(Alliance News) - Following the publication of our article on the 2023 accounts of Execus Spa, the company's Chief Financial Officer, Andrea Bonabello, was quick to point out to Alliance News that the emphasis on the 2023 profit decline is "unduly penalizing."

The manager said, "The emphasis on the decrease in the 2023 consolidated operating profit compared to the 2022 consolidated result we find is excessively penalizing because the same, in 2023, is largely influenced by the increase in amortization related to the goodwill shares of the two companies acquired at the end of December, Adasta Media Srl and Differens Srl."

"This distorting effect," Bonabello explains, "is determined by the fact that in the 2023 consolidation we do not have the economic effects of the two acquisitions, as they were made at the end of the year, but only the equity effects, in full, as if they had been made at the beginning of the year.

"For greater comparability of the 2023 versus 2022 data, we therefore invite you to consider the 2023 pro forma consolidated financial statements, which were prepared with the aim of retroactively representing the accounting effects of the Differens and Adasta Media acquisitions, which took place on December 14, 2023, simulating the economic effects to take effect as of January 1, 2023."

Thus taking pro-forma figures into account, revenues mark an increase of more than 110 percent, to EUR5.1 million from EUR2.4 million in 2022, and value of production also doubled, to EUR5.2 million from EUR2.5 million.

Ebitda also did well, at EUR1.24 million from EUR1.17 million in the previous year, while Ebit fell to EUR668,000 from EUR924,000 and net income to EUR416,000 from EUR690,000.

Net financial position showed cash of EUR566,000 from EUR520,000 at the end of 2022 while equity rose to EUR2.8 million from EUR1.2 million as of Dec. 31, 2022.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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