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Days left10
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Annual return8,75%
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Investment duration15 MONTHS
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Investors291
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Min/Max investment300 / 300.000€
WHAT AM I ABOUT TO INVEST IN?
The company Fenice S.p.A. Benefit is requesting a minimum financing of 150.000€ (and a maximum of 300.000€) and following the lending crowdfunding campaign closed on 28/10/2024 for the advance of liquidity coming from signed credit assignment contracts with SME partners, which will allow the continuation of the works and interventions currently planned by the Fenice Group.
THE OPERATION IN DETAIL
The tax credits generated by the construction bonuses carried out as a General Contractor by FENICE have already been contracted through a credit assignment contract with the Group's SME partners.
It is important for FENICE to be able to access sources of liquidity that allow financing of the working capital created on construction sites as a result of the current regulations with specific disbursement windows in favor of companies in the sector.
HOW IS THE INVESTMENT REPAID?
The Fenice S.p.A. Benefit Company already has a signed contract for the transfer of credits generated by the building bonuses interventions carried out in the construction sites managed as a General Contractor. As regulated, the transfers must take place in only three distinct phases in favor of the transferor companies.
Therefore, Fenice already has a signed transfer contract, totaling €450.000, with SME partners during 2025. This liquidity will be disbursed in specific time frames over the coming months. The request for crowd liquidity financing is a bridge loan necessary to advance a portion of the funds needed to complete the work in 2025 and manage the company's finances.
The crowd bridge loan will be repaid thanks to the actual transfer of tax credits into liquidity, as regulated by the contracts between Fenice and SME Partners, which will occur in installments throughout 2025.
THE TAX CREDIT LANDSCAPE
In Italy, in recent years, tax credits generated by real estate and energy refurbishment interventions have become a crucial tool to incentivize the renovation and energy efficiency of buildings. These credits mainly come from state programs such as the Renovation Bonus, the Ecobonus, and the more recent Superbonus 110%, introduced with the 2020 Relaunch Decree and recently reduced to 70% and 50% by current regulations.
The Superbonus 110%, in particular, has had a significant impact. It allows property owners to deduct 110% of the expenses incurred for interventions that improve energy efficiency (such as thermal insulation, replacement of heating systems) and seismic interventions. This incentive was designed to promote energy transition and revive the construction sector.
Beneficiaries can take advantage of the tax credit in various ways: directly in their income tax return over 5 or 10 years, or by transferring the credit to third parties, such as banks, companies, or suppliers, in exchange for immediate liquidity. This possibility of transfer has greatly boosted the adoption of incentives, as it has reduced the initial financial impact for beneficiaries.
However, the system of tax credits has not been without its problems. Since 2022, issues have emerged regarding the management of the transfer of credits, with delays and difficulties in the tax credit market, especially due to increasing regulatory complexity and frequent legislative changes. This has created uncertainty for both property owners and construction companies, with effects on cash flow and the effectiveness of the incentives. Nevertheless, incentives continue to be a fundamental pillar for the redevelopment of the Italian real estate heritage.
To date, one method to carry out this type of incentive and mobilize financial resources directed towards companies in the sector to undertake new construction sites and interventions dedicated to redevelopment and energy efficiency is through the signing of assignment contracts with primary acquiring companies, often due to recurring payments from the Public Administration, which purchase the tax credits in exchange for liquidity from the General Contractors, the assignors, through an assignment agreement, subject to technical certification analysis, which takes place in distinct time frames.
Supporting the financial development of energy efficiency and real estate redevelopment is a fundamental step towards a more sustainable management of resources that can generate positive economic and environmental impacts.
QUALITATIVE SCORING AND FINANCIAL SCORING
ENERSCORE+ & INTEGRATED EASYSCORE EXPERT
Ener2Crowd provides a first qualitative parameter called “EnerScore+” which is assigned to each investment proposal. This parameter defines a SCORING that objectively, comprehensively, and understandably summarizes all the data that characterize the project from a technical point of view, starting from an ESG evaluation expressed in CLASSES, and a verification of activated SDGs (Sustainable Development Goals).
