Abitare In

Earnings Release • Jun 13, 2023

PRESS RELEASE

APPROVAL OF THE CONSOLIDATED HALF-YEARLY REPORT AS OF MARCH 31, 2023 NET PROFIT € 22.3 MN

DELIVERED, SINCE THE BEGINNING OF THE FISCAL YEAR, APARTMENTS FOR € 109 MLN

€ 69 MLN OF CASH GENERATED IN JUST 3 MONTHS RESULTING IN A REDUCTION IN NET FINANCIAL DEBT TO € 75 MLN

PROPOSED DISTRIBUTION OF AN EXTRAORDINARY CASH DIVIDEND IN THE TOTAL AMOUNT OF € 10 MLN PROPOSAL TO AUTHORIZE THE PURCHASE AND DISPOSAL OF TREASURY SHARES UP TO A MAXIMUM OF

€ 20 MLN

CALL OF ORDINARY SHAREHOLDERS' MEETING

FINANCIAL HIGHLIGHTS (consolidated figures as at 31 March 2023 – prepared in accordance with IFRS

international accounting standards)

• CONSOLIDATED REVENUE EURO 76.7 MILLION (Euro 66.4 million as at 31 March 2022)
• CONSOLIDATED EBT EURO 23.2 MILLION (Euro 4.5 million as at 31 March 2022)
• CONSOLIDATED EBT EQUIVALENT € 31.6 MILLION¹
• GROUP CONSOLIDATED EQUITY EURO 118.6 MILLION (€96.0 million as at 30 September 2022)
• GROUP NET FINANCIAL DEBT EURO 75.0 MILLION (Euro 116.2 million as at 30 September 2022)
• GROUP CONSOLIDATED NET PROFIT EURO 22.3 MILLION (€ 2.8 million as at 31 march 2022)
• LOANS AND FINANCING APPROVED € 283.6 MLN, OF WHICH € 120.7 MLN USED

HIGHLIGHTS AT THE CURRENT DATE (net of delivered apartments)

• PIPELINE, PROPERTY UNDER DEVELOPMENT: 258,000 SALEABLE SQUARE METRES FOR 2,862 EQUIVALENT APARTMENTS² (of which 96 of social housing)
• AVERAGE NET SALEABLE AREA PURCHASE COST: EURO 551/SQM
• ORDER BOOK: 470 EQUIVALENT APARTMENTS FOR EURO 262.7 MILLION

• DOWN PAYMENTS/DEPOSITS BASED ON PRELIMINARY CONVEYANCE AGREEMENTS SIGNED: EURO 73 MILLION

• UNITS DELIVERED: 696 FOR EURO 243 MILLION

¹ If the sale of the via Cadolini operation had been concluded as an asset deal instead of a share deal

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 (m2) may vary depending on the level of customisation of the surface area of the real estate units.

Milan, 13 June 2023 - The Board of Directors of AbitareIn S.p.A. ("AbitareIn" or "the Company"), a Milan based leading company in residential development, listed on the MTA market, STAR segment, of Borsa Italiana S.p.A., today approved the half-yearly consolidated financial report of the AbitareIn Group ("AbitareIn Group") as at 31 March 2023 and the proposal to the ordinary shareholders' meeting for (i) distribution of an extraordinary cash dividend, (ii) authorization to purchase and dispose of treasury shares, and (iii) the related convocation of the shareholders' meeting.

"The strong positioning and leadership achieved by the company, together with a great financial discipline and risk management and control, place us today in a situation of great advantage within our sector and towards our competitors, also thanks to the use of a debt that can be considered as "self-liquidating", as it is used only after the break-even of sales is reached and repaid at the same time as the deeds of the apartments - and that we have in fact halved in just three months. The result is that today AbitareIn is strongly capitalized and therefore ready to begin a further phase of significant growth by taking advantage of the great opportunities offered by the structural trends of the market, such as the low competition of operators, the focus on energy efficiency of homes given also by the EU Directive so-called "Green Houses", the resilience of the residential sector." comments Luigi Gozzini, Chairman.

Marco Grillo, CEO, continues, "Despite the recent market turbulence, the quality of our assets and the broad visibility and predictivity inherent in our business model have allowed us to reach a new level of maturity, with the stabilization of results and important cash flows that we have decided to prioritize for growth, as well as for the stable direct remuneration of shareholders through the distribution of dividends and the execution of a buy-back plan.

In fact, we have resolved a dividend from the 2022 budget of €10 ml, equal to 7.5 percent of our capitalization today, and a share buy-back plan up to a maximum of €20 ml to be executed in the next 18 months."

