Biesse Gruop: revised the 2009 estimates

Having been invited to participate in the “Cyclical Stocks” conference organized by Banca Akros, Biesse, the group from Pesaro listed on the Star segment of the Italian Stock Exchange since 2001, not only presented its strategies and projects for the immediate future but took the opportunity to revise its estimates for the current financial year.
“We believe that it is appropriate to update the guidance given for full-year 2009”, stated Stefano Porcellini, cfo and executive director of Biesse. “Despite a slight attenuation in the last two months, the drop in demand registered between October 2008 and April 2009 has had a decisive and difficultly redeemable impact on the 2009 financial year, an annus horribilis for Biesse. We have focused on cash generation: by taking drastic action on working capital and attempting to limit the damage from costs(also by using the government sponsored means at our disposal) we will manage to stabilise the financial position in the second half 2009. The fiscal measure recently approved by the Government is a move in the right direction, supplying a bridge via the domestic market to the expected upturn in international markets forecast for the second half of 2010; however, a greater impact would have come from a deductibility of Irap. Nevertheless the expected order intake following the Tremonti ter. law will only have a slight impact on 2009 revenues and having a more significant impact on the first-half 2010 revenues”.