A specific Financial Rating called “Integrated EasyScore Expert” is expressed, resulting from the credit analysis carried out by EasyFintech, in which the reliability and creditworthiness of the project-owning company are verified. EasyFintech S.r.l. is a company that carries out commercial information dealer activities with License art. 134 TULPS Prefecture of Milan prot. n. 14795/12B15E of 31/01/2020.
In the case of the Project proposed by Fenice S.p.A. Benefit, the resulting EnerScore+ is 11.26, so an ENERSCORE+ A (ESG) is assigned, while the Integrated EasyScore Expert is at level 4 - SOLVENCY.
Qualitative Scoring - EnerScore+
Elements taken into analysis:
- Clarity of project objectives and comprehensibility of descriptions;
- Strategic validity of the project;
- Project business plan;
- Clarity of information;
- Technical-design verification;
- Evaluation of the reliability of the project owner's team;
- History and experience in the Platform of the project owner, and if present, punctuality track record of payment installments;
- Consistency of the crowdfunding project with the purposes and mission of the platform, particularly environmental sustainability, innovation, positive impact on the territory, ethics of the service offered, and social impact;
- SDGs activated by the project;
- ESG report provided by Cerved Rating Agency.
Integrated Score released on 08/10/2024 - confidential and not reproducible
Financial Scoring - Integrated EasyScore Expert
Elements taken into consideration for the calculation of the Integrated EasyScore Expert Report - (classes from 1 to 10 with a score of 0 - 100) prepared by EasyFintech S.r.l.:
- Company structure, ultimate beneficial owners, and reputational analysis;
- Analysis of key figures and related companies;
- Last three filed financial statements;
- Financial scores (Crif, CriBis, CeBi, Cerved, Dun & Bradstreet);
- InfoCamere database analysis;
- Any bad news regarding company owners and administrators;
- Any prejudicial registrations concerning the project owner, controlling shareholders, and company representatives;
- Statistical methodologies based on Artificial Intelligence, Machine Learning, and Data Analysis;
- Commercial reliability scoring;
- Central Risks Analysis by the Bank of Italy.
NOTE: It is specified that these values represent only a reflection element that an investor can consider in the decision to participate in the financing.
INTEREST RATE DEFINITION
Since the beginning of last year, the global socio-economic context has led to a sharp increase in inflation, which is the prolonged increase in the average level of prices for goods and services. As a result, the ECB has predicted an increase in mortgage and financing rates in order to preserve consumers' purchasing power. The increase in central rates is a macroeconomic policy to counter inflation. The objective of raising rates is to reduce purchasing power by reducing available liquidity for both individuals and companies, to slow down the economy and prevent a continuous uncontrolled rise in prices. In June 2024, after 5 years, the ECB made an initial rate cut of 0,25 percentage points, followed by another 0,25 points in September and again 0,25 points in October, based on macroeconomic estimates, opening up new scenarios in the financial market.
INDEXING TO EURIRS AND EURIBOR INDICES
Just as banks define the interest rate applied to loans, in this case, the interest rate is linked to the EURIRS index (in the case of a fixed rate) and the EURIBOR index (in the case of a variable rate).
THE HEADQUARTERS OF THE COMPANY
Fenice S.p.A. Benefit is based in Mercato Saraceno (FC) and operates in various construction sites, energy efficiency projects, and renewable energy projects mainly throughout Northern-Central Italy.
FENICE S.P.A. SOC. BENEFIT
The investment allows for returns higher than the average, leveraging the financial leverage present in purpose-built companies, made possible by the constancy of flows over time, creating an asset that is de-correlated from the performance and moods of financial markets.
The time horizon is medium/long term.
The plants are self-developed or purchased on the secondary market. Our flexibility, quick execution, extensive expertise, and long experience are reflected in the quality and consistency of returns over time.
