Biesse: quarterly report approved on September 30, 2010

The board of managers of Biesse spa – listed on the Star segment of the Italian Stock Exchange – approved the report for the third quarter 2010 on Friday, 12 November, and examined the annual results until 30 September.
During the same meeting, following the resignation of the general manager Giovanni Barra, the board assigned Barra’s powers and proxies to President Roberto Selci.
Obviously, a new general manager is being selected.
More details can be found in the press release distributed by the group: “With regard to the economic and financial results for the period 1/7/10 – 30/9/10, the Biesse Group reported: net consolidated revenues of € 69.4 million (+31.5% compared with the same period of 2009); value added of € 26.9 million (+75.3% compared with the same period of 2009) representing a margin on revenues of 38.8% (29.1% in 2009); gross operating margin (Ebitda) € 2.7 million (negative result of € 3.4 million in the same period of 2009) representing a margin on revenues of 3.8%; operating result (Ebit) € -1.0 million (negative result of € 7.5 million in the same period of 2009); pre-tax result of € -2.3 million (negative result of € 8.8 million in the same period of 2009); net Result € -2.5 million (negative result of € 7.2 million in the same period of 2009).
Consequently the results for the nine months ended 30 September 2010 were: net consolidated revenues of € 225.3 million (+25.6% compared with the same period of 2009); value added of € 86.4 million (+52.7% compared with the same period of 2009) representing a margin on revenues of 38.3% (31.5% in 2009); gross operating margin (Ebitda) € 7.6 million (negative result of € 11.8 million in the same perod of 2009) representing a margin on revenues of 3.4%; operating result (Ebit) € -2.7 million (negative result of € 25.2 million in the same period of 2009); pre-tax result of € -4.2 million (negative result of € 27.8 million in the same period of 2009); net result € -6.2 million (negative result of € 22.1 million in the same period of 2009).
Biesse’s net debt at 30 September 2010 was € 22.7 million, representing an improvement of € 29.7 million compared with the same period of 2009. Net cash flow in the period of 2010 under review was positive at € 10.0 million deriving entirely from the ordinary activities positively impacted by a better management of the various components of operating net working capital.
At 30 September 2010 the year to date value of orders received by the Group rose by 40.1% compared with the figure for the same period of the previous year.”