Earnings Release • Mar 23, 2023
Earnings Release
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| Informazione Regolamentata n. 1967-18-2023 |
Data/Ora Ricezione 23 Marzo 2023 19:59:14 |
Euronext Star Milan | |
|---|---|---|---|
| Societa' | : | DOVALUE | |
| Identificativo Informazione Regolamentata |
: | 173970 | |
| Nome utilizzatore | : | DOVALUEN08 - Goretti | |
| Tipologia | : | 1.1 | |
| Data/Ora Ricezione | : | 23 Marzo 2023 19:59:14 | |
| Data/Ora Inizio Diffusione presunta |
: | 23 Marzo 2023 19:59:16 | |
| Oggetto | : | 2022 and other resolutions | Approval of draft financial statements for |
| Testo del comunicato |
Vedi allegato.
Rome, March 23rd, 2023 – Confirming the preliminary financial results published on February 23rd, 2023, the Board of Directors of doValue S.p.A. (the "Company", the "Group" or "doValue") has approved today the Draft Financial Statements for the year 2022, which will be submitted to the approval of the Shareholders' Meeting, and the Consolidated Financial Report for the year which closed on December 31st, 2022.
| Income Statement and Other Data | 2022 | 2021 | Delta |
|---|---|---|---|
| Collections | €5,495m | €5,743m | -4.3% |
| Collection Rate | 4.1% | 4.3% | -0.2 p.p. |
| Gross Revenues | €558.2m | €572.1m | -2.4% |
| Net Revenues | €500.4m | €506.5m | -1.2% |
| Operating Expenses | €301.7m | €307.1m | -1.7% |
| EBITDA including non-recurring items | €198.7m | €199.3m | -0.3% |
| EBITDA excluding non-recurring items | €201.7m | €200.9m | +0.4% |
| EBITDA margin excluding non-recurring items | 36.1% | 35.1% | +1.0 p.p. |
| Net Income including non-recurring items | €16.5m | €23.7m | -30.5% |
| Net Income excluding non-recurring items | €50.6m | €50.7m | -0.3% |
| Capex | €30.8m | €29.6m | €1.2m |
| Balance Sheet and Other Data | 31-Dec-22 | 31-Dec-21 | Delta |
|---|---|---|---|
| Gross Book Value | €120,478m | €149,487m | -19.4% |
| Net Debt | €429.9m | €401.8m | +7.0% |
| Financial Leverage (Net Debt / EBITDA ex NRIs) | 2.2x | 2.1x | +0.1 p.p. |
Since the beginning of 2022, the Group has been awarded approx. €7.4 billion of new mandates (partly not yet onboarded as of December 31 st, 2022) of which €3.0 billion in Italy, €3.9 billion in the Hellenic Region and €540 million in Iberia.
The new mandates, together with the €3.8 billion forward flows received in 2022, represent €11.2 billion of new GBV.
In addition, considering the €450 million Project Virgo and the €630 million Project Souq in Greece (secondary NPL disposals out of the Frontier, and Cairo I and Cairo II portfolios respectively, whereby doValue is retaining the servicing mandate) the total GBV secured in 2022 is to €12.3 billion.
Such results are remarkable considering the postponement to 2023 of the Ariadne project (€5.2 billion GBV portfolio in Greece).
As of December 31st, 2022, Gross Book Value stood at €120.5 billion, a decline of 19.4% compared to the level of €149.5 billion at the end of 2021 (or a decline of 5.1% excluding the €20.7 billion Sareb portfolio).
The level of Gross Book Value of €120.5 billion is the result of new GBV onboarded for €13.0 billion, collections for €5.5 billion, write offs for €8.7 billion, disposals from clients for €7.1 billion (mostly compensated by indemnity fees) and the Sareb portfolio off-boarding for €20.7 billion.
As a reminder, as of December 31st , 2022, there were €4.5 billion of new mandates already secured and not yet onboarded.
