(Alliance News) - Mittel spa reported Wednesday that it closed 2023 with a net profit of EUR50.5 million, up from EUR651,000 a year earlier.

The figure incorporates the effects of the completion of the Zaffiro group sale, which had a total income impact of EUR41.8 million, and the robust performance during the year of the group's other investment verticals. Group net income, net of the Sapphire transaction, would have been EUR8.7 million.

Consolidated revenues amounted to EUR151.4 million from EUR155.3 million in the previous year, and net of the Sapphire group contribution, thanks to the contribution of industrial investees and in particular the companies in the Design sector, which contribute EUR65,8 million from EUR75.7 million in FY 2022, the Automotive sector, which has a turnover of EUR44.0 million from EUR38.6 million, the Apparel sector, which contributes a turnover of EUR23.1 million from EUR23.1 million in FY 2022, and the Windows sector, which contributes EUR15.6 million to the consolidated.

Consolidated Ebitda for the year stood at EUR14.9 million compared with EUR21.6 million in the comparison period, net of Sapphire Group. Operating Ebitda amounted to EUR18.5 million from EUR21.6 million in the comparison period, net of Zaffiro group's contribution.

Positive Net Financial Position of Mittel and the holding system is EUR66.9 million, up sharply from EUR53.3 million as of December 31, 2022. Consolidated NFP excluding financial debt under IFRS 16 is positive EUR74.4 million, a very strong improvement from negative EUR6.4 million as of Dec. 31, 2022, which also incorporates the significant positive NFP of the Design segment.

Consolidated NFP including the effect of IFRS 16 liabilities is positive EUR42.3 million compared to negative EUR271.0 million recorded as of Dec. 31, 2022, which incorporated the significant IFRS 16 liabilities of the RSA sector.

Mittel's stock is up 0.7 percent to EUR1.39 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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