(Tiper Stock Exchange) – Gabetti Property Solutionsa company listed on Euronext Milan and a full service Italian real estate provider, closed the first semester 2023 with operating revenue equal to 60.8 million euros, a decrease (-38%) compared to 98.2 million euros in the same period of the previous year due to the effect of the regulatory change on tax incentives which affects Gabetti Lab’s revenues associated with the redevelopment.
L’EBITDA services it is equal to 7.1 million euros, lower than the 17.6 million of 2022, for the same reason. The Net income it is negative by one million (already considered minority interests of Euro 0.8 million), lower than the Euro 6.8 million at 30 June 2022.
“The result for the first half of 2023 was strongly influenced by the regulatory change concerning the issue of redevelopment and by the contraction of the market – declares the president Fabrizio Prete – This resulted in a lower revenue volume than expected while in terms of margins the results (EBITDA, EBIT, gross result) are substantially in line with budget forecasts thanks to management optimization in the first few months of the year. For the remaining part of the year, among other things that which is more relevant from the point of view of the seasonal nature of the business, a positive trend is expected to be in line with expectations“.
The BoD approved the signing of a shareholder loan with the controlling shareholder Marcegaglia Investments intended to support the financial needs and support the group in the implementation of the strategic plans of the same. The funding (max 15 million euros) to be disbursed by Marcegaglia Investments has a duration of 3 years, an interest rate equal to the 3-month Euribor increased by 400 bps per annum. The repayment of the interest portion is scheduled for 31 January of each year starting from 31 January 2024.