(Alliance News) - The board of directors of doValue Spa on Thursday approved preliminary results as of Dec. 31, closing with a net loss, including nonrecurring items, of EUR17.8 million, compared to a EUR16.5 million profit in 2022.

"The decrease is mainly due to the decrease at the Ebitda level, increased depreciation and amortization and net provisions compared to 2022, mainly related to the write-down of Spanish contracts, as well as lower fair value results of assets and higher taxes," the company note specified.

Excluding nonrecurring items, net income stood at EUR1.8 million, compared to EUR50.6 million in 2022. Non-recurring items included below Ebitda for 2023 mainly relate to the provision for downsizing and interest expense for the arbitration with Apollo over a tax claim in Spain.

Net revenues of EUR443.2 million decreased 11 percent from EUR500.4 million in 2022.

Ebitda excluding nonrecurring items decreased 11% to EUR178.7 million from EUR201.7 million in 2022, with an Ebitda margin of 37%, up 1% from 2022.

Net debt as of December 31, 2023 stood at EUR475.2 million, compared to EUR429.9 million as of December 31, 2022.

doValue closed Wednesday's session in the green by 4.2 percent at EUR1.89 per share

By Chiara Bruschi, Alliance News reporter

Comments and questions to redazione@alliancenews.com

Copyright 2024 Alliance News IS Italian Service Ltd. All rights reserved.