Bellini Nautica (BELL) H2 2023 earnings summary

Executive summary

• FY23 net income was €241k, down from €674k; revenue declined 8.1% and EBITDA fell 60.8% to €775k amid lower sales and higher operating costs.

• Growth in refitting and service revenue partly offset declines in new/used boat trading and Vintage Riva; year-end net backlog was €6.86m across 24 boats.

Financial highlights

• Sales revenue was €11.117m versus €12.101m YoY; total production value was €14.631m versus €15.474m.

• Net income was €241k versus €674k; EBITDA was €775k versus €1.976m and EBIT €371k versus €1.241m.

• Operating cash flow was negative €1.887m, with inventory and receivables growth absorbing cash; year-end cash was €486k versus €326k.

Outlook and guidance

• 2024 priorities include reducing fixed costs, improving service contribution margins, expanding the distribution portfolio and optimizing production.

• Bellini Yacht is expected to begin yacht production in 2024; the strategy targets luxury models from 33 to 73 feet.

• Year-end net backlog was €6.86m, covering 24 undelivered boats: 13 new, 6 used and 5 Vintage Riva.