Cash flow Azimut Holding S.p.A.

Equities

AZM

IT0003261697

Investment Management & Fund Operators

Market Closed - Borsa Italiana Other stock markets 16:45:00 06/02/2026 GMT			5-day change	1st Jan Change
36.20 ^EUR	+1.60%		+0.50%	+1.29%

02-05	Telecom Italia, Here's Who Profits Most From the RNCs	AN
02-02	Europe Expected to Open Lower, Gold Slide Continues	AN

8d3a20c098b1e2dc729ed244.V_5z88caSQPd9daiC5Net751VlOhvxarciJbfswT3-k.I701vp5gL2nukOLOUsErz9YEFCLX9iHOFkM2Fa4it6QiuB2pjXYsMJSd5g

Published financial data: AZIMUT HOLDING S.P.A.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	924M	1.31B	1.16B	1.32B	1.33B
Gain (Loss) on Sale of Investment, Total (Rev)	8.54M	35.6M	778K	40.54M	29.33M
Interest And Invest. Income (Rev)	3.22M	5.33M	16.68M	29.79M	28.23M
Other Revenues, Total	287M	363M	306M	-129K	-567K
Total Revenues	1.22B	1.72B	1.49B	1.39B	1.39B
Cost of Goods Sold, Total	482M	644M	743M	532M	527M
Gross Profit	740M	1.07B	745M	860M	863M
Selling General & Admin Expenses, Total	249M	300M	168M	179M	170M
Depreciation & Amortization - (IS)	11.02M	12.77M	13.3M	12.83M	8.55M
Amortization of Goodwill and Intangible Assets - (IS)	16.94M	22.2M	22.64M	24.23M	13.79M
Other Operating Expenses	5.78M	-1.66M	-4.97M	133K	-1.88M
Other Operating Expenses, Total	283M	333M	199M	216M	191M
Operating Income	457M	738M	546M	644M	672M
Interest Expense, Total	-17.11M	-16.83M	-10.34M	-8.63M	-9.32M
Net Interest Expenses	-17.11M	-16.83M	-10.34M	-8.63M	-9.32M
Income (Loss) On Equity Invest.	-794K	6.33M	19.38M	-3.96M	148M
Other Non Operating Income (Expenses)	-	-	-	-	-
EBT, Excl. Unusual Items	439M	728M	555M	632M	811M
Impairment of Goodwill	-	-	-	-	-
Asset Writedown	-	-	-	-6.82M	-6.48M
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	439M	728M	555M	625M	804M
Income Tax Expense	50.68M	116M	132M	167M	213M
Earnings From Continuing Operations	389M	612M	423M	458M	591M
Earnings Of Discontinued Operations	-	-	-	-	13.26M
Net Income to Company	389M	612M	423M	458M	604M
Minority Interest	-6.98M	-6.62M	-20.54M	-23.45M	-28.32M
Net Income - (IS)	382M	605M	402M	435M	576M
Net Income to Common Incl Extra Items	382M	605M	402M	435M	576M
Net Income to Common Excl. Extra Items	382M	605M	402M	435M	563M
Per Share Items
Net EPS - Basic	2.75	4.35	2.89	3.14	4.1
Basic EPS - Continuing Operations	2.75	4.35	2.89	3.14	4.01
Basic Weighted Average Shares Outstanding	139M	139M	139M	138M	140M
Net EPS - Diluted	2.75	4.35	2.89	3.14	4.1
Diluted EPS - Continuing Operations	2.75	4.35	2.89	3.14	4.01
Diluted Weighted Average Shares Outstanding	139M	139M	139M	138M	140M
Normalized Basic EPS	1.93	3.22	2.34	2.68	3.41
Normalized Diluted EPS	1.93	3.22	2.34	2.68	3.41
Dividend Per Share	1	1.3	1.3	1	1.75
Payout Ratio	50.21	32.04	67.82	55.05	36.36
American Depositary Receipts Ratio (ADR)	2	2	2	2	2
Supplemental Items
EBITDA	468M	751M	582M	682M	675M
EBITA	457M	738M	569M	669M	673M
EBIT	457M	738M	546M	644M	672M
EBITDAR	484M	769M	606M	706M	697M
Effective Tax Rate - (Ratio)	11.53	15.91	23.8	26.72	26.5
Total Current Taxes	55.21M	113M	138M	161M	203M
Total Deferred Taxes	-4.53M	3.2M	-6.04M	6.1M	10.68M
Normalized Net Income	268M	448M	326M	371M	478M
Interest on Long-Term Debt	17.16M	16.89M	11.47M	9.9M	9.04M
Non-Cash Pension Expense	414K	511K	651K	936K	1.03M
Supplemental Operating Expense Items
Advertising Expense	8.24M	7.94M	9.98M	-	-
