(Alliance News) - The board of directors of doValue Spa approved preliminary results as of Dec. 31, closing with a net loss, including nonrecurring items, stands at minus EUR18.9 million, compared to EUR16.5 million in 2022.

"The decrease is mainly due to the decrease at the Ebitda level, the increase in depreciation and amortization and net provisions compared to 2022, mainly related to the write-down of Spanish contracts, as well as lower fair value results of assets and higher taxes," the company note specifies.

Excluding nonrecurring items, net income stood at EUR2.7 million, compared to EUR50.6 million in 2022. Non-recurring items included below Ebitda for 2023 mainly relate to the provision for downsizing and interest expense for the arbitration with Apollo over a tax claim in Spain.

Net revenues of EUR443.2 million decreased 11 percent from EUR500.4 million in 2022.

Ebitda excluding nonrecurring items decreased 12% to EUR178.4 million from EUR201.7 million in 2022, with an Ebitda margin of 37%, up 1% from 2022.

"Excluding Sareb, EBITDA net of nonrecurring items decreased by 4.1 percent from the previous year.

Net debt as of Dec. 31, 2023 stood at EUR475.2 million, compared to EUR429.9 million as of Dec. 31, 2022.

doValue closed Thursday's session in the green by 6.0 percent to EUR2.47 per share

By Maurizio Carta, Alliance News reporter

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