Milan, March 30, 2022 – The Board of Directors of Prelios S.p.A. (“Prelios”, the “Group” or the “Company”), the leading player in credit servicing, alternative asset management and high value-added real estate services, yesterday approved the draft financial statements for 2021.
The excellent results reflect the constant improvement in all business and financial indicators, further confirming the positive trend already established by Prelios in 2017-2021, with five years of uninterrupted growth fueled by solid performance, long-term management contracts, the scalability of its core businesses and the economies of scale achieved through its integrated platform.
Highlights for 2021 include:
- Consolidated revenues at 268.5 €/mln, an 11% increase from 241.2 €/mln in 2020;
- Consolidated EBITDA ex NRI of 124.6 €/mln, up 18% from 106 €/mln in 2020;
- A consolidated EBITDA margin at 46%, making Prelios one of the absolute top performers in its category thanks to continuous growth with respect to both 2020 (EBITDA margin 44%) and 2019 (EBITDA margin 27%);
- Consolidated net profit of 97.1 €/mln, reflecting strong growth (+41%) from 69 €/mln in 2020; this compares with a loss of 0.6 €/mln in 2019, demonstrating the extraordinary improvement in Group profitability;
- Consolidated net debt of 215.2 €/mln (282.8 €/mln at the end of 2020) with a sharp decrease in financial leverage down to 1.7x (2.7x at the end of 2020);
- Assets under management (NPLs, UTPs and Investment Management) up to 39.4 €/bln, from 38 €/bln at the end of 2020.
Despite the continuing difficulties caused by the Covid-19 pandemic and the problems associated with Italian and international economic conditions, Prelios’ profitability and financial indicators reflect the solidity of the Group, which has achieved constant growth in anti-cyclical, scalable businesses, with stable and predictable cash flow.
Prelios Group CEO Riccardo Serrini commented: “These results are particularly positive and confirm the leadership of the Prelios Group in all its core businesses – with a special focus on innovative areas powered by technology and data management – based on its strategic decision to develop an asset-light business model underpinned by an integrated and fully scalable platform. Innovation and the ability to anticipate the market cycle is part of the Prelios DNA and the foundation for its positioning. The Group has successfully interpreted trends in the real estate and credit businesses, displaying a solid, stable, sustainable and predictable growth trend over the years. I want to emphasize that 2021 is our best result to date as a pure management company. Our growth lines, organic and non-organic, are focused on businesses offering greater profitability like UTPs and asset management, and on management of sub-performing credits, where we also offer specialty finance products. High margins, responsible growth and innovation are the result of outstanding teamwork and a corporate culture geared to collaboration and respect for people. I would like to point out that Prelios’ operations as first mover and leader in UTP management have also generated tangible benefits for Italy's real economy: since November 2019 to date, we have put 514 companies who employ around 8,000 people back on a performing basis, for a total GBV of 431 million euro, with obvious advantages for the economy, employment, supply chains and communities.”