Biesse: approval of 1Q results to 31 March 2015

The Board of Directors of Biesse Spa – a company listed in the Star segment of the Italian stock exchange – has approved on 8th of May, the Consolidated Financial Statements for the 1st Quarter 2015.
The Biesse Group results for the period 1/1/15 – 31/3/15 are as follows:
• Net consolidated revenues of Euro112.8 million (+23.1 percent compared with the same period of 2014)
• Value Added of Euro 47.6 million (+24.1 percent  compared with the same period of 2014)
representing a margin on revenues of 42.2 percent (41.9 percent in 2014)
• Gross Operating Profit (Ebitda) Euro 11.6 million (+57.4 percent compared with the same period of 2014) representing a margin on revenues of 10.3 percent (8.1 percent in 2014)
• Operating Profit (Ebit) Euro 7.6 million (+93.7 percent compared with the same period of 2014) representing a margin on revenues of 6.7percent (4.3 percent in 2014)
• Pre-Tax profit of Euro 6.4 million (+93.7 percent compared with the same period of 2014) representing a margin on revenues of 5.7% (3.6 percent in 2014)
• Net Profit of Euro 3.9 million (+142.9 percent compared with the same period of 2014) representing a margin on revenues of 3.4 percent (1.7 percent in 2014) with an improved tax rate (40 percent)
Group net debt at 31 March 2015 was Euro 12.7 million, an increase of just Euro 1.5 million – reflecting Biesse’s typical seasonality- compared to 31 December 2014.
There was an even greater diminution in the level of net debt compared to the previous year (- Euro 20.4 million) Higher profitability more than compensated for the cash absorption arising from the increase in net working capital (+ Euro 12.6 million compared to December 2014 and + Euro 4.4 million compared to March 2014). There was an improvement in the percentages of consolidated inventories and trade creditors and trade debtors compared to the same period of the previous year. Net Invested Capital was Euro 147 million, a reduction compared to the same period of 2014. Shareholders’ Funds at the same date was Euro 134.3 million (Euro 114.8 million at 31 March 2014).
The positive trend in order intake continued for the Group (machinery) through the first quarter of 2015 with a total increase – compared with the same period of the previous year – of 25.7 percent. The total order backlog also increased by 36.7percent, the value of which amounted to more than Euro 124 million. On the eve of the Wood sector’s most important trade fair (Ligna – biennial – Hanover 11-15 May) Biesse is preparing to present targeted innovations within an exhibition area (3,700 mq) that is 85 percent greater than at the previous Ligna trade fair.
The breakdown of revenues by business segment, reveals that the predominance of the wood division (70.9 percent) remains largely unchanged compared with the glass/stone segment (16.4 percent) and the mechatronics segment (16.3 percent).
The geographical breakdown of consolidated revenues shows that the share of domestic market revenues was 10.3%, in line with recent indications.
At end-March 2015 the geographical breakdown of revenues by geographical area was as follows:
• Western Europe 39.8 percent (41.0 percent in IQ 2014) – Including Italy-
• Eastern Europe 16.0 percent (19.3 percent in IQ 2014)
• North America 16.4 percent (15.1 percent in IQ 2014)
• Asia Pacific 19.2 percent (17.7 percent in IQ 2014)
• Rest of the World 8.6 percent (6.9 percent in IQ 2014)
There was a notably strong increase in North America (+33.3 percent) where the strong signals of recovery in the US economy was accompanied by a more favourable recognition of Biesse’s product range by US operators. All other geographical regions contributed to the overall improvement in order intake (machinery) except for a few limited areas affected by political-economic turbulence.
The Board of Directors of Biesse Spa – recently re-appointed for the three year period 2015-2017- has appointed Roberto Selci Chairman of the Board of Directors and Giancarlo Selci Chief Executive Officer. Stefano Porcellini was also confirmed as Executive Director and Group General Manager.
“We are happy to report an extremely positive first quarter, – both in terms of growth and profitablity  stated Stefano Porcellini, Group General Manager, following the Board Meeting. “The order intake in these first few months of the year support estimates of a very positive 2015, in line with or more probably greater than the challenging targets set in the three year plan. All of the Company’s Divisions are showing double digit growth with a particularly significant performance by the Glass/Stone Division which is showing growth of +35 percent compared to the same quarter of 2014. All markets are seeing increasing demand, including Italy, the only exceptions being Brazil and Russia, which are still suffering. On the financial front – Porcellini continued– Net Debt has fallen to Euro 12.7 million compared to Euro 33.1 million at the same point in the previous period of 2014, which is a comforting indication of a further dramatic improvement expected for the full year to end- 2015, despite a doubling in the dividend distributed, which goes ex-dividend on 18 May (0.36 Euro cents per share).“