The Italian Sea Group (TISG) has reported strong financial success for 2022 with an order book totalling €922 million for the first half of the year. TISG is responsible for brands such as Picchiotti, Admiral, Perini Navi, Tecnomar and NCA Refit.
“The excellent results recorded in the first half of 2022 confirm the solidity of our Company’s development project in line with the guidance for 2022, despite a complex macroeconomic and geopolitical environment.” said Giovanni Costantino, Founder & CEO of The Italian Sea Group.
The EBITDA is equal to €20 million with a 93.7 percent increase from the same figure in 2021. The EBITDA Margin is also equal to 15 percent versus 12.7 percent in the first six months of 2021. Throughout the first six months of 2022, TISG recorded investments for €7 million, related to the progress of the two investment plans, ‘TISG 4.0’ and ‘TISG 4.1,’ as well as the start-up of the two shipyards in La Spezia and Viareggio.
TISG also reports a net financial debt of €47 million with respect to a positive Net Financial Position for €41 million at December 31st 2021. The change of €88.4 million reflects the cash outflow due to the acquisition of Perini Navi for €75 million, the investments carried out during the first half of 2022 for the progress of the ‘TISG 4.0’ and ‘TISG 4.1’ projects and the fine tuning of the Viareggio and La Spezia production facilities.
TISG’s Board of Directors has furthermore resolved the acquisition of TISG Turkey Yat Tersanecilik Anonim Sirketi (“TISG Turkey”) shares from GC Holding S.p.A. for a price of €150,000, bestowing Chairman Filippo Menchelli with the power to sign the related deeds.