The board of directors of Biesse Group recently approved the consolidated financial report for the first quarter of 2022. Strongly positive numbers for the Pesaro-based group, which, among others, highlights a 43.2 percent growth in net profits compared to the first quarter of last year (€9.8 million), with a 5 percent incidence and a tax rate of 27. “The results of the first quarter of 2022 appear positive, even beyond our expectations“, commented Pierre La Tour, group cfo, on the sidelines of Board of Directors meeting.
THE NUMBERS.
In addition to net profits, all other indicators were also positive. Consolidated net revenues reached 196.6 million euros (plus 21.8 percent compared to 31/3/2021) and value added exceeded 87 million euros (plus 14.4 percent compared to 31/3/2021) incidence 44.5 percent (47.3 percent in IQ 2021). EBITDA came in at 26.1 million euros (plus 27.1 percent compared to 3/31/2021), with an incidence of 13.3 percent (12.7 percent in IQ 2021), while EBIT came in at 15.1 million euros (plus 33.9 percent compared to 3/31/2021), with an incidence of 7.7 percent (7.0 percent in IQ 2021).
As of March 31, 2022, the group’s net financial position (including IFRS16 effects) was a positive 107.7 million euros, an increase of more than 48 million euros from the previous year. Compared to the end of 2021, within a normal quarterly cyclicality, the cash position worsens net of nonrecurring components by only 16.9 million euros.
ORDERS
Order intake for the Biesse Group (machinery only) in the first quarter of 2022 increased by 14.8 percent compared to IQ 2021, by 80.5 percent compared to IQ 2020, and by 36.8 percent compared to the same period in 2019.
As of March 31, 2022, the order backlog amounted to 409 million (plus 62.5 percent compared to the same date 2021, plus 116.4 percent compared to March 2020, and plus 83.1 percent compared to the same date 2019).
Compared with the December 2021 order backlog, there was an increase of 7.2 percent after the first 3 months.
“Starting from the 2020 second half we noted an important demand for durable goods that is characteristic of an expansionary phase even if, nevertheless, the international context is highly unstable and full of uncertainties. The order intake of the IQ 2022 is showing a significant growth vs the 2021 and even vs the 2019 and our order book (only machines) is continuing to be record (409 million euros at the end of March), projecting consequently an average production visibility up to around 6 months“, continues the cfo.
BALANCE SHEET SITUATION
Group shareholders’ equity stood at 258.6 million euros (249.2 million euros at the end of 2021), net invested capital was about 151.0 million euros (124.6 million euros at the end of 2021), and net operating working capital came close to 21 million euros, reaching 20.8 million euros (negative 8.4 million euros at the end of 2021 – positive 29 million euros at the end of March 2021).
“Concerns linked to geo-political tensions, the constant inflation of the main logistics costs and increases in the cost of raw materials prices require a cautious and prudent attitude to be adopted, also in light of a deterioration in the main world indicators (i.e. downward revision of growth estimates) and the concrete consequences of the sanctions.
However, the expansion of the turnover, the improved operating margins and the net profit strong increase are a clear sign of how the Group is doing its best to tackle this highly volatile phase. We want to continue striving for greater efficiency in the future, acting on the factors we directly control, in order to mitigate the pressure on the costs. We even take note of a confirmed more than comfortable financial/equity situation that can support our plans“, concluded Pierre La Tour.
