(Tiper Stock Exchange) – Sardinia portalOnline Travel Agency (OTA) listed on Euronext Growth Milan and specialized in the incoming tourism sector for Sardinia, closed 2022 with a Production value equal to 8.9 million euros (6.4 million in 2021), a EBITDA negative for 0.3 million euro (+0.02 million in 2021) and a Net income negative for 0.5 million euro (-0.23 million in 2021).
The company explains that the EBITDA result depends on the following factors: failure to start the Welcome to Italy project due to the ongoing completion of the IT platform and the process of harmonization with the combined reality in terms of distribution policies and brand strategy, an increase in personnel costs due to the inclusion of new units, GTV of the core brands with higher margins still partially distant from the values of 2019 and offset by the volumes generated with lower margins by the subsidiary Welcomely.
L’Net financial debt (NFI) is equal to 5.8 million euros (4.7 million as at 31 December 2021). The change is mainly due to the absorption of liquidity dictated by the investments made during the year and by the weight due to financial charges.
“We can look at 2022 one of the most important years in history of the group by virtue of the fact that the substantial investments made over the last few years will be enhanced with the M&A operation with Destination Italia which owns all those indispensable assets for this to happen”, commented theCEO Massimiliano Cossu.
“The extraordinary operation, which will probably be completed by May 2023, was extremely demanding due to its complexity and had “suspension” effects also on some activities that had been planned for 2022 – he added – in particular, as regards the SIMEST contributions, the planned investments both in technology and aimed at internationalization have been expanded since they will have to be harmonized with the distribution policy and branding strategy of the new combined entity. The same “harmonization” process is underway for the Welcome to Italy project, in which Portale Sardegna has significantly invested in recent years and which will be enhanced thanks to the decisive contribution of Destination Italia”.
With regard to business operations, the group registered in first quarter 2023 an increase of 48%, compared to the same period of 2022, in relation to Gross Travel Value in the business lines proposed with customers from both Italy and foreign markets.