Prelios BoD approves the results as at 30 June 2017

Jul 27 2017
Price sensitive

Improvement in all key profitability indicators

Targets announced to the market confirmed

Consolidated revenues on the rise at €35.1 million (€34.1 million in the first half of 2016)

Consolidated EBIT positive at €0.4 million (€-0.3 million in the first half of 2016)

Net Loss improving at €-8.8 million (net loss of €23.3 million in the first half of 2016)

Net Financial Position is improving at €-2.2 million (€-6.5 million as at 12.31.2016)

 

Milan, July 27, 2017 – The Board of Directors of Prelios S.p.A., at its meeting held today and chaired by Giorgio Luca Bruno, examined and approved the half-yearly data as at June 30, 2017.

In the first half of 2017, the Prelios Group recorded a significant improvement in all key indicators, compared to the same period of the previous year, which confirmed the targets announced to the market by the Company on April 27, 2017, and which envisage consolidated turnover equal to or greater than 2016 and a mid-single digit increase in consolidated ROS.

 

In particular, the Group confirms the positive performance, recording at June 30, 2017:

  • an increase of 3% in consolidated revenues, which rose to Euro 35.1 million as at June 30, 2017 from Euro 34.1 million in the first half of 2016;
  • a consolidated EBIT of a positive value of Euro 0.4 million, a net improvement compared to the figure for the first half of 2016, of Euro -0.3 million, thanks to higher turnover generated by the operating companies and constant efforts to reduce costs and centralised costs in particular;
  • the reduction, at consolidated net loss level, of Euro 14.5 million, which in the first half of 2017 equalled Euro -8.8 million compared to Euro -23.3 million of the first half of 2016. This reduction was due to the (i) lower losses of Focus Investments, both in terms of ordinary operating loss and real estate write-downs, and (ii) the serious and different impact in the two periods of non-core business captions;
  • the improvement by Euro 4.3 million in the net financial position, whose performance is now related to the usual net working capital trend, going from Euro -6.5 million at year-end 2016 to -2.2 million at June 30, 2017.

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