THE ITALIAN SEA GROUP S.P.A. (Alliance News) - The Italian Sea Group Spa announced Thursday that the rating agency Cerved Rating Agency Spa has confirmed its A2.2 credit rating.
"Further confirmation of our economic and financial soundness, this positive rating positions us at the highest performance levels and demonstrates the validity of our business management," commented Giovanni Costantino, founder and CEO of The Italian Sea Group.
The rating was confirmed on the basis of the following factors: our high positioning in the global luxury yachting sector, reinforced by partnerships with international brokers and the resilience of our customer base; the positive economic performance in 2023, confirming the growth trend in revenues, margins and profit; and the maintenance of a solid balance sheet and financial structure, with favorable operating cash flow dynamics that allowed the achievement of the objective of a positive Net Financial Position at the end of 2023.
The assessment of the medium-to-short term strategic outlook is also positive, with further consolidation of the core business of large yachts, supported by the completion of investments in production capacity and the creation of new production synergies resulting from the acquisition of Celi 1920 and the recent inauguration of the Interior Steels business unit.
For 2024, the Guidance announced by TISG to the market forecasts Revenues between EUR400 and EUR420 million with Ebitda margin still improving, between 17 and 17.5 percent.
The Italian Sea Group trades in the red by 1.0% at EUR9.06 per share.
By Chiara Bruschi, Alliance News reporter
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