30 September Biesse: approves quarterly report to. Order intake - backlog - revenues: profitability: net profit: net financial position:

Transcription

1 Biesse: approves quarterly report to 30 September 2017 highlights 9 months 2017: Order intake - backlog - revenues: o order intake (machineries) +16.8% compared to September 2016 o backlog +26.1% compared to September 2016 o consolidated revenues +14.2% compared to September 2016 profitability: o value added +17.7% compared to September 2016 o ebitda +29.1% compared to September 2016 o ebit +30.3% compared to September 2016 before non-recurring items for 1.1 million net profit: o increase of EURO 7.3 million compared to September 2016 (+35.2%) net financial position: o positive for EURO 9.2 million, an improvement both vs September 2016 and vs December 2016 (an improvement of EURO 25.9 million compared with the same period of the previous year)

2 (values in EURO million) IIIQ months 2017 Consolidated revenues Value Added As % of revenues (42.1%) (42.0%) EBITDA As % of revenues (14.8%) (13.2%) EBIT* As % of revenues* (11.0%) (9.7%) positive net financial position EURO 9.2 million *before non-recurring items for 1.1 million Pesaro, 10 November The Board of Directors of Biesse S.p.A. - a company listed in the STAR segment of the Italian stock exchange in the FTSE IT Mid-Cap category- has today approved the interim financial report for the 3rd Quarter 2017 and examined the results for the nine month period to 30 September Results The results for the Biesse Group for the period 1/7/17 30/9/17 are as follows: Net consolidated revenues of EURO million (+9.4% compared with the same period of 2016) Value Added EURO 70.4 million (+14.5% compared with the same period of 2016) representing a margin on revenues of 42.1% Gross Operating Margin (EBITDA) EURO 24.8 million (+21.2% compared with the same period of 2016) representing a margin on revenues of 14.8% Operating result (EBIT) EURO 18.5 million (+14.5% compared with the same period of 2016) representing a margin on revenues of 11.1% before non-recurring items for 1.1 million Pre-tax Profit EURO 16.5 million (+10.5% compared with the same period of 2016) representing a margin on revenues of 9.8% Net Profit EURO 10.8 million (+17.9% compared with the same period of 2016) representing a margin on revenues of 6.4% Consequently, the results for the nine months to 30 September 2017 are as follows: Net consolidated revenues of EURO million (+14.2% compared with the same period of 2016) Value Added EURO million (+17.7% compared with the same period of 2016) representing a margin on revenues of 42.0% Gross Operating Margin (EBITDA) EURO 65.5 million (+29.1% compared with the same period of 2016) representing a margin on revenues of 13.2% Operating result (EBIT) EURO 48.1 million (+30.3% compared with the same period of 2016) representing a margin on revenues of 9.6% before non-recurring items for 1.1 million Pre-tax Profit EURO 44.3 million (+24.0% compared with the same period of 2016) representing a margin on revenues of 8.9% Net Profit EURO 28.2 million (+35.2% compared with the same period of 2016) representing a margin on revenues of 5.7% tax rate 36.2%