Collections in 2022 stood at €5.5 billion (a decline of 4.3% compared to the €5.7 billion recorded in 2021, or a growth of 6.3% excluding Sareb). The trajectory of the Collections reflects the decline in GBV, partially mitigated by a mix effect (higher GBV in the Hellenic Region, moving from 21% of total as of December 31 st, 2021, to 31% of total as of December 31st , 2022, which commands a higher Collection Rate vs Group average) as well as the progressive post-COVID recovery of court activities and the relaxation of the Government restrictions on foreclosures.
The Collection Rate is equal to 4.1% for 2022, an increase of 0.1 p.p. vs the level of September 2022. In 2022, the Collection Rate in Italy increased by 0.1 p.p., in the Hellenic Region increased by 0.1 p.p. and in Iberia increased by 2.6 p.p..
In 2022, doValue has recorded Gross Revenues for €558.2 million, a decline of 2.4% compared to the €572.1 million recorded in 2021 (or a growth of 1.5% excluding Sareb).
Servicing Revenues, equal to €510.2 million (€528.6 million in 2021), show a decline of 3.5%, mainly driven by negative performance of Iberia (decline of 29.8%, mainly due to the Sareb portfolio off-boarding) as well as by the slower activity in Italy (decline of 1.1%), partially offset by a strong performance in the Hellenic Region (growth of 14.9%). Excluding Sareb, Servicing Revenues grew by 0.6% year on year.
Revenues from Co-investments are equal to €1.5 million (whilst were equal to €8.8 million in 2021, primarily driven by the capital gain related to the Relais and Mexico transactions, completed in Q1 2021 and Q4 2021 respectively).
The contribution of Revenues from Ancillary Products is €46.6 million, a 34.7% increase compared to the €34.6 million level achieved in 2021. More broadly, these revenues include various services provided by the Group (data services, due diligence services, master and structuring services, legal activities, real estate services and advisory services), primarily in the Italian and Greek market.
Outsourcing fees have decreased both in absolute terms (by 11.8%) and as a percentage of Gross Revenues (from 11.5% in 2021 to 10.4% in 2022) partially reflecting a different revenue mix but also the insourcing of some business processes, in particular in Italy, which allow to efficiently deploy the current available workforce available capacity.
Net Revenues, equal to €500.4 million, have declined by 1.2% compared to €506.5 million in 2021 (but excluding Sareb, Net Revenues have grown by 2.6% year on year).
Operating Expenses, equal to €301.7 million for 2022 (€307.1 million in 2021) have declined by 1.7% year on year and remained stable as a percentage of Gross Revenues at 54%. The decline in Operating Expenses in absolute terms of €5.4 million is due to lower HR, SG&A and Real Estate expenses, partially offset by an increase in IT costs due to projects.
EBITDA excluding non-recurring items grew by 0.4% to €201.7 million (from €200.9 million in 2021), with an increase in margin of 1.0 p.p., from 35.1% to 36.1%. Excluding Sareb, EBITDA excluding non-recurring items grew by 11.5% year on year.
Including non-recurring items, EBITDA stood at €198.7 million, recording a decline of 0.3% compared to 2021, when it was €199.3 million. Non-recurring items above the EBITDA mainly include charges related to consultancy M&A projects for €3.0 million in 2022.
Net Income including non-recurring items stands at €16.5 million, compared to €23.7 million in 2021. The decline is primarily related to the negative impact of the earn-out payable by doValue to Eurobank for the acquisition of doValue Greece (explained in more details below), as well as higher taxes, partially compensated by the growth in EBITDA, lower D&A, lower provisions for risks and charges and lower interest expenses.
Excluding non-recurring items, Net Income stands at €50.6 million, compared to €50.7 million in 2021. The nonrecurring items included below the EBITDA for 2022 mainly refer to the earn-out payable by doValue to Eurobank for the acquisition of doValue Greece, provisions for exit incentive plans and a litigation for operating claim which was compensated by an insurance payment.