Adds Marco Scalvini, General Manager of the Company: "Demonstrating the scalability of our model, we have recently announced both the first real estate operation in partnership on Rome and the decision to launch a new business area that, relying on our know-how and the use of our technological platform, allows us to offer in service our winning development model to selected Partners and operators."

Summary of the main consolidated financial results as at 31 March 2023

The first half of the year closed with CONSOLIDATED REVENUE of Euro 76.7 million, (Euro 66.4 million as at 31 march 2022), substantially influenced by the deliveries of apartments to customers and by the conclusion of the Via Cadolini operation. In fact, the revenues derive mostly from:

• Euro 129.3 million in Revenue from Sales, deriving from the notarial deeds for the real estate units (Euro 16.0 mln in the first half 2022) and from the conclusion of the Via Cadolini operation.

Abitare In S.p.A.

-

• Euro – 69.6 million of negative change in inventories for progress of works (positive change for € 31.7 million in the first hal 2022) due to discharge consequent to the handover of the apartments to customers and of the via Cadolini area. Production progress amounts to Euro 38.1 million

• Euro 2.5 million in change in inventory for the purchase of new real estate complexes (Euro 16.9 million in the first half of 2022),

CONSOLIDATED EBT, EQUAL TO EURO 23.2 MILLION (€ 4.5 million in the first half 2022) increased sharply from the previous year due to the completion of the Cadolini Street operation and the acceleration of work on the construction sites being delivered.

It should be noted that if the via Cadolini transaction had been concluded in the form of an asset deal, as originally planned, the CONSOLIDATED EBT would be € 31.6 mln (EQUIVALENT EBT).

The EBT figure is negatively affected, by € 0.8 mln, by the write-down of the equity investment in Tecma Solutions S.p.A. resulting from the fair value measurement as of the closing date of the six-month reporting period (as of March 31, 2022 it had positively affected by € 1.7 mln)

CASH AND CASH EQUIVALENT as at 31 march 2023 are equal to Euro 48.8 million (Euro 32.4 million as at 30 September 2022).

The GROUP FINANCIAL DEBT amounts to Euro 75.0 million (Euro 116.2 million as at 30 September 2022 and Euro 143.7 million as at 31 December 2022), of which € 37.4 million related to Palazzo Navilgio, Milano City Village and Trilogy Towers project, whose deliveries will be completed by the end of the fiscal year. The decrease is mainly due to the proceeds deriving from the deeds of the apartments of Milano City Village and Palazzo Naviglio for € 37.8 million, from the conclusion of the via Cadolini operation for € 46 million – net of the € 11 mln deposit already collected in the previous year - and from the deposits collected related to the preliminary deeds of projects under commercialisation, for € 10 million, against the progress of works, with total investments of € 38.7 mln and the purchase of new areas for € 13.9 mln (net of advance payments made in previous years).

Abitare In S.p.A.

	Financial Debt
	31.03.2023	31.03.2023	30.09.2022	Change
	amounts in Euro units
A.	Cash and cash equivalents	48,773,504	32,365,487	16,408,017
B.	Means equivalent to cash and cash equivalents	-	-	-
C.	Other current financial assets	-	-	-
D.	Liquidity (A) + (B) + (C)	48,773,504	32,365,487	16,408,017
E	Current financial payables	-	-	-
F.	Current portion of non-current debt	17,912,475	17,915,573	(3,098)
G.	Current financial debt (E) + (F)	17,912,475	17,915,573	(3,098)
H.	Net current financial debt (G) - (D)	(30,861,029)	(14,449,914)	(16,411,115)
I.	Non-current financial payables	105,839,304	130,636,766	(24,797,462)
J.	Debt instruments	-	-	-
K.	Trade payables and other non-current payables	-	-	-
L.	Non-current financial debt (I) + (J) + (K)	105,839,304	130,636,766	(24,797,462)
M.	Total financial debt (H) + (L)	74,978,275	116,186,852	(41,208,577)

Development Pipeline Overview

As of today, the AbitareIn Group is the owner or promissory buyer, by virtue of binding agreements, of 21 areas in the City of Milan, corresponding to a total of 258,000 saleable square metres of projects under development, equal to almost 2,870³ equivalent apartments. The different areas, located in strategic areas of the city, are in different stages of development.

