(Alliance News) - IVS Group SA reported that it closed the first quarter with a net profit of EUR3.0 million, which compares with a figure of EUR30,000 for the same period last year.

Consolidated revenues for the first quarter amounted to EUR183.6 million, almost doubling from EUR92.2 million in the first quarter of 2022, which did not yet include the activities that entered the group in July 2022, following the business combination with the Liomatic and Ge.Sa.- Vendomat groups.

Reported Ebitda, at EUR27.1 million from about EUR16.0 million as of March 31, 2022, is up 69 percent. Consolidated adjusted Ebitda is EUR28.1 million, up 65% from EUR17.0 million as of March 31, 2022. The operating margins of the different business areas begin to reflect the beneficial effects expected from the business combination.

Consolidated Adjusted Ebit rises to EUR8.7 million as of March 31, 2023 from EUR2.8 million as of March 31, 2022 due to the increase in Ebitda and despite the growth also in depreciation and amortization, which mainly reflects the allocation to specific depreciable assets of part of the price paid and goodwill that emerged from the business combination.

Net financial position was negative EUR402.9 million-including about EUR66.3 million arising from rental and lease agreements under IFRS 16-improving by about EUR12.2 million from EUR415.1 million at the end of 2022, including EUR69.4 million for IFRS16.

During the first quarter, the IVS Group generated operating cash flow of EUR26.7 million from EUR8.4 million in the first quarter of 2022; payments for net fixed investments were EUR13.0 million from EUR20.2 a year earlier. Net working capital generated about EUR2.2 million.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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