680.201 |
| Rentals and similar | 210.695 | 119.023 | |||
| Production costs | 50.579.439 | 38.645.406 | |||
| Personnel expenses | 20.2 | 2.108.140 | 200,000 | 3.589.598 | 200,000 |
| Depreciation/Amortisation | 20.3 | 959.476 | 709.682 | ||
| Impairment losses and provisions | 20.4 | 476.547 | 52.547 | 44.066 | 44.066 |
| Other operating expenses | 20.5 | 1.882.119 | 1.392.872 | ||
| TOTAL OPERATING EXPENSES | 20 | 107.954.036 | 64.981.624 | ||
| EBIT | 16,863,634 | 8.094.709 | |||
| Financial income | 21 | 2.175.876 | 5.192.375 | ||
| Financial expenses | 21 | (2.336.621) | (2.076.406) | ||
| EBT | 16,702,889 | 11.210.678 | |||
| Income taxes | 22 | (4.540.687) | (2.028.550) | ||
| PROFIT (LOSS) FOR THE YEAR | 12.162.202 | 9.182.128 | |||
| Of which: | |||||
| Net profit (loss) attributable to non-controlling interests | (29.556) | (15.077) | |||
| Net profit (loss) attributable to the owners of the Parent | 12.191.758 | 9.197.205 |
| 30.09.2021 | 30.09.2020 | |
|---|---|---|
| Profit (loss) for the year | 12.162.202 | 9.182.128 |
| Other comprehensive income | ||
| That will not be subsequently reclassified in profit or loss | ||
| for the year | ||
| Employee benefits | (29.135) | (49.357) |
| Tax effect | 6.993 | 11.845 |
| Total | (22.142) | (37.512) |
| That will be subsequently reclassified in profit or loss for | ||
| the year | ||
| Hedging instruments | (32.034) | |
| Tax effect | 7.689 | |
| Total | (24.345) | - |
| Total change in OCI reserve | (48.690) | - |
| Comprehensive income for the period | 12.091.370 | 9.144.616 |
| 30.09.2021 | 30.09.2020 | |
|---|---|---|
| Operating activities | ||
| Profit (loss) for the year | 12.162.202 | 9.182.128 |
| Income taxes | 4.540.687 | 1.597.592 |
| Financial income | (2.175.876) | (5.192.375) |
| Financial expenses | 2.336.590 | 2.078.290 |
| (Gains)/losses on the sale of companies | - | - |
| Net accruals to provisions | 157.292 | 426.341 |
| Accrual to stock grant reserve | 2.379.457 | 1.221.434 |
| Impairment and depreciation/amortisation of property, plant and equipment and intangible assets | 959.476 | 709.681 |
| Cash flows before changes in net working capital | 20.359.828 | 10.023.091 |
| Decrease/(increase) in inventory | (70.605.100) | (29.124.422) |
| Increase/(decrease) in trade payables | (795.964) | 5.684.694 |
| Decrease/(increase) in trade receivables | (440.289) | (499.322) |
| Change in other current/non-current assets and liabilities | 10.642.557 | 18.899.360 |
| Net financial income/expenses collected/paid | (2.686.157) | (1.750.169) |
| Taxes paid | (1.648.517) | (250.724) |
| Use of provisions | (339.386) | (10.394) |
| Cash flows from (used in) operating activities (A) | (45.513.028) | 2.972.114 |
| Investing activities | ||
| Investments in property, plant and equipment | (181.530) | (363.525) |
| Disposal of property, plant and equipment | - | - |
| Investments in property for rent | (2.681.154) | - |
| Investments in intangible assets | (2.974) | (686.906) |
| Disposal of intangible assets | - | - |
| Other equity investments | (1.027.960) | - |
| Sale of company, net of cash and cash equivalents | - | - |
| Cash flows from (used in) investing activities (B) | (3.893.618) | (1.050.431) |
| Financing activities | ||
| Bank loans raised | 48.258.787 | 27.971.111 |
| Bank loan repayments | (20.855.936) | (20.683.510) |
| Change in current/non-current financial liabilities | 301.085 | 55.973 |
| Net change in current financial assets | - | 156.760 |
| Share capital increase against consideration | - | 4.368.223 |
| Cash flows from (used in) financing activities (C) | 27.703.936 | 11.868.557 |
| Net cash flows in the period (A)+(B)+(C) | (21.702.710) | 13.790.240 |
