(Alliance News) - Ecomembrane Spa reported Friday that it closed 2023 with a value of production up 9.2 percent year-on-year, to EUR15.6 million from EUR14.3 million, with 93 percent of the growth being organic.

Ebitda is EUR2.0 million, lower than last year's EUR3.2 million due to the adjustment of overhead costs, the ongoing strengthening of which is aimed at enabling the group to fully seize all expected growth opportunities in the coming years. The pro-forma figures for 2022 retroactively reflect the accounting effects of the spin-off of the real estate business.

The financial result includes the gain from the sale of the Alvus/Favus shares in the amount of EUR562,000, and in light of this, the operating result after tax is EUR1.2 million from EUR1.8 million in 2022.

Net financial debt shows an overall positive balance of EUR5.8 million, as cash and cash equivalents, amounting to EUR7.5 million, are higher than bank debts, which, in turn, decreased to EUR1.6 million from EUR2.5 million as of December 31, 2022. The main reason for the change in net financial debt compared to the figures as of December 31, 2022 is attributable to capital raised at the listing, net of related costs.

The company's board of directors has resolved to propose to the shareholders' meeting the distribution of a dividend of EUR0.05 per eligible share - totaling a maximum of EUR214,705.85 -, with an ex-dividend date of June 6, 2024, an entitlement date of June 7 and a payment date of June 8.

Ecomembrane's stock closed Friday up 1.7 percent at EUR5.90 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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