Trawell Co S.p.a. MIL:TWL
TraWell Co: Approval of Draft Budget 2024: EBITDA at €9.2M, Net Profit €1.9M.
Source: MarketScreener
2024 € Milion | Vs. 2023 | Change % | |
Revenues | 30,0 | -0,3 | -1% |
EBITDA | 9,2 | -0,7 | -7% |
EBIT | 3,8 | -1,9 | -33% |
EBT | 2,6 | -1,6 | -38% |
Net Result | 1,9 | -1,4 | -41% |
NFP (Cash)* | 5,4 | -0,2** | -4%** |
** the minus sign indicates an improvement
Milan, May 23, 2025 - Trawell Co. S.p.A. (Borsa Italiana, Ticker: TWL), a world leader in luggage protection, baggage storage, products and ancillary services for travelers ("TraWell" or the "Company"), announces that the Board of Directors, which met today, has approved the draft financial statements as of December 31, 2024 of Trawell Co S.p.A. as well as the consolidated financial statements of the group.
Chairman and CEO Rudolph Gentile stated: "The results as of December 31, 2024 confirm continuity with the previous year and constitute a solid base to pursue more ambitious goals in terms of profitability and capital strengthening. The company is ready to seize potential market opportunities for strategic acquisitions."
Analysis of financial and economic results as of December 31, 2024: Revenues at €30.0 million (-€0.3 million, -1% compared to the same period in 2023) show a slight contraction, mainly due to a decrease in volumes at Miami airport offset by operations in other airports worldwide. In general, the Group's revenues remain solid, with geographic diversification showing Europe representing 58% of the total, America 36%, followed by the Russian Federation at 6%.EBITDA stands at €9.2 million, showing a decrease of €0.6 million compared to the previous year. This decrease is attributable, in addition to the revenue reduction, to two main factors: the increase in personnel costs at Miami airport following the application of the Miami-Dade County minimum wage ordinance, and the negative exchange rate differential generated by the Russian subsidiary's operations, affected by the ruble's volatility. The EBITDA margin stands at 31.6%, indicating solid operational profitability despite adverse external factors. EBIT is positive at approximately €3.8 million. This result is determined, in addition to the items impacting EBITDA, by amortizations of €0.8 million, lease right amortizations of €3.6 million, and the goodwill impairment of €1.0 million following an impairment test. Net Profit is positive at approximately €1.9 million (-€1.4 million, -41% compared to 2023). Net financial debt (PFN), excluding lease liabilities, amounts to €5.4 million, an improvement of -€0.2 million compared to December 31, 2023. Net financial position (NFD), excluding lease liabilities, amounts to €5.4 million, representing an improvement of €0.2 million compared to December 31, 2023. Main events during the year ended December 31, 2024
The year 2024 was rich in events and results for the Company, summarized in the following table:
Data Evento | |
02/01/2024 | TraWell Co: Notice of exercise of TraWell Co 2021-2024 Warrants and issuance of 960 ordinary shares for a total value of Euro 7,680.00. |
03/01/2024 | TraWell Co: Notice of change in share capital related to the issuance of 960 shares. |
30/01/2024 | TraWell Co. wins an exclusive seven-year contract for the new international airport in Lima, Peru. |
01/02/2024 | TraWell Co: Notice of exercise of TraWell Co 2021-2024 Warrants and issuance of 840 ordinary shares for a total value of Euro 6,720.00. |
02/02/2024 | TraWell Co: Notice of change in share capital related to the issuance of 840 shares. |
01/03/2024 | TraWell Co: Notice of exercise of TraWell Co 2021-2024 Warrants and issuance of 130 ordinary shares for a total value of Euro 1,040.00. |
04/03/2024 | TraWell Co: Notice of change in share capital related to the issuance of 130 shares. |
02/04/2024 | TraWell Co: The Company signs a letter of intent, providing a three-month exclusivity period for negotiating the acquisition of a company in the travel services sector in Northern Europe. |
29/04/2024 | TraWell Co: The Board of Directors ratifies the signing of the letter of intent for the negotiation of the acquisition of a company in the travel services sector in Northern Europe and mandates the Chairman of the Board to continue negotiations. |
29/04/2024 | TraWell Co: The Board of Directors approves the draft financial statements and the consolidated financial statements as of December 31, 2023 (IAS/IFRS). |
09/05/2024 | TraWell Co: The Board of Directors of Trawell Co S.p.A. approves the proposal to the shareholders for two voluntary share capital reduction operations. |
30/05/2024 | Trawell Co: The shareholders' meeting approves the financial statements as of December 31, 2023, grants the new audit assignment, and appoints the new members of the board of statutory auditors. In the extraordinary session, the meeting approves (i) the cancellation of past losses and voluntary reduction of share capital under art. 2445 of the Civil Code as proposed by the Board of Directors and (ii) the new version of the bylaws. |
31/05/2024 | TraWell Co: Notice of change in share capital related to the cancellation of past losses approved by the shareholders' meeting of May 30, 2024. |