Of the more than nearly 2,870 apartments in the pipeline, commercializations are currently underway (according to the microcampaign mode) of the Lambrate Twin Palace, Palazzo Sintesy, Balduccio Dodici, Frigia7, Palazzo Grè and Corte Naviglio projects for a total of approximately 540 standard apartments.

It is, moreover, underway the commercialization of the Corte dei Principi Project, an initiative realized by the Techbau Group with the collaboration of AbitareIn.

Without taking into account the projects whose commercializations are underway today, 470 apartments have already been sold (on a preliminary basis), for a countervalue of € 262.7 mln, with contracted advances (guaranteed by an insurance surety policy) for € 73 mln.

To date, the Group has delivered 696 apartments, divided into the Abitare In Poste, Abitare In Maggiolina, Olimpia Garden, Milano City Village, Palazzo Naviglio and Trilogy Towers projects, for a total countervalue of € 243 mln, while 355 apartments are currently under construction.

³ 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 (m2) may vary depending on the level of customisation of the surface area of the real estate units.

The residential market

The residential market continues to prove extremely resilient, even in a market context of strong macroeconomic uncertainty such as the current one.

Sales prices, especially in the city of Milan, are still registering record growth, with the average in the Milanese capital exceeding €5,200/sqm in June, marking +0.6% over the previous month. Demand in the city also continues at sustained levels, again up, by 1 percent, from the previous month.

In particular, the new, in view of the greater energy efficiency, the better response to new housing needs and also in light of the innovations that will be introduced with the so-called "Green Homes" Directive is proving increasingly attractive, in the face of a supply that continues to fall short of demand.

Main events after the reporting date

Between the end of the first half of the year and the beginning of the next, the Group started and/or continued the marketing campaigns of the residential projects of Lambrate Twin Palace, Palazzo Sintesy, BalduccioDodici, Frigia7 Palazzo Grè, Corte Naviglio and Corte dei Principi (an operation of the Techbau Group with the collaboration of AbitareIn). The projects currently on the market have a total of corca 540 apartments (net of the operation of Corte dei Principi, carried out by the Techbau Group).

Subsequent to March 31, contracts were signed for the start of construction work on the Lambrate Twin Palace and The Units projects.

Also following the close of the six-month period, the deeds of the real estate units of the Trilogy Towers project and the second building of Milano City Village were started. As of the date of approval of this document, 92% of the apartments of the Naviglio Palace, 64% of Milan City Village, and 72% of Trilogy Towers have been delivered.

Finally, in May 2023, AbitareIn announced the start of a collaboration with Techbau S.p.A., the first step of which is the joint realization of a residential project in Rome. The transaction sees the participation of both companies in the share capital of the operating vehicle, for the development of a residential operation of about 70 apartments in the EUR area.

Today the Board of Directors also approved a shareholder remuneration plan (to be submitted to the shareholders' meeting for approval) articulated in the two modes of distribution of a cash dividend and the purchase of treasury shares by AbitareIn.

Outlook

In the second half of the fiscal year, the Group will continue its strategic activities, both development and commercial, for the realization of projects in Pipeline and to seize new opportunities for its increase.

The Group will continue with the commercialization of projects, in a market context that continues to see demand at consistently high levels in the face of an endemic shortage of product-especially new productwhich, especially in the city of Milan, leads to a structural increase in prices.

Land development and pipeline enhancement activities will also continue at full speed, which has seen significant progress in the authorization processes for the numerous projects in the pipeline. Also nearing

completion are the deeds for the Milan City Village, Palazzo Naviglio and Trilogy Towers apartments, which will be completed by the end of the fiscal year.

Proposed distribution of corporate reserves as an extraordinary dividend

The Board of Directors has resolved to propose to the Shareholders' Meeting the distribution of a total amount of 10 million euros as an extraordinary dividend, to be drawn from the "Retained Earnings" Reserve recorded in the Company's financial statements as of September 30, 2022, through the payment of a unit dividend of 0.376 euros, gross of legal withholdings, for each of the 26,600,780 ordinary shares with no par value currently outstanding, with Coupon No. 1.

The proposed dividend distribution has the following timetable: ex-dividend date October 2, 2023; entitlement date for payment ("record date" pursuant to Article 83-terdecies of Legislative Decree No. 58 of February 24, 1998, and Article 2.6.6, paragraph 2, of the Regulations of Markets organized and managed by Borsa Italiana S.p.A.) October 3, 2023; payment date gross of withholding taxes as of October 4, 2023.

Proposal to authorize the purchase and disposal of treasury shares

The Board of Directors resolved to submit a proposal for authorization to purchase and dispose of treasury shares to the Shareholders' Meeting for approval.

