Investor Presentation • Apr 6, 2016
Investor Presentation
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April2016
Group description / Purposes & beliefs
Who / How / Where / With / We / Innovation / Reliability / Sustainability
Excellence / More revenue / More profit / More cash
Business model (production, delivery, products) / Customers
Strategy (wood, glass & stone, mechatronics)
The figures
Annex
Biesse Group is a global leader in the technology for processing wood, glass, stone, plastic, advanced materials and metal.
Founded in Pesaro in 1969 by Giancarlo Selci, the company has been listed on the Italian Stock Exchange (STAR) since June 2001.Starting from October 2015 Biesse is included in the Mid-Cap segment.
We believe in challenging standards, in thinking forward and in acting differently. Creating advanced technologies and beautifully-designed solutions is the key to transforming our beliefs into real value.
We shapeour customer dreams.
7
Since 1969, we have tirelessly dedicated ourselves to creating value for our customers first and foremost.
"…back when we were simply producing machines, I was talking with a dear friend, and realised that the rough, imprecise way he was working was ineffective, and above all, dangerous to his personal safety.At that moment, I recognised a need for change, and immediately understood that we could do something we could introduce innovative new ways of working, automate processes, and above all, create safer working conditions. A new kind of machine was about to be born".
Founder and CEO
creating 4.0 factories for our customers.
Forward-thinking automation and software solutions to help our customers leverage the fourth industrial revolution.
Meeting tomorrow's demands today.
We manufacture machines and components for wood, glass, stone, plastic and metal processing throughspecialised business units and 8 manufacturing sites in Italy and worldwide.
8
production sites
Growing investments in R&D have enabled us to create software programs that have simplified the management of CNC machines, improving our customers' processes revolutionising market standards.
more than
patents duly registered
We support our colleagues everywhere in the world, using the most advanced management, sales and support system. Our global network enables us to be always close to our customers.
branches and representative offices
more than
3,150
employees throughout the world (temporary workers included)
ReliabilityInnovationSustainabilityExcellence
Our values/
meets creativity.
Customer focus
18
Biesse, the perfect combination of innovation and italian creativity.
generatesvalue.
Some of our leadingtechnology solutions:
to enhance trustand
Satisfied
Partners
Trusted & Loyal Winning & Committed Growing & Qualified Employees
Fairness to all stakeholdersMutual trust and transparencyUnrestricted and clear communicationsSharing of knowledge and experience
Investors
Our values/
to get widespread goodwill andstrong reputation.
Society
Environment People
Financial
Only the culture of strictly adherence to good compliance can keep our Group ahead on sustainable basis.21
Our values / Excellence
We make top-quality Italian products
26
We deliver top-quality, dedicated solutions worldwide
KnowledgeDeliveryProductsCustomers
On consolidated Net Sales
On Machineries sold
Our Business Model / Wide offering for a wide customer base
WOOD
We create engineered solutions, from plant design to production, implementation, installation and maintenance
04
We design, manufacture and distribute a comprehensive range of machinery and technologies for processing wood, glass, stone and, in recent years, plastics.
We create customized diamond and binder mixes for stone and glass processing machinery.
We design, manufacture and deliver high-tech mechanical and electronic components for machinery.
| b i L C e c n e u u |
i b i S G t a n o a n |
|---|---|
| L a o |
i l k i P t n g o n |
| i F a m |
i d i F a |
| d O n s r u |
l h G ö t a s r s c |
| i H e a n |
i C t o s e n n o d S a e r u |
| g |
| T Y P E O F C U S T O M E R S d h i W l k i G J o o m a c n e r y a s s o r e r s w o n e r s d b l k k f l M M p r o u c e r s a r e w o r e r s a e r s o a r g e l i A i d f i i W m n m t t u u n o s w u r n u r e e m s h i i i d d d F W t m a c n e r y u r n u r e n o w s a n o o r s d i h i d b i l d i K W t p r o u c e r s c e n c o m p a n e s o o n g u l i h i P t d f i d t a s c m a c n e r y a n m a n u a c u r e r s c o m p a n e s a n r r |
|||
|---|---|---|---|
| f t m a n a c r e r s u u |
d p o u c e s |
Metal machinery producers
We reinforced our industry-leading position, increasing our market share in the actual products segment.