THE STORY
The company was founded in 2002 as a real estate company (Gorini Immobiliare Srl); after real estate developments, in 2010, the agricultural company 33 Srl was incorporated, bringing plants and authorizations that will be developed and/or sold to investors. The name changes to Fenice Srl, the corporate structure is expanded, and the Board of Directors consists of 5 members. In 2016, following an acquisition and subsequent merger, CGS Energia Srl is acquired. The corporate structure is further expanded with the entry of new investors, and the board of directors consists of 7 members.
The transformation into a joint-stock company following the merger, the appointment of a board of auditors with the function of auditing the financial statements, provide greater protection and transparency to investors.
FENICE INVEST SPA is born
In 2016, the first bond loan was also issued, which includes 4 types of bonds with different durations and returns. In 2017, the first tranche was repaid. The company currently has 13 plants in its portfolio, distributed among 9 SPVs. The company continues to grow through the development of new opportunities and the search for medium/small-sized interconnected plants that, due to their small size, do not attract interest from investment funds.
THE OPINION OF THE ANALYST
The analysis of the Company that aims to raise funds is the result of the Report provided by EasyFintech S.r.l. - License art. 134 TULPS Prefecture of Milan prot. no. 14795/12B15E of 31/01/2020 - based on calculators of available databases such as Crif, CriBis, CeBi, Cerved, Dun & Bradstreet, InfoCamere and other financial scoring tools that combine traditional analysis (economic-financial, performance, reputational) with statistical methodologies based on Artificial Intelligence, Machine Learning, and Data Analysis.
Fenice S.p.A. Soc. Benefit is a company with its registered office in Mercato Saraceno, established in 2002 with ATECO code 70.22 and its primary purpose being "business consulting services and other administrative-management consulting and business planning [...]", specializing in energy efficiency operations and renewable systems.The company's administrator is Mauro Gorini, who is also the administrator of Fenice S.p.A. Soc. Benefit, and no negative aspects emerge regarding him.
The adopted analysis methodology involves calculating a synthetic risk indicator, called Easyscore Integrato by EasyFintech S.r.l., obtained through a proprietary algorithm that integrates and synthesizes three partial scores (Easyscore Expert, CeBi Score 4, and CR Score). The Easyscore Integrato by EasyFintech places the company in an area corresponding to the "Solvency" judgment.
Below is a summary of the analysis of the other partial scores:
• Rating Cribis D&B: evaluates the financial solvency and commercial reliability of the company through the calculation of the Cribis d&b Rating (Failure score, Delinquency score, Paydex Cribis d&b, negative events). Fenice S.p.A. has been assigned a Cribis Rating of "2" with a "lower than average cessation risk";
• CeBi Score 4: CeBi elaborations provide the calculation of the PD - Probability Default through a certified algorithm for the banking world, within the scoring models and internal rating systems (so-called Internal Rating Based) used by Italian Credit Institutions. The scores evaluate the economic and financial solidity of the company, placed within its current and prospective economic system. The analysis of the financial statements as of 31-12-2023 in terms of insolvency risk classifies the company in class V1, corresponding to a situation of Mild Vulnerability with a PD of 0.69%. This class includes 23.59% of companies belonging to the MANAGEMENT CONSULTANCY sector.
• CR Score: provides a synthetic judgment on the use of credit lines granted to the company by the banking system, reported within the Central Risks of the Bank of Italy. The Score related to the Central Risks of the Bank of Italy is calculated over a 12-month period. This value is reserved as it is not public data, but it shows a level of Security.
The aforementioned analyses, summarized in the Easyscore Integrato by EasyFintech, place Fenice S.p.A. in an area of "Solvency".
CONCLUSIONS
Fenice, founded in 2002, has already presented three operations on the platform, one of which has already been successfully returned to investors with capital and interest. Over the years, the Company has consolidated its position in the reference market thanks to the path and investments made. The management has a solid knowledge of the industry, and the operation subject to crowd funding is congruent and in line with expectations.
It is worth noting that the above indications are only a reference for making an informed choice based on one's investment preferences, and it is always recommended to make an analytical evaluation of the available elements.