The purpose of the proposal is to provide the Company with a useful strategic investment opportunity for any purpose permitted under applicable European and national regulations, including the purposes contemplated in Article 5 of Regulation (EU) 596/2014 (Market Abuse Regulation, hereinafter MAR) and its implementing provisions, where applicable, and in market practices permitted under Art. 13 MAR, for the following purposes, including but not limited to: (i) to dispose of treasury shares to be used to service any future incentive plans in order to incentivize and retain employees, collaborators, directors of the Company, subsidiaries and/or other categories of persons discretionally chosen by the Board of Directors; (ii) transactions such as the sale and/or exchange of treasury shares for direct or indirect acquisitions of equity investments and/or real estate and/or the conclusion of agreements with strategic partners and/or for the implementation of industrial projects or extraordinary finance transactions, which are part of the Company's and the group's expansion objectives; (iii) to carry out subsequent transactions of purchase and sale of shares, within the limits allowed by the permitted market practices; (iv) to carry out, directly or through intermediaries, any transactions to stabilize and/or support the liquidity of the Company's stock, thus favoring the regular course of trading, in accordance with the provisions of the MAR Regulation and the relevant EU and national implementing regulations, and the permitted market practices pro tempore in force, as established by the competent supervisory authorities in accordance with Art. 13 of the MAR Regulation; as well as (v) establish a so-called "securities warehouse," useful for any future extraordinary finance transactions.

Authorization is required for the purchase, even in several tranches, including on a revolving basis (so-called revolving), of ordinary shares of the Company without par value, up to a maximum number that, taking into account the ordinary shares of the Company from time to time held in the portfolio by the Company and its subsidiaries, does not exceed in the aggregate 20% of the Company's share capital, in accordance with the

Abitare In S.p.A.

provisions of Article 2357, paragraph 3, of the Civil Code as well as within the limits of distributable profits and available reserves resulting from the latest approved financial statements at the time each transaction is carried out, in accordance with the provisions of Article 2357, paragraph 1, of the Civil Code.

The Board of Directors proposes that the authorization to purchase treasury shares be granted for the maximum duration permitted by Article 2357, paragraph 2, of the Civil Code and thus for a maximum period of 18 (eighteen) months from the date on which the Shareholders' Meeting adopts the corresponding resolution. In any case, the purchases must be made:

• at a price per share that may not deviate, either downward or upward, by more than 20% (twenty percent) from the reference price recorded by the stock on the stock exchange session preceding each individual transaction; and in any case

• at a consideration that is no higher than the highest price between the price of the last independent transaction and the price of the highest current independent bid present on the trading venue where the purchase is made.

With regard to disposition transactions, the Board of Directors proposes that the authorization allow the adoption of any method that may be appropriate to correspond to the purposes pursued - including the use of treasury shares at the service of share incentive plans and/or the transfer of real and/or personal rights and/or securities lending - to be carried out either directly or through intermediaries, in compliance with the relevant legal and regulatory provisions in force. The shares serving the stock incentive plans will be granted in the manner and under the terms indicated by the regulations of the plans in force from time to time.

For any further information about the proposed authorization to purchase and dispose of treasury shares, please refer to the Directors' Explanatory Report to the Ordinary Shareholders' Meeting, which will be published on the website www.abitareinspa.com, in the "Investors/Corporate Governance/Meetings" section, within the limits of the law.

As of today's date, AbitareIn holds no treasury shares in its portfolio.

Call of the Ordinary Shareholders' Meeting

The board of directors of AbitareIn resolved to convene the ordinary shareholders' meeting on July 14, 2023, in a single call, to discuss and resolve on the following

AGENDA:

1. authorization for the purchase and subsequent disposal of treasury shares pursuant to and in accordance with Articles 2357 et seq. of the Civil Code, as well as Article 132 of Legislative Decree No. 58 of February 24, 1998 and Article 144-bis of Consob Regulation adopted by Resolution No. 11971/1999, as amended; inherent and consequent resolutions;

2. proposal for distribution of corporate reserves as an extraordinary dividend; inherent and consequent resolutions.

The documents relating to the items on the agenda provided for by the regulations in force - including the explanatory report on the items on the agenda and the related resolution proposals - will be made available to the public, within the terms and in the manner provided for by the regulations in force and, in particular, at the Company's registered office, on the Company's website (at www.abitareinspa.com, in the

"Investors/Corporate Governance/Meetings" section), as well as on the authorized storage mechanism (available at ).