We successfully introduced electrospindlesmachine tools for metals.
We enhanced our product offering and became more competitive on the market.
We successfully transferred our product knowledge to the new business unitand achieved great results.
Wood Division Estimated CAGR 2015-2018
9%
Mechatronics Unit Estimated CAGR 2015-2018
G&S Division Estimated CAGR 2015-2018
Market Estimated CAGR 2015-2018
Market Estimated CAGR 2015-2018
7%Market Estimated CAGR 2015-2018
78%
Plastic & A.M. Division Estimated CAGR 2015-2018
4ward
01
Enhance R&D for innovative solutions (technologies and new materials)
02
03
9
%
Expand the product range: renovation and completion of the range of machines
Improve product reliability, renew existing product range
Wood Division Estimated CAGR 2015-2018
4%
Market Estimated CAGR 2015-2018
Market
38
share 2015
€3.3bn
Whole market potential
Looking forward, we expect the market to continue grow at about 3.7 times the reference sector average growth rate.
38
The competition in the current market is consolidated. We are the second leading company in the sector. Main competitors are located in Germany andin Italy. The most important of theseare HOMAG (29% estimated market share) and SCM (7% estimated market share). Estimated worldwide market
CUSTOMERS
Strategy in actionsThink4ward
Maintain and reinforce our leading position in the glass sector
Expand our offering in new product segments
Increase our market share in the stone segment, reinforcing our leadership in this
G&S Division Estimated CAGR 2015-2018
area
7%
Market Estimated CAGR 2015-2018
In the near future, we anticipate that the glass processing market will grow at about 3.7 times the reference sector average growth rate.
CUSTOMERS
Looking to the future, as the in the wood sector, we expect the market to continue to grow at about 3.7 times the reference sector average growth rate.
"Bicefalo" marble sculpture MarmiFontanelli
41
Market The competition in the current market is consolidated. We are among the leading companies in the sector and we intend to reinforce our positioning. Main competitors are located in France Competitors and in Italy and they are CMS, Bretonand Thibaut.
CUSTOMERS
Whole market potential
€600mln
2015Stone
Estimated worldwide market share
Market Size
4Strategy in actionsThinkward Maintain and reinforce our leading positioning in the Wood- Aluminum- Plastic (WAP) sector
1
0
Reinforce our partnership with our current customers
03
Diversify into other sectors, continuing to expand our presence in the metal sector and replicating our WAP standards of excellence in new sectors
10%
Mechatronics Unit Estimated CAGR 2015-2018
5%
Market Estimated CAGR 2015-2018
Targets
FocusStrategy in numbersMetal Sector
Targets
5,6 mln/€ 2015 target
15 mln/ €
2018 target in metal sector
2015e Result
+19,7%
on target
Our expansion in the metal segment has shown that we have the capabilities to successfully extend our areas of competence and compete in new sectors.
We will continue to invest in R&D in order to identity new product expansion opportunities in other sectors.
2015
Market
€1.1bn
In the near future, we anticipate that the spindles market will grow in line with the reference markets of WAP and metal working machines.
CUSTOMERS
Markets Our mechatronics division is currently the leader in the WAP (Wood Advanced Materials*, Plastic) spindles sector. We recently entered the metal spindles sector. Our main competitors are from Germany. They are KESSLER, IBAG, GMN, Competitors , , WEISS (Siemens), FISHER PRECISE Estimated and STEP TEC.worldwide market share 2015
*Advanced materialsCarbon FiberFoam
44
Whole market potential (WAP + Metal + G&S)
Size
Biesse Group directly designs and manufactures all high-tech components for its machines. Through our Mechatronics Unit, we guarantee our technological independence.
The vocation of our Mechatronics Unit is continuous innovation. Until a few years ago, our business activity was focused on creating and selling mechanical components.
our technologically-advanced offering, our ability to introduce innovation into the market.These are our Competitive Advantages.
Diversification
Offering structure
Offering
*Advanced materials
46
Carbon FiberFoamCompositeAlluminiumTitanium
Our Mechatronics Division is the trailblazer for expansion into new sectors.
We successfully entered the advanced materials* & plastic processing machinery sector, thanks to our dedication to constant innovation.
Through our capability to create top-quality Sector solutions, we also successfully entered the metal electro-spindles sector.
