(Alliance News) - GM Leather Spa announced Tuesday that it has approved the draft operating and consolidated financial statements as of Dec. 31, 2022, reporting a profit down to EUR2.0 million from EUR2.5 million in 2021. The board will propose a gross dividend of EUR0.022 per share.

Revenues decreased to EUR40.8 million from EUR49.7 million in the previous year.

Ebitda is EUR5.0 million from EUR4.4 million in 2021 with an Ebitda margin in 2022 of 12 percent from 8.9 percent in 2021.

Ebitda is EUR3.3 million from EUR3.6 million in 2021 with an Ebit margin that increased to 8.1% in 2022 from 7.2% in 2021.

Net financial debt is EUR15.4 million, compared to EUR14.2 million as of December 31, 2021. The increase, the company explains, "is more than balanced by the increase in Ebitda with an NFI/Ebitd ratio rising to 3.09 in 2022 from 3.22 in 2021.

As for the future, GM Leather points out in a note that the company's procurement policy is functional to meet production needs for several months. It also highlights "a positively oriented order backlog in these early months of 2023 for which there is no element to revise the Group's targets at the moment."

GM Leather on Tuesday closed 1.1 percent in the red at EUR1.76 per share.

By Chiara Bruschi, Alliance News reporter

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