(Alliance News) - Lucisano Media Group Spa has approved its 2022 results reporting a consolidated net income of EUR3.1 million from EUR2.4 million in 2021. The board also proposes to distribute a dividend of EUR0.04 per share.

Consolidated revenues amount to EUR46.1 million from EUR41.6 million in 2021, up 11 percent from the previous year.

The company reports the sharp recovery of the cinema business unit to EUR10.5 million, up 65 percent from EUR6.4 million in 2021 due to the removal of restrictive measures and the introduction of the new tax credit on operating costs.

Consolidated Ebitda amounted to EUR21.7 million from EUR16.9 million in the previous year.

Net debt is up to EUR38.9 million from EUR29.2 million as of December 31, 2021, reflecting the exceptional audiovisual production efforts concentrated in the last quarter of the year and the consequent utilization of contractual credit advance lines.

"2022 was a year of intensive work and very satisfactory results. The Production and Distribution BU further increased its volumes with two series and five films made or started during the year, but above all it still improved its profitability, proving the validity of our business model," comments CEO Federica Lucisano.

"The works started in the second part of the year, two TV series and two films, and not yet fully reflected in the final figures, will then find completion in 2023, thus ensuring an important flywheel. The movie theaters then resumed full operations and, thanks in part to the new tax credit on operating costs, we broke even at the level of net operating profitability. On this business unit we have also started a reflection both in terms of perimeter changes and operating model. Finally," he finishes, "the first quarter of 2023 has given us further positive signs. After the satisfactory theatrical release of "I migliori giorni" in January, in February Alessandro Siani's "Tramite amicizia" climbed to the top of the box-office charts, showing once again how audiences are still loyal to the theaters in the face of a product with a strong appeal."

Lucisano Media on Thursday trades in the green by 3.3 percent at EUR1.26 per share.

By Chiara Bruschi, Alliance News reporter

Comments and questions to redazione@alliancenews.com

Copyright 2023 Alliance News IS Italian Service Ltd. All rights reserved.