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Abitare In
Quarterly Report • Feb 13, 2023
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Quarterly Report
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STILISTI URBANI - MADE IN MILAN
INTERIM DIRECTORS' REPORT AS AT 31 DECEMBER 2022
| MANAGEMENT AND CONTROL BODIES 3 |
|---|
| GROUP STRUCTURE AS AT 31 DECEMBER 20224 |
| INTRODUCTION5 |
| ABITARE IN GROUP'S INTERIM REPORT ON OPERATIONS 7 |
| Highlights8 |
| Pipelines under development10 |
| Group operating performance in the period ending 31 December 2022 12 |
| Reclassified consolidated income statement 12 |
| Reclassified consolidated statement of financial position 14 |
| Financial debt 15 |
| Ratios 16 |
| Main activities and events in the period 17 |
| Events after 31 December 202217 |
| Outlook 18 |
| Research & Development activities18 |
| Overview of the main pending litigations18 |
| Other information18 |
| 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 |
| DECLARATION PURSUANT TO ARTICLE 154 BIS PARAGRAPH 2 OF LEGISLATIVE DECREE 24 |
MANAGEMENT AND CONTROL BODIES
Board of Directors
Luigi Francesco Gozzini - Chairman and Chief Executive Officer Marco Claudio Grillo - Chief Executive Officer Mario Benito Mazzoleni - Independent Board member Giuseppe Carlo Vegas - Independent Board member Nicla Picchi - Independent Board member Eleonora Reni - Board member
Board of Statutory Auditors
Ivano Passoni - Chairman Marco Dorizzi - Standing statutory auditor Matteo Ceravolo - Standing statutory auditor Fanny Butera - Substitute statutory auditor Mariateresa Giangreco - 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 2022
Costruire In S.r.l.
4
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 2022, 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 the information included in this Report relates to the consolidated data of the Abitare In Group.
The Interim Directors' Report at 31 December 2022 was approved by the Board of Directors on 13 February 2023.
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 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% |
| City Zeden 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% |
| 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 | 70,72%* |
| Homizy Siiq S.p.A. | Milan, via degli Olivetani 10/12 | 115.850 | 70,72% |
| Hommi S.r.l. | Milan, via degli Olivetani 10/12 | 10.000 | 70,72%* |
| Housenow S.r.l. | Milan, via degli Olivetani 10/12 | 10.000 | 70,72%* |
| Immaginare 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% |
| Milano Progetti 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% |
| 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 | 70,72%* |
| 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% |
*: 70.72% owned by Abitare In S.p.A. through Homizy SIIQ S.p.A.
Compared to the previous year, the following company has entered to the consolidation period:
| Subsidiaries | Registered office | Share Capital | % of ownership |
|---|---|---|---|
| Costruire In S.r.l. | Milan, via degli Olivetani 10/12 | 10.000 | 100% |
ABITARE IN GROUP'S INTERIM REPORT ON OPERATIONS
The Group specialises in implementing urban redevelopment projects involving the purchase of disused or abandoned properties, their demolition and the building of new residential complexes (demolition and construction are entirely outsourced through tender contracts) and, finally, their marketing. The Group mainly addresses families who buy a home to live in, focusing its development activities, in particular, on the semi-central areas of the city of Milan, whose selection - the result of careful research within a portfolio of opportunities outlined by the Issuer's internal function - is based on the socio-economic fabric, demographics and the supply and demand relationship.
The Company's mission is to "satisfy the housing needs of people, always evolving" and for this reason it has recently expanded its range of products, to cover a wider market. Starting from the end of 2019, the Group also launched the project called "Homizy". Homizy SIIQ S.p.A. is a company, 70,72% owned by the mother company Abitare In S.p.A., dedicated to the development of a new strategic line of business, namely the development and rental of residential properties through socalled co-living solutions, listed on the Euronext Growth Milan market, in the Professional Segment. In particular, Homizy offers young employees, aged between 20 and 35, who relocate from their places of origin to a different city to pursue their careers or who want to fly the nest and become more independent, a smart, high-quality, dynamic and economically sustainable medium/long term living solution that guarantees efficiency of management and maintenance, innovative services and spaces for socialising.
Highlights (at the date of approval of this report)
Statement of financial position highlights
as at 31.12.2022
- 1. 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
- 2. May differ from the no. of apartments depending on the actual size of the apartments sold. In the most recent transactions, Abitare In has noted a significant and progressive increase in the average size of apartments sold.
