Bellini Nautica (BELL) H1 2024 earnings summary

Executive summary

• H1 2024 net income was €282k; revenue rose 114.7% YoY to €11.287m, while net income declined 34.3% YoY.

• Results include Rimini Service Yacht & Sail from Jan. 1 following its merger into Italian Dealer; Bellini Yacht began yacht production during H1.

Financial highlights

• Production value rose 52.7% YoY to €11.925m; revenue increased to €11.287m from €5.258m, mainly on higher new and used boat sales.

• EBITDA was €901k, up 15.8% YoY; EBITDA margin was 7.6% of production value vs. 10.0%.

• EBIT was €575k, down 3.6% YoY; net income was €282k vs. €429k, including €235k attributable to the parent and €47k to minorities.

• Financial charges increased to €118k from €34k, reflecting new borrowings and higher interest rates; income taxes were €174k vs. €133k.

• Operating cash flow was €1.717m vs. €837k used in H1 2023; cash at period-end was €1.132m vs. €486k at FY2023-end.

Outlook and guidance

• Management targets lower fixed costs, better service contribution margins, a broader range of distributed brands and more efficient production.

• Bellini Yacht sales are expected to contribute tangible results from H2 2024 and 2025; production began in H1.

• June 30 net backlog was €4.46m across 14 boats: 9 new, 1 used and 4 Vintage Riva vessels.

• The 2024–2027 industrial plan combines growth in traditional trading and services with production and sales of Bellini-branded yachts.