(Finance) – The Enpaia Foundation approves The final balance sheet 2022 with a profit of 10.6 million euros. “A result above expectations – explains the President of Enpaia George Square in his report to the Board of Directors – considering the difficulties of the economic and financial context that characterized the year 2022″.
The surplus for 2022 is the result of theexcellent financial management performancethanks to the process of diversification of movable assets started in 2019and the positive result of the real estate turnaround plan.
In 2022, the Foundation made new financial investments of around €755 million and divestments of around €591 million. The positive result of the financial management of the Foundation has generated a net yield of 4.55%slightly down on 2021 (4.79%).
Despite the slowdown in the real estate market, in 2022 the Foundation has properties sold for 46 million eurosmaking one gross capital gain of approximately 24 million. With the real estate asset turnaround plan, the Foundation intends to increase the profitability of the real estate sector, moving from the current net return of less than 1% to a net return of 3%.
The overall net returncalculated on the book values of the entire portfolio (movable and real estate) of the Foundation, thus stands at 5.03%, compared to 4.88% in 2021.
“The surge in inflation – underlines the general manager of Enpaia Roberto Diacetti – resulted in a significant increase for the Foundation, equal to around 46 million euros, of the provision for the severance pay fund compared to 2021 due to the consequent increase in the revaluation coefficient which went from 4.36% in 2021 to 9 .97% of 2022.
In this very difficult context – concludes Diacetti – the Foundation was able to react promptly by implementing all the strategies useful for guaranteeing services to its members, demonstrating its resilience in terms of timely response capacity and adaptation to the economic and financial context”.