- 3. About 16,500 m2 of net saleable area for development with the co-living formula by the subsidiary Homizy are included.
- 4. Of which 26,000 m2 of social housing.
- 5. Already updated with the future disposal of Cadolini-Ex Plasmon Street (550 typical apartments).
Pipeline under development (at the date of approval of this report)
As at the date of approval of this report, the AbitareIn Group is the owner or promissory buyer, by virtue of binding agreements, of 20 areas, corresponding to 247,000 square meters of net saleable area for development, equivalent to 2,680 standard-size apartments (the Development Pipeline). The various initiatives included in the Pipeline, located in strategic areas of the City of Milan (Porta Romana District, Lambrate, Naviglio Grande, Certosa) are at different stages of development, based on the Company's business model:
It should be noted that the pipeline size figures are considered net of the operation of the development of Via Cadolini (Ex Plasmon), which is subject to a preliminary sales agreement.
Of the apartments in the pipeline as of today, 608 apartments have been sold (on a preliminary basis) for a value of € 273.6 mln, with contracted advances (secured by an insurance surety policy) of € 74.2 mln, and 4,586 apartments are currently under construction.
Delivered units
To date, the Group has delivered 534 apartments, split between the projects Abitare In Poste, Abitare In Maggiolina, Olimpia Garden, Milano City Village and Palazzo Naviglio, for a total value of € 180.6.
Group operating performance in the period ending 31 December 2022
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 | 31.12.2022 | business | 31.12.2021* | business |
| Amounts in Euro units | ||||
| revenues | revenues | |||
| Revenue from the sale of real estate | 16,433,056 | 37.01% | 9,014,152 | 25.39% |
| Changes in inventory of work in progress and finished products | 11,380,905 | 25.63% | 10,091,824 | 28.42% |
| Change in inventory of real estate complexes purchased | 2,550,000 | 5.74% | 16,150,000 | 45.48% |
| Other revenue | 14,041,234 | 31.62% | 250,800 | 0.71% |
| Total revenue from operating activities | 44,405,195 | 100.00% | 35,506,776 | 100.00% |
| Production costs | 37,764,472 | 85.05% | 33,020,189 | 93.00% |
| ADDED VALUE | 6,640,723 | 14.95% | 2,486,587 | 7.00% |
| Personnel expenses | 906,827 | 2.04% | 603,629 | 1.70% |
| Other operating expenses | 924,051 | 2.08% | 329,146 | 0.93% |
| EBITDA | 4,809,845 | 10.83% | 1,553,812 | 4.38% |
| Depreciation/amortisation, impairment and other provisions | 302,562 | 0.68% | 275,204 | 0.78% |
| EBIT | 4,507,283 | 10.15% | 1,278,608 | 3.60% |
| Financial income and expenses and adjustments to financial assets | (2,274,037) | -5.12% | 1,101,732 | 3.10% |
| EBT | 2,233,246 | 5.03% | 2,380,340 | 6.70% |
| Income taxes | (1,130,016) | -2.54% | (519,911) | -1.46% |
| Profit (loss) for the year | 1,103,230 | 2.48% | 1,860,429 | 5.24% |
Reclassified consolidated income statement
*Referring to the press release of Feb. 14, 2022 the interim report as of Dec. 31, 2021 has been amended by reclassifying the income from the hypo of the subsidiary Homizy, amounting to €5.9 mln, from the income statement to a change in equity, in line with the accounting treatment adopted in the financial statements as of Sept. 30, 2022.
The third quarter of the year ended with CONSOLIDATED REVENUE equal to €44.4 million (€35.5 million in the same period of the previous year), deriving from:
- €16.4 million in Sales Revenue deriving from notarial deeds for the real estate units (€9.0 million in the first quarter of the previous year) mainly arising from the hand over of the Milano City Village and the Palazzo Naviglio projects;
- €11.4 million change in inventory for progress of works, net of discharge due to delivery (consequent to notarial deed) of apartments to customers (€10.1 million in the first quarter of the previous year);
Production progress is equal to €26.4 million (€19.3 million in the first quarter of the previous year). Ended construction works in the sites of Milano City Village (first building) and Palazzo Naviglio, under conclusion Trilogy Towers construction works, while continue works on Porta Naviglio Grande and the preparatory works of Lambrate Twin Palace, Cadolini Ex Plasmon, BalduccioDodici, Naviglio Grande and Nolo.
