(Alliance News) - Gefran Spa reported Wednesday that it ended 2023 with revenues declining slightly year-on-year, to EUR132.8 million from EUR134.4 million a year earlier.

Revenues as of Dec. 31, 2022, included EUR1.8 million, of which EUR800,000 related to the billing of services to companies that were taken out of the scope as a result of the sale of the drives business to the WEG Group and EUR900,000 for residual sales of drives products that were not restated, as they were generated by companies excluded from the scope of the business sale.

As of December 31, 2023, these revenues total EUR900,000. Net of these effects, the contraction in revenues in 2023 compared to 2022 would be smaller at EUR800,000, or 0.6 percent.

EBITDA is positive at EUR24.1 million and equal to 18.2 percent of revenues, down from the December 31, 2022 figure of EUR24.6 million, accounting for 18.3 percent of revenues.

Contributing to the decrease is a decrease in revenues related to residual sales of services and drive products. Net of this effect, instead of a decrease, a growth of EUR200,000 would be noted, to which lower operating and personnel costs recorded compared to the previous period contribute.

The Net Financial Position as of December 31, 2023 is positive and amounted to EUR22.7 million while the figure at the end of 2022 was positive by EUR24.3 million. NFP consists of short-term financial assets of EUR46.5 million and medium- and long-term debt of EUR23.9 million.

Gefran's stock is down 0.4 percent at EUR8.17 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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