(Alliance News) - Italian Sea Group Spa reported Tuesday that it ended 2022 with revenues up 59 percent year-on-year and Ebitda up 69 percent.

Revenues rose to EUR295 million from EUR186 million a year earlier while Ebitda increased to EUR47 million from EUR28 million a year earlier.

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, 2022 was EUR1.04 billion and the value of outstanding contracts related to yachts not yet delivered to customers, net of revenues already recognized in the income statement, was EUR620 million.

During the year, TISG made Investments of EUR22 million, mainly related to the two investment plans "TISG 4.0" and "TISG 4.1" for the expansion of production capacity within the Marina di Carrara facility.

The Net Financial Position as of December 31, 2022 is negative by EUR11 million compared to the positive NFP of EUR41 million as of December 31, 2021. This result reflects the outlay of EUR75 million for the acquisition of the Perini Navi business complex, investments incurred during 2022, and dividend payments of EUR9.8 million.

For 2023, on the other hand, the company expects revenues in the range of EUR350 million to EUR365 million and an Ebitda margin in the range of 16-16.5 percent while, for 2024, revenues are expected at EUR400-420 million and the Ebitda margin at 17-17.5 percent.

With regard to capital structure and dividend policy, the goal for 2023 and 2024 is to maintain neutral leverage, capped at 1.5 times 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's stock is up 0.5 percent at EUR6.21 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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