Anthélios

Warning: Funds managed by 123IM have financed and certain real estate development operations of the group in the past. To date, the funds managed by 123IM no longer have any direct interest in Anthélios, with the exception of some residual indirect financing in group Holding for real estate programm. Olivier Goy (founder and CEO of October) created and managed 123IM until 2014. Olivier Goy is however no longer operational in 123IM and has no impact on fund management. In addition, we recall that October executives (including Olivier Goy) invest systematically and significantly in all projects presented on October in order to align their interests with those of lenders.

Presentation of the company

Anthelios is the holding company set up in 2005 of the Anthelios Group active in the real estate sector. The Anthelios Group, managed by Alexandre Pallas and Gilbert Peyre, has 28 employees and is based in Bordeaux. the group is specialized in the real estate developpement (new constructions notably operations as merchants of goods) particularly in the region of Bordeaux, Paris and Annecy.

The group’s activity are:

• Construction and real estate development (about 20 programs, 1200 apartments built).
• Patrimony: Acquisition and valuation of old buildings.
• Invest: Commercialization.
• Construction: General renovation company.
• Design and Planning.

In 2019, the group is working on several real estate projects in the mountains (Megeve, Courchevel, La Clusaz).

The group has been publishing consolidated financial statements since 2017.

Project Description

As part of its ongoing development and real estate programs, the company requests a loan of 830 000 € over 24 months to finance marketing and communications expenses. This project will be realised in the next few months.

The amount offered on the platform is limited to 406 700€, which is in line with the regulatory limits.

Analyst’s Opinion

The borrower is a holding company whose revenues are derived from services invoiced to its subsidiaries. The financial analysis was carried out on consolidated financial statements, which reflect the group’s performance.

With a turnover of 22 962 000 € in 2018 and an experienced team, the group has a good track record combined with a strong operating margin.

The decline in turnover is related to a change in accounting methods combined with the end of two programs

The forecast is based on the 2019 budget. The group has 16 ongoing operations representing €117 million in revenue over the next 3 years.

The group has a good repayment capacity with a forecast FCCR (Fixed Charge Cover Ratio *) at 1,46 and a strong financial structure, with a forecast net debt / ebitda ratio of 4,6 and a net debt / shareholder equity of 109% taking into account the current accounts of partners and the discounted of lines dedicated to financing the real estate programs.

The analysis of the project leads to a credit rating of B and a 7,4% annual interest rate.

*The multiple of FCCR at 1,46 means that the company has a safety margin of 46% relative to its ability to repay its credit maturities.

The expert opinion is given as an indication on the basis of the elements provided by the project holder and information from our databases (External data provider). This opinion is only an element of reflection in the decision making of a lender to participate in the financing of a project.

Strong points:

• Good historical performance based on diversified client base.
• Good repayment ability with a forecasted FCCR of 1,46.
• Experience builder.

Point of caution:

• Cyclical real estate development activity.