The Italian Sea Group reports 23% growth in total revenues
Rossinavi introduces new yacht brand called Nolimits
March 5, 2024
YACHT PAPA JOE PREMIERES, 7TH BENETTI DIAMOND 44M MEGAYACHT
March 21, 2024
The Board of Directors of The Italian Sea Group has reviewed and approved the preliminary consolidated financial results as of 31 December 2023.
The Group has demonstrated a noteworthy increase in total revenues, achieving €363 million, representing a substantial 23% growth compared to the previous year. This significant uptick in revenue can largely be attributed to new sales contracts and the progression of existing orders.
As of December 31, 2023, the total value of the order book, comprising the gross value of contracts for yachts awaiting delivery to clients, reached €1,265 million. The net value of these outstanding contracts totaled €609 million. This net backlog provides visibility into the company’s upcoming revenue streams and operational pipeline, reinforcing its financial strength and growth prospects.
The initial EBITDA figures for the corresponding period showed an increase to €61 million, reflecting a notable improvement from the €47 million reported at the close of 2022. Additionally, the EBITDA margin demonstrated growth, rising to 16.8% from 15.9%.
As of December 31, 2023, the company posted a Preliminary Net Financial Position of €2 million, marking a significant improvement from the negative position of €11 million at the end of 2022. This positive change in financial standing was driven by strategic financial actions taken throughout the year, including a dividend distribution of €14.4 million, investments totaling €10 million and the sale of an office building within the Viareggio shipyard, resulting in a net cash inflow of €10.6 million.