The strong operating and financial performance in Greece led doValue to the almost full recognition to fair value of the earn-out (due to Eurobank in relations to the acquisition of the 80% stake in FPS, now doValue Greece, completed in 2020) in its balance sheet as of December 31st, 2022, thus leading to a negative charge at income statement level of €21.6 million. Such earn-out, already disclosed to the market in 2020, at the time of the closing of the acquisition, is equal to maximum amount of €40.0 million. In terms of cash outflows, the earn-out is payable in three tranches in 2024, 2026 and 2030 (for €12.0 million, €12.0 million and €16.0 million respectively). As of December 31st, 2021, doValue had already accounted in its balance sheet this item for €5.6 million.
Net Debt as of December 31st, 2022, stood at €429.9 million, compared to the €401.8 million as of December 31st , 2021.
The year 2022 was characterised by €30.8 million of Capex, related to the doTransformation program, an increase of €1.2 million compared to the level of 2021. Overall, the Capex plan 2022-2023 is in line with the initial plan as presented in the Capital Markets Day in January 2022 (considering the savings achieved with suppliers, the broader review of the plan during the last twelve months and the non-renewal of the Sareb contract).
In addition, a dividend of €39.1 million was paid in 2022, a substantial growth compared to the dividend paid in 2021 of €20.7 million.
Financial Leverage (represented by the ratio between Net Debt and EBITDA excluding non-recurring items) stands as of December 31st, 2022, at 2.1x (vs 2.0x as of December 31st, 2021) due to the increase in Net Debt partially compensated by the growth in EBITDA excluding non-recurring items.
The Financial Leverage of 2.1x is at the lower end of the 2.0-3.0x target range as reiterated in the Business Plan 2022-2024, thus making the balance sheet of doValue conservative. In addition, as of December 31st, 2022, doValue had €134.3 million of cash on its balance sheet and €133.5 million of lines available and not drawn.
The Board of Directors has also approved the financial statements of the Group parent company doValue S.p.A. for the fiscal year 2022, which reported net revenues equal to €149.4 million (€150.5 million in 2021), EBITDA equal to €42.6 million (€35.9 million in 2021), and Net Income, after taxes and excluding non-recurring items, equal to €24.4 million (€12.3 million in 2021).
On April 28th, 2022, the Annual General Meeting of doValue approved the dividend related to the fiscal year 2021 of €0.50 per share for a total amount of €39.5 million. The dividend was paid on May 4th, 2022 (an amount of €0.4 million was yet to be claimed by shareholders as of December 31 st, 2022).
In addition, in line with the dividend policy approved in the context of the Business Plan 2022-2024, the Board of Directors of doValue has approved to propose to Shareholders a dividend related to the fiscal year 2022 of €0.60 per share for 2022 (for a total of approximately €47.5 million, considering the current number of treasury shares owned by the Company), representing a growth of 20% over the 2021 Dividend Per Share of €0.50. The dividend, which is subject to the approval of the Shareholders' Meeting, will be paid on May 10th, 2023 (ex-dividend date on May 8th , 2023, and record date on May 9th, 2023).
On March 17th, 2023, the Board of Directors of doValue S.p.A. has communicated that, on the same day, it had been notified by the Chief Executive Officer Andrea Mangoni of the intention to offer his resignation from his role, with effective date April 27th, 2023 (the planned day for the Annual General Meeting of the Company), to take on new professional opportunities. The Board of Directors has activated the relevant internal procedures aimed at starting the succession process for the role of Chief Executive Officer. In line with the remuneration policy adopted by the Company, there are no indemnities nor benefits in relations to the cessation of the role of Chief Executive Officer. The number of shares of the Company owned by Andrea Mangoni will be communicated at the time of the effective cessation of his role as Chief Executive Officer.
Since the beginning of 2022, doValue has been active on several fronts across the three regions in which it operates, below is a summary of all the main initiatives and key mandates.