- € 16.5 mln for new areas purchase, of wich:
- €2.5 million change in inventory due to the purchase of new real estate complexes (€ 16.1 million in the first quarter of the previous year). In particular they refer to the residential project of Corvetto;
- € 14.0 mln of operating revenues wich mainly include deferred costs related to the purchase of real estate for rent in the co-living formula by the subsidiary Homizy SIIQ S.p.A.
CONSOLIDATED EBTDA, equal to € 4.8 mln, increased compared to the quarter ended 12/31/2021 by an amount of € 3.3 mln, thanks to the acceleration of works on the projects under delivery.
CONSOLIDATED EBT is equal to €2.2 million, decreased, by €0.9 million, by income not deriving from operating activities, given by the capital gain from the deprecation at fair value of the equity investment in Tecma Solutions S.p.A. (as at 31/12/2021 it had positively influenced for € 1.9 mln).
Reclassified consolidated statement of financial position
| Investments | ||
|---|---|---|
| Amounts in Euro units | 31.12.2022 | 30.09.2022 |
| Intangible assets | 2,564,689 | 1,829,560 |
| Property, plant and equipment | 26,038,491 | 12,095,616 |
| Financial assets | 317,635 | 310,968 |
| Equity investments in other companies | 3,824,729 | |
| Other non-current assets | 2,619,565 | 2,381,742 |
| Other current assets | 24,923,648 | 24,795,525 |
| Inventory | 318,581,642 | |
| Other current and non-current liabilities | (137,907,826) | (139,314,565) |
| NET INVESTED CAPITAL | 240,962,573 | 212,194,232 |
| Cash and cash equivalents | (18,926,873) | (32,365,487) |
| Current financial payables | 29,687,476 | 17,915,573 |
| Non-current financial payables | 132,929,572 | 130,636,766 |
| FINANCIAL DEBT | 143,690,175 | 116,186,852 |
| Share capital | 132,654 | 132,654 |
| Reserves and profit (loss) carried forward | 96,108,391 | 87,982,307 |
| Profit (loss) for the year | 1,031,353 | 7,892,419 |
| EQUITY | 97,272,398 | 96,007,380 |
The change in intangible fixed assets is mainly due to the increase of € 1.0 mln as a result of the recognition of the right of use pertaining to the lease agreement for new offices.
The increase in property, plant and equipment is mainly due to the suspended costs related to the purchase of real estate for lease in the co-living formula by the subsidiary Homizy SIIQ S.p.A.
Investments in other companies decreased by an amount of € 0.9 mln resulting from the write-down of the investment in Tecma Solutions S.p.A. to fair value.
The increase in inventories is mainly attributable to the completion for the construction of the Milano City Village and Palazzo Naviglio projects and to the development and construction activities of the other projects in the pipeline, particularly on Trilogy Towers, which is now being completed, Porta Naviglio Grande, and the preparatory work on Lambrate Twin Palace, Cadolini Ex-Plasmon (subject to a preliminary sale), BalduccioDodici, NoLo and Naviglio Grande.
Financial Debt
| Financial Debt | ||||
|---|---|---|---|---|
| 31.12.2022 | 31.12.2022 | 30.09.2022 | Change | |
| amounts in Euro units | ||||
| A . | Cash and cash equivalents | 18,926,873 | 32,365,487 | (13,438,614) |
| B. | Means equivalent to cash and cash equivalents | - | - | - |
| C. | Other current financial assets | - | - | - |
| D. | Liquidity (A) + (B) + (C) | 18,926,873 | 32,365,487 | (13,438,614) |
| E | Current financial payables | - | - | - |
| F. | Current portion of non-current debt | 29,687,476 | 17,915,573 | 11,771,903 |
| G . | Current financial debt (E) + (F) | 29,687,476 | 17,915,573 | 11,771,903 |
| H. | Net current financial debt (G) - (D) | 10,760,603 | (14,449,914) | 25,210,517 |
| I. | Non-current financial payables | 132,929,572 | 130,636,766 | 2,292,806 |
| J. | Debt instruments | - | - | - |
| K. | Trade payables and other non-current payables | - | - | - |
| L. | Non-current financial debt (I) + (J) + (K) | 132,929,572 | 130,636,766 | 2,292,806 |
| M. Total financial debt (H) + (L) | 143,690,175 | 116,186,852 | 27,503,323 |
As at 31 December 2022, financial debt was €143.7 million, compared to €116.2 million as at 30 September 2022, of which € 74.8 mln related to Cadolini Ex Plasmon, Palazzo Naviglio, Milano City Village and Trilogy Towers operations, soon to be closed. The increase is due to the work progress, with total investments of € 29.1 mln and to new areas purchase for € 13.85 mln (net of the advances paid in the previous years), against receipts from the notarial deeds of the Milano City Village and Palazzo Naviglio properties amounting to € 11.5 mln and deposits and advance payments collected relating to the preliminaries of the projects marketed, totaling € 3.9 mln.
