(Alliance News) - Restart Spa reported that it closed 2023 with revenues of EUR70,000 compared to EUR1.1 million in the previous year.

Revenues from the sale of real estate inventories amounted to EUR67,000 as of Dec. 31, 2023 compared to EUR95,000 as of Dec. 31, 2022, and related entirely to the sale of cellars and parking spaces in the Pompeo Leoni/De Angeli real estate complex in Milan.

Ebitda is negative EUR1.4 million from the negative figure of EUR615,000 in 2022 and net operating income is negative EUR50,000 from the positive figure of EUR936,000 in the previous year.

Operating loss widens to EUR1.7 million from EUR1.2 million and net operating loss increases to EUR1.6 million from EUR1.2 million in 2022.

Consolidated shareholders' equity as of December 31, 2023 is EUR7.8 million from EUR9.4 million as of December 31, 2022; the change is mainly attributable to the result for the period.

The group's net financial liabilities as of December 31, 2023 are EUR4.4 million positive from EUR6.0 million as of December 31, 2022 and include lease liabilities of EUR126,000 from EUR203,000 as of December 31, 2022 and cash and cash equivalents of EUR4.5 million from EUR6.2 million as of December 31, 2022.

As of December 31, 2023, the group has loss carryforwards of approximately EUR233 million; against these losses, no deferred tax assets have been recognized as the prerequisites for their recognition are not currently present.

As of December 31, 2023, the real estate assets owned by the Restart group stood at a market value of EUR2.4 million from EUR2.5 million as of December 31, 2022. The change is mainly attributable to the divestments of part of the portfolio that took place during 2023.

The net asset value is EUR7.8 million.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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