Cash flow Gabetti Property Solutions S.p.A.

Equities

GAB

IT0005023038

Real Estate Services

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08-27	Stock markets in green; Germany GDP confirmed	AN
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Published financial data: GABETTI PROPERTY SOLUTIONS S.P.A.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	52.21M	63.53M	166M	150M	188M
Other Revenues, Total	756K	1.78M	728K	-	-
Total Revenues	52.97M	65.31M	166M	150M	188M
Cost of Goods Sold, Total	32.73M	44.49M	130M	105M	146M
Gross Profit	20.24M	20.82M	36.59M	45.55M	42.52M
Selling General & Admin Expenses, Total	13.58M	12.86M	15.86M	17.36M	18.67M
Depreciation & Amortization - (IS)	2.77M	2.86M	2.62M	2.67M	2.75M
Other Operating Expenses	2.71M	2.72M	3.69M	12.29M	10.05M
Other Operating Expenses, Total	19.06M	18.45M	22.17M	32.32M	31.47M
Operating Income	1.18M	2.37M	14.42M	13.23M	11.05M
Interest Expense, Total	-110K	-91K	-27K	-511K	-934K
Interest And Investment Income	114K	40K	51K	27K	24K
Net Interest Expenses	4K	-51K	24K	-484K	-910K
Currency Exchange Gains (Loss)	-	-	-	-	-
Other Non Operating Income (Expenses)	-233K	-365K	-1.02M	-492K	-1.31M
EBT, Excl. Unusual Items	952K	1.96M	13.43M	12.25M	8.83M
Gain (Loss) On Sale Of Investments	-184K	-208K	-81K	-438K	-189K
Gain (Loss) On Sale Of Assets	450K	68K	-	1.67M	-933K
Asset Writedown	-	-5K	-16K	-1K	-86K
Legal Settlements	-451K	-387K	-482K	-	-
Other Unusual Items	-357K	-1.68M	-1.12M	-416K	-1.02M
EBT, Incl. Unusual Items	410K	-251K	11.73M	13.06M	6.6M
Income Tax Expense	305K	401K	-508K	-1.48M	2.77M
Earnings From Continuing Operations	105K	-652K	12.23M	14.54M	3.83M
Earnings Of Discontinued Operations	-	-	-	-	-
Net Income to Company	105K	-652K	12.23M	14.54M	3.83M
Minority Interest	16K	-329K	-3.92M	-2.92M	-2.78M
Net Income - (IS)	121K	-981K	8.32M	11.62M	1.04M
Net Income to Common Incl Extra Items	121K	-981K	8.32M	11.62M	1.04M
Net Income to Common Excl. Extra Items	121K	-981K	8.32M	11.62M	1.04M
Per Share Items
Net EPS - Basic	0	-0.02	0.14	0.19	0.02
Basic EPS - Continuing Operations	0	-0.02	0.14	0.19	0.02
Basic Weighted Average Shares Outstanding	59.4M	59.09M	60.34M	60.34M	60.34M
Net EPS - Diluted	0	-0.02	0.14	0.19	0.02
Diluted EPS - Continuing Operations	0	-0.02	0.14	0.19	0.02
Diluted Weighted Average Shares Outstanding	59.4M	59.09M	60.34M	60.34M	60.34M
Normalized Basic EPS	0.01	0.02	0.07	0.08	0.05
Normalized Diluted EPS	0.01	0.02	0.07	0.08	0.05
Supplemental Items
EBITDA	1.65M	2.88M	14.92M	13.54M	16.36M
EBITA	1.39M	2.58M	14.64M	13.27M	16.09M
EBIT	1.18M	2.37M	14.42M	13.23M	11.05M
EBITDAR	2.48M	3.81M	15.9M	14.88M	17.51M
Total Revenues (As Reported)	53.43M	65.94M	167M	152M	193M
Effective Tax Rate - (Ratio)	74.39	-159.76	-4.33	-11.3	42.01
Current Domestic Taxes	230K	273K	833K	1.49M	3.39M
Total Current Taxes	230K	273K	833K	1.49M	3.39M
Total Deferred Taxes	86K	177K	-1.34M	-3.11M	-585K
Normalized Net Income	611K	894K	4.48M	4.73M	2.74M
Interest on Long-Term Debt	37K	98K	87K	84K	79K
Supplemental Operating Expense Items
Net Rental Expense, Total	830K	931K	988K	1.33M	1.15M
Imputed Operating Lease Interest Expense	37.74K	35.47K	12.66K	247K	152K
Imputed Operating Lease Depreciation	792K	896K	975K	1.09M	997K
Maintenance & Repair Expenses, Total	1.03M	1.24M	1.42M	1.39M	1.6M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	140K	7.47M	6.64M	14.2M	23.19M
Short Term Investments	6.78M	-	-	-	-
Total Cash And Short Term Investments	6.92M	7.47M	6.64M	14.2M	23.19M