The change in cash and cash equivalents is mainly attributable to cash absorption by operating activities totalling €13.4 million, to the taking out of loans in the amount of € 20.6 mln, to the repayment of loans in the amount of € 7.2 mln, and to investments (equal to € 12.8 mln) for the purchase of real estate for rent in the co-living formula (via Tucidide project).
Ratios
| STRUCTURE RATIOS | 31.12.2022 | 30.09.2022 | ||
|---|---|---|---|---|
| Equity to non-current assets ratio | ||||
| EQUITY/NON-CURRENT ASSETS | 2.64 | 4.32 | ||
| Equity + non-current liabilities to non-current assets ratio | ||||
| EQUITY + NON-CURRENT LIABILITIES/NON-CURRENT ASSETS | 8.15 | 14.75 | ||
| EQUITY AND FINANCIAL RATIOS | 31.12.2022 | 30.09.2022 | ||
| Leverage | 4.27 | 4.17 | ||
| INVESTED CAPITAL/EQUITY | ||||
| Investment flexibility ratio | 91.11% | 94.44% | ||
| CURRENT ASSETS/INVESTED CAPITAL | ||||
| Financial debt ratio | 3.22 | |||
| BORROWINGS/EQUITY | 3.13 | |||
| PROFITABILITY RATIOS | 31.12.2022 | 31.12.2021 | ||
| ROD | ||||
| FINANCIAL EXPENSES/INTEREST-BEARING DEBT | 1.40% | 0.83% | ||
| ROD* | ||||
| FINANCIAL EXPENSES/INTEREST-BEARING DEBT | 1.31% | 0.68% | ||
| ROS | ||||
| EBIT/NET SALES | 10.15% | 3.60% | ||
| ROI | ||||
| EBIT/INVESTED CAPITAL | 1.13% | 0.45% | ||
| ROE | 1.13% | 8.77% | ||
| NET PROFIT/EQUITY |
*Net of commission
Main activities and events in the period
During the reporting period, the Group ended construction works of Milano City Village and Palazzo Naviglio projects and started the deliveries and the notarial deeds, that as at 31 decembre 2022 amounted to 30 apartments for € 15.8 mln of revenues.
In the same period, continued the development and building activities of the other projects in pipeline, in particular on Trilogy Towers, under conclusion, Porta Naviglio Grande, and the preparatory works of Lambrate Twin Palace, Cadolini Ex-Plasmon (subject of a preliminary assignment), BalduccioDodici, NoLo and Naviglio Grande.
Om december 29 2022 an SPV of Homozy SIIQ S.p.A. purchased the real estate complex located in Milano, via Tucidide, for the total price of 12.5 mln.
In the first qusrter of the fiscal year, the Company was ranked among the top 100 Italian companies in the 2022 edition of the Sustainability Award, the prestigious prize assigned by Kon Group and Credit Suisse, with the institutional scientific collaboration of "Altis - Alta Scuola di Formazione dell'Università Cattolica del Sacro Cuore" and the technical collaboration of RepRisk.
Events after 31 December 2022
After the end of the period, the Group continued the deliveries and the notarial deeds of the apartments of Milano City Village and Palazzo Naviglio, wich, to date of this report, amount to 120 standard-sized apartments, for a total of € 47.3 mln.
The Group also continued its operations in the pipeline areas, both in relation to those with construction already underway and those at a less advanced stage. Preparation activities for the construction of the properties are carried out continuously by the Group, having a pipeline of 20 areas in various stages.
