Bellini Nautica (BELL) H1 2023 earnings summary

Executive summary

• H1 2023 revenue rose 26% YoY to €5.258m and net income increased to €428.5k from €320.2k; adjusted EBITDA fell to €564k from €691k.

• Sales growth was led by new and used boats and refitting, storage and related services; adjusted value of production declined 10.9% to €7.3m, reflecting lower inventory-related production value.

• Net financial debt increased to €3.5m from €2.2m at Dec. 2022, alongside higher Vintage Riva stock and new borrowing.

Financial highlights

• Sales revenue €5.258m, up 26% YoY; adjusted value of production €7.255m, down from €8.246m.

• Adjusted EBITDA €564k vs €691k; EBITDA €778k vs €752k, up 3.5%; EBIT €596k vs €572k, up 4.2%.

• Net income €428.5k vs €320.2k; EBT €561.8k and income taxes €133.3k.

• Operating cash flow was negative €1.191m, mainly reflecting working-capital movements; financing cash flow was positive €2.094m and cash rose €827k to €1.153m.

Outlook and guidance

• H2 and FY forecasts call for caution amid uncertainty in consumption and demand; the outlook for 2023 production and employment was described as stationary.

• June 30 net backlog was €3.9m across nine boats; signed restoration and refitting contracts totaled €0.4m.

• Strategy prioritizes broader boat brands and models, external growth, expanded services and cross-selling, marketing, and continued investment in Vintage Riva inventory.