Investor Presentation • Mar 17, 2023
Investor Presentation
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Borsa Italiana, Milan 21st March 2023
We are an international company that manufactures integrated lines and machines to process wood, glass, stone, plastic and composite materials and what will come next.
Founded in Italy in 1969 and listed in the Euronext STAR segment of the Italian Stock Exchange, we support the business evolution of our customers in the furniture, housing & construction, automotive and aerospace sectors.
Today, 80% of our consolidated turnover is achieved abroad by an evergrowing worldwide network with 4 manufacturing sites and 30+ showrooms reaching over 160 countries.
Thanks to our rooted competence embodied by 4,200 employees, we empower the imagination of industry-leading companies and prestigious names in Italian and international design to make the potential of any material shine.
Vision
To simplify clients' manufacturing process, empowering their imagination to enhance people's everyday life.
To provide clients with the most suitable solutions, committing our rooted competence to enable them to unleash the potential within any material.
Biesse was founded in 1969 as a company dedicated to the design, manufacture and distribution of wood processing machinery. In a few years, the company became an integral part and engine of the Italian furniture industry and expanded throughout the country.
With the opening of the first foreign subsidiary, a strong internationalization process was launched that helped to establish the brand around the world.
Our history is a journey made of ambitious choices, collaborations and investment in research that have made it possible to manufacture state-of-the-art machinery.
| 1969 | Biesse is founded in Pesaro, Italy, to design, manufacture and distribute wood processing machinery. |
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|---|---|---|
| 1983 | Biesse launched on the market Rover, a numerical control wood processing centre. |
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| 1987 | A business sector dedicated to design, manufacture, and distribute glass and stone processing machines is born. |
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| 1989 | The internationalization process starts with the opening of the first subsidiary abroad. |
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1991 The HSD business unit is established to design, manufacture and distribute electromechanical components.
2001 Biesse S.p.A. is listed on the STAR segment of the Italian Stock Exchange.
2008 Opening of the first foreign manufacturing site in Bangalore, India.
2017 Biesse develops and launches its own IIOT platform, making its technology 4.0 ready.
Biesse publishes its first Sustainability Report. 2018
2021
2020 Start of the corporate reorganization process which sees the transition from a business unit organization to a process-based organization.
Acquisition of Forvet S.p.A. Costruzione Macchine Speciali, manufacturer of special automated machines for machining glass.
Creation of the Corporate Social Responsibility department confirming the company's commitment to social responsibility issues.
2022 Launch of the company's new visual identity (one brand approach).
| International | The sense of belonging without borders that |
|---|---|
| natives | enhances the peculiarities of individuals. |
| Insightful | A constant desire for discovery, which turns into |
| curiosity | intuition. |
| Genuine | The original "know-how" which comes out from a |
| "maestria"/mastery | genuine tradition. |
| Widespread transparency | The honesty of the people, the integrity of the company. |
| Heartfelt commitment |
The adherence to a common project, lived and strengthened on a daily basis. |
| Respectful | The care for the environment, society, |
| sight | people. |
Master brand
Material brands Independent brands
The four material brands and their respective colors highlight the specifics of the business sectors in which we operate.
Biesse Wood, Biesse Glass, Biesse Stone and Biesse Materia guide the customer through the company's offering, expressing the distinctive characteristics of each business sector through the processed material.
Distinctive colors evoke the specific nature of each of the sectors and reinforce the concept of multi-materiality - an element that distinguishes Biesse from its competitors.
The shades selected are a direct reference to the materials they are inspired by: light brown for wood, light blue for glass, Verona red for stone and purple for plastics, chosen as the color that identifies a material which is not found in nature.
We design and manufacture wood processing integrated lines and machines for the furniture, window and door and building component industries.
We design and manufacture glass processing integrated lines and machines for the furniture, construction and automotive industries.
We design and manufacture stone processing integrated lines and machines for the stone, furniture and building industries.
We design and manufacture solutions for the processing of technological, packaging, construction and visual communication materials.
We operate through 2 Cash Generating Unit:
Biesse operates in material-processing machinery manufacturing. We hold multi-material competencies and harmonize them for an all-round perspective.
Biesse designs, manufactures and distributes integrated lines and machines to process wood, glass, stone, plastic and composite materials and what will come next, by providing adaptive solutions and always-on assistance.