Outlook
In the current period, the Group will end the delivery of the 420 apartments (for a total value of €180m) for the projects of Milano City Village and Palazzo Naviglio (already started) and Trilogy Towers (starting from H2 2023).
During the current year, the marketing of projects will also continue, again through the strategy of the so-called "micro-campaigns", which allow a better alignment of sales prices with potential market prices and a shortening of the timing between the sale and the delivery of the real estate units, though without increasing the risk level of the business.
As known, the Company is also analysing the new opportunities offered by the tax benefits provided to support the renovation of the housing stock, checking on which construction sites they will be applicable and under which conditions.
Finally, it should be noted that the Group, in September 2022, signed a preliminary contract for the sale of the via Cadolini-Ex Plasmon operation, which will see the signing of the final contract during the year. The conclusion of the transaction, together with the receipts from the deeds of the apartments of the projects being delivered (as at 31 December 2022 approximately € 118 mln net of the deposits already collected), will lead to a significant reduction in the Group's net financial debt, which is already decreasing compared to the end of the reporting period of this report.
Research & Development activities
During the half-year, work continued on the development and integration of the CRM platform, a management platform for the integration between Revit and Salesforce, an e-commerce platform. The total investment incurred in the reporting period amounted to Euro 43 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 2022.
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
| 31.12.2022 | 30.09.2022 | |
|---|---|---|
| Property, plant and equipment | 26,038,491 | 12,095,616 |
| Intangible assets | 2,564,689 | 1,829,560 |
| Financial activities | 317,635 | 310,968 |
| Equity investments in other companies | 3,824,729 | 4,715,514 |
| Deferred tax assets | 2,619,565 | 2,381,742 |
| TOTAL NON-CURRENT ASSETS | 35,365,109 | 21,333,400 |
| Inventory | 318,581,642 | 305,379,872 |
| Trade receivables | 363,053 | 283,950 |
| Other current assets | 12,868,473 | 13,175,590 |
| Current tax assets | 11,692,122 | 11,335,985 |
| Cash and cash equivalents | 18,926,873 | 32,365,487 |
| TOTAL CURRENT ASSETS | 362,432,163 | 362,540,884 |
| TOTAL ASSETS | 397,797,272 | 383,874,284 |
| Share capital | 132,654 | 132,654 |
| Reserves | 51,464,114 | 51,302,326 |
| Profit (loss) carried forward | 40,636,229 | 32,743,810 |
| Profit (loss) for the year | 1,031,353 | 7,892,419 |
| EQUITY ATTRIBUTABLE TO THE OWNERS OF THE PARENT | 93,264,350 | 92,071,209 |
| Profit and reserves attributable to non-controlling interests | 4,008,048 | 3,936,171 |
| EQUITY | 97,272,398 | 96,007,380 |
| Non-current financial liabilities | 132,929,572 | 130,636,766 |
| Employee benefits | 344,442 | 325,982 |
| Other non-current liabilities | 302,669 | 281,755 |
| Customer down payments and deposits | 50,278,205 | 80,866,928 |
| Deferred tax liabilities | 10,935,309 | 10,434,062 |
| TOTAL NON-CURRENT LIABILITIES | 194,790,197 | 222,545,493 |
| Current financial liabilities | 29,687,476 | 17,915,573 |
| Trade payables | 23,169,472 | 23,747,452 |
| Other current liabilities | 10,723,305 | 12,025,471 |
| Customer down payments and deposits | 40,953,033 | 11,091,600 |
| Current tax liabilities | 1,201,391 | 541,315 |
| TOTAL CURRENT LIABILITIES | 105,734,677 | 65,321,411 |
| TOTAL LIABILITIES | 300,524,874 | 287,866,904 |
| TOTAL LIABILITIES AND EQUITY | 397,797,272 | 383,874,284 |
Consolidated Income Statement
| 31.12.2022 | 31.12.2021* | |
|---|---|---|
| Revenue from sales | 16,433,056 | 9,014,152 |
| Change in inventory for progress of works | 11,380,905 | 10,091,824 |
