(Alliance News) - The board of directors of Siav Spa on Monday approved the consolidated financial statements as of Dec. 31, 2022, reporting revenues up to EUR32.5 million from EUR30.7 million in 2021, while value of production rose to EUR44.8 million from EUR32.6 million in 2021.

Profit was EUR863,000, down from EUR1.6 million in the previous year.

Ebitda was broadly in line with the previous year and amounted to EUR5.8 million from EUR5.9 million in 2021 with a margin on sales revenue that was slightly down from the previous year and amounted to 18 percent from 19 percent in 2021. This decrease is mainly a consequence of costs incurred during the year related to the start-up phase of the new Silloge platform, which is being installed at two major Italian public institutions, the company explains.

"These are the first orders with release of the new platform and, as a result, the higher costs incurred in carrying out the orders themselves are temporary and nonrecurring, as well as recoverable in future years, once the platform passes the first period of activity and becomes fully operational," Siav adds.

Ebit is EUR1.8 million down from 2021 when it was EUR2.2 million, following total depreciation and amortization of about EUR4.0 million, up from EUR3.7 million in 2021.

Net financial debt was EUR16.5 million in line with the value in 2021. Financial debt as of December 31, 2022 consists mainly of fixed-rate medium- and long-term bank loans used to finance internal and external development activities, as well as financial liabilities for usage rights related to the corresponding rights of use recorded under fixed assets.

Group equity amounted to EUR10.2 million, up from EUR5.9 million as of December 31, 2021. In addition to the result for the year achieved and the recognition of certain reserves following the transition to international accounting standards, the change is mainly attributable to the positive effect of the listing transaction, totaling EUR5.0 million, and the effects of the reported demerger transaction, which resulted in a decrease in shareholders' equity totaling approximately EUR1.3 million.

As for the future, the company specifies that at the beginning of fiscal year 2023, projects related to cost containment and efficiency improvement were started to benefit the Group's margins and the management of services on customers.

In addition, "research and development activities on proprietary software for business development in both the private and Public Administration spheres continue; in particular, we highlight the completion of a significant upgrade of the Silloge platform, which has enabled the signing of important contracts with two significant public bodies. Finally, the Group is particularly active in scouting companies for appropriate M&A transactions that can generate synergies and enable the expansion of the range of products offered and the customer base."

Siav on Monday closed at a par at EUR3.23 per share.

By Chiara Bruschi, Alliance News reporter

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