Consolidated Quarterly Report as at 31 March 2021 approved
The Board of Directors of Biesse S.p.A., a company listed on Borsa Italiana's "STAR" segment, today approved its Consolidated Report for the first quarter of 2021.
In the period 1/1/21 – 31/3/21, the Biesse recorded:
• consolidated net revenues of 161.4 million euros (+9.3% less than in the same period in 2020)
• added value of 76.4 million euros (+21.7% less than in the same period in 2020), 47.3% of revenues
• EBITDA of 20.5 million euros (+65.9% compared to the same period in 2020), 12.7% of revenues
• EBIT of 11.3 million euros (+110.9% compared to the same period in 2020), 7.0% of revenues
• profit before taxes of 9.4 million euros, 5.8% of revenues (2.5% in the same period in 2020)
• net profit of 6.8 million euros, 4.2% of revenues (1.4% in the same period in 2020) with a tax rate of 27.6% (43.3% in March 2020).
The Group's Net Financial Position at 31 March 2021 -even though taking into account the estimated effects of IFRS 16- was positive at 60.1 million euros. This means that gross of these effects, the Group’s Net Financial.
Position would have been positive at 82.1 million euros which is the positive difference compared to the Net Financial Position for the same period of the previous year, using the same calculation principle.
From the beginning of 2021, net cash generation is 10.4 million euros, while compared to March 2019, the NFP (always pro-forma of the IFRS16 effects) is an improvement of 72.2 million euros.
Operating net working capital amounted to 29.0 million euros (27.7 million at the end of December 2020).
Net invested capital was 163.5 million euros. Shareholders' equity was 223.7 million euros.
On the sidelines of today’s meeting the Group C.E.O. Roberto Selci commented:
"The results approved today, within a framework of persistent instability and uncertainty due to the continuation of the negative effects of the pandemic, are undoubtedly promising for the rest of the year and testify to the soundness of the choices made. We are pleased to note the increase in volumes, the improvement in margins in both absolute as well as percentage of revenues terms - and, above all, the cash generation. Net profit has actually more than tripled with respect to 12 months ago. The virtuous evolution of the order intake and backlog is an important confirmation of the positive momentum the Biesse is experiencing. We even expressly evaluated the current first quarter against the comparable 2019 period, precisely to eliminate the impacts of what has occurred during the past 12 months and compare ourselves with a pre-pandemic period.
We recently communicated the strengthening of our international structure, which demonstrates that our development plans have not been slowed down in any way. Our innate propensity for export leads us to follow all the international dynamics and every growth opportunity worldwide very carefully, which we will not fail to seize if there are the conditions and premises consistent with our development plan.”
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