Earnings Release • Oct 28, 2022
Earnings Release
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| (in Euro million) | IIIQ '22 | IIIQ '21 | 9 months '22 | 9 months '21 |
|---|---|---|---|---|
| Consolidated Net sales | 194.3 | 172.9 | 613.4 | 527.0 |
| EBITDA (gross operating profit) | 17.1 | 20.9 | 70.8 | 61.9 |
| EBIT (net operating profit) | 9.3* | 12.0* | 42.6* | 31.7* |
| Net Profit | 5.4** | 7.0** | 24.8** | 35.4** |
| Net Financial Position | 79.6 positive |
113.2 positive |
79.6 positive |
113.2 positive |
* before non-recurring items **post non-recurring items
The Board of Directors of Biesse S.p.A. - a company listed on the Euronext STAR Milan segment - approved the consolidated financial report at 30 September 2022 during the meeting held in Pesaro today.
At 30 September 2022, the Net Financial Position is positive by 79.6 mln euro (without IFRS 16 effects, the Net Financial Position would be positive for 100.9 mln euro).
Compared to the same period last year there is a decrease of 33.6 million euros, while compared to the end of 2021 the negative delta is of 45.0 mln euro mainly motivated by actions to ensure a sustained level of supply. Both negative deltas already include the payment of dividends for 17 mln euro. At the end 30 June 2022 the Net Financial Position was positive for 85 mln euro.
As at the end of September 2022, operating working capital amounted to 44.5 mln euro (7.2% of revenues). Shareholders' equity was 261.4 mln euro (250.5 mln euro in September 2021) Net Invested Capital was 182.0 mln euro (137.3 mln euro in September 2021).
| ZBIESSEGROUP | |
|---|---|
In a highly unstable and uncertain environment, the Group's order intake (machinery) in the 9 months 2022 contracted by 9.9% compared to the same period 2021 (progressive of 9 months). The third quarter 2022 is lower by 17.7% compared to the third quarter 2021.
The Group backlog (machines) at 30 September 2022 rose to 372 mln of euro (+27.8% compared to September 2021 and -1.5% compared to December 2021. Less 3.7% compared to June 2022, with an average production visibility that actually is more than 7 months. The total number of Group employees at the end of the IIIQ 2022 is 3,691. Compared to December 2021 this number of Biesse Group employees is lower by 3.6% not counting temporary workers.
The machines and systems segment dominates with 90.8 compared to 9.2% (net of eliminations) in the Mechatronics segment.
From the geographical point of view, the domestic market accounted for 24.8% of turnover (17.8% as at September 2021)
This is the breakdown (incidence on the consolidated financial statements) of revenues by geographical macroarea:
The 28 October 2022, the Consolidated Report at 30 September 2022, as approved by the current Board of Directors will be filed at the registered office of Biesse at Via della Meccanica 16, Pesaro.
This document is made available on the company website www.biessegroup.com I.R. area and on the authorised storage site .
At 5 p.m. this afternoon, Biesse will hold a phone conference call to comment on the Group's achievements during the first 9 months of 2022. A short supporting presentation will be made available on the company website www.biessegroup.com, Investor Relations area, and filed in the storage area.
Also on the company website (I.R. area) are instructions how to connect to the conference call.
| ZBIESSEGROUP | |
|---|---|
The results achieved in the first 9 months are confirming our solid and strong positioning within the objectives and targets of the Three-Year Plan approved last year.
On the sidelines of today's Board of Directors meeting, the Group C.F.O. Pierre La Tour commented:
The persistent international uncertainties and instability do not allow us to project positive scenarios for the immediate future, despite the brilliant economic and financial performance achieved in the nine months of this year. The tensions concerning the main raw materials and the increased cost of energy are obvious distorting factors that
cannot but have impacts on our results. To complicate, the forecast of a substantial slowdown in demand and the reappearance of the inflation that may leads to increases in interest rates.
There are also inevitable negative repercussions - both direct and indirect - arising from the sanctions applied to the countries involved in the conflict in Eastern Europe, while it is becoming increasingly necessary to monitor epidemiological developments worldwide.
Internally, we are continuing with the implementation of the One Company project, because we believe that a reorganization of the Group structure also introduces greater flexibility stimulating rapid simplification of the business processes.
The permanently positive net financial position supports our decision to continue investing in the product development; we will invest in implementing new technical solutions that focus on increasing connectivity and automation."
