During its last meeting held in Pesaro, the Board of Directors of Biesse approved the consolidated Annual Financial Report 2021 as well as the draft financial statements for the financial year ended on 31.12.2021.
Consolidated results achieved by the Biesse Group in the 12 months of 2021: consolidated net revenues of 742,2 million euros (plus 28.2 percent compared to 2020 and plus 5.1 percent compared to 2019); value added of 312,1 million euros (plus 26.3 percent compared to 2020), 42.0 percent of revenues (42.7 percent in 2020); Ebitda of 7 million euros (plus 42.3 percent compared to 2020), 10.7 percent of revenues (9.7 percent in 2020); Ebit, after non-recurring events, of 7 million euros (6.2 million euros in 2020) 6.2 percent of revenues (1.1 percent in 2020); net profit of 2 million euros (2.5 million euros in 2020), 4.6 percent of revenues.
“What happened in the last quarter of last year – said the group Cfo Pierre La Tour on the sidelines of the board meeting – is a confirmation of the positive feeling that characterized the whole of 2021. The results approved today show how Biesse has fully benefited from the global demand for capital goods, closing 2021 with volumes higher than those of the pre-pandemic period“.
NET FINANCIAL POSITION
As at 31 December 2021, the group Net Financial Position was positive for the amount of 124.6 million euros, including the impact of 20.4 million euros (higher payables) deriving from the application of IFRS16. Without the effects linked to the application of IFRS16 (International Financial Reporting Standard providing guidance on accounting for leases), the financial position would therefore be positive for the amount of 145.0 million euros.
Compared to the previous year, net of non-recurring items for the year, the net financial position improved by 75.1 million euros (2021 cash flow). Compared to 2019, the improvement rises to 143.2 million euros.
“Although this in itself represents a solid starting point, a prudent approach must be adopted for the future; the international scenario is characterised by unpredictable events that could undermine the foundations of a still fragile recovery. In this context, the positive outlook for us loses much of its significance; despite the fact that the Group’s exposure is not significant in the geographical areas most at risk, it is unthinkable not to be affected by the uncertainties and instability that are contaminating international markets.
From a business point of view, 2022 started in line with the recent months of the previous year, but the continuation of the current year will need to be assessed in light of the possible changes in monetary policy in America and Europe (increasing interest rates), and it will be important to understand the fate of the economic and fiscal incentives approved some time ago.
The Group order backlog at the end of 2021 was significantly larger than in previous years but the issues affecting the product shipments and the difficulties in obtaining a stable sourcing persist – and there are no short-term solutions in sight.
The cost dynamics linked to logistics and production represent a real threat to profitability, since it is impossible to avoid the negative effects deriving from the increases announced for the main raw materials, transport and energy.
Since we cannot act on these inflationary factors, which are mostly external to the Group, we will continue to seek efficiency in our organisation. The road that Biesse has taken is to complete the organizational and technological evolution in line with the driver of the Group’s Business Plan approved last July.
We will continue to promote innovation and research, convinced that these are two strategic and essential ingredients for a sustainable growth. The positive cash situation will be an important element in sustaining our desire for organic and external growth“, concluded Pierre La Tour.