HSD operates in the mechatronics segment for industrial automations providing core components for materialprocessing machinery.
HSD Mechatronics designs, produces and sells components that combine mechanics and electronics: electrospindles, 2-axis milling heads and technologically advanced components for machining metal, alloys, composite materials and wood.
| Engineering solutions | We build engineering solutions, from design to manufacturing, implementation, installation and maintenance. |
|---|---|
| Integrated lines | We build fully automated and integrated lines that combine several technologies for material processing and logistics. |
| Machines | We design, manufacture and distribute a full range of machinery and technologies for processing wood, glass, stone and composite materials. |
| After-sales & Parts | We provide professional after-sales services and parts to support the efficiency and productivity of installed machinery. |
| Tooling | We design, manufacture and distribute a complete range of tools for working with glass, natural and synthetic stone and ceramics. |
Specific solutions for machining metals and alloys, including 1-and 2-axis milling heads and single-sided or double-sided rotary tables, as well as a wide selection of electrospindles offering a varied range of power levels and rotation speeds.
M
WOOD
With over 30 years' experience, HSD is an established leader in its sector, producing electrospindles with automatic or manual tool change, C axes, bi-rotary heads, boring heads, multifunction units and aggregates dedicated to the machining of wood.
High-quality products based on a careful survey of the market and an in-depth understanding of the needs of companies that work with composite materials.
Technologies able to satisfy all the needs of the market and all the glass machining processes.
Technologically advanced components for machining natural and synthetic stone.
Cosentino Group Fiam Gruppo Lube Herman Miller Ikea Jeldwen Lago Marmi Fontanelli Nobia Oppein Rimadesio Saint-Gobain Saltoki Tivitec Veneta Cucine Wren Yatchline 1618
% on Total 2022
Revenues by geographical area 2019 – 2022 (€/mln – Incidence on Total)
incidence of after-sale and parts on revenues in 2022
| In €m | 2019 | 2020 | 2021 | 2022 | Change vs Previous Year (%) | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | % | Value | % | Value | % | Value | % | 20 vs 19 | 21 vs 20 | 22 vs 21 | |
| Western Europe | 333,0 | 47,2% | 288,8 | 49,9% | 381,9 | 51,5% | 431,1 | 52,4% | -13% | 32% | 13% |
| Asia & Oceania | 105,9 | 15,0% | 69,3 | 12,0% | 95,9 | 12,9% | 100,3 | 12,2% | -35% | 38% | 5% |
| Eastern Europe | 89,2 | 12,6% | 94,4 | 16,3% | 119,9 | 16,1% | 113,1 | 13,8% | 6% | 27% | -6% |
| North America | 150,6 | 21,3% | 109,1 | 18,8% | 122,4 | 16,5% | 157,3 | 19,1% | -28% | 12% | 29% |
| Rest of the World | 27,1 | 3,8% | 17,3 | 3,0% | 22,1 | 3,0% | 20,6 | 2,5% | -36% | 28% | -7% |
| Total | 705,9 | 100% | 578,8 | 100% | 742,2 | 100% | 822,4 | 100% | -18% | 28% | 11% |
160+ countries
30+ showrooms
77 %
revenues outside of Italy
customers since today (Biesse & HSD)
Italy U.S.A Canada Brazil Portugal Spain France UK Germany Switzerland Turkey UAE Russia India Malaysia China Japan Australia New Zealand
4 Manufacturing Campus
More than 6,000
solutions produced in 2022
21 %
Bangalore site
employees located in APAC
total employees including temporary workers
employees located in Europe
employees located in North & South America Pesaro site
Gradara Plant
North Italy site
The success of Biesse is also the result of the ability to recognize and evaluate its environmental and social impacts, to establish new collaborations, to involve employees and to build relationships of trust, honesty and integrity with customers and suppliers.
Sustainability, therefore, stands at the base of every choice, in order to ensure the company's longterm growth and success.