Biesse is an international company that designs, manufactures and distributes systems and machines for processing wood, glass, stone, metal, plastic and composite materials for the furniture, housing & construction, automotive and aerospace sectors. Founded in Pesaro in 1969 by Giancarlo Selci, it has been listed in the STAR segment of Euronext Milan since 2001. It generates approximately 85% of its consolidated turnover abroad, operating in more than 160 countries, thanks to 13 production plants and a direct presence in the main world markets.
Its customers include industry-leading companies and prestigious Italian and international design brands. It currently has more than 4,200 employees.
| ATTACHMENTS | |||||
|---|---|---|---|---|---|
| Income Statement at 30 September 2022 | |||||
| 30 September 2022 |
% on sales | 30 Septmber 2021 |
% on sales | CHANGE % | |
| Euro 000's | |||||
| Revenue from sales and services | 613,371 | 100.0% | 526,993 | 100.0% | 16.4% |
| Change in inventories, wip, semi-finished products and finished products |
39,986 | 6.5% | 24,126 | 4.6% | 65.7% |
| Other Revenues | 5,314 | 0.9% | 3,924 | 0.7% | 35.4% |
| Revenue | 658,670 | 107.4% | 555,044 | 105.3% | 18.7% |
| Raw materials, consumables, supplies and goods | (289,982) | (47.3)% | (238,906) | (45.3)% | 21.4% |
| Other operating costs | (112,946) | (18.4)% | (83,809) | (15.9)% | 34.8% |
| Personnel expense | (184,955) | (30.2)% | (170,434) | (32.3)% | 8.5% |
| Gross operating result | 70,788 | 11.5% | 61,895 | 11.7% | 14.4% |
| Depreciation and amortisation | (24,358) | (4.0)% | (25,006) | (4.7)% | (2.6)% |
| Provisions | (3,839) | (0.6)% | (5,157) | (1.0)% | (25.6)% |
| Operating result before non recurring items | 42,591 | 6.9% | 31,731 | 6.0% | 34.2% |
| Impairment losses and non recurring-items | 1,568 | 0.3% | 12,820 | 2.4% | (87.8)% |
| EBIT Operating result | 44,158 | 7.2% | 44,551 | 8.5% | (0.9)% |
| Financial income | 729 | 0.1% | 306 | 0.1% | 138.1% |
| Financial expense | (1,778) | (0.3)% | (2,365) | (0.4)% | (24.8)% |
| Net exchange rate losses | (7,074) | (1.2)% | (1,359) | (0.3)% | - |
| Pre-tax result | 36,035 | 5.9% | 41,133 | 7.8% | (12.4)% |
| Income taxes | (11,234) | (1.8)% | (5,749) | (1.1)% | 95.4% |
| 4.0% | 35,384 | 6.7% | (29.9)% |
| Statement of Financial Position at 30 September 2022 | ||
|---|---|---|
| 30 September | 31 December | |
| Euro 000's | 2022 | 2021 |
| Intangible assets | 90,686 | 97,989 |
| Property, plant and equipment | 117,731 | 117,203 |
| Financial assets | 4,041 | 4,578 |
| Non-current assets | 212,459 | 219,770 |
| Inventories | 227,639 | 179,417 |
| Trade receivables and contract assets | 139,688 | 125,962 |
| Trade payables | (181,183) | (186,660) |
| Contract liabilities | (141,593) | (127,093) |
| Net operating working capital | 44,552 | (8,375) |
| Post-employment benefits | (11,553) | (13,318) |
| Provision for risk and charges | (24,112) | (24,850) |
| Other net payables | (55,107) | (63,274) |
| Net deferred tax assets | 15,623 | 14,660 |
| Other net liabilities | (75,149) | (86,781) |
| Net invested capital | 181,862 | 124,614 |
| Share capital | 27,403 | 27,393 |
| Result for the previous year and other reserves | 209,034 | 186,957 |
| Result for the year | 24,760 | 34,018 |
| Non-controlling interests | 242 | 849 |
| Equity | 261,439 | 249,217 |
| 28,484 | 29,594 | |
| (27,098) | ||
| Bank loans and borrowings and loans and borrowings from other financial backers | ||
| Other financial assets | (7,157) | |
| Cash and cash equivalents Net financial indebtedness |
(100,903) (79,577) |
(127,099) (124,603) |
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