(Alliance News) - The board of directors of Acquazzurra Spa on Tuesday approved the draft financial statements for the year ending Dec. 31, 2022, reporting a loss of EUR213,200 from a profit of EUR474,682 in 2021, mainly due to growth in operating costs and costs from the incorporation of R10 Srl.

The value of production in 2022 is slightly down to EUR18.5 million from EUR18.7 million in 2021. In contrast, the company reports that revenues from the B2C sales channel grew by 30 percent to EUR2.4 million from EUR1.8 million in 2021.

Ebitda amounted to EUR141,055 from EUR997,270 in the previous year. The trend, the company explains in a note, is mainly attributable to the growth in operating costs, which, rising to EUR3.9 million from around EUR2.9 million reflect the investments mainly in human capital and new IT infrastructure "that the company implemented during the year to pursue its sustainable growth strategy as well as the costs arising from the incorporation of R10 Srl."

Ebit for 2022 was negative EUR294,637 from a positive EUR744,618. The result was mainly impacted by the increase in depreciation resulting in particular from the assets acquired through the merger by incorporation of the subsidiary R10.

Net financial debt as of December 31, 2022 was EUR870,000, compared to cash positive net financial debt of EUR930,000 as of December 31, 2021. This change is mainly attributable to a sharp increase in trade receivables due to a higher concentration of invoices issued in the last quarter of the year.

In addition, increasing net financial debt is the purchase of the new warehouse located in Opera intended to speed up all processes of handling and preparation of products for delivery both to the Aclub showroom and for sales made on the e-commerce channel.

Shareholders' equity as of December 31, 2022 amounted to EUR4.7 million, compared to EUR4.8 million as of December 31, 2021.

As for the future, the company expects "that the bullish trend recorded in 2022 for revenues from these sales channels may continue and increase during 2023."

In line with the goals set during the IPO about enhancing its management control system, in February, the transition process to a new management software was completed. This software, developed by Oracle, will enable better analysis of the data produced and efficient management of the new logistics, as well as simplify daily operations. Management remains focused on developing the company and pursuing its growth strategy, "also in light of the comforting signs that have emerged in the first months of 2023," the company explained.

Acquazzurra's stock on Tuesday closed flat at EUR9.90 per share.

By Chiara Bruschi, Alliance News reporter

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