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48 months


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Milano, Italy




Presentation of the company

Created in 2002, Emmetre S.p.A. is active in the large-scale retail sector. The company, managed by Ugo Fantinato, has 400 employees and is based in Milano.

Ugo Fantinato, managing director, has overall 15 years of professional experience in the sector.

The main activity of the company is the management of Carrefour brand supermarkets.

The company works with 17 stores mainly located in the provinces of Como and Varese.

Project Description

The company requests a loan of 2 100 000 € over 48 months with 6 months of deferred repayment to finance the renovation of a point of sales and energy saving works. This project will be realized this semester.

Renovation already performed in recent years on other point of sales generated, on average, an increase of revenues of 10%-15%.

This project is a Flexible Bridge Loan, an amortizable loan with a standard commitment for the first 9 months and the possibility of early repayment at no cost for the remainder of the loan term, even in the event of refinancing by other financial institutions.

This project is a medium-term loan with a capital amortization deferment and as such presents a different method of capital repayment than standard projects. The first 6 months, the lenders will only receive interest; the following 42 months, the lenders will receive interest and principal amortization. This principal repayment profile matches the borrower’s financing needs while allowing lenders to earn a higher amount of interest.

This project is not covered by the Italian state guarantee.

The amount offered on the platform is limited to 1 000 000 €, which is in line with the regulatory limits.

Analyst’s Opinion

With a turnover of 99 910 115 € in 2017 and an experienced team, the company has a good track record combined with an acceptable operating margin.

The forecast is based on the performance of 2017 and draft account 2018. In 2018 company experienced a reduction of sales due to the closure of a point of sale but higher profitability

The borrower has a good repayment capacity with a forecast FCCR (Fixed Charge Cover Ratio *) at 1,38 and a strong financial structure, with a forecast net debt / ebitda ratio of 1,25 and a net debt / shareholder equity of 190%.

The analysis of the project leads to a credit rating of B+ and a 6% annual interest rate.

*The multiple of FCCR at 1,38 means that the company has a safety margin of 38% 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 1,38;
  • Strong brand.

Points of Caution:

  • Activity influenced by customer consumption.