(Alliance News) - Kolinpharma Spa's board of directors on Wednesday approved the draft financial statements as of December 31, 2022, reporting a net profit of EUR342,342, halved from the 2021 profit of EUR636,968.

Sales revenue, on the other hand, amounted to EUR14.1 million up from EUR11.2 million in 2021.

Value of production is EUR15.7 million, up 17 percent from EUR13.3 million in the previous year.

Ebitda is EUR2.5 million, up 15 percent from FY2021 when it was EUR2.1 million, with Ebitda margin calculated on sales revenue of about 18 percent down from 19 percent in FY2021 due to higher operating and personnel costs that increased by about EUR900,000 from the previous year.

Ebit stands at EUR800,000, down from EUR1.2 million in 2021.

Net financial debt changed to net cash of EUR800,000 from EUR200,000 as of Dec. 31, 2021, mainly due to positive cash flow generation from operating activities of EUR2.8 million. Shareholders' equity, taking into account net income for the year, stands at EUR8.4 million, up from

the previous year when it was EUR8.2 million.

In 2023, the company explains, activities will continue with respect to the strategic guidelines identified in the 2021-2024 Business Plan.

With respect to the macroeconomic and monetary policy trends that are characterizing the current environment, as well as the continuation of the conflict between Russia and Ukraine, management does not highlight significant direct impacts and believes it is reasonable to confirm the growth path in fiscal year 2023 as well.

Kolinpharma on Wednesday closed flat at EUR8.00 per share.

By Chiara Bruschi, Alliance News reporter

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