Our Mechatronics Division is the key to breaking into new sectors and diversifying our business.
0
1
2
ProductOffering 0 Offering structureInnovation
We combined 2 Axis Heads and Direct Drive Technology
We will introduce new electro- spindles models to enhance our offering in the metal sector
Strategy in actions
4ward
Think
Targets 20*Advanced materialsCarbon FiberFoamCompositeAlluminiumTitanium48
Our successful entry into the plastic & advanced materials sector confirms our capability to diversify into new sectors through our innovative Mechatronics Division and our consolidated expertise.
In the future, we will expand our product offering in order to meet the needs of the entire market.
Markets The plastic processing machinery market is highly fragmented worldwide and there are not the same number of companies as in the woodworking machines sector (CMS Industrie - Competitors 2015Plastic0.9%Estimated worldwide market share 2015 Market Size Whole market potential € 0.8 bln 49*Advanced materialsCarbon FiberFoamCompositeAlluminiumTitanium
In the near future, we expect that the market of Advanced Materials* processing where we insist will double around the GDP grow rate.
Multicam - Flow Corporation).
CUSTOMERS
Our strategy in action
We are continually strengthening our services worldwide. We continue to invest in the training of our engineers, in order improve the level of service we deliver
We have successfully adopted a Lean Production approach, and have implemented an order management system which covers each stage, from sales to installation.
We have successfully developed new tools to satisfy the majority of our customers' software requirements with a single, integrated solution.
Our new targets
To evolve to Service 2.0: from a "break and fix" approach to a predictive service
To increase our market share in the system solutions market.
To begin to profit from software fees on a yearly basis.
4 Strategy in actions Think ward Our network supports our customers worldwide. Through Biesse service and Biesse parts, we offer technical services and machine/component spares to businessesanywhere in the world on-site, as well as on-line -24/7.
18,5%
2018 Target incidence on Net Sales
Targets
We want to reinforce our positioning and increase our market share, becoming a leading company in the engineering solutions sector.
65mln/€ 2015e results
4
ward
Strategy in actions
Think
Targets
Systems
2018 Target incidence on Machine Sales
Strategy
Biesse Systems is a team of sector experts, capable of understanding and anticipating business needs, who work with the customer from inception through to system installation and testing.
From engineering to the manufacturing, from the installation to the after-sales support, we are able to realize complete solutions for our Clients.
Boost our sales and after-sales approach
0
0
0
1
2
3
Ensure dedicated and highly-specialized services with key accounts for 360-degree customer management
Enhancing our offering of flexible systems
Offering
| 4 h i k d T n a r w |
|---|
| f fer ing O tru tu s c re |
Consolidation, reliability and rationalization. Superior technology for creating synergies in machine automation.
Technological superiority and sustainability. Ensuring advanced, sustainable know-how in order to develop intelligent machines.
Simple, smart software. Meeting growing technological needs through application software and smart apps.
Business software. Business-oriented software to enhance collaboration with our customers' businesses.
%
Potential Software Fees contribution to Net Sales 55
bSuiteOffering structurePlatform
OfferingbPlatformChallenging market standards.
bSolid is a 3D cad cam software application
bEdge is a bSuite plug-in, seamlessly integrated for edgebanding planning.
bWindows is a seamlessly integrated plug-in for the planning of windows/door frames.
bNest is the bSuite plugin specifically for nesting operations.
bProcess is the tool that allows in a simple and intuitive way to organize production for a cell of machines.
bCabinet is the bSuite plugin for furniture design.
Our strategy in action
companies that build houses, companies that build furniture, companies that build windows,
companies that buildthe shape of the world.
We want to strengthen our dealer network - this is crucial in helping us to engage our clients.58
Continue the Trade Markets Investments towards the "Roadmap to success".
Increasemarket share
Hire dedicated resident key account managers&skilled sales force
Focus on growing customers through a production upgrade
Strengthen the dealer network and increase the integration
59
We will continue to expand our global presence - we want to be close to our customers.
BCx
Subsidia
Subsidiary
Continue to promote the "Roadmap to success" for our subsidiaries: moving from reactive to proactive, fostering entrepreneurship at all levels, defining market and customer-oriented strategies
Create 3 new Clusters of business: DACH (Germany-Austria-Switzerland) Turkey/ Middle EastChina/Far East Asia
New more "aggressive" Sales Matrix
04
0
0
0
0
1
2
3
Invest in human resources and capabilities as growth drivers
The production abroad is constantly growing in India& China.