Environmental management system of HSD S.p.A. and Biesse S.p.A. certified according to UNI ISO 14001:2015 standards
Use of cobalt-free powders in Diamut products
Supplementary contract for smart working (Italy)
More than 1,500 persons have worked in Biesse Group for more than 10 years
Revenues by CGU and eliminations – 2020 Restated – 2022 (€/mln)
| Solutions | Customers | Performance highlights |
Market positioning |
|---|---|---|---|
| — Engineering solutions: turnkey projects for complete factories — Automated production lines — Stand alone machines — After-sales support: services (digital & physical) & spare parts — Tooling |
— Furniture — Housing & Construction — Automotive — Aerospace |
Revenues* ~ 748,8 €/mln (+10,7% vs previous year) |
— Among market leaders in woodworking & glassworking — Fast growing player in composite & adv. materials |
| Standard and Custom mechatronics products for — High Speed Cutting (electrospindles, 2-axis heads) — High Power Cutting (electrospindles, 2-axis heads) — Motions (e. g. smart motors) — Electronics |
Machine tools builder for several material-working: — Metal & aluminum — Wood — Glass — Composite & advanced materials — Stone |
Revenues* ~ 105,2 €/mln (+10% vs previous year) |
— Among market leaders in high speed cutting (especially wood) — Fast growing player in high power cutting (metal) |
| 1 | Inflation & prices | — Record in 2022 for revenues — Solid backlog and solid pipeline, despite lower incoming order expected for 2023 (machines) — Prices increased to offset energy costs and other production costs increases — Energy-saving action plan activated according to the sustainability journey |
|---|---|---|
| 2 | Italian government incentives |
— In 2022 and 2021 the Italian Government provided several tax incentives for the purchase of capital goods (including Biesse's solutions) — During the past couple of years we experienced an unprecedented growth in Italian Market — In the next years we expect a moderate growth compared to the average of previous years (without outlier years) |
| 3 | Ukraine/Russia conflict |
— Low commercial exposure to both markets (~3% of 2021 revenues) — No direct distribution in Ukraine, no production in Russia (only sales and service) |
| 4 | Material cost | — Low exposure to raw materials, mainly source pre-assembled parts and components — Highly resilient supplier network (locally and globally) — Set-up of new sourcing & procurement strategy to secure lead time and sourcing costs |
| 5 | Supply chain | — Global project to strengthen relationships with main logistic providers — Set-up of new logistic strategy with several local distribution hubs |
In 2020 we launched an organization redesign project: the One Company project.
The project's main objectives were:
New strategic plan (2021-2023) to redefine Biesse's positioning
From 4 business units to One-Company to become more flexible and reactive
New responsibilities and standards ensuring compliance and effective risk management also in response to the external environment
| In €m | Change vs Previous Year (%) | ||||||
|---|---|---|---|---|---|---|---|
| 2019 | 2020 | 2021 | 2022 | 20 vs 19 | 21 vs 20 | 22 vs 21 | |
| Revenue from sales and services | 705,9 | 578,8 | 742,2 | 822,4 | -18,0% | +28,2% | +10,8% |
| Normalised Added Value | 297,8 | 247,2 | 312,1 | 342,0 | -17,0% | +26,3% | +9,6% |
| % on Revenues | 42,2% | 42,7% | 42,0% | 41,6% | |||
| EBITDA adjusted (1) | 76,7 | 56,0 | 79,7 | 90,6 | -27,0% | +42,3% | +13,7% |
| % on Revenues | 10,9% | 9,7% | 10,7% | 11,0% | |||
| EBIT adjusted (1) | 39,6 | 7,0 | 34,1 | 47,6 | -82,3% | +386,5% | +39,7% |
| % on Revenues | 5,6% | 1,2% | 4,6% | 5,8% | |||
| EBIT | 29,6 | 6,2 | 45,7 | 50,8 | -79,0% | n.m. | +11,0% |
