(Alliance News) - LVenture Spa reported that it closed 2022 with a loss of EUR2.7 million, which compares with net income of EUR1.7 million in the previous year.

Revenues and other income amounted to EUR6.5 million, up 24 percent from EUR5.3 million as of December 31, 2021. Revenues from Innovation & Corporate Venturing activities and revenues from Coworking and Events were positively impacted by the resumption of post-pandemic activities.

Ebitda as of December 31, 2022 was negative EUR2.2 million from positive EUR2.2 million as of December 31, 2021 while adjusted Ebitda was negative EUR2.7 million from the positov figure of EUR1.8 million at the end of 2021.

As of December 31, 2022, net debt was EUR4.8 million from EUR4.5 million as of December 31, 2021. Net assets were EUR25.9 million and down 2% from EUR26.3 million as of December 31, 2021.

The total value of the investment portfolio was EUR29.9 million, almost unchanged from EUR30.1 million in the previous year, while investments were EUR1.5 million from EUR2.8 million in 2021.

"Investments in Italian startups and scale-ups saw further strong growth, thanks to the impact of international investments of 40 percent, up 50 percent from the previous year. The role of large companies will continue to be fundamental, in Corporate Venture Capital activities, with new fund raising opportunities for startups," the company explained.

For 2023, LVenture expects market consolidation, brought about by the launch of new Venture Capital funds and the implementation in the market of initiatives promoted by CDP Venture Capital Sgr, also as a multiplier of private investments.

"However, 2023 presents some uncertainty factors, related to the geopolitical situation and, in this context, LVenture will pursue a disciplined financial strategy to balance, business growth, investments, operating costs and exits."

Considering market trends, the company is targeting new investments in startups, which are expected to be in line with 2022, with a final amount that will be increased as the number of exits increases, if any; the value of the portfolio is expected to increase compared to 2022; for 2023, cash-in from exits is assumed to be higher than what was realized in 2022, or EUR400,000, due to both closing deals and numerous investor interest.

On the financial front, operating revenues are expected to increase compared to EUR6.5 million in 2022, thanks to the strong development of Innovation & Corporate Venturing activities; of note are the startup of the Argo vertical accelerator, the Invitalia tender and the development of the Rome Technopole project; Ebitda is also expected to improve significantly compared to 2022.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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