THE ITALIAN SEA GROUP S.P.A. CERVED CONFIRMS A2.2 CREDIT RATING
The Italian Sea Group S.p.A
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The Italian Sea Group S.p.A. announces that Cerved Rating Agency S.p.A. (“Cerved”) has confirmed the A2.2 credit rating for the Company.
“A further confirmation of our economic and financial soundness, this positive evaluation places us at the highest performance levels and shows the validity of our business management.” – stated Giovanni Costantino, Founder & CEO of The Italian Sea Group. – “We will keep working with dedication and enthusiasm to strengthen our positioning, maintain a sound capital and financial structure, and grant a constant growth of our business.”
The rating has been confirmed on the basis of the following factors: (i) the high positioning in luxury yachting on a global scale, reinforced by partnerships with international brokers and a resilient client base; (ii) the positive economic performances for 2023, which confirm a growth trend in revenues, margins, and income; (iii) the maintenance of a sound capital and financial structure, with an efficient management of operating cash flows which allowed to reach a positive Net Financial Position at the end of 2023.
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A positive evaluation also for the medium- and long-term strategic outlook, which foresees the further consolidation of the core business in the large dimensional range, supported by the completion of the investments in production capacity and the creation of new production synergies deriving from the acquisition of Celi 1920 and the recent opening of the Steelworks for Interior business unit.
For 2024, the Guidance disclosed to the market by TISG sees Revenues between EUR 400 and 420 million with an EBITDA Margin still improving between 17 and 17.5%.