Biesse — Call Transcript 2023

Mar 14, 2023

Biesse Renovation is an extraordinary journey

Conference Phone Call

14 March 2023

FY 2022 Draft

Agenda

1.0 FINANCIAL HIGHLIGHTS 2.0 SEGMENT REPORTING 3.0 DIVIDENDS

4.0 STAFF DISTRIBUTION

SHAREHOLDER DISTRIBUTION

Biesse Group

FINANCIAL HIGHLIGHTS

A solid growth path

Financial Highlights: 2019-2022

• In 2022 we achieved our record performance in revenues (+244 €/mln vs 2020).
• In 2021 and 2022 we outperformed Order Intake vs prior years. The slight decrease in 2022 could impact 2023 performance.
• In 2022 we achieved our best EBITDA performance (improving profitability quality).
• From 2019 to 2022 we improved our cash generation performance, which increased by more than 135 €/mln after dividends payment.

Highlights – Profit & Loss

Amounts in €m	DEC 2022	DEC 2021	DEC 2020	Var % 2022 vs 2021	Var % 2021 vs 2020
Revenues	822,4	742,2	578,8	10 8% ,	28 2% ,
Var % previous Year vs	10 8% ,	28 2% ,	18 0% - ,
EBITDA adjusted	90,6	79,7	56,0	13 7% ,	42 3% ,
% Sales Net on	0% 11 ,	10 7% ,	9 7% ,
EBIT adjusted	47,6	34,1	7,0	39 7% ,	386 6% ,
% Net Sales on	5 8% ,	4 6% ,	1 2% ,
EBIT	50,8	45,7	6,2	11 0% ,	637 4% ,
% Net Sales on	6 2% ,	6 2% ,	1 1% ,
Net result	30,3	34,2	2,5	11 4% - ,
% Sales Net on	3 7% ,	6% 4 ,	0 4% ,

Balance Sheet

	DEC	DEC	DEC
Amounts in €m	2022	2021	2020
Fixed Assets	210,5	219,8	201,8
Inventory	215,6	179,4	129,8
Trade receivables	112,5	126,0	102,9
Trade payables	(182,0)	(186,7)	(132,8)
Advance payments	(138,2)	(127,1)	(72,2)
Net Working Capital	7,9	(8,4)	27,7
Other activities/liabilities (Net)	(74,2)	(86,8)	(64,2)
Net Capital Employed	144,1	124,6	165,3
Equity	260,8	249,2	214,8
Net Financial Position	(116,6)	(124,6)	(49,5)
Total Sources of Funding	144,1	124,6	165,3

Details of CAPEX

Amounts in €m	DEC 2022	DEC 2021
R&D Capitalization	2,5	3,4
Information Technology	2,8	2,0
Other (Patents, Licences, Brands, Other intangible assets)	0,7	0,2
Total Intangible Capex	6,0	5,7
Information Technology	0,5	0,3
Other (Plants, Buildings, Machinery, Furniture & Fixtures, Equipment)	8,0	6,3
Total Tangible Capex	8,5	6,6
Total Amortization and Depreciation	14,4	12,3

Net Financial Position Trend

From 2020 to 2023

SEGMENT REPORTING

Markets

% on Total 2022

Revenues by Geographical Area 2019 – 2022 (€/mln – Incidence on Total)

• Consistent revenues increase in North America and Western Europe continuing growth path after Covid-19 recovery
• Increased After-sales and Parts incidence on Revenues in 2022
• Impact of Russia/Ukraine conflict on Revenues in the Eastern Europe Area
• Asia & Oceania partially impacted by lockdown in China during 2022

Incidence of After-sale and Parts on Revenues in 2022

In €m	2019		2020		2021		2022		Var 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%	822,5	100%	-18%	28%	11%

DIVIDENDS

STAFF DISTRIBUTION

Employee distribution (excluding temporary workers)

Headcount	DEC 2022	%	DEC 2021	%	∆	∆ %
Italy	2.494	60%	2.499	58%	-5	0%
RoW	1.670	40%	1.809	42%	-139	-8%
Total	4.164		4.308		(144)	-3,3%

Headcount	DEC 2022	SEP 2022	JUN 2022	MAR 2022	DEC 2021
Italy	2.494	2.538	2.575	2.586	2.499
RoW	1.670	1.694	1.735	1.751	1.809
Total	4.164	4.232	4.310	4.337	4.308

SHAREHOLDER DISTRIBUTION

Shareholder Distribution

Biesse Board of Directors

• Giancarlo Selci (Founder President)
• Roberto Selci (C.E.O.)
• Massimo Potenza (Co-C.E.O.)
• Alessandra Baronciani
• Rossella Schiavini
• Federica Ricceri
• Ferruccio Borsani

Source: Reuters

Biesse - Renovation is an extraordinary journey 20

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