The managing director of Biesse spa, specializing in the market of equipment and systems to process wood, glass and stone, after analyzing the general economic situation and the first signs of stagnations emerged in the first half of 2008, approved the consolidated balance report until June 30, 2008.
In detail, the consolidated balance for the first half of 2008 indicates the following results: net revenues amounting to 237.9 million Euros (+5% vs. the same period of 2007); added value equal to 93.5 million Euros (+1.4% as compared to the same period of 2007) with a 39.3% share on revenues; Ebitda equal to 34.9 million Euros (-14.8% as compared to the same period of 2007) with a 14.7% share on revenues; Ebit equal to 27.2 million Euros (-18.6% as compared to the same period of 2007) with an 11.4% share on revenues; pre-tax profits equal to 26.5 million Euros (-20.6% as compared to the same period of 2007) with an 11.1% share on revenues; net profits equal to 17.8 million Euros (-7.9% as compared to the same period of 2007) with a 7.5% share on revenues (tax rate 32.7%).
As of 30 June 2008, the net financial situation of Biesse Group is negative, equal to 8.8 million Euro, down by 4.1 million Euros and 9.9 million Euros as compared to 31 March 2008 and end 2007 respectively. Net debt until 30 June 2008 was affected, besides the seasonal trend of business, by minor extraordinary factors, including the payment of ordinary dividends for a total amount of 12 million Euros and an expense of more than 3 million Euros to buy back company shares.
The turnover by division is virtually unchanged, with a slight expansion of the glass-stone segment (17.9%) versus the woodworking division. With a 73.7% share, the latter remains the core business for Biesse Group; net of intercompany adjustments, the mechatronic division accounts for 8.4% of consolidated revenues.
Geographical breakdown indicates an expansion of net sales in Western Europe (51.9%) as compared to the same period of 2007, while the Eastern Europe share increased by 1% (up to 20.2%). Lower revenues from North America (11.4% vs. 14.5% in the previous semester) also affected by the strong Euro against the US dollar.
“Our reference markets are not immune to what’s happening at global level – said Roberto Selci, president of Biesse spa – and the results achieved in the first six months confirm that it is difficult to keep the growth rates achieved by Biesse in the recent past, in terms of both revenues and profitability. Due to the relentless worsening of international economy, particularly strong in some West European countries and in the United States, we had to adjust our short-term forecasts, in line with the careful attitude that has always characterized Biesse in the evaluation of its future outlook. This is even more important today, as the market calls for transparency and clarity of business goals and strategies. Nevertheless, we are confident that Biesse will deploy its industrial plans, with a strong determination to seize all future growth and development opportunities also in adverse economic conditions like the current trend”.
