(Alliance News) - The board of directors of Redelfi Spa today approved the consolidated financial statements and draft financial statements as of December 31, 2022, reporting a consolidated net income of EUR270,000 down from EUR3.5 million in 2021.

The change, the company explains in a note, is attributable to the fact that in 2021 the consolidated net income was affected by the capital gain from the sale of the shares held in Renergetica, which occurred for EUR7 million approximately.

The value of production in 2022 is EUR4.5 million, up 390 percent from 2021 when it was EUR900,000. This value is above the business plan guidance of EUR3.5 3.7 million, mainly due to the higher contribution of the MarTech Business Unit, which generated higher than expected revenues of about EUR400,000, and due to the higher contribution of other revenues from the recognition of higher tax credits, also as a result of regulatory changes of an additional EUR400,000.

Ebitda for 2022 is EUR1.7 million, up 288 percent from 2021 when it was negative EUR900,000 and higher than the estimates in the business plan guidance. Ebitda is significantly higher than the business plan guidance published last November of EUR400,000 to EUR600,000, partly due to the postponement to 2023 of the acquisition of the first project for the development of a BESS plant in the U.S. market, which was initially planned by the end of 2022, resulting in cost savings in that year of approximately EUR400,000.

Ebit as of December 31, 2022 was EUR1.1 million, up 193 percent from the previous year when it was negative EUR1.2 million.

Net financial position is EUR600,000, which compares with the cash positive value of EUR100,000 as of Dec. 31, 2021.

Redelfi's stock on Wednesday closed in the green by 2.5 percent at EUR1.116 per share.

By Chiara Bruschi, Alliance News reporter

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