(Alliance News) - RES - Sustainable Ethical Recovery Spa reported that it has seen production value rise in 2022 but that profits fell slightly year-on-year.

Value of production rose to EUR17.9 million from EUR16.1 million in the previous year on a pro forma basis, that is, without taking into account the effects of the partial proportional demerger of RES - at the time of the demerger, Smaltimenti Sud Srl - on September 8, 2022, through the establishment of the two beneficiaries Smaltimenti Sud Srl and RES Energia Srl; the purchase of the stake in Valerio Energie Srl and Energia Isernia Srl on March 24, 2022; and the purchase of the stake in RES Energia Srl on December 29, 2022. The non-pro forma figure shows a value of production of EUR22.5 million.

Adjusted Ebitda fell to EUR3.3 million from EUR4.6 million, with the margin dropping to 18.5 percent from 28.4 percent. In contrast, non-pro forma Ebitda is EUR1.6 million, with margin of 7.2%.

Adjusted net income is EUR1.4 million, down slightly from EUR1.5 million in the previous year. The non-pro forma figure shows net income of EUR1.4 million.

As of December 31, 2022, the adjusted Net Financial Position is EUR4.0 million from EUR3.2 million a year earlier.

Antonio Lucio Valerio, CEO of RES Spa, said, "It has been an exciting year full of challenges that led us to our debut on the stock exchange last May, where we were welcomed with great interest and confidence by investors. The listing will bring value to our growth projects, and thanks to careful management, in a macroeconomic environment that is anything but simple, we have managed to handle any critical issues well, as shown by the key balance sheet indicators. We have an intense period ahead to implement the projects presented at the IPO and on which we are working with confidence and positivity."

RES stock is unchanged at EUR4.64 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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