- Business - TISG approves H1 2023 financials

By Dario Schiavo

TISG approves H1 2023 financials

Consolidated revenues of €‎165.9 million, marking a 24% increase compared to H1 2022…

The Italian Sea Group(TISG) a global marine operator listed on the Italian Stock Exchange since 2021, has approved its consolidated half-year financial report as of 30 June 2023, confirming significant growth in several key financial metrics.

Operating revenues amounted to €162.5 million, representing a 20% rise compared to the first half of 2022. As of 30th June 2023, there are 35 orders in progress with deliveries scheduled until 2027.

The total value of existing contracts for yachts and projects not yet delivered (net backlog), as of 30th June 2023, for the Shipbuilding and Refit division amounts to €664.4 million.

"Our results for the first half of 2023 have once again exceeded our expectations and those of the market. Revenues have increased impressively by 24%, with profitability improving by a remarkable 37%. The expansion of our order book, driven by our strong industry position and a diverse, comprehensive product range, provides us with robust business visibility." commented Giovanni Costantino, Founder & CEO of The Italian Sea Group.

EBITDA (earnings before interest, taxes, depreciation, and amortization) stands at €27.2 million, a 37% increase compared to the first half of 2022. The Group's net result reached EUR 13.6 million, a 78% increase compared to €7.6 million in the first half of 2022.

Net debt has increased to €19.2 million from a net debt of €11.3 million on December 31, 2022. This increase is due to a cash outflow of €14.4 million for the payment of dividends and investments carried out in the first half of 2023 related to the completion of investment plans in the La Spezia shipyard and some works for the expansion of commercial offices and Celi's headquarters.

Considering the results for the first half of 2023, the company reaffirms its 2023 guidance, positioning it at the high end of the value range, with revenues targeted at EUR 365 million and an EBITDA margin of 16.5%.

In a statement, The Italian Sea Group confirms its Strategic Outlook for 2024, which was announced to the market at the beginning of the year. This outlook entails revenues between EUR 400 and 420 million and an EBITDA margin ranging from 17% to 17.5%.

In June 2023, TISG achieved a high-performance ESG rating from the Cerved Rating Agency, reflecting its ability to manage environmental, social, and corporate governance matters. Additionally, the company took a  step towards decarbonisation by offsetting market-based CO2 emissions generated throughout 2022.

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The Italian Sea Group

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