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The crisis of the developer Toti is getting worse

13 September, Milano Finanza

The crisis of the Rome construction company Toti is not stopping. The conglomerate Silvano Toti Holding (Sth) headed by Pierluigi Toti has recently decided to bring forward losses for over 28.9 million euro which were reported in the 2016 statement, having almost tripled from the 10.8-million deficit of the previous year. This result reflects in the losses reported in the consolidated statement, having grown from 7.1 to nearly 32 million. The difficulties the group is going through are evident, as the revenues have increased from 42.9 to 44.9 million, 5.7 million of which reported by the subsidiary Lamaro Appalti. The company implemented the complex in Rome which will host the new IBM headquarters, and it will build the new Eni offices in San Donato Milanese together with Saligni Impregilo. At the end of 2017, the subsidiary had projects worth approximately 250 million. Other 16.2 million of the revenues originate from the hotel management business of Meridien Visconti and by Hotel Capo d’Africa in Rome, and 13.1 million from the rentals and facility management activity of the CinecittàDue shopping centre. However, the revenue increase has been widely cancelled by the rise of operational costs (from 37.1 to 42.7 million), by amortisations and devaluations gone from 7 to 16 million. Of these, 8.1 refer to credits of Lamaro Appalti with the addition of value adjustments of financial activities for 5.6 million. All these factors impacted the margins, resulting in an EBITDA reduced from 5.7 to 2.1 million and a negative EBIT for almost 14 million.

The asset situation is also complicated. With net invested capitals amounting to 461.5 million, the equity has decreased from 207.7 to 172.3 million in a year. The net financial position has worsened, having gone from 281.6 to almost 300 million, where the sources of financing are represented by banks for 48% and shareholders for 29%.

Source: Milano Finanza

Translator: Cristina Ambrosi

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