Home » The Italian Sea Group: 2022 preliminary results in the upper part of the guidance, defines 2023-24 targets

The Italian Sea Group: 2022 preliminary results in the upper part of the guidance, defines 2023-24 targets

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The Italian Sea Group: 2022 preliminary results in the upper part of the guidance, defines 2023-24 targets

The Italian Sea Group, a global operator in the luxury yachting sector, has approved the preliminary consolidated results as at 31 December 2022 and the Strategic Outlook 2023 -2024.

All main indicators at or above 2022 guidance. In detail, total revenues amounted to 295 million, up 59% year-on-year, mainly thanks to an increase in the number of contracts and the progress of vessels currently in construction. In addition, there was the consolidation in the large sailing yacht segment and the strong demand for the NCA Refit division, which contributed to a further increase in revenues.

The total value of the order backlog as at 31 December 2022 (Shipbuilding and Refit) is equal to 1,038 million.

Preliminary Ebitda as at 31 December 2022 amounted to 47 million, a significant improvement compared to 28 million as at 31 December 2021, with an Ebitda Margin of 15.9% compared to 15% in 2021.

During the year, TISG made Investments for 22 million, mainly relating to the two investment plans “TISG 4.0” and “TISG 4.1” for the expansion of the production capacity within the Marina di Carrara site.

The Net Financial Position as at 31 December 2022 was negative by 11 million compared to the positive NFP of 41 million as at 31 December 2021. This result reflects the outlay of 75 million for the acquisition of the Perini Navi business complex, the investments made during the 2022 and the payment of dividends of 9.8 million.

The Strategic Outlook 2023-2024 envisages significant organic growth and benefits from the current structure of the group and the important contribution due to the integration of Perini Navi and the assets deriving from it, to the important partnerships signed with the main nautical brokers, brands of luxury and the capillary sales structure with a global perimeter.

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The group’s growth objectives envisage revenues between 350 and 365 million with an Ebitda Margin between 16 and 16.5% in 2023 and revenues between 400 and 420 million with an Ebitda Margin between 17 and 17.5% in 2024.

With reference to the capital structure and the dividend policy, the objective for 2023 and 2024 is to maintain a neutral financial leverage, with a maximum limit of 1.5x Ebitda, and to distribute an annual dividend with a payout around 40-60% of the group’s net profit. These policies are subject to temporary impacts related to the CapEx and M&A strategy.

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