(Alliance News) - Comer Industries Spa reported Thursday that it closed the first half with sales revenues of EUR676.9 million compared to EUR633.7 million as of June 30, 2022.

Ebitda is EUR111.1 million from EUR87.9 million as of June 30, 2022, accounting for 16.4 percent of consolidated revenues, up 250 basis points from the first half of 2022.

Adjusted Ebit was EUR90.7 million from EUR69.9 million as of June 30, 2022, with an incidence

13.4 percent of consolidated revenues. Net income on a recurring basis is EUR55.0 million from EUR48.1 million as of June 30, 2022, accounting for 8.1 percent of revenues.

Adjusted net income - net of Purchase Price Allocation and the related theoretical tax effect of EUR6.4 million - is EUR61.4 million from EUR53.6 million as of June 30, 2022, a margin of 9.1% of revenues.

Net debt is EUR152.4 million and leverage ratio at 0.75 times as of June 30 from EUR148.9 million and 0.83 times, respectively, as of Dec. 31, 2022. Excluding the impact of the EUR54.0 million acquisition of e-comer Srl, net debt would have decreased by EUR50.5 million from the end of the previous year. In the first half of the year, dividends of EUR21.5 million were distributed.

The group generated free cash flow of EUR83.4 million in the first six months of the year, representing a cash conversion rate of 75.1 percent. Cash flow from operations was EUR91.3 million, up due to higher operating profitability and efficiencies in working capital management. Capital expenditures for the period, at EUR10.3 million, were affected by long lead times for projects launched, which will, however, be completed in the second half of the year.

Comer Industries' stock is up 2.2 percent at EUR33.10 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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