(Alliance News) - The board of directors of RCS MediaGroup Spa on Tuesday reviewed and approved the consolidated results as of December 31, 2022, which closed with a positive group net income of EUR50.1 million compared to EUR72.4 million in 2021.

Consolidated net revenues stood at EUR845 million and were essentially stable compared to 2021's EUR846.2 million. Digital revenues realized by the group in 2022 are worth about EUR207 million from EUR205 million in 2021, accounting for 25 percent of total revenues.

Ebitda is positive at EUR118.5 million, down from EUR144.5 million in 2021. "The decrease discounts net nonrecurring charges of EUR12.1 million, of which about EUR10 million is attributable to the settlement of the litigation related to the via Solferino/via San Marco/via Balzan property complex, classified in

Corporate and other assets.

Operating income is positive EUR66.6 million and compares with the positive operating income of EUR96 million in 2021. "The decrease reflects the non-recurring phenomena and charges reported above in the commentary on Ebitda as well as recording higher depreciation and amortization, resulting from investments in the development of the

digital activities," reads the released note.

As of December 31, 2022, the Net Financial Position was negative EUR31.6 million from positive EUR16.7 million as of December 31, 2021.

Looking ahead, the company writes that "the group believes that it is possible to set itself the goal of achieving strongly positive margins in 2023 as well, up from those achieved in 2022, and to continue with further cash generation from operations."

RCS on Tuesday trades in the green by 2.3 percent at EUR0.72 per share.

By Maurizio Carta, Alliance News reporter

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