Restart SIIQ S p A : 1H 2020 Financial Results

Financial Results

1H 2020

August 4, 2020

INDEX

• Corporate Overview
• Financial Results 1H2020

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CORPORATE OVERVIEW

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RESTART AT A GLANCE

		IPO	Guide Lines	New
		BP 2018-2013	Business Model
	2017	2018
		1924
		1905	2014	2018
			Financial restructuring
Foundation	Demerger
			& New BP

Restart (MTA:RST), founded in 1905, was the first real estate company to be listed on the Milan Stock Exchange in 1924. In December 2018 Restart changed its company name as a result of the demerger operation of Aedes SIIQ S.p.A. Over the decades there have been several changes in shareholding and the company has carried out real estate activities and fund management. Following the demerger operation of Aedes SIIQ S.p.A. at the end of 2018, the Company today presents itself as a Real Estate Investments Company with the aim of enhancing real estate assets with an opportunistic approach.

MANAGEMENT

Chairman	CEO	COO & CIO
G. Garbuglia	G. Roveda	G. Magnotta	4

STRATEGY & MISSION

Mission:

• Single out and execute opportunistic investments strategies in Real Estate

Strategy:

• Focus on distressed portfolios in order to enhance assets value by investing, restructuring and repositioning them.

How we do it:

• Restart's objective is to develop real estate assets underlying Special Situations, Non Performing Loans (NPLs) or Unlikely to Pay (UTP), also proposing itself as the main supplier of all related specialized real estate services. For the purpose of a strong value creation in timely manner.

Services

Investments

SPV1, SPV2, SPV3, SPVn…	5

BUSINESS MODEL

1. Proactive Research

2. Negotiation

Reinvestment of residual Revenues in new operations

Constant search for distressed portfolios / assets underlying NPL / UTP in need of restructuring, development and / or repositioning in order to create value

Negotiation with banks and other creditors aimed at the purchase of the underlying assets also through the restructuring of companies or real estate groups

50% Capital Gain:

Dividend

Restart

shareholders	Reimbursement of income	Fees for RE services
	to RESTART

Reimbursement of income

to PARTNERS

3. Acquisition

Acquisition of assets also through restructuring and acquisition of Companies or Real Estate Groups.

In this phase RESTART participates in the investment

by acquiring holdings, including minority, in SPV, in

competition with other

PARTNERS

5. Sale

RESTART takes care of all the functional phases of selling portfolios / assets with the aim of maximizing returns for all investors

4. Build up Value

RESTART acts as a Master

Real Estate Service Provider with the objective of restructuring, developing and / or repositioning portfolios / assets in order to maximize their value in the medium / long term

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Target 2021

14.3

million

1.5

million

~30

million

EQUITY

~ 12

million

NET

REVENUES

2018	2018	2020	2021
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FINANCIAL RESULTS 1H2020

FINANCIAL HIGHLIGHTS 1H2020

€/mln€/mln€/mln€/mln

5.4		(0.6)		3.1		3.1
			CONSOLIDATED
REVENUES		EBITDA		Positive NFP
			GAV

NAV	€ 14.1 mln
NAV per share	€ 0.44
Market Segment	MTA
Ticker	RST
N° of share	32,005,567
		9

