(Alliance News) - The board of directors of Piovan Spa has approved the draft financial statements for fiscal year 2022, which closed with an operating profit of EUR34.8 million, up from EUR27.7 million in the previous year. The incidence on total value of revenues and other income is 6.6 percent from 9.6 percent in 2021. The board proposed the distribution of a dividend of EUR0.20 per share, up from EUR0.10 in the previous year.

In fiscal year 2022, the Piovan group's revenues amounted to EUR519.8 million, up sharply from EUR280.0 million in fiscal year 2021, or 86 percent. Total revenues and other income of the Piovan group amounted to EUR531.4 million, up from EUR287.0 million in FY2021.

Ebitda was EUR61.6 million, up 50 percent from EUR41.2 million in 2021. "Please note that in 2021 Ebitda also included the positive effect from the conversion of the U.S. PPP loan, as a grant-in-aid," the released note reads.

Operating income was EUR44.7 million, up from EUR33.6 million in 2021.

Consolidated net financial position as of Dec. 31, 2022, was negative EUR88.1 million, an improvement compared to Sept. 30, 2022, where it was negative EUR111.8 million, compared to a positive net financial position of EUR23.7 million as of Dec. 31, 2021.

Piovan closed Tuesday's session in the green by 1.7 percent at EUR9.61 per share.

By Maurizio Carta, Alliance News reporter

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