Project Neptune: in April 2022, doValue was awarded a servicing mandate in Greece by Fortress for a portfolio of €500 million. As background, in 2020, Fortress acquired a portfolio from Alpha Bank with a GBV of approximately €1.1 billion and assigned the transitional servicing mandate to Greek servicer CEPAL. With Project Neptune, doValue assumes as long-term servicer the management of approximately 50% of the initial €1.1 billion portfolio.
Launch of Legal Services business unit in Spain: in July 2022, doValue has formally set up a new business unit in Spain dedicated to the offering of legal services to banks and institutional investor. The initiative is in line with the plan of further growing and diversifying the portfolio of products and solutions offered by doValue to its current and prospective clients in Spain. In this context, in October 2022, doValue signed an important contract with Sareb for the provision of legal services.
During today's meeting, the Board also approved the Non-Financial Statement drawn up pursuant to Legislative Decree 254/2016 as of December 31st, 2022.
European Banks have gone through a significant deleveraging process since 2014, selling and securitising €585 billion euro of non-performing exposures and achieving record-low NPE ratios (EBA data as of September 2023 indicate a weighted-average NPE ratio for banks in Italy, Spain, Greece, Portugal and Cyprus in the region of 2.8%).
Having said that, the level of Stage 2 loans in Southern Europe has materially increased since pre-COVID times, and currently stands at around 9.4% with Italy, Greece and Cyprus featuring even higher levels of Stage 2 loans (at 13.1%, 12.2% and 14.1% respectively).
The pipeline of potential servicing mandates for 2022 across Southern Europe is currently estimated by doValue at approximately €52 billion (including an estimated €18 billion related to secondary transactions) and is likely to grow further in the coming quarters, in particular as the currently challenging macro-economic conditions and stress factors (inflation and interest rates in primis) are likely to lead to increased production of NPEs. Data published by third party institutions already show that corporates default rates in Italy have increased in the first part of 2022, mainly in the corporate sector, and they are expected to increase further in 2023 and 2024.
More generally, doValue activity is underpinned by exogenous and favourable medium to long-term tailwinds, including the implementation, by banks, of stringent regulations (IFRS 9, Calendar Provisioning, Basel IV) aimed at promoting a very proactive approach in managing their balance sheets, in addition to the well-established outsourcing trend by banks of servicing activities.
Davide Soffietti, in his capacity as Financial Reporting Officer responsible for preparing corporate accounting documents, certifies – pursuant to Article 154-bis, paragraph 2, of Legislative Decree 58/1998 (Testo Unico della Finanza) – that the accounting information in this press release is consistent with the data in the accounting documentation, books and other accounting records.
The Consolidated Financial Report and the Draft Financial Statements as of December 31 th , 2022, will be made available to the public at the Company's headquarters and at Borsa Italiana, as well as on the website www.dovalue.it in the "Investor Relations / Financial Reports and Presentations" section by the statutory deadlines.
We inform you that doValue S.p.A. has adopted the simplified rules provided for in Articles 70, paragraph 8, and 71, paragraph 1-bis, of the Consob Issuers Regulation no. 11971/1999, subsequently amended, and has therefore exercised the option to derogate from compliance with the obligations to publish the information documents provided for in Articles 70, paragraph 6, and 71, paragraph 1, of that Regulation on the occasion of significant mergers, spinoffs, capital increases through the contribution of assets in kind, acquisitions and sales.
***
doValue is the main operator in Southern Europe in the management of credit and real estate for banks and investors. With more than 20 years of experience and approximately €120 billion of assets under management (Gross Book Value) across Italy, Spain, Portugal, Greece and Cyprus, doValue Group's activities contribute to the economic growth by promoting the sustainable development of the financial system. With its 3,200 employees, doValue offers an integrated range of services: management of Non-Performing Loans (NPL), Unlikely To Pay (UTP), Early Arrears, and performing credit, real estate management, master servicing, data processing and other ancillary services for credit management. The shares of doValue are listed on the STAR segment of Euronext Milan (EXM) and, in 2022, the Group reported Gross Revenues of €558 million and EBITDA excluding non-recurring items of €202 million.
