(Finance) – doValuea company listed on Euronext Milan and active in the management and recovery of impaired loans, closed on 2023 with Net revenues equal to 443.2 million euros, down 11.4% compared to 500.4 million in 2022. EBITDA excluding non-recurring items decreased by 11.5% to 178.4 million euros, with an EBITDA margin of 37.1% (+1.0 pp compared to 2022). Including non-recurring elements, EBITDA it stood at 175.1 443.2 million euros, recording a decrease of 11.9%.
L’Net income, including non-recurring items, stands at -18.9 million euros, compared to 16.5 million in 2022. The decline is mainly due to the decrease in EBITDA level, the increase in depreciation, amortization and write-downs and in net provisions compared to 2022, mainly related to the write-down of Spanish contracts, as well as lower asset fair value results and higher taxes. Excluding non-recurring items, net profit stood at 2.7 million euros, compared to 50.6 million in 2022.
doValue has about 10.6 billion new GBV taken under management and/or awarded in 2023, despite the difficult market conditions. The Collection Rate for 2023 is equal to 4.6% (0.5 pp increase compared to 2022 and 0.1 pp increase compared to September 2023), with Collections in 2023 equal to 4.9 billion euros (-10 .0% compared to 2022, or +5.1% excluding Sareb).
L’net debt as at 31 December 2023 it stood at 475.2 million euros, compared to 429.9 million as at 31 December 2022. The financial leverage (represented by the ratio between net debt and EBITDA excluding non-recurring items) stood at 31 December 2023 to 2.7x (compared to 2.1x as of December 31, 2022) due to increased net debt and reduced EBITDA excluding non-recurring items.
Following the approval of the new industrial plan, the Board of Directors will decide on a dividend policy compliant with the current market context and doValue’s financial policy. In this regard, doValue has announced that it will hold the next one capital market day on March 21st to present the new 2024-2026 Business Plan.
doValue estimates that the pipeline of potential service mandates for the next 18 months across Southern Europe is approximately €40 billion, including secondary transactions. However, any further delays in planned primary transactions could call into question the return to growth in 2024. To address this issue, the company has adopted a flexible cost structure and plans to bring further changes to safeguard profitability and cash generation.
(Photo: © Veerasak Piyawatanakul)