(Alliance News) - Destination Italia Spa reported that it closed 2023 with a sharply worsening net loss, to EUR2.3 million from EUR900,000 in 2022.

Ebitda broke even from the previous year's negative EUR1.2 million while operating loss worsened to EUR2 million from EUR1.2 million operating red in 2022.

This is despite the fact that the value of production doubled to EUR55.4 million from EUR28.1 million a year earlier, mainly due to the merger by incorporation of Portale Sardegna Spa in June 2023.

Net financial debt amounted to EUR11.6 miIon compared to the value of EUR1.4 miIon as of December 31, 2022; the change is due to the combination of the two effects resulting from the investments made on technology and on the internationalization and development projects of the Italy tourism product carried out by the group as well as the effect of the merger by incorporation of Portale Sardegna, which, as of December 31, 2022, recorded a debt of EUR5.8 miIon.

Cash and cash equivalents, net of the investments mentioned above, nevertheless remain at a satisfactory level, registering a value of EUR2.3 million, thanks in part to the raising of financial resources to be allocated to the growth and investments currently underway, which took place towards the end of the 2023 financial year, through the issue of a convertible bond and the capital increase, which were approved in October 2023.

Shareholders' equity increased from EUR5.6 million to EUR5.1 million as of December 31, 2022, mainly as a result of the merger transaction and the EUR1.2 million portion of the capital increase subscribed as of December 31, 2023.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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