Interim report as at 30 June 2020 Approved
The Board of Directors of Biesse S.p.A. today approved the Consolidated Report of the 1st Half 2020.
On the sidelines of today's Board of Directors' meeting, Mr. Pierre La Tour - Group CFO - commented: “Taking into account the evident worsening of the international macro-economic situation, the negative effects of the health emergency and the consequent restrictive measures taken to contain it, the results obtained in the first half of the year can in any case be defined as satisfactory especially if compared with the forecasts.
That achieved in the first six months of 2020, although negative in comparison with the previous year, shows the ability to immediately and effectively deal with the difficult context we are experiencing, pursuing the concept of value, also through the resilience and flexibility of the business model. In the presence of a reduction in revenues which appears to be an almost inevitable factor, Biesse reacted promptly, reducing its structural costs appropriately without generally depressing investments in research and development. We also maintained a strong capital structure to safeguard and consolidate a healthy financial position, while at the same time working to provide the Group with financial sources for the near future. We want to be ready to sustain our main stakeholders giving them the necessary support. In essence, although we are experiencing a phase of extreme uncertainty and volatility even in the short term, we believe very important to strengthen our culture of rigour and strategic choices more and more oriented to the long term sustainability. Therefore for the near future we think that the gradual revocation of the restrictive measures together with a world new appetite for investing in durable goods can generate the required positivity to face the Covid-19 emergency effects. For all the above and for the clear difficulties to interpret the actual scenarios, our guidance- officially retired the last 8th May- can’t be still updated”.
Read the full press release published on biessegroup.com website, Investor Relations area.