[email protected] [email protected]
| Condensed Income Statement | 2022 | 2021 | Change € | Change % |
|---|---|---|---|---|
| Servicing Revenues: | 510,164 | 528,626 | (18,462) | (3)% |
| o/w: NPE revenues | 433,538 | 446,097 | (12,559) | (3)% |
| o/w: REO revenues | 76,626 | 82,529 | (5,903) | (7)% |
| Co-investment revenues | 1,507 | 8,846 | (7,339) | (83)% |
| Ancillary and other revenues | 46,578 | 34,579 | 11,999 | 35% |
| Gross revenues | 558,249 | 572,051 | (13,802) | (2)% |
| NPE Outsourcing fees | (20,913) | (29,998) | 9,085 | (30)% |
| REO Outsourcing fees | (22,631) | (24,217) | 1,586 | (7)% |
| Ancillary Outsourcing fees | (14,285) | (11,369) | (2,916) | 26% |
| Net revenues | 500,420 | 506,467 | (6,047) | (1)% |
| Staff expenses | (212,395) | (215,851) | 3,456 | (2)% |
| Administrative expenses | (89,317) | (91,269) | 1,952 | (2)% |
| Total "o.w. IT" | (33,034) | (30,183) | (2,851) | 9% |
| Total "o.w. Real Estate" | (5,586) | (6,159) | 573 | (9)% |
| Total "o.w. SG&A" | (50,697) | (54,927) | 4,230 | (8)% |
| Operating expenses | (301,712) | (307,120) | 5,408 | (2)% |
| EBITDA | 198,708 | 199,347 | (639) | (0)% |
| EBITDA margin | 36% | 35% | 1% | 2% |
| Non-recurring items included in EBITDA | (2,979) | (1,572) | (1,407) | 90% |
| EBITDA excluding non-recurring items | 201,687 | 200,919 | 768 | 0% |
| EBITDA margin excluding non-recurring items | 36% | 35% | 1% | 3% |
| Net write-downs on property, plant, equipment and intangibles | (71,021) | (94,371) | 23,350 | (25)% |
| Net provisions for risks and charges | (13,963) | (25,547) | 11,584 | (45)% |
| Net write-downs of loans | 493 | 545 | (52) | (10)% |
| Profit (loss) from equity investments | - | 83 | (83) | (100)% |
| EBIT | 114,217 | 80,057 | 34,160 | 43% |
| Net income (loss) on financial assets and liabilities measured at fair | ||||
| value | (22,520) | 1,071 | (23,591) | n.s. |
| Net financial interest and commissions | (28,868) | (32,839) | 3,971 | (12)% |
| EBT | 62,829 | 48,289 | 14,540 | 30% |
| Non-recurring items included in EBT | (35,901) | (33,350) | (2,551) | 8% |
| EBT excluding non-recurring items | 98,730 | 81,639 | 17,091 | 21% |
| Income tax for the period | (36,354) | (15,116) | (21,238) | 141% |
| Profit (Loss) for the period | 26,475 | 33,173 | (6,698) | (20)% |
| Profit (loss) for the period attributable to Non-controlling interests | (9,973) | (9,429) | (544) | 6% |
| Profit (Loss) for the period attributable to the Shareholders of | ||||
| the Parent Company | 16,502 | 23,744 | (7,242) | (31)% |
| Non-recurring items included in Profit (loss) for the period | (35,494) | (29,481) | (6,013) | 20% |
| O.w. Non-recurring items included in Profit (loss) for the period | ||||
| attributable to Non-controlling interest | (1,433) | (2,504) | 1,071 | (43)% |
| Profit (loss) for the period attributable to the Shareholders of the Parent Company excluding non-recurring items |
50,563 | 50,721 | (158) | (0)% |
| Profit (loss) for the period attributable to Non-controlling interests | ||||
| excluding non-recurring items | 11,406 | 11,933 | (527) | (4)% |
| Earnings per share (in Euro) | 0.21 | 0.30 | (0.09) | (30)% |
