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Financial Highlights

Financial Highlights

 
€ million 2016 (1) 2017 2018 2019 2020
Gross revenues 206,2 213,0 233,5 363,8 418.2
Net revenues 188,4 194,9 209,6 323,7 368.0
EBITDA 64,3 70,1 84,0 (2) 140,4 (2) 125.3 (2)
EBITDA margin 31% 33% 36% 39% 30%
EBT 64.2 68,1 80,2 71,2 13.4
Net profit 40,4 45,0 52,6 (2) 69,1 (2) 20.8 (2)

 1. Pro-Forma
 2. Excluding non recurring items 

 
  2016 2017 2018 2019 2020
Asset Under Management (GBV) € 80.9 mld € 76.7 mld € 82.2 mld € 131.5 € 158


Managed Portfolio: EUR 158 billion

The growth of the Group and the success in the management activities are emonstrated by the increase of the GBV of doValue Group, from 2.5 billion euros in 2000 to over 158 billion euros at the end of 2020 that reflect the organic and external growth and diversification of doValue over 20 years of operation..
 
At the end of 2020 the Group’s Managed Assets (GBV) in 5 markets in Southern Europe, Italy, Iberian Pensinsula, (Spain and Portugal), Greece and Cyprus amounts to €157.7 billion, markedly up +20% as compared with €131,5 billion at the end of 2019, thanks to the new mandates and the flows related to long-term contracts acquired over the period as well as the inclusion of doValue Greece’s managed assets, following the acquisition finalised on June 5 of last year.
 
These data testify on the one hand the great capacity of the Group which, even in a year characterized by a pandemic, was capable of making a major effort from a commercial point of view and on the other hand the excellent strategic choice of diversification implemented during the last two years with the acquisitions made on the Spanish market and then on the Greek market.
 
The chart shows the geographical distribution of the GBV  as at December 31, 2020
  • Italy: €78.4 mld
  • Spain: €44.0 mld
  • Greece: €23.9 mld
  • Cyprus: €10.2 mld
  • Portugal: € 1.1 mld


Revenues: EUR 418.2 million

The business model of the doValue Group, independent and “asset light” that does not envisage the purchase of portfolios of loans, is based on multi-year Servicing Contracts with Banks and Financial Investors generating stable and highly predictable revenues as well as robust cash flows.

In 2020, doValue posted Gross Revenues of € 418.2 million, up by 15% compared with €363.8 million in 2019 mainly thanks to the full contribution of Altamira Asset Management, which was instead only consolidated starting from the third quarter in comparative data, as well as thanks to the contribution of the recently acquired doValue.



The second half of 2020 recorded approximately 60% of the revenues for the year, amounting to approximately €253 million (69% and €252 million in 2019)
This confirms the positive trend of normalization of the Group’s activities that had been most impacted by the spread of the Coronavirus during the second quarter of 2020 and its ability to promptly deal with the changed market conditions thanks to a flexible business model.
 


EBITDA: EUR 125.3 million

In 2020, EBITDA excluding non-recurring items amounted to €125.34 million, decreased by 11% compared with €140.4 million at the end of 2019 and posting a margin on revenues of 30% (38.6% in the comparative period).

The decrease in EBITDA (down €15.2 million) is mainly attributable to the impacts of the Coronavirus epidemic, which have prevented, since March, the smooth running of recovery activities, such as the aforementioned closure of courts and most of the services supporting real estate operations.




Consolidated Net Profit: EUR 21 million excluding non-recurrinn charges