| Cash and cash equivalents at the beginning of the year | 35.480.995 | 21.690.755 |
| Increase/(decrease) in cash and cash equivalents from 1 October to 30 September | (21.702.710) | 13.790.240 |
| Cash and cash equivalents at the end of the year | 13.778.285 | 35.480.995 |
Registered office: Via degli Olivetani 10/12, 20123 Milan – Operating Headquarters: Viale Umbria 32, 20135 Milan Company listed on STAR segment of the MTA - Italian Equities Market (ticker ABT.MI) - VAT no. 09281610965 - Tel. +39 / 02 - 67 02 550
[email protected] – [email protected]
| Note | 30.09.2021 | Related parties | 30.09.2020 | Related parties | |
|---|---|---|---|---|---|
| Property, plant and equipment | 1 | 2.591.926 | 2.563.874 | ||
| Intangible assets | 2 | 1.587.095 | 1.622.633 | ||
| Equity investments in subsidiaries | 3.1 | 5.992.658 | 5.992.658 | 4.156.658 | 4.156.658 |
| Equity investments in other companies | 3.2 | 4.370.694 | 2.296.000 | ||
| Non-current financial assets | 4 | 47.231.640 | 32.836.127 | ||
| Deferred tax assets | 5 | 266.425 | 323.903 | ||
| TOTAL NON-CURRENT ASSETS | 62.040.438 | 43.799.195 | |||
| Trade receivables | 6 | 976 | 1.626 | ||
| Receivables from subsidiaries | 7 | 15.548.895 | 15.548.895 | 16.550.490 | 16.550.490 |
| Other current assets | 8 | 1.324.760 | 1.201.287 | ||
| Current tax assets | 9 | 2.568.528 | - | ||
| Cash and cash equivalents | 10 | 1.058.799 | 6.180.535 | ||
| TOTAL CURRENT ASSETS | 20.501.958 | 23.933.937 | |||
| TOTAL ASSETS | 82.542.396 | 67.733.133 | |||
| Share capital | 129.677 | 129.677 | |||
| Reserves | 39.216.047 | 36.873.560 | |||
| Profit (loss) carried forward | 2.156.305 | 1.590.285 | |||
| Profit (loss) for the year | 6.760.145 | 566.020 | |||
| EQUITY | 11 | 48.262.174 | 39.159.542 | ||
| Non-current financial liabilities | 12 | 15.781.035 | 7.490.285 | ||
| Employee benefits | 13 | 319.931 | 244.124 | ||
| Other non-current liabilities | 14 | 272.270 | 252.759 | 201.445 | 190.481 |
| Deferred tax liabilities | 5 | 586 | - | ||
| TOTAL NON-CURRENT LIABILITIES | 16.373.822 | 7.935.854 | |||
| Current financial liabilities | 12 | 10.340.864 | 8.766.238 | 13.875.822 | 4.620.000 |
| Trade payables | 15 | 1.551.940 | 39.552 | 1.059.982 | 25.360 |
| Payables from subsidiaries | 16 | 4.678.210 | 4.678.210 | 2.531.355 | 2.531.355 |
| Other current liabilities | 17 | 1.111.167 | 21.000 | 807.425 | - |
| Current tax liabilities | 18 | 224.219 | 2.363.153 | ||
| TOTAL CURRENT LIABILITIES | 17.906.400 | 20.637.736 | |||
| TOTAL LIABILITIES | 34.280.222 | 28.573.591 | |||
| TOTAL LIABILITIES AND EQUITY | 82.542.396 | 67.733.133 |
Registered office: Via degli Olivetani 10/12, 20123 Milan – Operating Headquarters: Viale Umbria 32, 20135 Milan Company listed on STAR segment of the MTA - Italian Equities Market (ticker ABT.MI) - VAT no. 09281610965 - Tel. +39 / 02 - 67 02 550
[email protected] – [email protected]
| Note | 30.09.2021 | Related parties | 30.09.2020 | Related parties | |
|---|---|---|---|---|---|
| Revenue from services | 19.1 | 8.993.241 | 8.993.241 | 7.671.743 | 7.651.743 |
| Other revenue | 19.2 | 687.903 | 421.631 | 1.013.759 | 856.026 |
| TOTAL REVENUE | 19 | 9.681.144 | 8.685.502 | ||
| Raw materials, consumables, supplies and goods | 80.967 | 147.010 | |||
| Services | 7.674.773 | 3.552.330 | 4.314.311 | 1.625.759 | |
| Rentals and similar | 74.222 | 104.642 | |||
| Total costs for services | 20.1 | 7.829.962 | 4.565.963 | ||
| Personnel expenses | 20.2 | 2.059.064 | 200.000 | 3.263.610 | 200.000 |
| Depreciation/Amortisation | 20.3 | 1.125.731 | 894.102 | ||
| Impairment losses and provisions | 20.4 | 476.547 | 52.547 | 324.066 | 41.555 |