| Profit/Loss for the period | 13,0 | 2,5 | 34,2 | 30,3 | -81,1% | n.m. | -11,4% |
| % on Revenues | 1,8% | 0,4% | 4,6% | 3,7% |
| Net Invested capital (1) | 237,3 | 165,3 | 124,6 | 144,1 |
|---|---|---|---|---|
| Equity | 218,7 | 214,8 | 249,2 | 260,8 |
| Net Financial Position (1) | (18,6) | 49,5 | 124,6 | 116,6 |
(1) Adjustment & Balance Sheet KPI calculation criteria presented in the Financial Report on www.biessegroup.com | Investor Relations - Financial
| In €m | Change vs Previous Year (%) | ||||||
|---|---|---|---|---|---|---|---|
| 2019 | 2020 | 2021 | 2022 | 20 vs 19 | 21 vs 20 | 22 vs 21 | |
| Revenues from sales & services | 705,9 | 578,8 | 742,2 | 822,4 | -18,0% | +28,2% | +10,8% |
| Change in inventories & other revenues | 7,1 | (5,1) | 28,4 | 39,2 | -172,8% | -652,3% | +38,0% |
| Value of Production | 712,9 | 573,6 | 770,6 | 861,6 | -19,5% | +34,3% | +11,8% |
| % on Revenues | 101,0% | 99,1% | 103,8% | 104,8% | |||
| Raw materials, supplies and goods | (286,4) | (234,3) | (333,6) | (363,4) | -18,2% | +42,4% | +8,9% |
| Personnel expenses | (221,1) | (191,2) | (232,4) | (251,4) | -13,5% | +21,6% | +8,2% |
| Other operating costs | (128,7) | (92,1) | (125,0) | (156,3) | -28,4% | +35,6% | +25,1% |
| EBITDA adjusted (1) | 76,7 | 56,0 | 79,7 | 90,6 | -27,0% | +42,3% | +13,7% |
| % on Revenues | 10,9% | 9,7% | 10,7% | 11,0% | |||
| D&A | (37,2) | (49,0) | (45,6) | (43,0) | +31,8% | -6,9% | -5,8% |
| Provisions | (3,3) | (15,6) | (12,4) | (10,5) | +368,9% | -20,7% | -15,2% |
| EBIT adjusted (1) | 39,6 | 7,0 | 34,1 | 47,6 | -82,3% | +386,5% | +39,7% |
| % on Revenues | 5,6% | 1,2% | 4,6% | 5,8% | |||
| Non recurring-items | (9,9) | (0,8) | 11,7 | 3,2 | -92,0% | n.m. | -72,8% |
| EBIT | 29,6 | 6,2 | 45,7 | 50,8 | -79,0% | n.m. | +11,0% |
| % on Revenues | 4,2% | 1,1% | 6,2% | 6,2% | |||
| Financial income & expenses, FX | (6,1) | (3,0) | (5,2) | (9,1) | -50,6% | n.m. | +74,1% |
| Income taxes | (10,5) | (0,8) | (6,3) | (11,3) | -92,7% | n.m. | +80,3% |
| Profit/Loss for the period | 13,0 | 2,4 | 34,2 | 30,3 | -81,2% | n.m. | -11,4% |
| % on Revenues | 1,8% | 0,4% | 4,6% | 3,7% |
| Strong growth in | |||
|---|---|---|---|
| revenues & value | 22 vs 21 | 21 vs 20 | 20 vs 19 |
| of production | |||
| Increase in efficiency | |||
| partially related to | |||
| One-Company | |||
| project | |||
| Increase vs 2019 due | |||
| to investment | |||
| carryover and revised | |||
| D&A periods | |||
| Increased tax rate & | |||
| FX losses reduced | |||
| Profit of the period vs | |||
| previous year |
| In €m | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Intangible assets | 83,2 | 73,4 | 98,0 | 88,2 | |
| Property, Plant, Equipment | 139,7 | 125,1 | 117,2 | 117,7 | |
| Financial Assets | 2,6 | 3,3 | 4,4 | 4,6 | |
| Non current assets | 225,6 | 201,8 | 219,6 | 210,5 | |
| % on Revenues | 32,0% | 34,9% | 29,6% | 25,6% | |
| Inventories | 155,5 | 129,8 | 179,4 | 215,6 | |
| Trade receivables | 117,0 | 102,9 | 126,0 | 112,5 | |
| Trade payables | (132,7) | (132,8) | (186,7) | (182,0) | |
| Contract Liabilities | (67,5) | (72,2) | (127,1) | (138,2) | |
| Non operating working Capital | 72,3 | 27,7 | (8,4) | 7,9 | |
| % on Revenues | 10,2% | 4,8% | -1,1% | 1,0% | |
| Other Assets & Liabilities | (60,6) | (64,2) | (86,6) | (74,2) | |
| Net Invested Capital | 237,3 | 165,3 | 124,6 | 144,1 | assets & labilities. |
| % on Revenues | 33,6% | 28,6% | 16,8% | 17,5% | |
| Equity | (218,7) | (214,8) | (249,2) | (260,8) | |
| Net Financial Position | (18,6) | 49,5 | 124,6 | 116,6 | |
| Total Source & funding | (237,3) | (165,3) | (124,6) | (144,2) | capital reserves. |
| financing M&A. |
Change in Capitalization and D&A policy to better present residual useful life of Intangible assets, especially IT & R&D.
