ITALY - Biesse Group sales revenue for the first half of 2020 (6M-2020) amounted to € 256.7 million, 25.4 percent less than the same period last year (6M-2019: € 344.2 million).

The wood division with 71.7% participation, remained the largest with respect to glass / stone (17.0%) and mechatronics (6.5%).

The decrease in 6M-2020 affected all geographic reference areas, and in particular Western Europe (26.6% less), North America (24.9% less) and Asia-Oceania (24.3% less), while Eastern Europe fell 22.8 percent in the period.

The aforementioned drop in volumes was reflected in the operating result for the period, as indicated by EBITDA which amounted to € 22.5 million, 42.5 percent less compared to 6M-2019.

Net profit of 1.2 million euros in 6M-2020 was 88.9% lower than in the same period in 2019 (6M-2019: € 10.4 million).

Pierre La Tour, Chief Financial Officer of the group, commented on the results: “Taking into account the evident worsening of the international macro-economic situation, the negative effects of the health emergency and the consequent restrictive measures taken to contain it, the results obtained in the first half of the year can in any case be defined as satisfactory especially if compared with the forecasts. That achieved in the first six months of 2020, although negative in comparison with the previous year, shows the ability to immediately and effectively deal with the difficult context we are experiencing, pursuing the concept of value, also through the resilience and flexibility of the business model. In the presence of a reduction in revenues which appears to be an almost inevitable factor, Biesse reacted promptly, reducing its structural costs appropriately without generally depressing investments in research and development. We also maintained a strong capital structure to safeguard and consolidate a healthy financial position, while at the same time working to provide the Group with financial sources for the near future.”