One Works

Presentation of the company

One Works is a global design and consulting company that operates with an integrated approach in the field of architecture and engineering of transport infrastructures, urban planning and real estate.

Founded in 2007, on the basis of the more than twenty years of professional history of its Managing Partners, Leonardo Cavalli and Giulio De Carli, and their international vision, One Works has grown exponentially putting at the center of its multidisciplinary collaborations an high quality design and positioning itself as first architectural studio in Italy by turnover.

The Company works from six strategic locations across the globe, with its design headquarters in Milan and offices in London, Rome, Venice, Dubai and Singapore. From these locations, a team of over 150 architects, designers and engineers operates to the design and delivery of projects worldwide.

Among the most important projects currently underway there are: eleven new metro stations between Doha and Riyadh, including the Major Stations, the Transport Education Center, in Doha, the extension project of Venice’s airport Marco Polo, and the San Marino outlet “The Market”.

The company collaborates with a wide range of international clients and public administrations.

Project Description

The company wishes to borrow 1 500 000 € over 36 months with 3 months of deferred repayment to finance the hiring new professional figures and the startup of new contracts. This project will be realised by the end of the year.

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 not covered by the Italian state guarantee.

The amount offered on the platform is limited to 735 000 €, in line with regulatory limits.

Like all projects presented to private lenders on Lendix, it is co-financed with institutional investors, sophisticated investors and the management of Lendix, subscribers to the Lendix Fund.

Analyst’s Opinion

With a turnover of 21 528 000 € in 2017 and an experienced team, the company has a good track record combined with a two-digits operating margin.

Turnover growth has been driven by the acquisition of new international big projects mainly in the infrastructure segment, the slight decrease in 2016 profitability is mainly related to the investment in new offices and new resources. The forecast is based on the historical performance and on the Company business plan

The borrower has a good repayment capacity with a forecast FCCR (Fixed Charge Cover Ratio *) at 1,23 and a good financial structure, with a forecast net debt / ebitda ratio of 1,8 and a net debt / shareholder equity of 114%.

The analysis of the project leads to a credit rating of B and a 5,5% annual interest rate.

Strong Points:

• Good historical performance based on diversified sectors and client base;
• Good repayment ability with a forecasted FCCR of 1,23;
• Ammong the most relevant architecture firm in Italy with an international footprint.

Points of Vigilence:

• Dependancy on infrastructure investments.

*The multiple of FCCR at 1,23 means that the company has a safety margin of 23 % 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 (ModeFinance, Crif, Cerved). This opinion is only an element of reflection in the decision making of a lender to participate in the financing of a project.