Marketing Expenses	-	-	-	11.02M	-
Selling and Marketing Expenses	8.24M	7.94M	9.98M	11.02M	-
General and Administrative Expenses	111M	121M	134M	143M	148M
Net Rental Expense, Total	15.29M	18.1M	23.98M	24.64M	22.15M
Imputed Operating Lease Interest Expense	2.2M	2.64M	2.76M	3.16M	5.85M
Imputed Operating Lease Depreciation	13.1M	15.46M	21.21M	21.48M	16.31M
Maintenance & Repair Expenses, Total	1.57M	1.53M	1.88M	1.54M	1.76M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	27K	180M	298M	465M	395M
Short Term Investments	279M	290K	696K	5.9M	473K
Total Cash And Short Term Investments	279M	180M	299M	470M	395M
Accounts Receivable, Total	206M	466M	165M	242M	298M
Other Receivables	267M	276M	327M	237M	253M
Notes Receivable	17.58M	42.44M	19.38M	20.7M	19.1M
Total Receivables	491M	785M	511M	499M	570M
Prepaid Expenses	10.84M	8.63M	147M	171M	-
Other Current Assets, Total	28.85M	18.85M	-	-	-
Total Current Assets	811M	993M	956M	1.14B	965M
Gross Property Plant And Equipment	108M	125M	144M	154M	157M
Accumulated Depreciation	-59.83M	-72.67M	-95.33M	-108M	-127M
Net Property Plant And Equipment	48.43M	52.04M	48.56M	45.88M	29.47M
Long-term Investments	6.88B	7.98B	7.6B	7.85B	8.46B
Goodwill	550M	648M	744M	750M	508M
Other Intangibles, Total	107M	119M	135M	143M	73.06M
Deferred Tax Assets Long-Term	12.18M	20.31M	22.89M	19.41M	17.98M
Deferred Charges Long-Term	69.55M	111M	-	-	178M
Other Long-Term Assets, Total	-	-	-	5.63M	5.92M
Total Assets	8.47B	9.92B	9.51B	9.96B	10.23B
Liabilities
Accounts Payable, Total	66.03M	77.48M	82.8M	78.99M	45.96M
Accrued Expenses, Total	105M	135M	124M	123M	129M
Current Portion of Long-Term Debt	20.77M	-	-	497M	-
Current Income Taxes Payable	10.29M	71.83M	120M	143M	60.1M
Total Current Liabilities	202M	284M	327M	842M	235M
Long-Term Debt	887M	853M	498M	222K	154K
Long-Term Leases	41.56M	44.98M	41.46M	40.24M	27.67M
Unearned Revenue Non Current	1.25M	1.7M	1.23M	785K	976K
Deferred Tax Liability Non Current	61.74M	69.89M	71.07M	76.94M	69.27M
Other Non Current Liabilities	6.39B	7.43B	7.11B	7.39B	7.95B
Total Liabilities	7.59B	8.69B	8.04B	8.35B	8.29B
Common Stock, Total	32.32M	32.32M	32.32M	32.32M	32.32M
Additional Paid In Capital	174M	174M	174M	174M	174M
Retained Earnings	388M	612M	409M	441M	1.79B
Treasury Stock	-68.29M	-40.83M	-56.48M	-55.07M	-7.51M
Comprehensive Income and Other	340M	405M	849M	958M	-70.57M
Total Common Equity	866M	1.18B	1.41B	1.55B	1.92B
Minority Interest	20.17M	52.94M	54.8M	58.74M	24.85M
Total Equity	886M	1.24B	1.46B	1.61B	1.95B
Total Liabilities And Equity	8.47B	9.92B	9.51B	9.96B	10.23B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	138M	140M	138M	138M	142M
ECS Total Common Shares Outstanding	138M	140M	138M	138M	142M
Book Value / Share	6.26	8.47	10.17	11.2	13.58
Tangible Book Value	209M	416M	529M	658M	1.34B
Tangible Book Value Per Share	1.51	2.98	3.82	4.75	9.48
Total Debt	950M	898M	540M	537M	27.82M
Net Debt	670M	718M	241M	66.97M	-367M
Debt Equivalent Oper. Leases	122M	145M	192M	197M	177M
Minority Interest, Total (Incl. Fin. Div)	20.17M	52.94M	54.8M	58.74M	24.85M
Equity Method Investments, Total	30.54M	217M	263M	281M	185M
Account Code - Inventory Valuation	3	3	3	3	3
Buildings, Total	66.96M	78.96M	92.54M	99.3M	99.71M
Machinery, Total	11.77M	13.4M	14.79M	15.01M	16.04M
Full Time Employees	1.06K	1.32K	1.32K	1.48K	872
Part Time Employees	102	123	130	179	20