| Earnings per share excluding non-recurring items (Euro) | 0.64 | 0.64 | (0.00) | (0)% |
| Condensed Balance Sheet | 31-Dec-2022 | 31-Dec-2021 | Change € | Change % |
|---|---|---|---|---|
| Cash and liquid securities | 134,264 | 166,668 | (32,404) | (19)% |
| Financial assets | 57,984 | 61,961 | (3,977) | (6)% |
| Property, plant and equipment | 59,191 | 34,204 | 24,987 | 73% |
| Intangible assets | 526,888 | 545,225 | (18,337) | (3)% |
| Tax assets | 118,226 | 152,996 | (34,770) | (23)% |
| Trade receivables | 200,143 | 206,326 | (6,183) | (3)% |
| Assets held for sale | 13 | 30 | (17) | (57)% |
| Other assets | 29,889 | 17,226 | 12,663 | 74% |
| Total Assets | 1,126,598 | 1,184,636 | (58,038) | (5)% |
| Financial liabilities: due to banks/bondholders | 564,123 | 568,459 | (4,336) | (1)% |
| Other financial liabilities | 120,861 | 76,017 | 44,844 | 59% |
| Trade payables | 70,381 | 73,710 | (3,329) | (5)% |
| Tax liabilities | 67,797 | 113,060 | (45,263) | (40)% |
| Employee termination benefits | 9,107 | 10,264 | (1,157) | (11)% |
| Provisions for risks and charges | 37,655 | 44,235 | (6,580) | (15)% |
| Other liabilities | 75,754 | 104,888 | (29,134) | (28)% |
| Total Liabilities | 945,678 | 990,633 | (44,955) | (5)% |
| Share capital | 41,280 | 41,280 | - | n.s. |
| Reserves | 83,109 | 96,299 | (13,190) | (14)% |
| Treasury shares | (4,332) | (4,678) | 346 | (7)% |
| Profit (loss) for the period attributable to the Shareholders of | ||||
| the Parent Company | 16,502 | 23,744 | (7,242) | (31)% |
| Net Equity attributable to the Shareholders of the Parent Company |
136,559 | 156,645 | (20,086) | (13)% |
| Total Liabilities and Net Equity attributable to the Shareholders of the Parent Company |
1,082,237 | 1,147,278 | (65,041) | (6)% |
| Net Equity attributable to Non-Controlling Interests | 44,361 | 37,358 | 7,003 | 19% |
| Total Liabilities and Net Equity | 1,126,598 | 1,184,636 | (58,038) | (5)% |
| Condensed Cash flow | 2022 | 2021 |
|---|---|---|
| EBITDA | 198,708 | 199,347 |
| Capex | (30,833) | (29,640) |
| EBITDA-Capex | 167,875 | 169,707 |
| as % of EBITDA | 84% | 85% |
| Adjustment for accrual on share-based incentive system | 5,557 | 1,027 |
| payments Changes in NWC (Net Working Capital) |
2,854 | (9,285) |
| Changes in other assets/liabilities | (92,688) | (21,340) |
| Operating Cash Flow | 83,598 | 140,109 |
| Corporate Income Tax paid | (44,042) | (12,827) |
| Financial charges | (27,146) | (31,220) |
| Free Cash Flow | 12,410 | 96,062 |
| (Investments)/divestments in financial assets | 3,664 | (26,489) |
| Tax claim payment | - | (32,981) |
| Treasury shares buy-back | - | (4,603) |
| Dividends paid to minority shareholders | (5,002) | (2,502) |
| Dividends paid to Group shareholders | (39,140) | (20,722) |
| Net Cash Flow of the period | (28,068) | 8,765 |
| Net financial Position - Beginning of period | (401,791) | (410,556) |
| Net financial Position - End of period | (401.791) (429,859) |
(401,791) |
| Change in Net Financial Position | (28,068) | 8,765 |
| KPIs | 2022 | 2021 |
|---|---|---|
| Gross Book Value (EoP) - Group | 120,478,346 | 149,486,889 |
