A good 2022 for Biesse, the well-known Pesaro-based group specializing in the production of woodworking technologies: consolidated net revenues exceeded €822 million (plus 10.8 percent compared to 2021 and plus 28.2 percent compared to 2020) and value added is over €342 million (plus 9.6 percent compared to 2021) with a 41.6 percent incidence (42 percent in 2021). Ebitda exceeded 90.6 million euros (plus 13.7 percent over 2021) with an 11 percent incidence (10.7 percent in 2021) and Ebit 50.7 million euros (45.7 million euros in 2021) with a 6.2 percent incidence (6.2 percent in 2021)
Slight decrease in net income, which from 34.2 million euros in 2021 stood at 30.3 million euros with a 3.7 percent incidence. Tax rate exceeded 27.2 percent (15.6 percent in 2021).
NET FINANCIAL POSITION
As of 31 December 2022, the Group Net Financial Position was positive for 116.6 million euros, including the impact of 22.7 million euros (higher debts) deriving from the application of IFRS16. Without the effects linked to the adoption of IFRS16, the net financial position would have been positive for 139.3 million euros. Compared to the previous year, the net financial position decreases by 8 million euros (2022 cash flow). Compared to 2020, there is an improvement of 67.1 million euros.
ORDER BACKLOG
At the end of 2022, the order backlog amounted to 384.7 million euros (plus 1.7 percent compared to the same date of 2021 and plus 81.4 percent compared to the same date of 2020). The order intake (machinery only) for the full year 2022 decreased by 14.6 percent compared to 2021 and increased by 37.2 percent compared to 2020. In the fourth quarter of 2022 alone, order intake was lower than both the same period in 2021 (-25.4 percent) and the last quarter of 2020 (-1.7 percent).
“The results achieved during the past year and approved – commented following the Board of Directors’ meeting the group’s cfo Pierre La Tour – bear testimony to how Biesse has taken full advantage of the global demand for capital goods, closing 2022 with volumes that represent record levels and performances that are significantly in advance versus those considered in the Strategic Plan. This performance – which is per se very satisfactory since it compares with a year 2021 which was already exceptional – represents a solid starting point for the current year. Nonetheless, the current scenario imposes the adoption of a cautious approach.
Persistent uncertainties on the international scene, characterized by unforeseeable events that could undermine the foundations of a fragile recovery. Furthermore, the adoption of restrictive monetary policies that are impacting exchange rates and ceasing government incentives that have stimulated domestic demand over recent years, represent additional factors affecting market conditions. From a business point of view, the order backlog at the end of 2022 is slightly increased versus 2021 and represents a record level.
However, uncertainties in establishing a stable source of supplies remain, whilst the cost dynamics linked to production and difficulties in continuing to intervene on sales prices, represent a point of attention on profitability that has been factored in the current year’s objectives. Nonetheless, we remain convinced to achieve targets defined in the 2021-23 Strategic Plan. Being unable to govern exogenous inflationary pressures, we will continue to pursue efficiency actions within our structure, in continuity with the execution of the One Company project, introducing a higher level of flexibility and a swift simplification of our processes.
We will continue to promote innovation and research since we are convinced that these are essential characteristics, implementing new technical solutions that are based on connectivity and automation, for a sustainable development. The positive cash situation represents an important element to sustain our organic growth and our planned expansion through acquisitions”.
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