BCx
01
We want to continue increase our production in the Chinese and Indian facilities.
Local4Global: we want to increase the percentage of production exported worldwide from Asian production sites.
production abroad quote
In order to create a 360-degree experience for our customers worldwide, we have designed a roadmap that will help us to increase brand awareness, engage our customers and improve the Biesse customer experience.
Continue to improve our Showroom, increase the number of events, demos and "Insider"-dedicated events held.
Improve and strengthen existing showroom events andmeasure their impact on the local market.
6.600m2 Headquarters Showrooms (wood + glass & stone) 18.000m2 Showrooms worldwide 61
We want our customers to see how our products work. We want our customers to touch our products, to understand how they can satisfy their needs. We want our customers to live the Biesse Experience. +40 Fairs and exhibits worldwide We want to show our incredible solutions around the world.
We must be forever present in our sector, and ensure that we are the best.
Increase the number of events on specific materials for specific audiences ("Made In Biesse")
BCx
By demonstrating the perfect functionality of our products and engaging our customers through training and events, we will spread the Biesse Experience worldwide.
Nominating "Best Dealers" and "Best Customers" is another way to engage our entire customer base and show how our products work locally through trade shows, dealer openhouse events and Tech Tour plan.
Customers and dealers taking part in training on Biesse Products, and how they can exploit the full potential of these.full of
We want to engage our customers with dedicated events on specific materials.
63Demos per Year
Our Total Care package not only contributes to building long-term relationships with our customers - it also exceeds the standards of the packages offered within the industries in which we operate.
Total Care is a multi-year Warranty and Financial Plan currently testing in UK and Canada.
Total Care is definitely not a 'marketing tactic' –it is a long-term strategy designed to make dealing with Biesse an easy, enjoyable and rewarding experience.
01
02
03
04
05
Peace of Mind Total Care enables customers to run their business. Cover for preventive maintenance, breakdowns and even damage due to operator error are all included.
Confidence Our multi-years warranty is based on our excellent machine reliability statistics.
Investment The cost of ownership and the risks normally associated with purchasing and operating capital plants are minimized.
At the end of the 5-year plan, customers can decide to upgrade to a new machine, and the original machine is placed on the second user market, with the benefits of a full service history and increased value.
BCx
We makeSmart Factoryof our Customers.65
We offer innovative solutions with high levels of flexibility, not only thanks to our production logic, but also the ability of our machines to adapt to customer requirements in accordance with the increased availability of information(IoT).
