2020 Financial statements: Proger increase profit and assets

Proger’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.

The positive results of 2020 are attributable to the performance of Proger’s main business lines and precisely:

  • Multidisciplinary Engineering: for the strategic role played during the Covid-19 emergency, by carrying out orders related to the expansion of healthcare facilities and the procurement of medical devices.
  • Infrastructure: for due diligence and construction management and surveillance activities carried out for ASPI. It should be noted that this sector is currently booming given the particular attention the Italian and European legislators are paying to the maintenance of high-risk infrastructures (bridges, tunnels, dams ..).
  • Green Energy: for activities related to the production of energy from renewable sources, biofuels as well as the energy efficiency of existing real estate assets.
  • Oil & Gas: for the engineering and construction projects relating to fully automated drilling rigs according to which Proger’s “Stargate Rigs” system is “unique” on the international market. In fact, the automations applied to the main components of the plant allow both to carry out drilling without personnel, by controlling the process from a control cabin and eliminating any risks of serious accidents, and to assemble and disassemble the plant itself, by speeding up transport from one field to another with significant cost saving.