(Alliance News) - BF Spa reported Monday that 2023 production value rose to EUR1.39 billion from EUR1.12 billion a year earlier.

The figure is almost in line with the estimated 2023 production value of EUR1.40 billion. The recorded growth, which is attributable not only to the different period of inclusion in the scope of consolidation of consolidated companies but also to integration effects with investee companies, discounts a general deflationary trend.

Ebitda, on the other hand, increased to EUR75 million from EUR57 million in 2022, mainly due to the different period of inclusion in the scope of consolidation of the consolidated companies, and is higher than the estimated figure for 2023 of around EUR70 million.

Operating income rose to EUR30 million from EUR20 million in the previous year while pretax profit rose to EUR4.8 million from EUR13.6 million and net income fell to EUR4.2 million from EUR9.3 million, which is weighed down by higher interest rates and the presence - through 2023 - of the business unit contributed by Consorzio Agrario Nordest Società Cooperativa to CAI.

Net financial debt stood at EUR8 million as of December 31, 2023, and included EUR62.1 million referable to the accounting of leases, mainly real estate, in accordance with IFRS 16, compared to EUR180 million recognized as of December 31, 2022. The change is mainly attributable to the effects of the share capital increase transaction carried out by BF in 2023, the financial impact of which amounted to EUR299 million, gross of the costs associated with the same transaction.

The board proposed to shareholders the distribution of a dividend of EUR0.044 per share, up from EUR0.04 paid last year.

BF's stock closed Monday down 1.4 percent at EUR3.56 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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