Increase in inventories according to new sourcing strategy (more components to avoid shortage) and distribution policy (more finished products in local hubs to ensure delivery time).
Variation mainly due direct & indirect tax assets & labilities.
Increase in retaining earnings and capital reserves.
Leverage not used – opportunity for
| In €m | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|
| EBITDA | 75,6 | 56,0 | 79,7 | 93,3 |
| Change Net Working Capital | (24,3) | 43,0 | 36,1 | (16,2) |
| Change in other Assests & Liabilities | (9,0) | (7,7) | (12,5) | (38,6) |
| Operating Cash Flow | 42,3 | 91,3 | 103,3 | 38,5 |
| % on EBITDA | 55,9% | 163,1% | 129,6% | 41,3% |
| Investing activities | (32,1) | (15,0) | (22,8) | (14,4) |
| % on Revenues | -4,5% | -2,6% | -3,1% | -1,8% |
| Financial activities & dividend payment | (12,4) | (0,0) | 0,0 | (21,5) |
| Net Cash Flow | (2,3) | 76,3 | 80,5 | 2,7 |
| % on EBITDA | -3,0% | 136,3% | 101,0% | 2,9% |
| Change in financing activities & liabilities | (15,1) | (5,1) | (5,4) | (10,6) |
| Chenge in financial lease & IFRS | (26,6) | 0,0 | 0,0 | 0,0 |
| Change in NFP | (44,0) | 71,2 | 75,1 | (7,9) |
| % on EBITDA | -58,1% | 127,1% | 94,2% | -8,5% |
| 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ITALY | 1.646 | 1.547 | 1.605 | 1.780 | 2.009 | 2.176 | 2.483 | 2.418 | 2.383 | 2.345 | 2.257 |
| % of total people | 59% | 57% | 56% | 56% | 56% | 56% | 59% | 62% | 63% | 61% | 62% |
| OUTSIDE ITALY | 1.136 | 1.148 | 1.276 | 1.396 | 1.609 | 1.670 | 1.744 | 1.509 | 1.380 | 1.483 | 1.410 |
| % of total people | 41% | 43% | 44% | 44% | 44% | 44% | 41% | 38% | 37% | 39% | 38% |
| TOTAL | 2.782 | 2.695 | 2.881 | 3.176 | 3.618 | 3.846 | 4.227 | 3.927 | 3.763 | 3.828 | 3.667 |
| 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | |
| Production | 1.264 | 1.175 | 1.201 | 1.335 | 1.482 | 1.494 | 1.621 | 1.386 | 1.324 | 1.368 | 1.231 |
| % of total people | 45% | 44% | 42% | 42% | 41% | 39% | 38% | 35% | 35% | 36% | 34% |
| Other Departments | 1.518 | 1.520 | 1.680 | 1.841 | 2.136 | 2.352 | 2.606 | 2.541 | 2.439 | 2.460 | 2.436 |
One Company Project re-organization
BSS.MI .FTMIB .FTSTAR
2021 2022 2023
22 February 2023
Source: Reuters – February 2023
Shareholders distribution
KEYWORDS
Re-designing our business portfolio adding new capabilities and product offering in higher-growth segments.
Renovate our approach to products and services increasing the focus on integrated solutions (as opposed to stand-alone products), with integrated hardware, software, and service offering.
Machinery companies will focus on their highest margin client segments with tailored offerings and solutions frequently codesigned with clients.
As a consequence, machinery companies are modernizing their go-to-market strategies, making them more systematic and guided by data.
Machinery companies are evolving their organizational models, de-powering the role of the center.
Many leading companies are decentralizing to BU or Regions while the HQ plays more of a lean, supporting role.
Electrical and control automation engineers to harness all the data and better understand machine behavior and performance to build the next generation of faster, more productive machines.
Industrial component suppliers are embracing IIoT (Industrial Internet of Things), and machinery manufacturers are learning how to take advantage of the massive amounts of data their machines generate.