| Change in inventory for new sites purchased | 2,550,000 | 16,150,000 |
| Other revenue | 14,041,234 | 250,800 |
| TOTAL REVENUE | 44,405,195 | 35,506,776 |
| Property purchased for redevelopment for sale | 2,550,000 | 16,150,000 |
| Property purchased for redevelopment for rental | 12,500,000 | - |
| Raw materials, consumables, supplies and goods | 25,498 | 12,152 |
| Services | 22,648,499 | 16,674,789 |
| Rentals and similar | 40,474 | 183,247 |
| Personnel expenses | 906,827 | 603,629 |
| Depreciation/Amortisation | 277,150 | 261,867 |
| Impairment losses and provisions | 25,413 | 13,337 |
| Other operating expenses | 924,051 | 329,147 |
| TOTAL OPERATING EXPENSES | 39,897,912 | 34,228,168 |
| EBIT | 4,507,283 | 1,278,608 |
| Financial income | 6,495 | 1,925,376 |
| Financial expenses | (2,280,532) | (823,644) |
| EBT | 2,233,246 | 2,380,340 |
| Income taxes | (1,130,016) | (519,911) |
| PROFIT (LOSS) FOR THE YEAR | 1,103,230 | 1,860,429 |
| Of which: | ||
| Net profit (loss) attributable to non-controlling interests | 71,877 | (43,484) |
| Net profit (loss) attributable to the owners of the Parent | 1,031,353 | 1,903,913 |
| Earnings per share | 0.04 | 0.07 |
| Diluted earnings per share | 0.04 | 0.07 |
*Referring to the press release of Feb. 14, 2022 the interim report as of Dec. 31, 2021 has been amended by reclassifying the income from the hypo of the subsidiary Homizy, amounting to €5.9 mln, from the income statement to a change in equity, in line with the accounting treatment adopted in the financial statements as of Sept. 30, 2022.
Consolidated Statement of Comprehensive Income
| 31.12.2022 | 31.12.2021° | |
|---|---|---|
| Profit (loss) for the year | 1.103.230 | 1.860.429 |
| Other comprehensive income | ||
| That will not be subsequently reclassified in profit or | ||
| loss for the year | ||
| Employee benefits | (1.300) | 55.951 |
| Tax effect | 313 | (13.428) |
| Total | (987) | 42.523 |
| That will be subsequently reclassified in profit or loss | ||
| for the year | ||
| Hedging instruments | 6.667 | 28.488 |
| Tax effect | (1.600) | (6.837) |
| Total | 5.067 | 21.651 |
| Total change in OCI reserve | 4.080 | 64.174 |
| Comprehensive income for the period | 1.107.310 | 1.924.603 |
| Earnings per share | 0,04 | 0,07 |
| Diluted earnings per share | 0,04 | 0,07 |
*Referring to the press release of Feb. 14, 2022 the interim report as of Dec. 31, 2021 has been amended by reclassifying the income from the hypo of the subsidiary Homizy, amounting to €5.9 mln, from the income statement to a change in equity, in line with the accounting treatment adopted in the financial statements as of Sept. 30, 2022.
Statement of Changes in Equity
| Share capital | Share premium reserve |
Legal reserve |
Stock grant reserve |
FTA reserve Consolidatio n reserve |
OCI reserve | Profit carried forward from previous years |
Profit for the year |
Total | Equity attributable to non controlling interests |
Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity at 1 October 2021 | 129.677 | 36.886.372 | 39.651 2.379.457 280.589 | - | (91.707) | 20.552.052 12.191.758 72.367.849 | 468.661 | 72.836.510 | |||
| Profit (loss) for the year | 1.903.913 | 1.903.913 | (43.484) | 1.860.429 | |||||||
| Actuarial valuation of TFR | 42.523 | 42.523 | 42.523 | ||||||||
| Hedging derivates valuation | 21.651 | 21.651 | 21.651 | ||||||||
| Stock grant plan | 437.008 | 437.008 | 437.008 | ||||||||
| Parent company capital increase | 2.977 | 3.857.429 | 3.860.406 | 3.860.406 | |||||||
| Change in scope of consolidation | 5.893.481 | 5.893.481 3.450.694 | 9.344.175 | ||||||||
| Allocation of the profit for the year | 12.191.758 (12.191.758) | - | - | ||||||||
| Equity at 31 December 2021* | 132.654 | 40.743.801 | 39.651 2.816.465 | 280.589 5.893.481 | (27.533) | 32.743.810 | 1.903.913 84.526.831 3.875.871 88.402.702 |
| Share capital | Share premium reserve |
