“We want to accelerate the (ongoing) transformation of franchise operators from agents to consultants and we will continue to increase our commitment to services, from design to energy requalification, supported not only by the eco-bonus but by the entire range of incentives for real estate upgrading “. The president of the Gabetti Group, Fabrizio Prete, explains the objectives and investment lines, at the end of the Board of Directors of Gabetti Property Solutions Spa which approved the consolidated data as of
June 30, 2021.
The numbers
The half-year report shows that the Group’s operating revenues at 30 June 2021 reached 95.3 million euros, a very strong increase (+ 257%) compared to the 26.6 million euros of the first half of 2020. The most significant performances emerge from the lines of business Agency and Corporate Services and RealEstate Network Services, thanks above all to the performance of Gabetti Lab which operates in the energy redevelopment sector (eco-bonus 110%), whose revenues went from Euro 3.7 million in June 2020 to 61.9 million in June 2021.
The Ebitda of the services business amounted to 11.5 million euros, a strong increase compared to the 2.5 million euros of 30 June 2020. While the Group’s Ebit was equal to 8.2 million, net growth and in turnaround compared to 30 June 2020 equal to -400 thousand euros.
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As at 30 June 2021, the net result of the Gabetti Group was +4.3 million (already net of minority interests for 2.3 million euros), a clear improvement compared to the loss of 900 thousand euros at 30 June 2020.
The “effective” net financial debt – without considering the IFRS 16 effect – is equal to 1.5 million euros, an improvement compared to the 4.4 million at 31 December 2020.
The “effective” net financial debt also improved, amounting to 1.5 million compared to the 4.4 million of last December 31st. The debt figure as at 30 June 2021 includes the amount of 7 million relating to the medium / long-term shareholder loan from the controlling shareholder Marcegaglia Investments Srl to meet the debt exposures of creditors deriving from the debt restructuring agreement fully repaid on June 30, 2021. The loan of up to 13 million was partially repaid for 6 million with available liquidity.
The evaluations
“The result of the first half of 2021 – declared Fabrizio Prete, president of the Gabetti Group – with revenues of 95.3 million euros, a triple-digit growth (+ 257%) and a Group Ebit of 8.2 million. euro is a great milestone in Gabetti’s recovery process. This semi-annual confirms the value of being the only one full service provider of the real estate sector able to cover the entire supply chain throughout the Italian territory “.
They range from design with Abaco Engineering to the construction of energy regeneration plants with gabetti Lab. While Monety operates in the credit mediation activity to promote financial and insurance products. And Prete hopes that «an eventual reduction of the Superbonus 110% can take place gradually. But also that the Legislator, after allowing the restructuring of the residential heritage, can evaluate its possible use also for the industrial, tourist and commercial heritage ».
In 2021, the Group was also registered in the register of historical brands, an important recognition that rewards Gabetti’s over 70 years of history. «The market is effervescent – added Prete – but monetary leverage will do a lot. As long as we have such low rates and negative yields on bonds, the house will also remain an investment theme ».