The Board of Directors of Biesse S.p.A. – a company listed in the STAR segment of Borsa Italiana, the Italian Stock Exchange, and part of the FTSE IT MID CAP- today approved its 2019-2021 Three-year Business Plan.
Based on this Plan and on the international macroeconomic environment, the principal forecasts for the Biesse Group in the period under consideration are as follows:
· Three-year cagr in Net Revenues of 6%
· Three-year cagr in Value Added of 6.3%
· Increase in operating profitability:
o three-year cagr in EBITDA* of 7.4%
o three-year cagr in EBIT of 7.7%
· positive* free cash flow in excess of Euro 69 million in the three-year period 2019- 2021 net of planned investments (total capex of Euro 148 million)
· 2019-2021average EPS: Euro 1.74
* excluding the effect of IFRS 16
2018 consolidated revenues rose 7.3% compared to the previous financial year with Gross Operating Profit (EBITDA) exceeding Euro 92 million. At 31 December 2018, there was a Positive Net Financial Position of more than Euro 25 million.
Despite the international political and economic uncertainties, the Board of Directors is intent on maintaining its strict focus on investments in innovation, service and after sales care without ignoring marketing/distribution efforts. The Three-year Business Plan is predicated on three main strategies:
o increase in the offer (#products)
o new solutions for clients (#solutions)
o increased digitalisation (#connected company)
The Board of Directors also acknowledged that, as a result of the agreement with the Agenzia delle Entrate italiana (Italian Tax Office) for access to the tax advantages of the Patent Box, Biesse S.p.A. obtained further tax benefits for the 2015-2019 period. These benefits, added to those obtained by HSD S.p.A. alone (December 2017), gave the Biesse Group a total tax saving of almost Euro 7 million in the 2018 financial year, reducing the Group tax rate to 25.3%. The agreement signed should provide benefits of approximately Euro 3 million in the 2019 financial year.
In addition to its scheduled participation at the next STAR event organised by Borsa Italiana (20-21 March 2019 in Milan), Biesse is always available for special meetings for further in-depth discussions of the Three-year Business Plan both in Italy and abroad.
At 16.00 hours CET today, Biesse will present the main points of its 2019-2021 Three-year Business Plan in a special conference call. Details of the conference call are available on the Company website. Material regarding the conference call will be made available on the Company website www.biessegroup.com in the Investor Relations section.