Accounts Receivable, Total	24.05M	37.2M	135M	192M	252M
Other Receivables	2.76M	2.35M	2.75M	4.77M	47.66M
Notes Receivable	4.18M	4M	2.7M	1.91M	1.24M
Total Receivables	31M	43.54M	140M	199M	301M
Prepaid Expenses	-	-	-	-	-
Other Current Assets, Total	197K	345K	223K	298K	461K
Total Current Assets	38.11M	51.36M	147M	213M	324M
Gross Property Plant And Equipment	19.35M	19.41M	23.8M	24.53M	19.78M
Accumulated Depreciation	-13.18M	-14.79M	-16.67M	-17.81M	-12.79M
Net Property Plant And Equipment	6.17M	4.62M	7.14M	6.72M	7M
Long-term Investments	1.26M	1.05M	979K	1.08M	1.55M
Goodwill	7.64M	8.17M	8.17M	7.87M	5.76M
Other Intangibles, Total	1.51M	1.12M	1.35M	1.42M	1.17M
Loans Receivable Long-Term	-	-	-	-	-
Deferred Tax Assets Long-Term	3.44M	3.27M	4.65M	7.75M	8.54M
Other Long-Term Assets, Total	233K	617K	494K	264K	295K
Total Assets	58.36M	70.21M	170M	239M	349M
Liabilities
Accounts Payable, Total	13.89M	26.81M	112M	154M	190M
Accrued Expenses, Total	2.67M	3.08M	5.05M	5.94M	14.59M
Short-term Borrowings	-	-	-	4.7M	7M
Current Portion of Long-Term Debt	14.74M	12.66M	4.12M	4.39M	36.05M
Current Portion of Leases	1.74M	1.64M	1.6M	1.63M	1.57M
Current Income Taxes Payable	64K	102K	546K	410K	679K
Other Current Liabilities	3.12M	3.47M	4.25M	6.92M	12.8M
Total Current Liabilities	36.22M	47.76M	127M	178M	263M
Long-Term Debt	1.14M	819K	6M	12.64M	35.79M
Long-Term Leases	3.35M	2.13M	4.72M	4.43M	4.59M
Pension & Other Post Retirement Benefits	1.91M	1.92M	2.06M	1.93M	1.91M
Deferred Tax Liability Non Current	334K	334K	348K	453K	483K
Other Non Current Liabilities	2.22M	2.22M	2.64M	2.64M	2.64M
Total Liabilities	45.18M	55.19M	143M	201M	308M
Common Stock, Total	14.73M	14.8M	14.87M	14.87M	14.87M
Additional Paid In Capital	8.55M	10.14M	10.14M	10.14M	10.14M
Retained Earnings	-10.63M	-10.97M	-2.71M	8.91M	10.82M
Comprehensive Income and Other	275K	286K	134K	273K	267K
Total Common Equity	12.93M	14.25M	22.43M	34.19M	36.1M
Minority Interest	253K	769K	4.24M	3.82M	4.35M
Total Equity	13.18M	15.02M	26.68M	38.01M	40.45M
Total Liabilities And Equity	58.36M	70.21M	170M	239M	349M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	59.4M	60.34M	60.34M	60.34M	60.34M
ECS Total Common Shares Outstanding	59.4M	59.71M	60.34M	60.34M	60.34M
Book Value / Share	0.22	0.24	0.37	0.57	0.6
Tangible Book Value	3.78M	4.96M	12.91M	24.9M	29.17M
Tangible Book Value Per Share	0.06	0.08	0.21	0.41	0.48
Total Debt	20.96M	17.25M	16.44M	27.79M	85M
Net Debt	14.05M	9.78M	9.8M	13.59M	61.81M
Debt Equivalent Oper. Leases	6.64M	7.45M	7.9M	10.67M	9.19M
Minority Interest, Total (Incl. Fin. Div)	253K	769K	4.24M	3.82M	4.35M
Equity Method Investments, Total	1.26M	1.05M	979K	1.08M	1.55M
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	-	5.83M	9.84M	10.79M	12.2M
Buildings, Total	2K	-	-	-	-
Full Time Employees	225	232	254	259	257
Accumulated Allowance for Doubtful Accounts (Supple)	7.58M	8.18M	9.36M	18.1M	29.35M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	121K	-981K	8.32M	11.62M	1.04M
Depreciation & Amortization - CF	1.95M	2M	2.07M	2.06M	2.2M
Amortization of Goodwill and Intangible Assets - (CF)	208K	209K	220K	41K	5.03M
Depreciation & Amortization, Total	2.16M	2.21M	2.29M	2.1M	7.24M
Amortization of Deferred Charges, Total - (CF)	619K	654K	339K	569K	504K
Minority Interest in Earnings - (CF)	-	-	3.59M	-993K	-140K
(Gain) Loss on Sale of Investments - (CF)	184K	208K	81K	464K	189K
Asset Writedown & Restructuring Costs	-	5K	16K	-	86K
Provision and Write-off of Bad Debts	1.28M	1.6M	2.63M	10.34M	7.26M