13/06/2024 | TraWell Co: The Board of Directors of Trawell Co S.p.A. (i) approves the evaluation criteria for director independence and (ii) confirms the existence of independence requirements under Article 148, paragraph 3, TUF for the independent director Dr. Paolo Natalini. |
02/09/2024 | Trawell Co: The Company signs a letter of intent regarding a strategic acquisition of a 51% stake in a competitor active in the Northern European market in the same sector as the Company. |
23/09/2024 | TraWell Co: Notice of change in share capital related to the voluntary share capital reduction under art. 2445 of the Civil Code approved by the shareholders' meeting of May 30, 2024. |
30/09/2024 | TraWell Co: Approval of the half-year report as of June 30, 2024: first half 2024 profitable with compression of operating margins; the Board evaluates the extension of the warrant exercise period and announces the awarding of the contract with Naples airport. |
21/10/24 | TraWell Co. signs the contract with Madrid-Barajas, which becomes the largest airport in the network. |
24/10/2024 | TraWell Co: The Company signs an addendum to the letter of intent dated August 9, 2024, for the strategic acquisition in Northern Europe. |
24/10/2024 | TraWell Co: The Board of Directors approves the extension of the exercise period for the "Warrant TraWell Co 2021-2024" renamed "Warrant TraWell Co 2021-2026". |
07/11/2024 | TraWell Co: The subsidiary Safe Wrap Of Florida signs a contract with sostravel.com for the sale of Lost Luggage Concierge at Miami airport; Banca Intesa Sanpaolo S.p.A. publishes a new report on the Company. |
29/11/2024 | TraWell Co: The Company announces its decision to voluntarily terminate trading of its ordinary shares on the OTCQX market. The listing on this market will end on December 31, 2024. |
As for airport passenger traffic, 2024 was marked by an increase in traffic volumes of approximately 4% compared to 2019. In airports managed by the Group, on a like-for-like basis, the difference in traffic compared to the same period in 2019 stands at +8%. The global passenger traffic forecast (including short-, medium-, and long-term outlooks) suggests a steady growth trajectory with a projected compound annual growth rate (CAGR) of 4.3% between 2023 and 2042.
Significant events after December 31, 2024, and foreseeable management developmentsIn January 2025, Trawell Co S.p.A. announced, following previous press releases regarding the negotiation for the acquisition of a company (Target) in the travel services sector in Northern Europe (press releases dated April 2, 2024; April 29, 2024; September 9, 2024; and October 24, 2024), that the due diligence checks yielded unsatisfactory results. Consequently, the Company decided not to proceed with the acquisition in Northern Europe, in accordance with the prerogatives granted under the letter of intent dated August 9, 2024.
In May 2025, the Company approved an update to the related parties procedure.
Data Evento | |
30/01/2025 | Trawell Co: The Company, considering the unsatisfactory outcome of the due diligence on the target, decides not to proceed with the acquisition operation in Northern Europe. |
08/05/2025 | TraWell Co: Update of the related parties procedure. |
The renewals at the Lima and Zurich airports, along with the new concessions at the Naples and Madrid Barajas airports (set to commence at the beginning of the second half of 2025), support positive prospects for business continuity.
Allocation of net incomeWith regard to the financial statements of Trawell Co S.p.A. as of December 31, 2024, the Board of Directors resolved to propose to the Shareholders' Meeting to carry forward the net income of €152,287.24.
Call of the Shareholders' MeetingThe Board of Directors has resolved to call the Ordinary Shareholders' Meeting for June 26, 2025, on first call and, if necessary, for June 27, 2025, on second call. Pursuant to the applicable legal and statutory provisions, the Board has resolved to exercise the option (in accordance with Article 14.4 of the Company's Bylaws) to allow participation in the Meeting of those entitled to vote exclusively through the representative designated by the Company pursuant to Article 135-undecies of the TUF.
The notice of call, the reports on the items on the agenda, and the additional documentation will be made available on the Company's website within the timeframes and in the manner provided by applicable regulations.
About TraWell Co.TraWell Co is the global leader in protection services, baggage storage, products, and ancillary services (including the Lost Luggage Concierge service for lost luggage provided by Sostravel.com). Listed on Euronext Growth Milan (ticker: BIT:TWL), the company operates
127 stores in 44 airports across 12 countries, with over 200 employees and 4 million customers served worldwide. TraWell Co offers unique exposure to a portfolio of commercial activities and services for travelers. With 25 years of experience, TraWell benefits from the growth of the air travel sector and the increasing demand for wellness and safety services.
For more information TraWell Co. S.p.A. EGAInvestor Relations Baldi Finance S.p.A.
Rudolph Gentile Luca Carra
[email protected] [email protected] https://www.trawellco.com