Biesse, the well-known Pesaro-based group among the leading players in woodworking solutions, has released numbers for the third quarter of 2023. Numbers trended downward compared to the same period last year, with net revenues exceeding 595 million euros, but registering a 2.9 percent decrease compared to 2022. “The results achieved during the third quarter and approved today – commented the Group cfo Pierre La Tour – confirm that, despite a changed and worsened context, Biesse is able to maintain significant performances, demonstrating a strong degree of resilience, even in perspective. In terms of revenues, the first nine months of 2023 remain substantially in line with 2022, a year in which our Group has taken full advantage of the important global demand for capital goods.“
THE NUMBERS.
As we mentioned, consolidated net revenues that recorded 595.7 million euros (down 2.9 percent from the third quarter of last year). Ebitda reached 62.7 million euros, registering a decrease of 11.4 percent compared to the third quarter of 2022 and accounting for 10.5 percent (11.5 percent in the third quarter of 2022). Ebit after nonrecurring events is 28.1 million euros (down 36.4 percent from €44.2 million as of Sept. 30, 2022) with an incidence of 4.7 percent (7.2 percent in Q3 2022). Net income is 16 million euros (minus 35.7 percent compared to Sept. 30, 2022) with an incidence of 2.7 percent (4.0 percent in the third quarter of 2022), while the tax rate is 33 percent (31.2 percent in the third quarter of 2022).
“Although the main indicators in the third quarter are in line with budget expectations, our Group maintains an alert approach on
the future outlook, particularly for the significant difficulties in forecasting external phenomena impacting on demand. Enduring restrictive monetary policies that are directly impacting interest rates, reduction of government incentives that have stimulated domestic market demand over recent years, and sharpening international tensions are all elements imposing an increased level of attention.”
ORDER BACKLOG
As of September 30, 2023, the order backlog amounted to 291 million euros (down 21.7 percent from September 30, 2022), while as of December 31, 2022, the order backlog was 384.7 million euros.
In the third quarter of 2023, order intake was 147 million euros, which was “…down from the same period 2022 (minus 13.4 percent), due to the effect of the lack of government incentives in the domestic market”.
“From a business point of view, the order portfolio at the end of September has, as expected, decreased versus Q3 2022, with a value of 291.0 million euros. Being unable to govern inflationary pressures and other factors that are external to the Group, we will continue to pursue internal improvements, with initiatives falling under the One Company project, aiming to introduce a higher level of flexibility and a prompt simplification of business processes, incisive cost reduction policies and measurers in management of net working capital aimed to increase its efficiency“.
“Innovation and research will continue to be fundamental elements of our strategy, pursuing the implementation of new technical solutions with an ever increasing connectivity and automation, for a sustainable development. Our financial position, which remains highly positive, represents an important baseline in the near future to sustain our expansion goals, both organically as well as through acquisitions.”
