(Alliance News) - The board of directors of Take Off Spa on Monday approved the draft operating and consolidated financial statements as of December 31, 2022, reporting revenues at EUR29.8 million up from EUR26.4 million in 2021. The board will also propose the distribution of an ordinary gross dividend of EUR0.06 per share.

Profit for 2022 is down 38 percent to EUR3.5 million from EUR5.6 million in the previous year after taxes of EUR1.1 million from EUR1.6 million in 2021.

Ebitda is EUR7.3 million down 24% from EUR9.5 million in 2021, with an Ebitda margin of about 24%, down from 36% in 2021. The change in Ebitda

"was mainly impacted by higher service costs, which were affected by consulting costs incurred in the post-listing period and advertising costs for the opening of new stores, and higher personnel costs, which increased due to the new openings of directly operated stores," the company explains in a note.

EBIT margin is EUR5.0 million down 35 percent from EUR7.7 million in 2021, with an Ebit margin of about 17 percent compared to 29 percent in 2021, after depreciation and amortization of EUR2.3 million from EUR1.8 million in 2021.

Net financial position is cash positive EUR7.0 million down from December 31, 2021 when it was cash positive EUR12.1 million.

Net financial liquidity decreases "due to the distribution of dividends, the recognition of the financial debt of the right of use due to the conclusion of the new leases, and the increase in net working capital," Take Off explains.

In 2022, in view of the particular historical context, the ongoing increase in interest rates, having assessed the economic impacts, and considering the high liquidity available to it, the group "deemed it necessary and prudent to proceed with the repayment of almost all loans in order to mitigate the aforementioned risk, resulting in repayments of EUR5.4 million," the company adds.

The adjusted Net Financial Position, which excludes the debt for user rights amounting to EUR9.0 million from EUR6.9

million in 2021, and which under IFRS 16 is classified under "Other borrowings," is cash positive by EUR16.0 million down from December 31, 2021 when it was cash positive

by EUR19.1 million.

As for the future, taking into account the persistent uncertainty about the evolution of the geopolitical environment, following the Russian-Ukrainian crisis, "the visibility on the performance of the Group's activities in the coming months remains reduced," the company specifies. To this complex situation, "the Group in 2022 was able to respond promptly, maintaining, albeit with a small decline, an excellent level of profitability. Thanks to the cost containment policies put in place and its ability to cope with the difficulties, it is not only confident about the good performance of its prospective economic results, but also considers it essential to continue investing in its growth and development path, also seizing the opportunities that will be generated by the possible crisis of some market players."

Take Off is flat at EUR3.30 per share.

By Chiara Bruschi, Alliance News reporter

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