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Record results: new confirmations after the approval of Full Year Preliminary Results for 2015

Record results: new confirmations after the approval of Full Year Preliminary Results for 2015

The Board of Directors of Biesse S.p.A. during today’s meeting in Pesaro has approved the preliminary financial statements for the financial year ended 31.12.2015. The Consolidated Results achieved by the Biesse Group for the 12 months of 2015 are as follows:

  • Net revenues Euro 519.1 million (+21.5% compared with the same period of 2014)
  • Value Added Euro 212.4 million (+25.6% compared with the same period of 2014) representing a margin on revenues of 40.9% (39.6% in 2014)
  • EBITDA Euro 64.1 million (+56.9% compared with the same period of 2014) representing a margin on revenues of 12.4% (9.6% in 2014)
  • EBIT (before non-recurring items of Euro 0.128 million) Euro 43.8 million (+65.4% compared with the same period of 2014) representing a margin on revenues of 8.4% (6.2% in 2014)
  • EBIT (post non-recurring items) Euro 43.7 million (+76.6% compared with the same period of 2014) representing a margin on revenues of 8.4%
  • Pre-tax profit Euro 38.5 million (+69.6% compared with the same period of 2014) representing a margin on revenues of 7.4% (5.3% in 2014)
  • Net Profit Euro 21.1 million (+52.5% compared with the same period of 2014) representing a margin on revenues of 4.1% (3.2% in 2014) – tax rate 45.3%

Net Financial Position:
At 31 December 2015 the Group’s Net Financial Position Gruppo was positive for Euro 0.1 million representing an improvement of Euro 19.1 million compared with the position at June 2015 and an improvement of Euro 25.9 million compared with the position at September 2015. The improved profitability combined with continued focus on the trend of Net operating working capital are the foundations of the cash generation and the consequent reduction in debt achieved net of dividend distribution (cash-outflow of more than Euro 9.8 million). The positive delta of the Net Financial Position compared to last December totalled Euro 11.3 million.
 
Geographical/divisional breakdown of revenues:
The geographical breakdown of Group net sales (consolidated revenues) at the end of December 2015 is as follows:

  • Western Europe 40.1% (39.6% in 2014) – of which Italy 12.4% (10.4% in 2014)- with a year-on-year increase in volumes of 23.0%
  • ​Eastern Europe 17.0% (19.7% in 2014) with a year-on-year increase in volumes of 5,3%
  • North America 17.5% (14.0% in 2014) with a year-on-year increase in volumes of 51.9%
  • Asia Pacific 19.7% (19.9% in 2014) with a year-on-year increase in volumes of 20.2%
  • Rest of the World 5.6% (6.8% in 2014) with a year-on-year increase in volumes of 0.9%

The divisional breakdown of revenues by principal segment is as follows:

  • Wood Division 73.2% (72.5% in 2014)
  • Glass/Stone division 15.6% (15.5% in 2014)
  • Mechatronics Division 14.2% (14.8% in 2014)
  • Tooling Division 2.0% (2.3% in 2014).

Capital position:
Group Net Shareholders’ Funds at 31 December 2015 were Euro 141.4 million (Euro 123.2 million at 31 December 2014).
Net Invested Capital at end-2015 was Euro 141.3 million (Euro 134.5 million at 31 December 2014).
Debt/Equity 0.36 (0.53 at 31 December 2014)
Debt/EBITDA 0.80 (1.66 at 31 December 2014)
 
Economic context – order intake:
The international macro-economic climate, despite some country-specific exceptions (Brazil-Russia above all) in which politico-economic uncertainty persists, is showing widespread indications of recovery. The leading trade associations for the Wood, Glass & Stone sectors report that 2015 should show a gradual improvement in results overall, and also project moderate optimism for 2016 (average growth is forecast to be in the range 5-8%). Expectations for the sectors served by the Mechatronics division are much more positive, where growth – beyond organic development of the core business- is tied to the potential for product diversification and therefore of the end-user markets (metals – advanced materials).
On the basis of the results achieved it seems fair to say that in 2015 Biesse has significantly outperformed the indications given for its core sectors, both in terms of order intake and in terms of growth in its production order book.
Total order intake for the Biesse Group in 2015 was 17.8% higher than in 2014, while the order book totalled more than Euro 141 million at end-2015 (+21.5% compared to 2014).
 
Dividends:
In addition to approving the preliminary financial statements for 2015 the Board of Directors discussed the possibility of distributing a dividend to Biesse shareholders. Taking into consideration the positive results achieved in2015 the Board of Directors of Biesse decided to propose a dividend – gross of witholding taxes - of Euro 0.36 per share with rights to receive dividends (payout of 70.5% of the 2015 net profit of the parent company Biesse S.p.A.) which will be submitted for the approval of the Ordinary Meeting of Shareholders convened for 28 April 2016 at 09.30 (first convocation) and, if appropriate, at the same time on 29 April 2016 (second convocation). The total cash outlay for the company resulting from the dividend distribution, as proposed, (net of treasury shares) amounts to Euro 9.857 million and would be enacted by detachment of coupon no. 12 on 9 May for payment 11 May 2016 record date 10 May 2016. The remaining attributable net profit would be allocated to the Extraordinary Reserve (Biesse S.p.A. parent company).

Corporate Governance:
Today’s meeting of the Board of Directors also approved the Corporate Governance Report of Biesse for the calendar year 2015 updated to comply with the most recently issued regulations.

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