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	382M	605M	402M	435M	576M
Depreciation & Amortization - CF	11.02M	12.77M	13.3M	12.83M	8.55M
Amortization of Goodwill and Intangible Assets - (CF)	-	-	22.64M	24.23M	1.65M
Depreciation & Amortization, Total	11.02M	12.77M	35.95M	37.06M	10.2M
Amortization of Deferred Charges, Total - (CF)	16.94M	22.2M	-	-	12.14M
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
Asset Writedown & Restructuring Costs	-	-	-	6.82M	6.48M
Net Cash From Discontinued Operations	-	-	-	-	-
Other Operating Activities, Total	44.14M	126M	35.02M	53.14M	62.71M
Change in Trading Asset Securities	-85.76M	-16.6M	-61.43M	-6.62M	50.73M
Change In Accounts Receivable	-	-	-	-	-
Change in Other Net Operating Assets	-79.72M	177M	-517M	-56.12M	-916M
Cash from Operations	288M	926M	-105M	469M	-197M
Capital Expenditure	-10.68M	-16.38M	-9.82M	-10.15M	-2.82M
Sale of Property, Plant, and Equipment	-	-	-	-	10.68M
Cash Acquisitions	-14.89M	-98.13M	-95.43M	-33.32M	-310K
Divestitures	-	-	-	27.15M	242M
Sale (Purchase) of Intangible assets	-24.41M	-34.41M	-38.43M	-39.38M	49.58M
Investment in Marketable and Equity Securities, Total	-29.48M	-189M	-59.38M	-35.37M	-4.16M
Other Investing Activities, Total	746K	1.82M	13.4M	17.86M	-
Cash from Investing	-78.72M	-336M	-190M	-73.2M	295M
Issuance of Common Stock	-	27.46M	-	-	-
Repurchase of Common Stock	-44.58M	-	-15.65M	-	-
Common Dividends Paid	-192M	-194M	-273M	-239M	-209M
Common & Preferred Stock Dividends Paid	-192M	-194M	-273M	-239M	-209M
Special Dividend Paid	-	-	-	-	-
Other Financing Activities, Total	-30.93M	-89.4M	113M	-58.26M	-27.9M
Cash from Financing	-267M	-256M	-176M	-297M	-237M
Net Change in Cash	-57.57M	334M	-470M	98.15M	-140M
Supplemental Items
Levered Free Cash Flow	326M	326M	631M	389M	303M
Unlevered Free Cash Flow	337M	337M	637M	395M	308M
Change In Net Working Capital	-58.12M	109M	-308M	-4.52M	181M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	3.42	5.02	3.51	4.14	4.16
Return on Total Capital	16.04	23.26	16.5	19.37	20.37
Return On Equity %	46.9	57.7	31.35	29.73	33.24
Return on Common Equity	47.31	59.11	31.07	29.28	32.41
Margin Analysis
Gross Profit Margin %	60.57	62.46	50.07	61.81	62.07
SG&A Margin	20.39	17.47	11.29	12.84	12.25
EBITDA Margin %	38.31	43.79	39.11	48.96	48.58
EBITA Margin %	37.41	43.05	38.22	48.04	48.46
EBIT Margin %	37.41	43.05	36.7	46.3	48.34
Income From Continuing Operations Margin %	31.8	35.69	28.43	32.9	42.55
Net Income Margin %	31.23	35.3	27.05	31.22	41.46
Net Avail. For Common Margin %	31.23	35.3	27.05	31.22	40.51
Normalized Net Income Margin	21.9	26.14	21.94	26.69	34.43
Levered Free Cash Flow Margin	26.68	19.02	42.4	27.98	21.77
Unlevered Free Cash Flow Margin	27.56	19.64	42.83	28.36	22.19
Asset Turnover
Asset Turnover	0.15	0.19	0.15	0.14	0.14
Fixed Assets Turnover	25.15	34.14	29.58	29.48	36.89
Receivables Turnover (Average Receivables)	4.5	3.9	3.69	6.51	4.94