CONTRACTUAL STRUCTURE
The Financing Agreement is a specific-purpose loan: Fenice S.p.A. Soc. Benefit commits to using the funds received from Investors exactly as specified in the Project outlined in the public offer and not to divert them for other purposes.
COST STRUCTURE
The expected cost already contracted for the transfers in 2025 is approximately a total of €458.000 that Fenice, the transferor, will receive from PMI Partner, the transferees in the form of liquidity. The minimum target of the fundraising on Ener2Crowd will cover 32% of the Capex, while the maximum target will cover 65% of the total.
The crowdfunding campaign is a bridge loan that serves the company to anticipate the liquidity already contracted through a transfer agreement signed with PMI Partner during 2025.
AMORTIZATION PLAN
The amortization plan provides for the repayment of both Capital and Interest with each installment. There are three pre-amortization installments consisting of only interest; thereafter, there will be quarterly installments amounting to €154.939,63.
The following amortization plan for Fenice S.p.A. Soc. Benefit is calculated at an interest rate of 8,75% for a total of €300.000.
N.B.: The amortization plan begins from the first available date after the release period, therefore the table shown here is a mere simulation containing the first available date in case the campaign is completed at its expiration.
*before any tax withholdings.
CONFLICTS OF INTEREST
The Relevant Parties, except for the Conflict of Interest Policy Manager and the Crowdfunding Service Provider, who cannot under any circumstances participate in the Crowdfunding Offerings published on the Platform, are authorized to invest in this Crowdfunding Offering on equal terms with all other Investors and without preferential treatment or privileged access to information.
For more information, please consult the policy at the following link
SDGs ACTIVATED BY THE PROJECT
The SDGs - (Sustainable Development Goals) are 17 goals defined by the United Nations in the 2030 Agenda for Sustainable Development as a framework for a programmatic strategy "to achieve a better and more sustainable future for all" by 2030.
https://sdgs.un.org/goals
By financing this project, you can contribute to support and implement the following SDGs Sustainable Development Goals:
Why these SDGs?
• SDG 7 there is a significant energy saving generated by energy efficiency interventions;
• SDG 9 implements resilient structures and infrastructures;
• SDG 11 improves accessible housing and local communities;
• SDG 12 responsible and efficient consumption of available resources;
• SDG 13 mitigates and combats climate change with a relative reduction in GHG emissions.
Become a protagonist of the future and sustainable development by financing this initiative!
REAL ESTATE REDEVELOPMENT
Energy efficiency in the residential sector refers to measures and interventions aimed at reducing the energy consumption of existing residential buildings, improving their efficiency in the use of energy resources. The usual interventions carried out to achieve this goal are: thermal insulation; replacement of windows and doors; upgrading heating and cooling systems; efficient lighting; use of efficient technologies and appliances; installation of renewable energy systems; smart energy management and monitoring. Energy efficiency in buildings not only reduces energy costs for owners, but also contributes to the reduction of greenhouse gas emissions and the improvement of environmental sustainability. In many countries, there are also incentives and government programs to promote energy efficiency in residential buildings. Currently, about 75% of the EU building stock is energy inefficient, which means that a large amount of energy used is wasted. Supporting the energy transition is an important step in improving the building stock and approaching the sustainable development goals by 2030.
WHAT ARE THE ENVIRONMENTAL BENEFITS GENERATED BY THE PROJECT?
It was not possible to calculate any direct environmental benefits for the operation subject to financing. Since it is a liquidity operation, different energy redevelopment and efficiency projects that have already taken place are grouped together.
Thanks to the campaign, the Company will be able to receive in advance the liquidity necessary for the closure of construction sites and the development of future redevelopment and efficiency sites; therefore, the "Environmental Points" for this campaign are equal to 1.
Fast Ticket
Invest in the first days of the campaign, for you immediately an additional 0.5% interest rate
Green Generation
Additional return bonus of + 0.5% on all green loans, reserved for Under24s (18-24 years)
