We publish the Biesse press release dated November 11th, 2011.
The Board of Directors of Biesse Spa – a company listed in the Star segment of the
Italian Stock Exchange – has today approved the Report for the III Quarter of 2011 and examined the results for the nine month period to 30 September.
The economic and financial results for the Biesse Group in the period 1/7/11 – 30/9/11 are as follows:
· Net Consolidated Revenues € 93.7 million (+34.9% compared with the same period of 2010)
· Value Added € 32.4 million (+20.5% compared with the same period of 2010) representing a margin on revenues of 34.6% (38.8% in 2010)
· Gross Operating Margin (Ebitda) € 4.4 million (+64.1% compared with the same period of 2010)
representing a margin on revenues of 4.7% (3.8% in 2010)
· Operating Result (Ebit) € 0.5 million (negative € 1 million in the same period of 2010) representing a
margin on revenues of 0.6%
· Pre-Tax Result € – 0.5 million (negative € 2.3 million in the same period of 2010)
· Net Result € -1.2 million (negative € 2.5 million in the same period of 2010)
Consequently the results for the nine months to 30 September 2011 are as follows:
· Net Consolidated Revenues € 275.3 million (+22.2% compared with the same period of 2010)
· Value Added € 99.9 million (+15.7% compared with the same period of 2010) representing a margin on revenues of 36.3% (38.3% in 2010)
· Gross Operating Margin (Ebitda) € 11.6 million (+52.5% compared with the same period of 2010)
representing a margin on revenues of 4.2% (3.4% in 2010)
· Operating Result (Ebit) € 0.7 million (negative € 2.7 million in the same period of 2010) representing a margin on revenues of 4.2% (3.4% in 2010)
· Pre-Tax Result € -2.7 million (negative € 4.2 million in the same period of 2010)
· Net Result € -5.4 million (negative € 6.2 million in the same period of 2010)
The geographical breakdown of consolidated revenues reveals the continued contraction of sales in Western Europe against which there was an increase in sales from the so-called “emerging” markets. It should be noted that sales from the domestic market as a proportion of total consolidated sales fell to 14.7 percent, which represents almost the same value of sales that the Group generates in the B.R.I.C. countries (Brazil-Russia-India-Cina) alone.
Group Net Debt at 30 September 2011 was € 48.8 million, an increase of € 26.1 million compared with the same period of 2010.
Total cash flow management in the first 9 months of the 2011 financial year, with no significant extraordinary factors, absorbed cash of € 39.9 million particularly due to a negative change in net working capital that was heavily imparte by an increase in inventories. The increase in closing inventories was directly affected by the introduction of new product ranges which generated a materials overlap (phase in – phase out).
At 30 September 2011 the progressive Group order inflow was 18% higher than that for the same period of the previous year (+65% compared with 2009), while the production backlog at end-September 2011 was almost € 106 million (+24% compared with Settembre 2010 and +38% from the start of the current financial year).
It should also be noted that, in accordance with the recommendations of article 7 of the Self-Regulatory Code for quoted companies and in accordance with article 123-ter of the Consolidated Financial Law (TUF), the Board of Directors has also approved the remuneration policy of Biesse Spa as proposed by the Remuneration Committee.
Following the Biesse Board of Directors’ meeting the Ceo Giorgio Pitzurra stated:
“The quarter under review, as for the entire period of 2011 to date, was characterised by significant growth in revenues
achieved despite the difficult conditions in the global macro-economic environment.
Even the return to positive Ebit (operating result), while far from the standards of Biesse, is a very important and significant result, above all because it was achieved on sales with a different mix of products compared to the recent past. In particular, the gradual shift in demand towards large scale product lines is taking us into an appealing market segment, though one which, for the present, has lower intrinsic profitability.
However, these negative factors for Biesse’s profitability have been compensated by the substantial absence of pressure on sales prices and our increasing organisational efficiency.
Looking forward, and even in the context of an unfavourable international financial scenario, we are working to significantly reduce Biesse’s income statement breakeven level utilising all of the instruments and resources at our disposal.
Finally, with regard to our recent Chinese acquisition, while the current financial year will not directly benefit from this cross-border operation, the expected significant and positive synergies arising from it will be fully evaluated and incorporated in our next three year plan for the period 2012-2014”.
Biesse: approved Quarterly Report
to 30 September 2011
ultima modifica: 2011-11-14T00:00:00+00:00
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