Short Term Liquidity
Current Ratio	4.01	3.49	2.93	1.35	4.1
Quick Ratio	3.73	3.24	2.42	1.13	4.02
Operating Cash Flow to Current Liabilities	1.43	3.26	-0.32	0.56	-0.84
Days Sales Outstanding (Average Receivables)	81.41	93.55	98.89	56.07	74.12
Average Days Payable Outstanding	54.48	40.68	39.38	55.54	43.38
Long Term Solvency
Total Debt/Equity	107.19	72.68	36.91	33.4	1.43
Total Debt / Total Capital	51.73	42.09	26.96	25.04	1.41
LT Debt/Equity	104.84	72.68	36.91	2.51	1.43
Long-Term Debt / Total Capital	50.6	42.09	26.96	1.88	1.41
Total Liabilities / Total Assets	89.54	87.55	84.62	83.84	80.96
EBIT / Interest Expense	26.73	43.86	52.77	74.65	72.06
EBITDA / Interest Expense	27.37	44.62	56.25	78.94	73.15
(EBITDA - Capex) / Interest Expense	26.75	43.65	55.3	77.77	72.85
Total Debt / EBITDA	2.03	1.2	0.93	0.79	0.04
Net Debt / EBITDA	1.43	0.96	0.41	0.1	-0.54
Total Debt / (EBITDA - Capex)	2.08	1.22	0.94	0.8	0.04
Net Debt / (EBITDA - Capex)	1.46	0.98	0.42	0.1	-0.54
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-1.86	40.33	-13.26	6.57	8.75
Gross Profit, 1 Yr. Growth %	-1.28	44.72	-18.93	15.03	6.24
EBITDA, 1 Yr. Growth %	-7.33	60.4	-22.53	16.18	2.57
EBITA, 1 Yr. Growth %	-4.99	61.48	-22.99	16.64	3.72
EBIT, 1 Yr. Growth %	-4.99	61.48	-26.06	17.03	7.43
Earnings From Cont. Operations, 1 Yr. Growth %	0.19	57.48	-30.91	7.26	31.62
Net Income, 1 Yr. Growth %	3.16	58.63	-33.54	6.91	32.58
Normalized Net Income, 1 Yr. Growth %	-3.43	67.51	-27.2	12.82	33.49
Diluted EPS Before Extra, 1 Yr. Growth %	3.81	57.99	-33.58	7.57	30.22
Accounts Receivable, 1 Yr. Growth %	0.9	126.42	-64.71	46.85	23.44
Net Property, Plant and Equip., 1 Yr. Growth %	-0.68	7.45	-6.69	-5.51	-35.78
Total Assets, 1 Yr. Growth %	2.66	17.1	-4.19	4.66	2.76
Tangible Book Value, 1 Yr. Growth %	84.56	98.67	27.32	22	104.03
Common Equity, 1 Yr. Growth %	15.81	36.58	19	9.39	24.03
Cash From Operations, 1 Yr. Growth %	-70.62	221.24	-111.32	-562.7	-142.12
Capital Expenditures, 1 Yr. Growth %	-79.07	53.26	-40.02	3.34	-72.27
Levered Free Cash Flow, 1 Yr. Growth %	134.63	42.4	249.18	-38.6	-44.31
Unlevered Free Cash Flow, 1 Yr. Growth %	130.04	40.44	233.34	-38.38	-43.9
Dividend Per Share, 1 Yr. Growth %	0	30	0	-23.08	75
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	20.18	17.36	10.33	-9.91	3.14
Gross Profit, 2 Yr. CAGR %	32.75	19.53	0.32	-3.24	7.39
EBITDA, 2 Yr. CAGR %	62.04	21.92	11.47	-4.74	7.27
EBITA, 2 Yr. CAGR %	67.22	23.86	11.51	-4.83	8.38
EBIT, 2 Yr. CAGR %	67.22	23.86	9.27	-6.57	10.45
Earnings From Cont. Operations, 2 Yr. CAGR %	66.03	25.61	4.31	-13.5	17.67
Net Income, 2 Yr. CAGR %	76.77	27.92	2.67	-15.28	19.06
Normalized Net Income, 2 Yr. CAGR %	83.76	27.18	10.43	-8.97	20.55
Diluted EPS Before Extra, 2 Yr. CAGR %	74.63	28.07	2.44	-15.05	17.14
Accounts Receivable, 2 Yr. CAGR %	36.1	50.95	-10.61	-28.01	34.64
Net Property, Plant and Equip., 2 Yr. CAGR %	139.11	3.31	0.13	-6.1	-22.1
