(Alliance News) - Omer Spa reported Tuesday that it ended 2022 with a net profit of EUR8.3 million, down from EUR10.2 million in 2021, however, leading the board to propose the distribution of a dividend of EUR0.05 per share.

Value of production was approximately EUR63.3 million, up about 11 percent from EUR57.1 million in 2021. This change is attributable to both the increase in production accruals of currently ongoing projects, for which the relevant price revisions resulting from contractually stipulated formulas have been taken into account, and the start-up of some new production projects during the year.

The value of production was realized 56 percent in Italy, 20 percent in France, 9 percent in Germany, 7 percent in the U.S. and the remaining 8 percent in other countries. At the product level, 84% of the production value was furniture, followed by 7% toiletries and 6% fairings.

As a result of the above dynamics, Ebitda stands at EUR13.8 million, down 12 percent from EUR15.6 million in 2021. Ebitda margin drops from 27.4 percent to 21.8 percent. After depreciation and amortization of EUR2.5 million, Ebit stood at EUR11.3 million, accounting for 17.8% of revenues.

The Consolidated Net Financial Position was positive and amounted to EUR9.6 million compared to the positive NFP as of December 31, 2021 of EUR18.7 million. The decrease in cash is attributable, on the one hand, to the increase in the value of raw material inventories resulting from the increase in the cost of materials and the increase in customer receivables resulting from price revisions, which were only partially invoiced and collected during the year.

Also today, Alessandra Vitale - who does not hold shares in the company - announced her resignation with immediate effect from the board of statutory auditors for personal reasons.

Omer's stock is down 3.0 percent at EUR2.79 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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