The notice of the Shareholders' Meeting, which will be published within the terms of the law and the Articles of Association, will also indicate the procedures for attending the meeting, in accordance with the provisions of the pro tempore regulations in force.

***

It is noted that, starting from 14 June 2023, the Half-Yearly Financial Report as at 31 March 2023 will be made available to the public at the company's registered office, on the Company's website www.abitareinspa.com under the Investors Section and on the authorised storage mechanism Storage (/PORTALE).

The results for the first half of 2023 will be presented on Monday, June 19, 2023 at an in-person meeting with the financial community at 12 noon at Palazzo Mezzanotte.

***

For more information and to attend the event, you can request accreditation at ereni@abitareinspa.com. Concurrently with the conference call, some presentation slides will be made available on the website www.abitareinspa.com, under the Investors section (Presentations).

***

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 EQUIVALENT) 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. represents innovation and a paradigm shift in the residential development sector, driven by its democratic vision of living that combines urban regeneration, affordability and the needs of today's families.

***

Efficiency, industrialisation and the creation of an identity brand are the foundations of a continuous and sustainable growth of the business model that focuses on the person and the home as an "aspirational" consumer product.

AbitareIn is thus committed to renovating the city's disused building stock and reviving its urban fabric, investing in projects of great aesthetic, environmental and social value and dedicating itself to responsible, far-sighted action; aware first and foremost of the essential nature of its new role as #stilistiurbani. The company has been listed on the Euronext Growth Milan of Borsa Italiana since April 2016. From 1 March 2021 it has been listed on the Euronext STAR Milan (ticker: ABT.MI).

Alphanumeric code of the shares: ABT ISIN: IT0005445280

Contacts:

Investor Relations Press Office

Abitare In S.p.A.

Abitare In Eleonora Reni ereni@abitareinspa.com Barabino&Partners Federico Vercellino – 331.57.45.171 f.vercellino@barabino.it Alice Corbetta – 340.45.57.565 a.corbetta@barabino.it

Abitare In S.p.A.

Consolidated Income Statement

		Related		Related
	Note	31.03.2023	parties	31.03.2022	parties
Revenue from sales	19.1	129,372,641		16,001,415
Change in inventory for progress of works	19.2	(69,579,077)		31,724,597
Change in inventory for new sites purchased	19.3	2,550,000		16,866,000
Other revenue	19.4	14,345,476		1,783,742
TOTAL REVENUE	19	76,689,040		66,375,754
Property purchased for redevelopment for sale		2,550,000		16,866,000
Property purchased for redevelopment for rental		12,5 00,000		-
Raw materials, consumables, supplies and goods		90,604		22,783
Services	20.1	30,153,483	890,826	41,988,311	1,648,118
Rentals and similar		141,253		216,430
Personnel expenses	20.2	1,814,010	100,000	1,208,523	100,000
Depreciation/Amortisation	20.3	569,748		522,408
Impairment losses and provisions	20.4	26,536	26,536	238,274	26,724
Other operating expenses	20.5	1,698,370		850,148
TOTAL OPERATING EXPENSES	20	49,544,004		61,912,877
EBIT		27,145,036		4,462,877
Financial income	21	86,292	1,724,172
Financial expenses	21	(3,987,095)	(1,528,867)
EBT		23,244,233		4,658,182
Income taxes	22	(973,837)		(1,856,320)
PROFIT (LOSS) FOR THE YEAR		22,270,396		2,801,862
Of which:
Net profit (loss) attributable to non-controlling interests		(1,323)		47,304
Net profit (loss) attributable to the owners of the Parent		22,271,719		2,754,558
Earnings per share	23	0.84	0.11
Diluted earnings per share	23	0.81		0.10

Abitare In S.p.A.

Consolidated Statement of Comprehensive Income

	Note	31.03.2023	31.03.2022
Profit (loss) for the year		22,270,396	2,801,862
Other comprehensive income
That will not be subsequently reclassified in profit or
loss for the year
Employee benefits		10,320	75,335
Tax effect		(2,478)	(18,081)
Total		7,842	57,254
That will be subsequently reclassified in profit or loss
for the year
Hedging instruments		(39,614)	143,583
Tax effect		9,508	(34,460)
Total		(30,106)	109,123
Total change in OCI reserve		(22,264)	166,377
Comprehensive income for the period		22,248,132	2,968,239
Earnings per share	23	0.84	0.11
Diluted earnings per share	23	0.81	0.11

