Abitare In — Interim / Quarterly Report 2021

Jun 8, 2021

OVERVIEW &

1H 2021 RESULTS

Our mission

To satisfy the HOUSING NEEDSof today families by adopting an INDUSTRIAL and SCALABLEbusiness model.

PROJECTS UNDER DEVELOPMENT IN MILANO: OUR PIPELINE

PIPELINE: THE FIGURES

4

Ahead of the market and in absence of competitors, also thanks to the situation of distressed assets and NPLs, in just 5 years we have implemented the best and largest pipeline of projects in Milan, at a price way below the target for current values. Today, we are in the position to buy sites for development over a 5-year period, thus keeping the carrying amount of the sites low

Notes:

POST COVID, INCREASING PRICES

COVID emergency and ecologists have just accelerated the ongoing changes in people's housing needs, which will involve price increase, thanks to an underbalanced ratio between supply and demand, especially for new constructions

Supply decrease

Slowdown of public administration in the issuing of authorizations, due to Covid emergency

International big funds are competing to buy or develop residential buildings for PRS

Qualitative and quantitative demand increase

• Bigger homes to satisfy the new needs as the work from home
• Newly built houses, healthier, sunnier and more ecologic
• More comfortable houses, with terraces, big windows, gardens and common spaces
• Customizable product, to satisfy the specific needs of every single family
• Growth of the «replacement demand» in addition to the «first time buyers»
• Revival of investors (houses as safe-haven assets)
• Taxation and interest rates really convenient

CONSOLIDATED REVENUE

CONSOLIDATED REVENUE

1	1
H	H
2	2
0	0
2	2
1	0
€	€
6	3
2	3
8	6
M	M
L	L
N	N

• € 25.6 MLN: SALES REVENUE
• € 34 MLN CHANGE IN INVENTORY FOR THE PURCHASE OF NEW REAL ESTATE COMPLEXES
• CHANGE IN INVENTORY FOR PROGRESS OF WORKS EQUAL TO 3.4 MLN. € 29.1 MLN net of the outgoing inventory linked to handovers of the Abitare In Maggiolina project.

To be highlighted that the slowdown in the issue of the necessary authorizations led to a reduction in production of around 8 million euros compared with expectations for the latest sites marketed.

CONSOLIDATED EBT

CONSOLIDATED EBT

1	1
H	H
2	2
0	0
2	2
1	0
€	€
4	4
4	4
M	M
L	L
N	N

• Euro 2.2 million due to the capital gain from the re-measurement at fair value of the equity investment in Tecma Solutions S.p.A.,
• Reduction of Euro 0.5 million due to the reversal of "listing costs" for the transition to the MTA Market - STAR segment,
• Reduction of Euro 7 million assuming the application of the contracts standard (IFRS 15) on the Olimpia Garden Operation, the only project of the Group on which this standard was not applied since it is a property already partially built at the time of purchase.

€ 9.7 MLN CONSOLIDATED PROFORMA EBT

NET FINANCIAL POSITION and CASH & CASH EQUIVALENTS

NET FINANCIAL POSITION

2	2
0	0
2	2
1	0
H	F
1	Y
€ 5 4 3 M L N	€ 2 6. 1 M L N

• Disbursement of Euro 28.3 million for the purchase of new sites (Euro ³⁴million by adding up the deposits already paid in previous years)
• Euro 30.4 mln for production
• Intangible and tangible assets equal to € 0.6 mln
• Collections deriving from the sales of the subsidiary Abitare InMaggiolina
• Collections deriving from deposits and advances collected relating to the preliminaries of the projects marketed

CASH & CASH EQUIVALENTS1H 2021 FY2020€ 19.3 MLN € 35.5 MLN

€ 47.6 mln net of investments for new areas purchase

GROUP FINANCIAL LIABILITIES

SHORT TERM

2	2
0	0
2	2
1	0
H	F
1	Y
€	€
1	2
6.	2.
6	4
M	M
L	L
N	N

Of which € 1.0 mln for Abitare In S.p.A. (€ 8,8 mln FY2020)

LONG TERM

2	2
0	0
2	2
1	0
H	F
1	Y
€	€
5	3
6.	9.
5	2
M	M
L	L
N	N

• Of which € 5.2 mln for Abitare in SPA (€ 5.9 mln FY2020)
• Approved mortages for € 181 mln on 12 companies, of which € 170 mln of landed property loans