Other Operating Activities, Total	-329K	126K	342K	583K	1.91M
Change In Accounts Receivable	-1.44M	-29K	-13.52M	-26.8M	-60.36M
Change in Other Net Operating Assets	428K	366K	398K	410K	823K
Cash from Operations	3.02M	4.16M	4.48M	-1.71M	-41.45M
Capital Expenditure	-242K	-338K	-233K	-178K	-500K
Sale of Property, Plant, and Equipment	-	-	-	-	-
Cash Acquisitions	-	-414K	-	-	-
Sale (Purchase) of Intangible assets	-379K	-479K	-802K	-377K	1.72M
Investment in Marketable and Equity Securities, Total	-	-	-12K	-567K	-661K
Net (Increase) Decrease in Loans Originated / Sold - Investing	966K	-175K	1.4M	1.02M	680K
Other Investing Activities, Total	-	-	-	-	-
Cash from Investing	345K	-1.41M	349K	-101K	1.24M
Long-Term Debt Issued, Total	-	-	-	9.23M	48.32M
Total Debt Issued	-	-	-	9.23M	48.32M
Long-Term Debt Repaid, Total	-3.16M	-2.11M	-5.51M	-	-
Total Debt Repaid	-3.16M	-2.11M	-5.51M	-	-
Issuance of Common Stock	-	-	-	-	905K
Other Financing Activities, Total	-138K	-103K	-137K	139K	-36K
Cash from Financing	-3.3M	-2.21M	-5.65M	9.37M	49.19M
Net Change in Cash	69K	548K	-821K	7.56M	8.98M
Supplemental Items
Levered Free Cash Flow	3.79M	4.49M	2.27M	-2.72M	-36.18M
Unlevered Free Cash Flow	3.86M	4.55M	2.29M	-2.4M	-35.59M
Change In Net Working Capital	-971K	-1.02M	8.31M	12.78M	51.47M
Net Debt Issued / Repaid	-3.16M	-2.11M	-5.51M	9.23M	48.32M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	1.32	2.31	7.51	4.05	2.35
Return on Total Capital	2.3	4.46	23.91	15.18	7.22
Return On Equity %	0.82	-4.62	58.68	44.96	9.75
Return on Common Equity	0.96	-7.22	45.35	41.04	2.97
Margin Analysis
Gross Profit Margin %	38.21	31.88	22.01	30.33	22.58
SG&A Margin	25.63	19.69	9.54	11.56	9.91
EBITDA Margin %	3.11	4.41	8.97	9.02	8.69
EBITA Margin %	2.62	3.95	8.8	8.84	8.54
EBIT Margin %	2.23	3.63	8.67	8.81	5.87
Income From Continuing Operations Margin %	0.2	-1	7.36	9.68	2.03
Net Income Margin %	0.23	-1.5	5	7.74	0.55
Net Avail. For Common Margin %	0.23	-1.5	5	7.74	0.55
Normalized Net Income Margin	1.15	1.37	2.69	3.15	1.45
Levered Free Cash Flow Margin	7.16	6.88	1.37	-1.81	-19.21
Unlevered Free Cash Flow Margin	7.29	6.96	1.38	-1.6	-18.9
Asset Turnover
Asset Turnover	0.95	1.02	1.39	0.74	0.64
Fixed Assets Turnover	14.72	12.1	28.29	21.67	27.45
Receivables Turnover (Average Receivables)	2.21	2.07	1.93	0.92	0.85
Short Term Liquidity
Current Ratio	1.05	1.08	1.15	1.2	1.23
Quick Ratio	0.93	0.98	1.13	1.18	1.23
Operating Cash Flow to Current Liabilities	0.08	0.09	0.04	-0.01	-0.16
Days Sales Outstanding (Average Receivables)	165.31	176.42	189.54	397.42	430.36
Average Days Payable Outstanding	149	167.4	195.1	464.49	431.33
Long Term Solvency
Total Debt/Equity	159.04	114.83	61.63	73.11	210.12
Total Debt / Total Capital	61.4	53.45	38.13	42.23	67.75
LT Debt/Equity	34.07	19.65	40.2	44.91	99.83
Long-Term Debt / Total Capital	13.15	9.15	24.87	25.94	32.19
Total Liabilities / Total Assets	77.41	78.61	84.29	84.07	88.4
EBIT / Interest Expense	10.74	26.07	534.07	25.88	11.84
EBITDA / Interest Expense	30.33	50.35	618.74	29.99	19.58
(EBITDA - Capex) / Interest Expense	28.13	46.64	610.11	29.64	19.05
Total Debt / EBITDA	6.28	3.76	0.98	1.81	4.65
Net Debt / EBITDA	4.21	2.13	0.59	0.89	3.38
Total Debt / (EBITDA - Capex)	6.78	4.06	1	1.83	4.78
Net Debt / (EBITDA - Capex)	4.54	2.3	0.59	0.9	3.47
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	14.85	23.3	154.61	-9.29	25.42
Gross Profit, 1 Yr. Growth %	13.68	2.87	75.78	26.99	-6.64
EBITDA, 1 Yr. Growth %	-719.55	139.32