(Alliance News) - Italia Independent Group Spa reported that it closed 2022 with a net loss of EUR9.7 million, down from EUR11.3 million a year earlier.

Revenues fell 36 percent to EUR3.6 million from EUR5.5 million a year earlier while gross margin, at EUR2.2 million, increased significantly compared to the previous year, "as the latter period was affected by the write-down of costs related to advertising space to be used for the communication of the group's products - bartering activities -, which in compliance with accounting rules, had been charged as a direct reduction of the revenues to which they are connected," the company explained.

Ebitda was negative EUR3.3 million compared to negative EUR9.3 million recorded in the previous year, showing a positive difference of EUR6.0 million. Operating loss increased to EUR11.2 million from EUR18.5 million.

In terms of balance sheet and financial data, net invested capital was negative EUR11.9 million as of December 31, 2022, compared with the positive EUR1.1 million recorded as of December 31, 2021. The decrease of EUR12.9 million or so is mainly due to the change in net working capital to an engative EUR8.1 million from EUR1.4 million in the previous year.

Trade payables were EUR8.7 million compared to EUR5.7 million as of December 31, 2021, a negative change of EUR3.0 million.

IIG's stock is down 10 percent at EUR0.59 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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