(Alliance News) - The board of directors of Osai Automation System Spa on Monday reviewed and approved the group's draft separate and consolidated financial statements as of Dec. 31, 2022, reporting a net income of EUR950,000 up slightly from the EUR910,000 recorded in 2021.

Production value amounted to EUR42.5 million up from EUR32.6 million in the previous year. Order intake recorded EUR44.8 million, up 20 percent from the same figure in 2021.

Ebitda was EUR3.9 million from EUR4.2 million reported as of Dec. 31, 2021, with an Ebitda margin at 9.2 percent from 13 percent in 2021. The figure, the company explains, is negatively impacted by "increased material costs and critical component sourcing issues, prioritizing production and adherence to delivery times, to the benefit of customer satisfaction."

Ebit was EUR1.8 million from EUR1.3 million as of Dec. 31, 2021.

Net financial debt as of Dec. 31 was EUR20.40 million from EUR11.1 million as of Dec. 31, 2021 and increased by about EUR9 million compared to the previous year-end under IFRS16 accounting standards, of which EUR2.3 million was debt arising from costs incurred for the expansion of production sites and about EUR6 million from the absorption of financial resources at the working capital level to support growth and to support warehouse activities.

Fabio Benetti, Osai's CEO, commented, "It has been an intense, challenging, demanding, and satisfying year, confirming the recovery process that was already in sight in the middle of last year. Osai has never before collected such a substantial amount of orders, so much so that it exceeded the already substantial 2021 collection by 20 percent."

"The exceptional 2022 performance is reflected in a value of production that increased by 30 percent over the previous year, despite the fact that difficulties arising from component procurement and increased material costs have extended product delivery times, to the detriment of revenue recognition at the time of installation in accordance with IFRS standards - minus18% compared to 2021 - and marginality - minus 7% compared to 2021 -, leading to rethinking the planning of activities, redesigning processes through the optimization of resources and the use of alternative production tools."

As for the future, "Osai is preparing to face the year 2023 with an important commercial backlog, amounting to EUR37.0 million - up 74 percent compared to 2021 - ensuring clear future visibility, in terms of the development and opportunities that the year 2022 has set in place."

Osai Automation System on Monday closed 3.1 percent in the red at EUR3.15 per share.

By Chiara Bruschi, Alliance News reporter

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