| Collections of the period - Group | 5,494,503 | 5,743,101 |
| LTM Collections / GBV EoP - Group - Stock | 4.1% | 4.3% |
| Gross Book Value (EoP) - Italy | 72,031,038 | 75,965,150 |
| Collections of the period - Italy | 1,707,403 | 1,698,356 |
| LTM Collections / GBV EoP - Italy - Stock | 2.5% | 2.4% |
| Gross Book Value (EoP) - Iberia | 11,650,908 | 41,523,359 |
| Collections of the period - Iberia | 1,965,314 | 2,726,453 |
| LTM Collections / GBV EoP - Iberia - Stock | 9.2% | 6.6% |
| Gross Book Value (EoP) - Hellenic Region | 36,796,401 | 31,998,380 |
| Collections of the period - Hellenic Region | 1,821,787 | 1,318,292 |
| LTM Collections / GBV EoP - Hellenic Region - Stock | 6.1% | 6.0% |
| EBITDA | 198,708 | 199,347 |
| Non-recurring items (NRIs) included in EBITDA | (2,979) | (1,572) |
| EBITDA excluding non-recurring items | 201,687 | 200,919 |
| EBITDA margin | 36% | 35% |
| EBITDA margin excluding non-recurring items | 36% | 35% |
| Profit (loss) for the period attributable to the shareholders of the Parent Company | 16,502 | 23,744 |
| Non-recurring items included in Profit (loss) for the period attributable to the Shareholders of the Parent Company |
(34,061) | (26,977) |
| Profit (loss) for the period attributable to the Shareholders of the Parent Company excluding non-recurring items |
50,563 | 50,721 |
| Earnings per share (Euro) | 0.21 | 0.30 |
| Earnings per share excluding non-recurring items (Euro) | 0.64 | 0.64 |
| Capex | 30,833 | 29,640 |
| EBITDA - Capex | 167,875 | 169,707 |
| Net Working Capital | 129,762 | 132,616 |
| Net Financial Position Leverage (Net Debt / EBITDA LTM PF) |
(429,859) 2.1x |
(401,791) 2.0x |
| Year 2022 | ||||
|---|---|---|---|---|
| Condensed Income Statement (excluding non-recurring items) |
Italy | Hellenic Region |
Iberia | Total |
| Servicing revenues | 145,093 | 249,394 | 115,677 | 510,164 |
| o/w NPE Revenues | 145,094 | 229,892 | 58,552 | 433,538 |
| o/w REO Revenues | (1) | 19,502 | 57,125 | 76,626 |
| UTP Servicing | - | - | - | - |
| Co-investment revenues | 1,507 | - | - | 1,507 |
| Ancillary and other revenues | 35,910 | 3,854 | 6,814 | 46,578 |
| Gross Revenues | 182,510 | 253,248 | 122,491 | 558,249 |
| NPE Outsourcing fees | (7,673) | (4,428) | (8,812) | (20,913) |
| REO Outsourcing fees | - | (3,819) | (18,812) | (22,631) |
| Ancillary Outsourcing fees | (12,816) | - | (1,469) | (14,285) |
| Net revenues | 162,021 | 245,001 | 93,398 | 500,420 |
| Staff expenses | (84,610) | (73,073) | (54,712) | (212,395) |
| Administrative expenses | (29,333) | (22,745) | (34,260) | (86,338) |
| o/w IT | (14,955) | (8,756) | (9,323) | (33,034) |
| o/w Real Estate | (1,594) | (2,689) | (1,303) | (5,586) |
| o/w SG&A | (12,784) | (11,300) | (23,634) | (47,718) |
| Operating expenses | (113,943) | (95,818) | (88,972) | (298,733) |
| EBITDA excluding non-recurring items | 48,078 | 149,183 | 4,426 | 201,687 |
| EBITDA margin excluding non-recurring items | 26% | 59% | 4% | 36% |
| Contribution to EBITDA excluding non-recurring items | 24% | 74% | 2% | 100% |
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