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Oceanis Promotion

presented by October France

€1,500,000

6.65%

36 months

B+

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location

Location

Montpellier, France

activity

Activity

Properties

Presentation of the company

Created in 1998, OCEANIS PROMOTION is active in the real estate sector. The company, managed by VISENTIN Florelle, has 80 employees and is based in Montpellier.

The company’s main activities are:

  • Real estate promotion
  • Acquisition and rehabilitation of buildings

The company works with a network of historical sellers and outsourcing companies to realise the promotion

The company is part of the group M finance Capital which controls as well Appart City

Project Description

The company requests a loan of 1 500 000 € over 36 months to finance a new information system. This project will be realised this semester.

The amount offered on the platform is limited to 735000€, 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 (including Appart City) , which reflect the group’s performance.

With a turnover of 381 721 000 € in 2017 and an experienced team, the group has a good track record combined with a strong operating margin.

Over the last years, the increase of profitabilty is related to the develoment of the business and the good performance of Appart City. The forecast is based on the 2017 performance,

The group has a solid repayment capacity with a forecast FCCR (Fixed Charge Cover Ratio *) at 1,74 and a strong financial structure, with a forecast net debt / ebitda ratio of 2,2 and a net debt / shareholder equity of 26%, Bonds have been considered as quasi equity as Lendix loan will be repaid before their maturity,

The analysis of the project leads to a credit rating of B+ and a 6,65% annual interest rate.

Warning: Funds managed by 123IM have financed 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 Oceanis Promotion, with the exception of some residual indirect financing in group SCCVs. Olivier Goy (founder and CEO of Lendix) 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 Lendix executives (including Olivier Goy) invest systematically and significantly in all projects presented on Lendix in order to align their interests with those of lenders.

*The multiple of FCCR at 1,74 means that the company has a safety margin of 74% 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 (Scores & Decisions, Corporate Banking File). 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.
  • Solid repayment ability with a forecasted FCCR of 1,74.
  • Major actor in real estate promotion

Points of caution

  • Real estate development activity can be delayed during construction with some project risks
  • Sector strongly influenced by the level of interest rates and the general economic situation, which determine the financing of individuals for real estate transactions