Sustainability is becoming a commercial differentiator as products and services evolve. Machinery companies have the opportunity to not only improve the sustainability of their operating model, but also to play a strategic role in supporting customers to achieve their sustainability targets.
Consumers' preferences are constantly changing, but the current change is focused on personalized or customized products. Companies need to design and build new machines capable of supporting a wider variety of product mixes and more rapid and frequent changeovers.
Machine tools market production 1980 – 2021 (€/bln)
Source: KPMG elaboration on Machine Tool Builders' Association (VDW), CECIMO & Oxford Economics – Market Forecast
Biesse for Euronext STAR Conference 43
Expected growth
Woodworking machinery market 2019 – 2026e (€/bln, year on year variation) – excluding services & after-sales Flat glass, plastic, rubber & composite, stone & ceramics working machinery market 2021e – 2025e (€/bln) – excluding services & after-sales
Source: KPMG elaboration, CSIL, regional market expectation, competitor information | e = expected
Source: EUROMAP Press Conference, Assomarmomacchine, Biesse elaboration on GIMAV considering VDW data. Forecast based on CECIMO estimation for 2025 (Machine Tools Market overall expectations) information | e = expected
Macro-Economic Index: Real GDP, Real Gross Fixed Investments, Real Private Consumption. Market Index: Wood Product Consumption, Glass Product Consumption, Rubber & Plastic product consumption, Store product consumption, Indoor Living, Indoor Forniture, Outdoor Forniture, Housing & Construction, Aircafts and spacecrafts, Motor Vehicles parts
In 2021, Biesse presented the 2021-2023 Strategic Plan. Biesse's strategy is focused on four main directives.
Industrial IoT & HMI
Integrated Global Supply Chain
Finance evolution
One Company model fully operational
After 20 years of globalization predominance, the world is experiencing a geopolitical and economic reorganization in macro-regions.
In the next years we will empower our regional organization to boost our proximity to clients and ensure further business growth.
Technological evolution will be essential for Biesse in coming years.
We want to significantly evolve the technology around us to foster our product innovation, improve products and services performance and optimize our processes.
In 2022 we began an extraordinary journey evolving our brand and our identity.
We defined our vision, mission and values, ensuring that they are accurately reflected in our real identity, communication and offering proposition.
In the coming years we will assert our unique value proposition for continued success in a dynamic and rapidly evolving business landscape.
In the last part of 2021, we completed the acquisition of Forvet. The acquisition's aim was to complete the range of glass processing machines with complementary industrial solutions that are perfectly integrated with our technologies.
Forvet offers technologically advanced modular lines and automated systems capable of guaranteeing high levels of productivity and flexibility.
The machinery industry is undergoing a process of consolidation through M&A, conducted mainly by market leaders.
In the next years we will adopt a clearly defined approach to evaluation and, eventually, execution of potential Merger and Acquisition transactions.
The main driver for potential future M&A activities will be the product portfolio extension and market share increase.
Revenues and EBITDA: Actual, Plan (Range) & Budget 2019 – 2022 (€/mln)
CAGR '22-'20:
CAGR '22-'19:
This presentation has been prepared independently by Biesse S.p.A. and can be used only during meetings with investors and financial analysts. It's solely for information purposes and it may contain statements regarding future financial performances and Company's expectations
Biesse is not responsible for the content processed by third parties and content indicated in this Document. No liability is accepted by or on behalf of Biesse for any errors, omissions or inaccuracies contained in this presentation.
Any forward looking statements are not guarantees of future performances and is related only of the date of this document. They are based on the Group's current state of knowledge, future expectations and projections about the future events. By their nature they are subject to inherent risks and uncertainties.
Further information concerning the Group results, including factors that could materially affect the Company itself (i.e. IFRS) will be included and detailed in the Financial Statement of the Group.
For further details on the Biesse S.p.A. reference should be made to publicly available information. including the Quarterly Reports, the Half Annual Report, the Annual Reports and the Three Years Business Plan.
Any reference to past performance of the Biesse S.p.A. shall not be taken as an indication of future performance.
This document does not constitute an offer or invitation to purchase or subscribe for any shares and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.
No action should be taken or omitted based on the informations contained in this Document. Biesse accepts no liability for the results of any action taken on the basis of the informations contained in this Document.
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