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The Economics

In recent years, by offering integrated services in different sectors, Proger has managed to consolidate its role as a General Engineer able to adapt to the variability of demand and to withstand unpredictable events such as pandemics, through a flexible and multidisciplinary approach.

Proger spa’s economic results for the year 2020 are to be considered more than satisfactory despite the Covid emergency, as also confirmed by the A.3.1 rating by Cerved Rating Agency: the 2020 financial statements show an increase in EBITDA (+ 20.10%), net profit (+ 15.75%) and shareholders’ equity (+ 12.5%), and a substantial confirmation of the turnover of 88.25 million euros, against a value of 88.95 in 2019 (-0.79%).

The gross operating margin (EBITDA), contrary to what has happened worldwide, has had a substantial improvement reaching 12,54 million euros against the 10.44 million recorded in 2019. The Ebitda Margin (EBITDA / Value of Production) – which stands at 14.21% with an increase of 2.47 percentage points compared to 2019 (11.74%) – is particularly interesting to potential investors. Therefore net profit stands at 5.78 million euros, with an increase of approximately 1 million compared to the previous year.

From a financial and equity point of view, Proger spa shows an excellent relationship between Net Financial Position (NFP) and EBITDA, both in absolute value and with regard to the sector it belongs to; given the operating margin achieved, the de quo index, equal to 1.99 compared to 2.60 in 2019, summarizes the ability to repay the bank debt in a limited time frame and in any case much lower than that actually contracted. Finally, Proger’s “book value” (shareholders’ equity) is noteworthy, showing a marked increase, amounting to € 49,136 million compared to € 43,681 in 2019.

Economic and Financial Keywords

(Euro €)

2020

2019

Var

Value of Production

88.249.328

88.948.781

-699.453

EBITDA

12.541.855

10.442.657

2.099.198

EBITDA Margin

14,21%

11,74%

2,47%

Net Profit

5.780.018

4.996.325

783.693

Cash Reserves

32.618.045

23.249.476

9.368.569

Debt vs Banks

57.671.828

46.835.764

10.836.064

% MT / Debt vs Banks

80%

66%

14%

Book Value

49.135.855

43.680.985

5.454.870

(Euro €)

2020

2019

Var

PFN

25.053.783

23.586.288

1.467.495

Financial Expenses

1.704.866

1.725.697

-20.831

PFN / EBITDA

1,99

2,26

-0,27

Fin. Exp. / EBITDA

13,6%

16,5%

-2,9%

On. Fin. / Deb. vs Banks

2,96%

3,68%

-0,73%