The Internet of Things, transformed from a simple resource to a central element of the Customer Value Chain. resource a .
In 2013 we were the first to introduce smart devices to the Wood- Aluminum- Plastic (WAP) sector.
Our working approach evolved from a break-and-fix logic to a more advanced, predictive logic.
Now we want todrive our Customer into the Future.
| l € / m n |
2 0 1 3 |
2 0 1 4 |
2 0 1 5 |
||
|---|---|---|---|---|---|
| l N t e s a e s 1 y ea r - |
3 7 8, 4 2 % 1, - |
4 2 7, 1 2, 9 % 1 + |
5 1 9, 1 2 % 1, 5 + |
C A G R 1 0. 7 |
|
| f d l d C t o s o g o o s o |
5 4 1 5 6, 1, 4 % |
2 4 1 7 1, 0, 1 % |
1 3 2 0 6. 9, 8 % |
||
| l d d d V a u e a e % |
1 4 3, 5 3 7, 9 % |
1 6 9, 1 3 9, 6 % |
2 1 2, 4 4 0, 9 % |
C A G R 1 2, 0 % |
|
| b L t a o r c o s u |
7 2 1 1 2, 9, 8 % |
2 3 1 2 8, 0, 0 % |
2 2 1 4 8, 8, 6 % |
||
| h d o v e r e a |
4 2 8 1, % 1, 5 |
7 2 8 9, 0 % 1, |
7 2 1 0 4, 0, 2 % |
||
| E B I T D A % |
3 0, 9 8, 2 % |
4 0, 9 9, 6 % |
6 4, 1 1 2, 4 % |
C A G R 1 4. 2 |
|
| E B I T * % l N R t t e e s u |
1 8, 1 8 % 4, 4, 3 |
2 6, 5 6, 2 % 1 3, 8 |
4 3, 8 8, % 4 2 1, 1 |
C G 9 % A R 1 7, |
|
| 6 8 |
% | % 1, 1 |
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% 4, 1 |
C G 2 9, % A R 4 |
| be for ing ite * e no n r ecu rr ms |
3 9, 1 % ta te x ra |
4 5, 3 % |
GrowthRate without FX effect+17%
projected tax rate for the plan34%
Compared to the previous year, the 2015 tax rate increaseis mainly due to:
| i f h 1 t n c r e a s e o e |
|---|
| C t t o r p o r a e a x |
| ( i l l € 6 I 7 t + n a y m n - |
| ) b d l € 2 0 + a r o a m n |
conservative approach to the D.T.A. use (i.e. China & Spain)
stop of the previous year losses exercise
positive effect of the IRAP decrease in Italy(- €1.4 mln)
| l € / m n |
2 0 1 3 |
2 0 1 4 |
2 0 1 5 |
|---|---|---|---|
| h f l G C r o s s a s o w % les t s ne a |
5 2. 1 3 8 % 1 |
3 8. 3 9. 0 % |
4 6. 3 8. 9 % |
| I t t n v e s m e n s les % t s ne a |
-1 9. 9 5. 2 % |
-2 0. 8 4. 9 % |
-2 5. 2 4. 9 % |
| h f l N C t e a s o w % |
3 2. 3 8. % 5 |
1 7. 5 % 4 1 |
2 1. 1 0 % 4 |
| i i d d D e n s v |
8 € -4 ha 0. 1 8 p er s re |
8 € -9 ha 0. 3 6 p er s re |
|
| l d b D N t t t e a e e |
3 2. 3 |
1 2, 7 |
1 1. 3 |
| N E T F I N A N C I A L P O S I T I O N |
2 3 9 - |
1 1. 2 - |
0. 1 |
Continue to strictly controlour Operating Net Working Capital.
Capex
Main Investments drivers
ROE
| A n n e x |
||||||
|---|---|---|---|---|---|---|
| E t t x r a c o |
f h P t e |
& L |
h G t r o w R t a e i ho F X t t w u f fe t e c |
|||
| l € / m n |
2 0 1 3 |
2 0 1 4 |
2 0 1 5 |
% 1 7 + |
2 0 1 8 e |
T t a r g e s |
| l N t e s a e s 1 y e a r - |
3 7 8, 4 2 % 1, - |
4 2 7, 1 2, 9 % 1 + |
5 1 9, 1 2 % 1, 5 + |
C A G R 1 0. 7 |
2 + 7 0 4, 2 % 1 1, |
de C O G S cr ea se in i de % Ne t c nc e on les f Sa 1. 2 % o |
| f d l d C t o s o g o o s o |
6, 5 4 1 5 1, 4 % |
2 4 1 7 1, 0, 1 % |
1 3 2 0 6. 9, 8 % |
8 3 2 7 1, 8, 6 % |
hr h fo in t tp t ou g o r im iza ion d t t op a n f f ic ien e cy |
|
| l d d d V a e a e u |
