(Alliance News) - The Italian Sea Group Spa on Tuesday evening reviewed and approved its preliminary consolidated results as of December 31, which closed with total revenues of EUR363 million, up 23 percent from the EUR295 million recorded in 2022.

The total value of the order book - that is, the gross value of outstanding contracts related to new yachts not yet delivered to customers - as of December 31, including Shipbuilding and Refit, was EUR1.27 billion.

The total value of outstanding contracts related to yachts not yet delivered to customers, net of revenues already recognized in the income statement as of December 31, was EUR609 million.

Preliminary Ebitda as of December 31 was EUR61 million, a significant improvement from EUR47 million as of December 31, 2022. Ebitda margin was 16.8 percent compared to 15.9 percent in FY2022.

Preliminary Net Financial Position as of December 31 is positive EUR2 million compared to negative EUR11 million as of December 31, 2022.

The group's growth targets include revenues between EUR400-420 million with an Ebitda margin between 17-17.5% in 2024 and revenues between EUR430-450 million with an Ebitda margin between 18-18.5% in 2025.

With regard to capital structure and dividend policy, the goal for 2024 and 2025 is to maintain neutral leverage, with a maximum limit of 1.5x Ebitda, and to distribute an annual dividend with a payout around 40-60% of group net income.

These policies are subject to temporary impacts related to CapEx and M&A strategy.

Italian Sea Group closed Tuesday's session in the green by 2.2 percent at EUR10.22 per share

By Maurizio Carta, Alliance News reporter

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