Consolidated Statement of Financial Position

		Related		Related
	Note	30.09.2022	parties	30.09.2022	parties
Property, plant and equipment	1	26,316,310		12,095,616
Intangible assets	2	2,379,685		1,829,560
Financial activities	3	271,354		310,968
Equity investments in other companies	4	3,939,669		4,715,514
Deferred tax assets	5	1,879,638		2,381,742
TOTAL NON-CURRENT ASSETS		34,786,656		21,333,400
Inventory	6	238,110,202		305,379,872
Trade receivables	7	874,196		283,950
Other current assets	8	19,149,411		13,175,590
Current tax assets	9	7,986,946		11,335,985
Cash and cash equivalents	10	48,773,504		32,365,487
TOTAL CURRENT ASSETS		314,894,259		362,540,884
TOTAL ASSETS		349,680,915		383,874,284
Share capital		133,004		132,654
Reserves		51,591,883		51,302,326
Profit (loss) carried forward		40,636,229		32,743,810
Profit (loss) for the year		22,271,719		7,892,419
EQUITY ATTRIBUTABLE TO THE OWNERS OF THE PARENT		114,632,835		92,071,209
Profit and reserves attributable to non-controlling interests		3,934,646		3,936,171
EQUITY	11	118,567,481		96,007,380
Non-current financial liabilities	12	105,839,304		130,636,766
Employee benefits	13	367,587		325,982
Other non-current liabilities	14	312,671	312,671	281,755	281,755
Customer down payments and deposits	15	55,263,926		80,866,928
Deferred tax liabilities	5	9,588,131		10,434,062
TOTAL NON-CURRENT LIABILITIES		171,371,619		222,545,493
Current financial liabilities	12	17,912,475		17,915,573
Trade payables	16	14,762,498	18,663	23,747,452	22,921
Other current liabilities	17	10,959,407	964,896	12,025,471	1,020,271
Customer down payments and deposits	15	14,415,362		11,091,600
Current tax liabilities	18	1,692,073		541,315
TOTAL CURRENT LIABILITIES		59,741,815		65,321,411
TOTAL LIABILITIES		231,113,434		287,866,904
TOTAL LIABILITIES AND EQUITY		349,680,915		383,874,284

Abitare In S.p.A.

Consolidated Statement of Cash Flows (indirect method)

	31.03.2023	31.03.2022
Operating activities
Profit (loss) for the year	22,270,397	2,801,862
Income taxes	973,837	1,856,320
Financial income	(86,292)	(1,724,174)
Financial expenses	3,987,095	1,528,859
Net accruals to provisions	91,439	84,940
Accrual to stock grant reserve	311,969	864,540
Impairment and depreciation/amortisation of property, plant and
equipment and intangible assets	569,748	522,408
Cash flows before changes in net working capital	28,118,193	5,934,755
Decrease/(increase) in inventory	67,269,670	(47,710,104)
Increase/(decrease) in trade payables	(9,384,953)	13,366,692
Decrease/(increase) in trade receivables	(590,246)	(73,161)
Change in other current/non-current assets and liabilities	(27,072,436)	365,464
Net financial income/expenses collected/paid	(3,315,521)	(1,851,374)
Taxes paid	192,474	-
Use of provisions	(19,039)	(6,993)
Cash flows from (used in) operating activities (A)	55,198,142	(29,974,721)
Investing activities
Investments in property, plant and equipment	(111,720)	(166,698)
Disposal of property, plant and equipment	-	-
Real estate investments	(13,136,698)	(296,032)
Investments in intangible assets	(42,034)	(434,779)
Disposal of intangible assets	-	-
Other equity investments	-	-
Sale of company, net of cash and cash equivalents	-	-
Cash flows from (used in) investing activities (B)	(13,290,452)	(897,509)
Financing activities
Bank loans raised	27,281,757	41,352,412
Bank loan repayments	(52,660,277)	(11,669,368)
Change in current/non-current financial liabilities	(121,153)	(70,984)
Net change in current financial assets	-	-
Share capital increase against consideration	-	13,199,411
Cash flows from (used in) financing activities (C)	(25,499,673)	42,811,471
Net cash flows in the period (A)+(B)+(C)	16,408,017	11,939,241
Cash and cash equivalents at the beginning of the year	32,365,487	13,778,285
Increase/(decrease) in cash and cash equivalents from 1 October to 31 March	16,408,017	11,939,241
Cash and cash equivalents at the end of the year	48,773,504	25,717,526

Abitare In S.p.A.