Total Assets, 2 Yr. CAGR %	9.35	9.64	5.92	0.18	3.71
Tangible Book Value, 2 Yr. CAGR %	997.74	91.49	59.04	25.81	57.77
Common Equity, 2 Yr. CAGR %	20.07	25.77	27.49	14.5	16.48
Cash From Operations, 2 Yr. CAGR %	724.61	-2.86	-39.7	-28.85	39.6
Capital Expenditures, 2 Yr. CAGR %	100.35	-43.36	-4.12	-21.27	-46.47
Levered Free Cash Flow, 2 Yr. CAGR %	49.31	53.22	65.92	46.83	-30.93
Unlevered Free Cash Flow, 2 Yr. CAGR %	54.2	51.67	63.01	43.72	-30.63
Dividend Per Share, 2 Yr. CAGR %	-18.35	14.02	14.02	-12.29	16.02
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	8.47	26.55	6.11	4.43	-6.77
Gross Profit, 3 Yr. CAGR %	14.81	36.62	-0.22	5.14	-2.09
EBITDA, 3 Yr. CAGR %	20.56	61.49	4.82	13.33	-3.5
EBITA, 3 Yr. CAGR %	19.97	65.28	5.71	13.51	-3.02
EBIT, 3 Yr. CAGR %	19.97	65.28	4.29	12.12	-3.1
Earnings From Cont. Operations, 3 Yr. CAGR %	19.83	63.13	2.92	5.62	-1.15
Net Income, 3 Yr. CAGR %	21.13	70.5	2.83	4.42	-1.64
Normalized Net Income, 3 Yr. CAGR %	21.73	78.17	5.6	11.55	2.2
Diluted EPS Before Extra, 3 Yr. CAGR %	18.9	68.9	2.89	4.47	-2.72
Accounts Receivable, 3 Yr. CAGR %	-	61.13	-7.01	5.47	-13.84
Net Property, Plant and Equip., 3 Yr. CAGR %	81.47	83.15	-0.14	-1.78	-17.27
Total Assets, 3 Yr. CAGR %	1.49	11.88	4.82	5.53	1.03
Tangible Book Value, 3 Yr. CAGR %	81.16	520.93	67.13	46.51	47.81
Common Equity, 3 Yr. CAGR %	13.48	25.34	23.47	21.43	17.6
Cash From Operations, 3 Yr. CAGR %	-7.54	502.25	-52.55	17.59	-40.26
Capital Expenditures, 3 Yr. CAGR %	47.97	83.23	-42.27	-1.69	-44.4
Levered Free Cash Flow, 3 Yr. CAGR %	5.59	30.66	65.56	19.34	18.76
Unlevered Free Cash Flow, 3 Yr. CAGR %	5.97	33.48	63.27	18.08	17.28
Dividend Per Share, 3 Yr. CAGR %	0	-4.66	9.14	0	10.42
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	7.97	16.2	9.21	10.47	2.22
Gross Profit, 5 Yr. CAGR %	9.97	21.55	8.78	15.42	2.84
EBITDA, 5 Yr. CAGR %	9.96	30.41	16.84	30.75	5.96
EBITA, 5 Yr. CAGR %	9.56	30.29	16.51	32.54	6.95
EBIT, 5 Yr. CAGR %	9.56	30.29	15.57	31.56	6.9
Earnings From Cont. Operations, 5 Yr. CAGR %	9.23	28.12	13.36	26.57	8.79
Net Income, 5 Yr. CAGR %	9.06	28.52	13.38	28.89	9.26
Normalized Net Income, 5 Yr. CAGR %	9.33	32.22	17.07	36.2	11.54
Diluted EPS Before Extra, 5 Yr. CAGR %	8.14	27.33	12.02	28.3	8.59
Accounts Receivable, 5 Yr. CAGR %	21.86	34.1	-	16.73	7.83
Net Property, Plant and Equip., 5 Yr. CAGR %	50.85	48.44	43.06	40.2	-9.58
Total Assets, 5 Yr. CAGR %	4.05	5.13	3.24	7.04	4.39
Tangible Book Value, 5 Yr. CAGR %	-4.79	30.51	71.97	227.88	63.94
Common Equity, 5 Yr. CAGR %	3.85	13.53	18.89	20.89	20.8
Cash From Operations, 5 Yr. CAGR %	3.85	37.85	-22.07	156.29	-27.43
Capital Expenditures, 5 Yr. CAGR %	21.32	35.94	24.39	30.7	-43.98
Levered Free Cash Flow, 5 Yr. CAGR %	12.98	40.4	17.89	21.64	16.83
Unlevered Free Cash Flow, 5 Yr. CAGR %	12.84	38.23	17.62	22.76	16.07
Dividend Per Share, 5 Yr. CAGR %	-7.79	5.39	5.39	-7.79	11.84