Legal reserve |
Stock grant reserve |
FTA reserve Consolidatio n reserve |
OCI reserve | Profit carried forward from previous years |
Profit for the year |
Total | Equity attributable to non controlling interests |
Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity at 1 October 2022 | 132.654 | 40.743.801 | 39.651 4.113.251 280.589 5.876.568 248.466 | 32.743.810 | 7.892.419 92.071.209 3.936.171 96.007.380 | ||||||
| Profit (loss) for the year | 1.031.353 | 1.031.353 | 71.877 | 1.103.230 | |||||||
| Actuarial valuation of TFR | (987) | (987) | (987) | ||||||||
| Hedging derivatives valuation | 5.067 | 5.067 | 5.067 | ||||||||
| Stock grant plan | 157.708 | 157.708 | 157.708 | ||||||||
| Allocation of the profit for the year | 7.892.419 | (7.892.419) | - | - | |||||||
| Equity as at 31 December 2022 | 132.654 | 40.743.801 | 39.651 4.270.959 280.589 5.876.568 252.546 | 40.636.229 | 1.031.353 93.264.350 4.008.048 97.272.398 |
*Referring to the press release of Feb. 14, 2022 the interim report as of Dec. 31, 2021 has been amended by reclassifying the income from the hypo of the subsidiary Homizy, amounting to €5.9 mln, from the income statement to a change in equity, in line with the accounting treatment adopted in the financial statements as of Sept. 30, 2022.
Consolidated Statement of Cash Flows (indirect method)
| 31.12.2022 | 31.12.2021 | |
|---|---|---|
| Operating activities | ||
| Profit (loss) for the year | 1,103,230 | 1,860,429 |
| Income taxes | 1,130,016 | 519,911 |
| Financial income | (6,495) | (1,925,376) |
| Financial expenses | 2,280,532 | 823,644 |
| (Gains)/losses on the sale of companies | (2,239) | - |
| Net accruals to provisions | 58,228 | 43,326 |
| Accrual to stock grant reserve | 157,708 | 437,008 |
| Impairment and depreciation/amortisation of property, plant and | ||
| equipment and intangible assets | 277,149 | 261,867 |
| Cash flows before changes in net working capital | 4,998,129 | 2,020,809 |
| Decrease/(increase) in inventory | (13,201,770) | (25,427,119) |
| Increase/(decrease) in trade payables | (577,980) | 854,800 |
| Decrease/(increase) in trade receivables | (91,248) | (51,693) |
| Change in other current/non-current assets and liabilities | (3,048,266) | 1,553,316 |
| Net financial income/expenses collected/paid | (1,520,689) | (739,161) |
| Taxes paid | - | - |
| Use of provisions | (1,243) | - |
| Cash flows from (used in) operating activities (A) | (13,443,067) | (21,789,048) |
| Investing activities | ||
| Investments in property, plant and equipment | (444,999) | (55,309) |
| Disposal of property, plant and equipment | 2,239 | - |
| Real estate investments | (12,836,383) | (187,037) |
| Investments in intangible assets | (46,866) | (433,256) |
| Disposal of intangible assets | - | - |
| Other equity investments | - | - |
| Sale of company, net of cash and cash equivalents | - | - |
| Cash flows from (used in) investing activities (B) | (13,326,009) | (675,602) |
| Financing activities | ||
| Bank loans raised | 20,628,660 | 13,634,366 |
| Bank loan repayments | (7,229,816) | (3,672,845) |
| Change in current/non-current financial liabilities | (68,382) | (54,713) |
| Net change in current financial assets | - | - |
| Share capital increase against consideration | - | 13,204,581 |
| Cash flows from (used in) financing activities (C) | 13,330,462 | 23,111,389 |
| Net cash flows in the period (A)+(B)+(C) | (13,438,614) | 646,739 |
| 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 December |
(13,438,614) | 646,739 |
| Cash and cash equivalents at the end of the year | 18,926,873 | 14,425,024 |
DECLARATION PURSUANT TO ARTICLE 154 BIS, PARAGRAPH 2 OF LEGISLATIVE DECREE NO. 58/1998
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.
The Manager in charge of preparing the accounting and corporate documents Cristiano Contini
On behalf of the Board of Directors The Chairman Luigi Gozzini