3 Net financial position and balance sheet data The net financial position of the Group at 30 September 2017 was positive for EURO 9.2 million, a significant improvement (EURO 25.9 million) compared with the same period of Total cash flow management in the first 9 months of the current year - net of dividend payments to shareholders, noncharacteristic components and taking into account the normal seasonal pattern of business generated net liquidity of EURO 4.3 million (the change in the Net Financial Position since the start of the year). Net Invested Capital: EURO million Net Equity: EURO million Operating Net Working Capital: EURO 58.3 million ROCE (annualized) 27.4% The Operating Net Working Capital has declined in absolute terms since the start of the year by EURO 8.6 million, while the comparison with the same period of 2016 shows an even more significant reduction (EURO 13.7 million). Group Days Sales Outstanding were 52 days and Group Days Payable Outstanding were 114 days at end- September Geographical and divisional breakdown of Consolidated Revenues The breakdown of Consolidated Revenues by geographical area reveals an increase (+17.6%) in sales in Western Europe (44.3% of total revenues), reflecting an increase in the proportion of domestic revenues (14,8% of total revenues) compared with the same period of the previous year (13.3% of total revenues at September 2016). The comparison of results with the same period of 2016 reveals a robust contribution from the North American market with an increase of 11.2% in its share of consolidated revenues (September 2017 vs September 2016). As a result of this performance the North American market represents 16.7% of Biesse Group s consolidated revenues at 30 September Sales in the Asia-Pacific region increased by 24.7% and rose to represent 22.5% of consolidated revenues reflecting the continuation of the trend of recent years. Of the Group s 3 main business divisions, the Wood sector continues to predominate (71.3% of revenues) compared to the Glass/Stone/Marble division (15.9% of revenues) and Mechatronics (14.9% excluding intra group sales). The contribution of the advanced materials segment continues to grow although it does not yet represent a separate business segment for management purposes Orders At 30 September 2017 the aggregate Group order inflow (machinery only) revealed an increase of more than 16.8% compared to the order book at the same point of the previous year. The Group s backlog (machinery only) at September 2017 totalled almost EURO 217 million (+26.1% compared to September 2016 and +30.7% compared to end-2016). The geographical breakdown of order intake as with the order portfolio- reflects the breakdown of consolidated revenues confirming the improvement in demand in the Asia-Pacific region, Western Europe (Italy above all) and North America Events In addition to the excellent results of our participation in the most important global trade fairs, Biesse also organised the now traditional Inside event in Pesaro in October within its own dedicated concept space (Pesaro October). This internationally recognised exhibition achieved very significant results both in terms of participation (a record of more than 4,000 visitors/clients from all around the world +32.8% compared with the previous edition) and in terms of order inflow (more than EURO 12 million +29% compared with the previous edition). The outstanding highlights of this event included the introduction in the product range of features characteristic of the progressive digitalisation of the manufacturing sector, including themes inherent to Industry 4.0 and the internet of things (I.o.T). Special emphasis was devoted to the presentation of the SOPHIA platform (developed in cooperation with Accenture) representing a repository of multiple cloud solutions aimed at satisfying the requirements of the international client base of Biesse. The SOPHIA platform, as with other solutions contained within it, are constituent components of Biesse Group s project to increase the contribution of volumes and profitability of after-sales activities (spare parts & services portal).

4 Forecast In expectation of the approval of the new rolling Three Year Industrial Plan (February 2018) and also in view of the results achieved to date and and the global macro-economic outlook the updated forecast for the current year is as follows: Consolidated revenues: expected range EURO million ebitda: expected range EURO million net financial position: positive in a range of EURO 5/10 million Mr. Stefano Porcellini, Group General Manager stated that, "The results for the period to 30 September and the trend for the current quarter indicate that 2017 will once again be a record year for Biesse Group, both in terms of revenues (approaching EURO 700 million), and in terms of profitability (Ebitda of about EURO 90 million). All the business Divisions are expected to increase their market share, thanks to our customers growing confidence considering Biesse as the most innovative and reliable partner to join them in the INDUSTRY 4.0 challenge. Conference Call Following the dissemination of the results today, Biesse will hold a short conference call (10 November at hours) to comment on the results achieved in the first nine months of 2017 and to discuss the immediate outlook. An audio recording of the full conference call, together with a concise supporting presentation will immediately be made available in the investor relations section of the Company s website the manager responsible for the preparation of the company accounting records (Dr. Cristian Berardi) declares that the company accounting information contained in the present communication corresponds to the results contained in the group s records, books and accounts in accordance with paragraph 2, clause 154-bis del T.U.F. (Testo Unico Finanziario-Consolidated Financial Law) The Biesse Group operates in the market for machinery and systems for working wood, glass, marble, and stone. Established in Pesaro in 1969 by Giancarlo Selci, Biesse SpA has been listed since June 2001 in the STAR segment of the Italian Stock Exchange and is currently listed in FTSE IT Mid Cap index. The Company offers modular solutions from the design of turnkey plants for large furniture manufacturers to individual automatic machines and work stations for small and medium enterprises and the design and distribution of individual highly technological components. As a result of its attention to research and innovation, Biesse can develop modular products and solutions capable of responding to a vast range of requirements from clients. A multinational company, the Biesse Group distributes its products through a network of subsidiaries and associates located in leading strategic markets. Its 37 directly controlled subsidiaries guarantee specialised after-sales service to clients while at the same time conducting market research into new product development. At present Biesse Group has about 4,000 employees is its main production facilities located in Pesaro, Padova, Villafranca (VR), Thiene (VI), Alzate Brianza (CO), Bangalore, Dongguan and in its subsidiaries/associate offices in Europe, North America, Latin America, the Middle East, Asia and Australasia. The Group also has more than 300 resellers and agents enabling it to cover more than 100 countries.

5 FINANCIAL STATEMENTS Income statement for the 3rd quarter 2017

6 Income Statement for the period ended 30 September 2017 (9 months)

7 Net financial position at 30 September 2017

8 Summary balance sheet data Alberto Amurri IR & Financial Manager Biesse S.p.A. T: sezione Investor Relations