| Other operating expenses | 20.5 | 347.725 | 347.026 | ||
| TOTAL OPERATING EXPENSES | 20 | 11.839.029 | 9.394.767 | ||
| EBIT | (2.157.885) | (709.265) | |||
| Financial income | 21 | 8.983.701 | 6.911.981 | 1.995.764 | 695.141 |
| Financial expenses | 21 | (316.672) | (427.305) | ||
| EBT | 6.509.144 | 859.194 | |||
| Income taxes | 22 | (251.001) | 293.174 | ||
| PROFIT (LOSS) FOR THE YEAR FROM ORDINARY OPERATIONS | 6.760.145 | 566.020 | |||
| PROFIT (LOSS) FOR THE YEAR | 6.760.145 | 566.020 |
| 30.09.2021 | 30.09.2020 | |
|---|---|---|
| Profit (loss) for the year | 6.760.145 | 566.020 |
| Other comprehensive income | ||
| That will not be subsequently reclassified in profit or loss | ||
| for the year | ||
| Employee benefits | (29.135) | (49.357) |
| Tax effect | 6.993 | 11.845 |
| Total | (22.142) | (37.512) |
| That will be subsequently reclassified in profit or loss for | ||
| the year | ||
| Hedging instruments | (19.511) | |
| Tax effect | 4.683 | |
| Total | (14.828) | - |
| Total change in OCI reserve | (29.656) | - |
| Comprehensive income for the period | 6.708.347 | 528.508 |
| 30.09.2021 | 30.09.2020 | |
|---|---|---|
| Operating activities | ||
| Profit (loss) for the year | 6.760.145 | 566.021 |
| Income taxes | (251.001) | 293.174 |
| Financial income | (8.983.701) | (1.995.764) |
| Financial expenses | 316.672 | 429.193 |
| (Gains)/losses on the sale of companies | ||
| Net accruals to provisions | 578.843 | 426.341 |
| Accrual to stock grant reserve | 2.379.457 | 1.221.434 |
| Impairment and depreciation/amortisation of property, plant and equipment and intangible assets | 1.125.7 31 |
894.102 |
| Cash flows before changes in net working capital | 1.926.146 | 1.834.500 |
| Increase/(decrease) in trade payables | 4.046.410 | 1.860.080 |
| Decrease/(increase) in trade receivables | (4.155.404) | (1.847.801) |
| Change in other current/non-current assets and liabilities | (526.002) | (298.589) |
| Net financial income/expenses collected/paid | 6.556.042 | 278.459 |
| Taxes paid | (224.397) | (250.724) |
| Use of provisions | (339.368) | (10.394) |
| Cash flows from (used in) operating activities (A) | 7.283.427 | 1.565.532 |
| Investing activities | ||
| Investments in property, plant and equipment | (150.293) | (337.231) |
| Disposal of property, plant and equipment | - | - |
| Equity investments in subsidiary | (412.974) | (96.000) |
| Investments in intangible assets | (967.952) | (602.256) |
| Disposal of intangible assets | - | - |
| Changes in non-current financial assets | (15.671.513) | (4.608.675) |
| - | - | |
| Cash flows from (used in) investing activities (B) | (17.202.731) | (5.644.162) |
| Financing activities | ||
| Bank loans raised | 9.240.157 | 5.200.000 |
| Bank loan repayments | (8.348.047) | (1.710.600) |
| Change in current/non-current financial liabilities | 3.905.461 | (328.043) |
| Net change in current financial assets | 156.760 | |
| Share capital increase against consideration | ||
| Cash flows from (used in) financing activities (C) | 4.797.571 | 3.318.117 |
| Net cash flows in the period (A)+(B)+(C) | (5.121.733) | (760.513) |
| Cash and cash equivalents at the beginning of the year | 6.180.534 | 6.941.047 |
| Increase/(decrease) in cash and cash equivalents from 1 October to 30 September | (5.121.733) | (760.513) |
| Cash and cash equivalents at the end of the year | 1.058.801 | 6.180.534 |
Registered office: Via degli Olivetani 10/12, 20123 Milan – Operating Headquarters: Viale Umbria 32, 20135 Milan Company listed on STAR segment of the MTA - Italian Equities Market (ticker ABT.MI) - VAT no. 09281610965 - Tel. +39 / 02 - 67 02 550
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