INCOME STATEMENT 1H 2020

€/000	1H2020	1H2019	Charge
Gross revenue from rents	41	42	(1)
Revenues from sales of real estate inventories	1,588	3,245	-1657
Revenues from sales of non - real estate inventories	1,306	1,491	(185)
Revenues from sales real estate investments	2,200	0	2,200
Other revenues	292	25	267
Total Revenues	5,427	4,803	624
Total External Direct Costs	(4,658)	(4,397)	(261)
Net Operating Income	769	406	363
Total Direct Costs	(174)	(125)	(49)
Cost of head office staff	(228)	(217)	(11)
Advisory services to Structure	(441)	(564)	123
G&A	(508)	(500)	(8)
Total Overheads	(1,177)	(1,281)	104
EBITDA	(582)	(1,000)	418
Adjustment to fair value of real estate investments	8	6	2
(Write-down)/write-back of inventories	(210)	450	(660)
Amortisation, depreciation provisions and impairment	(159)	(3,527)	3,368
EBIT (Operating Result)	(943)	(4,071)	3,128
Financial income/(charges)	0	(14)	14
EBT (Earing before taxes)	(943)	(4,085)	3,142
Taxes/Tax charges	(26)	1,499	(1,525)
Profit/(loss)	(969)	(2,586)	1,617
Share of result of the minority shareholders	(68)	27	(95)
Group's share of the result	(901)	(2,613)	1,522

Revenues growing by 13.0% thanks to sales made in the first half of the year.

• Total revenues amounted to € 5.4 million, up by € 0.6 million compared to the same period of the previous year.
• Net Operating Income amounted € 0.8 million, an improvement of € 0.4 million compared to 30 June 2019.
• EBITDA is negative for about € 0.6 million compared to a negative EBITDA of 1.0 million to 30 June 2019,.
• The profits/(losses) is equal to a loss of € 1.0 million compared to a loss of € 2.6 million at 30 June 2019.

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BALANCE SHEET 1H 2020

Solid financial structure: positive net financial position with a remarkable improvement (+ € 3.2 mln compared at December 31, 2019, + € 4.3 mln compared at December 31, 2018).

Platform 9, Milan
€/000	30/06/2020	31/12/2019
Fixed assets	6,856	9,227
Net working capital	4,672	6,222
Capital employed	11,528	15,449
Other non recurrent assets/liabilities	(32)	(226)
Equity	13,485	14,389
Net Debt	(3,062)	123
Debts for lease	1,137	1,163
Total sources	11,528	15,449
Platform 9, Milan

The Group has accumulated losses of around € 217 million

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ACTIVITIES

GROUP PORTFOLIO

PORTFOLIO BY TIPE		PORTFOLIO BY USE

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NET ASSET VALUE

€/000	1H2020
Equity Group	13,984
Inventories revaluations	68
NAV	14,052
Outstanding shares	32,005,683
NAV per share	0.44

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CONTACT

COO & CIO:	Investor Relations:
Restart S.p.A.	CDR Communication
Giovanni Magnotta	Silvia di Rosa
[e-mail]	[e-mail]
	Claudia Gabriella Messina
	[e-mail]

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DISCLAIMER

This document has been prepared by RESTART SIIQ S.p.A. (the 'Company') solely for the purposes of this presentation. This document may not be reproduced or distributed in whole or in part by any other person with any way than the Company. The Company takes no responsibility for the use of this document by any person and for any purposes. The information contained in this document has not been subject to independent verification and no representation, warranty or undertaking, express or implied, is made as to the accuracy, completeness or correctness of the information or opinions contained herein. This presentation may contain forwards-looking information and statements about the Company. Forward-looking statements are statements that are not historical facts. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding plans, performance. In any case, investors and holders of the Company are cautioned that forward-looking information and statements are subject to various risk and uncertainties many of which are difficult to predict and subject to an independent evaluation by the Company; that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking statements. No representation, warranty or undertaking is made by the Company in order to the implementation of these forward - looking statements. These risks and uncertainties include, but are not limited to, those contained in this presentation. Except as required by applicable law, the Company does not undertake any obligation to update any forward-looking information or statements. Neither the Company, its shareholders, its advisors or representatives nor any other person shall have any liability whatsoever for any loss arising from any use of this document or its contents or otherwise arising in connection with this document. This document does not constitute an offer to sell or an invitation or solicitation of an offer to subscribe for or purchase any securities, and this shall not form the basis for or be used for any such offer or invitation or other contract or engagement in any jurisdiction. Under all circumstances the user of this document shall solely remain responsible for his/her own assumptions, analyses and conclusions.

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