1 4 3, 5 |
1 6 9, 1 |
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||
| % | 3 9 % 7, |
3 9, 6 % |
0, 9 % 4 |
C G 2, 0 % A R 1 |
2, % 4 4 |
|
| b L t a o r c o s u |
7 2 1 1 2, 9, 8 % |
2 3 1 2 8, 0, 0 % |
2 2 1 4 8, 8, 6 % |
0 2 2 0 3,, 8, 8 % |
2 9 % < inc i de nc e |
|
| h d o v e r e a |
4 2 8 1, 1, 5 % |
7 2 8 9, 1, 0 % |
7 2 1 0 4, 0, 2 % |
0 1 1 3 6, 9, 3 % |
2 0 % < inc i de nc e |
|
| E B I T D A |
3 0, 9 |
4 0, 9 |
6 4, 1 |
9 5, 6 |
||
| % | 8, 2 % |
9, 6 % |
2, % 1 4 |
C A G R 1 4. 2 |
3, 6 % 1 |
|
| E B I T * |
1 8, 1 |
2 6, 5 |
4 3, 8 |
7 1, 6 |
||
| % 8 4 |
4, 8 % |
6, 2 % |
8, 4 % |
C A G R 1 7, 9 % |
0, 2 % 1 |
* before non recurring items
| l € / m n |
2 0 1 3 |
2 0 1 4 |
2 0 1 5 |
2 0 1 8 e |
T t a r g e s |
|
|---|---|---|---|---|---|---|
| i I t n v e n o r e s les % t s ne a |
2 2, 8 % |
2 3, 0 % |
2 1, 5 % |
1 9, 4 % |
2 2 % < |
|
| i b l R e c e v a e s les % t s ne a |
2 0, 1 % |
1 8, 9 % |
2 0, 3 % |
1 9, 1 % |
D S O 6 0 d a y s |
|
| b l P a a e s y les % t s ne a |
2 9, 4 % |
2 8, 8 % |
2 9, 5 % |
2 6, 6 % |
D P O 1 1 0 d a y s |
|
| i k i i l O C N W t t t p e r a n g e o r n g a p a l % t n e s a e s |
5 1, 4 1 3 6 % , |
6 5 5, 1 3 0 % , |
6 3 4 , 1 2 2 % , |
1 | 8 3 5 , 1 9 % , |
| l € / m n |
2 0 3 1 |
2 0 1 4 |
2 0 1 5 |
2 0 6 1 e |
2 0 1 7 e |
2 0 8 1 e |
|---|---|---|---|---|---|---|
| f h l G C r o s s a s o w |
5 2, 1 |
3 8, 3 |
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||
| les % t s ne a |
3, 8 % 1 |
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8, 9 % |
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||
| I t t n v e s m e n s les % t s ne a |
-1 9, 9 5, 2 % |
-2 0, 8 4, 9 % |
-2 5, 2 4, 9 % |
-2 5, 0 3, 5 % |
||
| h f l N C t e a s o w |
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| 2 0 1 0 |
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|
|---|---|---|---|---|---|---|---|
| du ion Pro ct % o f al p le tot eop |
9 6 5 4 1 % |
1. 2 5 0 4 6 % |
1. 2 6 5 4 5 % |
1. 1 7 5 4 4 % |
1. 2 0 1 4 2 % |
1. 3 3 5 4 2 % |
|
| ice fte le Se & A rv r sa f al p le % o tot eop |
5 6 8 2 4 % |
5 7 7 2 1 % |
5 7 4 2 1 % |
6 1 3 2 2 % |
6 2 8 2 2 % |
6 9 0 2 2 % |
|
| R & D % o f al p le tot eop |
2 9 3 1 2 % |
3 1 6 1 2 % |
3 3 8 1 2 % |
3 2 1 1 2 % |
3 6 1 1 3 % |
3 8 3 1 3 % |
|
| les ke ing Sa & Ma t r f % o al p le tot eop |
3 4 0 1 3 % |
3 6 1 1 3 % |
3 6 4 1 3 % |
3 5 1 1 3 % |
4 3 9 1 5 % |
4 9 5 1 5, 6 % incr 201 5 vs 20 10 e 4 5.6% eas |
|
| G & A f al p le % o tot eop |
2 0 2 9 % |
2 3 3 9 % |
2 4 2 9 % |
2 3 5 9 % |
2 5 2 9 % |
2 7 3 9 % |
|
| I T A L Y f l p le % tot o a eo p |
1 6 6 0 7 0 % |
1. 6 5 6 6 1 % |
1. 6 4 6 5 9 % |
1. 5 4 7 5 7 % |
1. 6 0 5 5 6 % |
1. 7 8 0 5 6 % |
5 0 % |
| O U T S I D E I T A L Y f l p le % tot o a eo p |
7 0 8 3 0 % |
1. 0 8 1 3 9 % |
1. 1 3 6 4 1 % |
1. 1 4 8 4 3 % |
1. 2 7 6 4 4 % |
1. 3 9 6 4 4 % |
5 0 % |
| T O T A L loy rev en ue x e mp ee |
2. 3 6 8 |
2. 7 3 7 |
2. 7 8 2 |
2. 6 9 5 |
2. 8 8 1 |
3 6 1 7 201 5 v s 2 010 inc rea se 34. 1% |
9 3 |
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